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

LEGG MASON REPORTS RECORD 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, 1991.
 In both the quarter and nine months, the company's revenues, net earnings and earnings per share reached record levels.
 In the quarter, revenues were $75,997,000, a 30 percent increase from revenues of $58,379,000 in the corresponding quarter of the prior year. Net earnings were $5,776,000, a 120 percent increase from net earnings of $2,621,000 in the prior year's quarter. Earnings per share rose 110 percent to $.63 from $.30.
 For the nine months, net earnings rose 55 percent to $14,498,000 from $9,362,000 in the prior year's period. Revenues for the nine months were $212,601,000, a 16 percent increase from revenues of $183,965,000 in the corresponding period of the prior year. Earnings per share rose 52 percent to $1.60 from $1.05.
 Commenting on the company's operating results, Raymond A. Mason, chairman and chief executive officer, said:
 The quarter and nine months ended December 31, 1991 were the most successful periods in Legg Mason's history. In the quarter, revenues, net earnings and earnings per share were substantially higher than in any previous quarter. In the nine month period, net earnings and earnings per share were higher than in any full year in our history. Each of our principal business segments -- securities brokerage, investment advisory services and corporate and public finance -- contributed to our record results.
 Legg Mason, Inc., headquartered in Baltimore, is a holding company which provides securities brokerage, investment advisory and other financial 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)
 Pct. of Pct. of
 Quarters ended Dec. 31 1991 Revenues 1990 Revenues
 Revenues:
 Commissions $28,561 37.6 $19,363 33.2
 Principal transactions 19,529 25.7 14,593 25.0
 Interest 6,631 8.7 7,114 12.2
 Investment advisory
 and related fees 10,774 14.2 9,468 16.2
 Other 10,502 13.8 7,841 13.4
 Total 75,997 100.0 58,379 100.0
 Expenses:
 Compensation and benefits 42,418 55.8 31,718 54.3
 Floor brokerage and
 clearing fees 1,799 2.4 1,522 2.6
 Communications 4,555 6.0 4,354 7.5
 Interest 3,469 4.5 3,713 6.4
 Occupancy and equip. rental 5,618 7.4 5,666 9.7
 Other 8,590 11.3 7,082 12.1
 Total 66,449 87.4 54,055 92.6
 Earnings before income taxes 9,548 12.6 4,324 7.4
 Income taxes 3,772 5.0 1,703 2.9
 Net earnings $5,776 7.6 $2,621 4.5
 Earnings per common share:
 Primary $0.63 $0.30
 Fully diluted $0.58 $0.29
 Average number of common
 shares outstanding:
 Primary 9,139 8,844
 Fully diluted 10,469 10,130
 LEGG MASON, INC. AND SUBSIDIARIES
 Consolidated Statements of Earnings
 (Unaudited; in 000's, except per share amounts
 Pct. of Pct. of
 Nine months ended Dec. 31 1991 Revenues 1990 Revenues
 Revenues:
 Commissions $79,990 37.6 $64,830 35.2
 Principal transactions 56,854 26.8 45,703 24.9
 Interest 19,535 9.2 21,508 11.7
 Investment advisory
 and related fees 31,325 14.7 28,147 15.3
 Other 24,897 11.7 23,777 12.9
 Total 212,601 100.0 183,965 100.0
 Expenses:
 Compensation and benefits 119,378 56.2 100,151 54.5
 Floor brokerage and
 clearing fees 5,097 2.4 6,125 3.3
 Communications 13,221 6.2 13,075 7.1
 Interest 10,165 4.8 10,693 5.8
 Occupancy and equip. rental 17,024 8.0 16,436 9.0
 Other 23,627 11.1 22,127 12.0
 Total 188,512 88.7 168,607 91.7
 Earnings before income taxes 24,089 11.3 15,358 8.3
 Income taxes 9,591 4.5 5,996 3.2
 Net earnings $14,498 6.8 $9,362 5.1
 Earnings per common share:
 Primary $1.60 $1.05
 Fully diluted $1.47 $1.01
 Average number of common shares
 outstanding:
 Primary 9,067 8,904
 Fully diluted 10,450 10,190
 -0- 1/20/92
 /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


JS -- PH008 -- 1381 01/20/92 11:11 EST
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