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

LEGG MASON, INC. REPORTS REVENUES, NET EARNINGS AND EARNINGS PER SHARE
 BALTIMORE, Oct. 19 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today revenues, net earnings and earnings per share for its second fiscal quarter and the six months ended Sept. 30, 1992.
 In the quarter, revenues were $77,728,000, a 13 percent increase from revenues of $68,666,000 in the corresponding quarter of the prior year. Net earnings were $6,844,000, a 49 percent increase from net earnings of $4,592,000 in the prior year's quarter. Earnings per share rose 45 percent to $.74 from $.51.
 For the six months, net earnings rose 66 percent to $14,448,000 from $8,722,000 in the prior year's period. Revenues for the six months were $158,947,000, a 16 percent increase from revenues of $136,604,000 in the corresponding period of the prior year. Earnings per share rose 62 percent to $1.57 from $.97.
 Commenting on Legg Mason's operating results, Raymond A. Mason, chairman and chief executive officer, said:
 "We are pleased that Legg Mason's net earnings in the six months ended September 30, 1992, reached a record level as compared to any six month period in our history, and that our revenues and net earnings in the latest quarter and six months were significantly higher than in the corresponding periods a year ago. The results of corporate finance, public finance and our investment advisor activities were particularly strong in both the three and six month periods."
 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, 1992 and 1991
 (Unaudited; in 000's, except per share amounts)
 Pct. of Pct. of
 1992 Revenues 1991 Revenues
 Revenues:
 Commissions $ 26,526 34.1 $ 25,962 37.8
 Principal transactions 14,228 18.3 13,073 19.0
 Investment advisory
 and related fees 12,349 15.9 10,353 15.1
 Investment banking 13,739 17.7 8,722 12.7
 Interest 5,677 7.3 6,568 9.6
 Other 5,209 6.7 3,988 5.8
 Total 77,728 100.0 68,666 100.0
 Expenses:
 Compensation and benefits 44,599 57.4 38,600 56.2
 Occupancy and equip. rental 5,759 7.4 5,558 8.1
 Communications 4,662 6.0 4,378 6.4
 Floor brokerage and
 clearing fees 1,215 1.6 1,524 2.2
 Interest 2,785 3.6 3,389 5.0
 Other 7,488 9.6 7,506 10.9
 Total 66,508 85.6 60,955 88.8
 Earnings Before Income Taxes 11,220 14.4 7,711 11.2
 Income Taxes 4,376 5.6 3,119 4.5
 For the Six Months Ended Sept. 30, 1992 and 1991
 Pct. of Pct. of
 1992 Revenues 1991 Revenues
 Revenues:
 Commissions $ 52,508 33.0 $ 51,429 37.7
 Principal transactions 28,698 18.1 25,481 18.7
 Investment advisory
 and related fees 24,139 15.2 20,551 15.0
 Investment banking 31,190 19.6 19,143 14.0
 Interest 11,596 7.3 12,904 9.4
 Other 10,816 6.8 7,096 5.2
 Total 158,947 100.0 136,604 100.0
 Expenses:
 Compensation and benefits 90,799 57.1 76,960 56.3
 Occupancy and equip. rental 11,594 7.3 11,406 8.4
 Communications 9,394 5.9 8,666 6.4
 Floor brokerage and
 clearing fees 2,581 1.6 3,298 2.4
 Interest 5,858 3.7 6,696 4.9
 Other 15,058 9.5 15,037 11.0
 Total 135,284 85.1 122,063 89.4
 Earnings Before Income Taxes 23,663 14.9 14,541 10.6
 Income Taxes 9,215 5.8 5,819 4.2
 Net Earnings $ 14,448 9.1 $ 8,722 6.4
 Earnings per common share:
 Primary $ 1.57 $ 0.97
 Fully diluted $ 1.43 $ 0.90
 Average number of common shares
 outstanding:
 Primary 9,187 9,031
 Fully diluted 10,492 10,368
 -0- 10/19/92
 /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


LJ -- PH038 -- 1718 10/19/92 14:59 EDT
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Date:Oct 19, 1992
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