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LEGG MASON, INC. REPORTS RECORD REVENUES, NET EARNINGS, AND EARNINGS PER SHARE

 BALTIMORE, Oct. 19 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today record revenues, net earnings and earnings pershare for its second fiscal quarter and the six months ended Sept. 30, 1993.
 All per share data is adjusted for the 5 for 4 split of Legg Mason common stock in September 1993.
 In the quarter, revenues were $106,767,000, a 37 percent increase from revenues of $77,728,000 in the corresponding quarter of the prior year. Net earnings were $11,360,000, a 66 percent increase from net earnings of $6,844,000 in the prior year's quarter. Primary earnings per share rose 57 percent to $.94 from $.60. Fully diluted earnings per share rose 37 percent to $.74 from $.54.
 In the six months, net earnings rose 35 percent to $19,492,000 from $14,448,000 in the prior year's period. Revenues for the six months were $198,115,000, a 25 percent increase from revenues of $158,947,000 in the corresponding period of the prior year. Primary earnings per share rose 29 percent to $1.62 from $1.26. Fully diluted earnings per share rose 11 percent to $1.28 from $1.15.
 Commenting on Legg Mason's operating results, Raymond A. Mason, chairman and chief executive officer, said:
 "Legg Mason's record results in the September quarter and in the first six months of our fiscal year stemmed from strong revenue gains in each of our principal businesses -- securities brokerage, investment advisory services, and investment banking. For the first time in our history, quarterly revenues surpassed $100 million. We are pleased that our investment advisory business continues to flourish. Assets in mutual funds and individual and institutional accounts managed by Legg Mason subsidiaries now exceed $15 billion, up from $6.5 billion five years ago and $250 million in 1983."
 Legg Mason, Inc., headquartered in Baltimore, is a holding company which provides securities brokerage, investment advisory, investment banking and mortgage banking services through its wholly-owned subsidiaries.
 LEGG MASON, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 For the Quarters Ended Sept. 30, 1993 and 1992
 (Unaudited; in 000's, except per share amounts)
 Percent of Percent of
 1993 Revenues 1992 Revenues
 Revenues:
 Commissions $34,674 32.5 $26,526 34.1
 Principal transactions 14,956 14.0 14,228 18.3
 Investment advisory and
 related fees 15,829 14.8 12,349 15.9
 Investment banking 26,759 25.1 13,739 17.7
 Interest 7,454 7.0 5,677 7.3
 Other 7,095 6.6 5,209 6.7
 Total 106,767 100.0 77,728 100.0
 Expenses:
 Compensation and benefits 59,651 55.9 44,599 57.4
 Occupancy and equipment
 rental 6,649 6.2 5,759 7.4
 Communications 5,724 5.3 4,662 6.0
 Floor brokerage and
 clearing fees 1,361 1.3 1,215 1.6
 Interest 4,044 3.8 2,785 3.6
 Other 10,596 9.9 7,488 9.6
 Total 88,025 82.4 66,508 85.6
 Earnings Before Income Taxes 18,742 17.6 11,220 14.4
 Income taxes 7,382 7.0 4,376 5.6
 Net Earnings $11,360 10.6 $ 6,844 8.8
 Earnings per common share:
 Primary $ 0.94 $ 0.60
 Fully diluted $ 0.74 $ 0.54
 Average number of common
 shares outstanding:
 Primary 12,106 11,496
 Fully diluted 16,353 13,133
 Note: All share and per share data have been adjusted to reflect a 5-for-4 stock split paid Sept. 24, 1993 to shareholders of record on Sept. 8, 1993.
 LEGG MASON, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF EARNINGS
 For the Six Months Ended Sept. 30, 1993 and 1992
 (Unaudited; in 000's, except per share amounts)
 Percent of Percent of
 1993 Revenues 1992 Revenues
 Revenues:
 Commissions $ 68,515 34.6 $ 52,508 33.0
 Principal transactions 27,777 14.0 28,698 18.1
 Investment advisory and
 related fees 30,518 15.4 24,139 15.2
 Investment banking 44,171 22.3 31,190 19.6
 Interest 14,319 7.2 11,596 7.3
 Other 12,815 6.5 10,816 6.8
 Total 198,115 100.0 158,947 100.0
 Compensation and benefits 112,629 56.9 90,799 57.1
 Occupancy and equipment
 rental 13,014 6.6 11,594 7.3
 Communications 11,192 5.6 9,394 5.9
 Floor brokerage and
 clearing fees 3,006 1.5 2,581 1.6
 Interest 7,272 3.7 5,858 3.7
 Other 19,057 9.6 15,058 9.5
 Total 166,170 83.9 135,284 85.1
 Earnings Before Income Taxes 31,945 16.1 23,663 14.9
 Income taxes 12,453 6.3 9,215 5.8
 Net Earnings $ 19,492 9.8 $ 14,448 9.1
 Earnings per common share:
 Primary $ 1.62 $ 1.26
 Fully diluted $ 1.28 $ 1.15
 Average number of common
 shares outstanding:
 Primary 12,037 11,484
 Fully diluted 16,307 13,115
 Note: All share and per share data have been adjusted to reflect a 5-for-4 stock split paid Sept. 24, 1993 to shareholders of record on Sept. 8, 1993.
 -0- 10/19/93
 /CONTACT: John F. Curley Jr. or F. Barry Bilson of Legg Mason, 410-539-0000/
 (LM)


CO: Legg Mason, Inc. ST: Maryland IN: FIN SU: ERN

MK -- PH007 -- 3757 10/19/93 08:45 EDT
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Date:Oct 19, 1993
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