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KINNARD INVESTMENTS, INC. ANNOUNCES FIRST QUARTER RESULTS

 MINNEAPOLIS, April 29 /PRNewswire/ -- Kinnard Investments, Inc. (NASDAQ: KINN), parent of John G. Kinnard & Co., of Minneapolis, and PrimeVest Financial Services of St. Cloud, Minn., today reported one of its best quarterly results in the 49-year history of the company.
 Revenues for the quarter were $15.1 million, compared to $14.8 million, and earnings were $819,000, compared to $1,116,000 for the first quarter of 1992.
 On a per-share basis, primary earnings were $.16 compared to $.33 in the same period in 1992. Book value increased to $3.93 from $3.17 at the end of the first quarter in 1992. Robert R. Martin, chairman, pointed out that primary shares outstanding increased from 3,377,374 shares at the end of the first quarter of 1992, to 4,999,178 shares at the end of the first quarter of 1993, due to the successful completion of a 1,725,000 common share offering in January 1993.
 PrimeVest Financial Services continued its rapid growth in the first quarter of 1993. Revenues increased to $4.2 million, from $2.9 million in 1992, for a 44 percent increase. Earnings were $179,391 for the quarter, compared to $115,184, a 56 percent increase over 1992.
 Martin stated, "Kinnard Investments, Inc. has now recorded 10 consecutive quarters of profitability, and the second quarter of 1993 is off to a strong start."
 Martin further added that two of the most important segments of John G. Kinnard & Co., equity trading and investment banking, were not as strong as they were in the first quarter of 1992 when record trading results were achieved. In the case of investment banking, only one financing was completed in the first quarter of 1993, compared to three in the comparable 1992 quarter.
 Kinnard Investments, Inc. is publicly traded on the NASDAQ National Market System under the symbol KINN. The firm is a member of the Midwest Stock Exchange, and Securities Investors Protection Corporation.
 KINNARD INVESTMENTS, INC. AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 Three Months Ended
 3/31/93 3/31/92
 Revenues $15,117,524 $14,811,043
 Net income $819,251 $1,115,826
 Earnings per share:
 Primary $.16 $.33
 Fully diluted $.16 $.33
 Weighted average number of common
 and common equivalent shares outstanding:
 Primary 4,999,178 3,377,374
 Fully diluted 5,018,137 3,416,829
 Book value per common shares outstanding $3.93 $3.17
 -0- 4/29/93
 /CONTACT: Robert R. Martin, chairman of Kinnard Investments, 612-370-2882/
 (KINN)


CO: Kinnard Investments, Inc. ST: Minnesota IN: FIN SU: ERN

KH -- MN010 -- 2675 04/29/93 12:47 EDT
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Publication:PR Newswire
Date:Apr 29, 1993
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