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KINNARD INVESTMENTS, INC. ANNOUNCES STRONG SECOND QUARTER

 MINNEAPOLIS, July 29 /PRNewswire/ -- Kinnard Investments, Inc. (NASDAQ: KINN), parent of John G. Kinnard & Company, Inc. of Minneapolis, and PRIMEVEST Financial Services, Inc. of St. Cloud, Minn., today reported second quarter results.
 For the quarter, revenues were $18.9 million, a 69 percent increase vs. $11.1 million for the same quarter in 1992. Earnings for the quarter also showed a dramatic rise, increasing to $1.3 million vs. $191,000 in the same period last year. On a per share basis, primary earnings for the quarter were $.25 vs. $.06 in 1992, and book value per common share rose to $4.09 vs. $3.23 at the end of June 1992. Outstanding primary shares increased from 3,084,450 at June 30, 1992 to 5,201,205 as of June 30, 1993 following the successful completion of Kinnard Investment's 1,725,000 common share offering in January 1993.
 The first six months of 1993 show similarly strong results with revenues at $34.0 million, vs. $26.0 million for the first half of last year. Net earnings climbed to $2.2 million or $.41 per share, compared to $1.3 million and $.39 per share in the first half of 1992.
 "We continue to benefit from a strong market and low-interest rate environment," said Robert R. Martin, Kinnard chairman. "Investors are turning to us because they are frustrated with low yielding investments and we have been successful at finding them good alternatives."
 A number of factors contributed to the second quarter growth. Martin indicated that a combination of outstanding over-the-counter trading results, four public offerings, and continued growth at PRIMEVEST were key factors in the company's performance. Mutual fund sales were also up significantly in the quarter.
 John G. Kinnard & Company's revenues of $14.2 million in the second quarter were a record. Included in those revenues was the sale of Educational Alternatives, Inc. warrants the firm held in its investment account, which resulted in a pre-tax gain of $769,000 in the quarter.
 PRIMEVEST continued to contribute to the company's growth. Second quarter revenues jumped 56 percent to $4.6 million vs. $3.0 million for the same period last year. Earnings were $166,000 for the quarter, vs. $157,000 in 1992. The company provides brokerage services to banks and depository institutions across the country.
 "Kinnard Investments continues to turn in consecutive quarters of profitability," Martin said. "The challenge is to sustain -- and improve -- that growth as we plan for 1994 and beyond."
 Kinnard Investments, Inc. is publicly traded on the NASDAQ National Market System under the symbol KINN. Its subsidiaries are members of the Midwest Stock Exchange, and the Securities Investors Protection Corporation.
 KINNARD INVESTMENTS AND SUBSIDIARIES FINANCIAL HIGHLIGHTS
 (Unaudited)
 Three Months Ended Six Months Ended
 6/30/93 6/30/92 6/30/93 6/30/92
 Revenues $18,896,598 $11,145,423 $34,014,122 $25,956,466
 Net income $1,331,911 $190,901 $2,151,162 $1,306,727
 Earnings per share:
 Primary $0.25 $0.06 $0.41 $0.39
 Fully diluted $0.24 $0.06 $0.41 $0.38
 Weighted average
 number of common and
 common equivalent
 shares outstanding
 Primary 5,431,026 3,391,193 5,215,237 3,384,284
 Fully diluted 5,453,024 3,447,372 5,236,244 3,437,034
 6/30/93 6/30/92
 Book value per common
 share outstanding $4.09 $3.23
 -0- 7/29/93
 /CONTACT: Robert R. Martin, chairman of Kinnard Investments, 612-370-2882/
 (KINN)


CO: Kinnard Investments ST: Minnesota IN: SU: ERN

MA -- MN020 -- 7327 07/29/93 15:05 EDT
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Publication:PR Newswire
Date:Jul 29, 1993
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