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

 BALTIMORE, Jan. 20 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today operating results for its third fiscal quarter and the nine months ended Dec. 31, 1992.
 Net earnings in the nine month period were higher than in any full fiscal year in the company's history, including the record year ended March 31, 1992.
 In the quarter, revenues were $85,143,000, a 12 percent increase from revenues of $75,997,000 in the corresponding quarter of the prior year. Net earnings were $7,045,000, a 22 percent increase from net earnings of $5,776,000
in the prior year's quarter. Earnings per share rose 21 percent to $.76 from $.63.
 For the nine months, net earnings rose 48 percent to $21,493,000 from $14,498,000 in the prior year's period. Revenues for the nine months were $244,090,000, a 15 percent increase from revenues of $212,601,000 in the corresponding period of the prior year. Earnings per share rose 46 percent to $2.33 from $1.60.
 Commenting on Legg Mason's operating results, Raymond A. Mason, chairman and chief executive officer, said: "We are pleased that Legg Mason's revenues and net earnings in the latest quarter and nine months were substantially higher than in the corresponding periods a year ago, and that net earnings in the nine months ended Dec. 31, 1992, exceeded any full fiscal year in our 93 year history. Results in both the quarter and nine months benefitted from strong growth in our corporate finance, public finance and investment advisory revenues."
 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. The company's common stock is listed on the New York Stock Exchange.
 LEGG MASON, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited; in 000's, except per-share amounts)
 Quarters ended Dec. 31 1992 Pct. of 1991 Pct. of
 revenues revenues
 Revenues:
 Commissions $29,717 34.9 $28,561 37.6
 Principal transactions 11,954 14.0 13,787 18.2
 Investment advisory
 and related fees 12,950 15.2 10,774 14.2
 Investment banking 18,566 21.8 12,033 15.8
 Interest 6,256 7.4 6,631 8.7
 Other 5,700 6.7 4,211 5.5
 Total 85,143 100.0 75,997 100.0
 Expenses:
 Compensation and benefits 50,188 58.9 42,418 55.8
 Occupancy and equip. rental 5,814 6.8 5,618 7.4
 Communications 5,150 6.1 4,555 6.0
 Floor brokerage and
 clearing fees 1,423 1.7 1,799 2.4
 Interest 2,974 3.5 3,469 4.5
 Other 8,322 9.8 8,590 11.3
 73,871 86.8 66,449 87.4
 Earnings Before Income Taxes 11,272 13.2 9,548 12.6
 Income Taxes 4,227 4.9 3,772 5.0
 Net Earnings $ 7,045 8.3 $ 5,776 7.6
 Earnings per common share:
 Primary $ 0.76 --- $ 0.63 ---
 Fully diluted $ 0.69 --- $ 0.58 ---
 Average number of common shares
 outstanding:
 Primary 9,293 --- 9,139 ---
 Fully diluted 10,601 --- 10,469 ---
 Consolidated Statements of Earnings
 (Unaudited; in 000's, except per-share amounts)
 Nine months ended Dec. 31 1992 Pct. of 1991 Pct. of
 revenues revenues
 Revenues:
 Commissions $82,225 33.7 $79,990 37.6
 Principal transactions 40,652 16.6 39,268 18.5
 Investment advisory
 and related fees 37,089 15.2 31,325 14.7
 Investment banking 49,756 20.4 31,176 14.7
 Interest 17,852 7.3 19,535 9.2
 Other 16,516 6.8 11,307 5.3
 Total 244,090 100.0 212,601 100.0
 Expenses:
 Compensation and benefits 140,987 57.8 119,378 56.2
 Occupancy and equip. rental 17,408 7.1 17,024 8.0
 Communications 14,544 6.0 13,221 6.2
 Floor brokerage and
 clearing fees 4,004 1.6 5,097 2.4
 Interest 8,832 3.6 10,165 4.8
 Other 23,380 9.6 23,627 11.1
 Total 209,155 85.7 188,512 88.7
 Earnings Before Income Taxes 34,935 14.3 24,089 11.3
 Income Taxes 13,442 5.5 9,591 4.5
 Net Earnings 21,493 8.8 14,498 6.8
 Earnings per common share:
 Primary $ 2.33 --- $ 1.60 ---
 Fully diluted $ 2.12 --- $ 1.47 ---
 Average number of common shares
 outstanding:
 Primary 9,222 --- 9,067 ---
 Fully diluted 10,569 --- 10,450 ---
 -0- 1/20/93
 /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

CC -- PH013 -- 6856 01/20/93 11:51 EST
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Date:Jan 20, 1993
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