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KINNARD INVESTMENTS ANNOUNCES SECOND QUARTER AND SIX MONTHS RESULTS

KINNARD INVESTMENTS ANNOUNCES SECOND QUARTER AND SIX MONTHS RESULTS
 MINNEAPOLIS, July 28 /PRNewswire/ -- Kinnard Investments, Inc. (NASDAQ-NMS: KINN), parent of John G. Kinnard & Co. of Minneapolis, and PrimeVest Financial Services of St. Cloud, Minn., announced revenues for the second quarter were $11,107,343, compared to $11,124,181 for the comparable quarter in 1991. Net earnings for the quarter were $190,901, compared to $722,020 for the second quarter of 1991. Primary earnings per share were $.06 for the quarter, compared to $.24 for the second quarter 1991.
 Revenues for the first six months of 1992 were $25,885,566, a 29 percent increase over the $20,060,513 recorded in the first six months of 1991. Net earnings were $1,306,727, primary earnings per share of $.39, compared to $1,342,080, or $.46 a share in the first six months of 1991.
 Robert R. Martin, chairman and CEO of Kinnard Investments, Inc. stated, "The market for small capitalization stocks, which experienced a strong first quarter, slowed considerably in the second quarter, causing a significant drop in trading profits and commission income. Despite their weak showing in the second quarter, we continue to have long-term confidence in the market for small capitalization stocks. Investment banking revenue was also affected with only two initial public offerings being completed in the second quarter, compared to three in the first quarter. It was gratifying the see that, according to the Investment Dealers Digest, July 20, 1992 issue, the 23.94 percent gain in price for these five issues through June 30, 1992, was the highest in the industry. We anticipate bringing more public offerings in the second half of 1992, compared to the comparable period in 1991."
 Martin added, "Kinnard Investments, Inc. has two operating units, John G. Kinnard, a full service securities firm, and PrimeVest Financial Services, which offers investment services nationally to financial institutions. We were especially pleased to see John G. Kinnard's Fixed Income operations and PrimeVest Financial Services continuing their growth. As to overall profitability, Kinnard Investments, Inc., has now recorded its seventh consecutive profitable quarter and continues to be profitable for its shareholders."
 Kinnard Investments, Inc. trades publicly on the NASDAQ National Market System under the symbol KINN. The firm is a member of the Midwest Stock Exchange.
 KINNARD INVESTMENTS, INC. AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 Three Months Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Revenues $11,107,343 $11,124,181 $25,885,566 $20,060,513
 Net income $190,901 $722,020 $1,306,727 $1,342,080
 Earnings per share:
 Primary $0.06 $0.24 $0.39 $0.46
 Fully diluted $0.06 $0.23 $0.38 $0.44
 Weighted average number
 of common shares and
 common stock equivalents
 outstanding:
 Primary 3,391,193 2,983,476 3,384,284 2,902,544
 Fully diluted 3,447,372 3,089,499 3,437,034 3,019,349
 Book value per common
 shares outstanding $3.23 $2.03 -- --
 -0- 7/28/92
 /CONTACT: Robert R. Martin of Kinnard, 612-370-2882/
 (KINN) CO: Kinnard Investments, Inc. ST: Minnesota IN: FIN SU: ERN


AL -- MN008 -- 4063 07/28/92 11:46 EDT
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Publication:PR Newswire
Date:Jul 28, 1992
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