Printer Friendly

KINNARD INVESTMENTS ANNOUNCES RECORD 1991 REVENUES AND EARNINGS

 KINNARD INVESTMENTS ANNOUNCES RECORD 1991 REVENUES AND EARNINGS
 MINNEAPOLIS, Feb. 19 /PRNewswire/ -- Kinnard Investments, Inc. (NASDAQ: KINN) has announced the company had record revenues, net earnings and earnings per share in 1991.
 "1991 was a year in which nearly all securities firms experienced superior results," said Robert R. Martin, chairman and chief executive officer of Kinnard Investments, Inc. "We are pleased to report our clients, shareholders and employees never had a better year. We led the industry among the publicly traded securities firms in several important areas, i.e., increase in book value, percentage increase in stock price, percentage increase in return on capital."
 The fourth quarter of 1991 was another strong quarter for the firm. Earnings for the quarter were $626,893 or primary earnings per share of $.20 compared to $.03 in the fourth quarter of 1990. Revenues for the fourth quarter increased over 136 percent to $10,904,074 from $4,610,798 during the same period in 1990.
 For the year of 1991, earnings increased to $3,545,650 or primary earnings of $1.17 per share from a gain of only $36,070 or $.01 per share in 1990. Revenues were $42,601,588 up 127 percent from $18,793,070 for the year 1990. 1991 results include $8,749,915 in revenues and $522,669 net income from PrimeVest Financial Services, Inc. acquired Jan. 2, 1991. PrimeVest offers various investment services to community banks. All per share amounts reflect a 6-for-5 stock split paid in the form of a 20 percent stock dividend as of June 17, 1991.
 Summary of results at John G. Kinnard & Company, Inc.:
 -- The value of the listed and NASDAQ stocks held in customer accounts increased a record 90.25 percent from $155,302,191 to $295,464,651 during 1991, much of which came from market value appreciation. "We are especially pleased to see our investors doing so well and we are seeing a continuation of this trend to date in 1992."
 -- Outstanding results in OTC trading produced $14,209,471 in revenues or a 94.66 percent increase over 1991 results. Record results in Corporate Finance and Syndicate saw revenues increasing 333.92 percent to $3,201,302, due mainly to six public offerings and two private placements compared to one public offering in 1990.
 -- Fixed income, Direct Investments and Research all had a record year in terms of revenue generation.
 -- Investment Account Income was up 258 percent to $2,243,847 and this was also a record.
 Summary of results at PrimeVest Financial Services, Inc.:
 -- Revenues of $8,749,915 were a record, up 44 percent over 1990 revenues.
 -- Earnings of $522,669 were also a record, up 257 percent over 1990.
 -- Transactions of approximately 60,000 in 1991 exceeded that of 1990 by 25 percent.
 Balance Sheet Strength:
 Martin further noted, "Management continues to emphasize balance sheet strength. Shareholders equity increased to $8,049,064, up 85.61 percent from year-end 1990 when it was $4,336,505. The firm has no long-term debt. Book value increased from $1.55 in 1990 to $2.79 in 1991 -- the largest increase ever. We are also pleased that our return on beginning equity of 81.76 percent led the industry by a wide margin.
 "While we were extremely pleased with the 1991 results, we approach 1992 with considerable optimism based on the continued strong interest we see in the stocks of smaller and medium sized companies. This is a segment of the market that could show strong results for several more years and is an area where we enjoy a national reputation in trading, corporate finance, research and sales. At the same time we are growing our Fixed Income and distribution capabilities very rapidly. If we are able to continue providing our investors with solid investment opportunities we will have a bright future."
 SUMMARY OF FINANCIAL INFORMATION
 (Unaudited)
 Three Months Ended Year Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Total revenues $10,904,074 $4,610,798 $42,601,588 $18,793,070
 Net earnings 626,893 72,390 3,545,650 26,070
 Earnings per share (a)
 Primary $.20 $.03 $1.17 $.01
 Fully diluted $.20 $.03 $1.12 $.01
 Weighted average number
 of common shares and
 common stock equivalents
 outstanding
 Primary 3,093,282 2,806,673 3,019,380 2,744,120
 Fully diluted 3,189,941 2,806,673 3,162,652 2,744,120
 Book value per common
 shares outstanding (a) -- -- $2.79 $1.55
 (a) Adjusted for a 6-for-5 stock split paid in the form of a 20 percent stock dividend as of June 17, 1991.
 -0- 2/19/92
 /CONTACT: Robert R. Martin of Kinnard Investments, 612-370-2882/
 (KINN) CO: Kinnard Investments, Inc. ST: Minnesota IN: FIN SU: ERN


KH -- MN009 -- 0510 02/19/92 13:49 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Feb 19, 1992
Words:812
Previous Article:IVAX' PHARMACEUTICAL SUBSIDIARY INITIATES UNITED STATES CLINICAL STUDIES FOR ALZENE(TM)
Next Article:GATEWAY SENIOR HIGH SCHOOL CAPTURES DOE REGIONAL SCIENCE BOWL, WINS WASHINGTON TRIP TO COMPETE FOR NATIONAL TITLE
Topics:


Related Articles
KINNARD INVESTMENTS, INC. ANNOUNCES FIRST QUARTER RESULTS
KINNARD INVESTMENTS, INC. ANNOUNCES STRONG SECOND QUARTER
KINNARD INVESTMENTS, INC. REPORTS SOLID THIRD QUARTER
KINNARD INVESTMENTS, INC. ANNOUNCES FIRST QUARTER RESULTS
KINNARD INVESTMENTS, INC. ANNOUNCES 1994 RESULTS; ELIMINATES QUARTERLY DIVIDEND
KINNARD INVESTMENTS, INC. REPORTS IMPROVED FIRST QUARTER EARNINGS
KINNARD INVESTMENTS, INC. REPORTS RECORD REVENUES AND EARNINGS
Kinnard Investments, Inc. Announces Third Quarter Results
Kinnard Investments, Inc. Reports First Quarter Results
Kinnard Investments, Inc. Reports Second Quarter Results

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters