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MCDONALD & COMPANY ANNOUNCES RECORD RESULTS; DIVIDEND INCREASE

 MCDONALD & COMPANY ANNOUNCES RECORD RESULTS; DIVIDEND INCREASE
 CLEVELAND, April 29 /PRNewswire/ -- McDonald & Company Investments, Inc. (NYSE: MDD) ("the Company") today announced record results for the fourth quarter and year ended March 27, 1992, with net income per share up 146 percent for the year and 33 percent for the quarter, the strongest earnings per share in the Company's nine-year history as a publicly owned firm. Net income was up 178 percent and revenues up 58 percent for the year.
 Net income for the fourth quarter of fiscal 1992 was $3,611,000, or $.52 per share, on revenues of $39,576,000. Net income for the fourth quarter of fiscal 1991 was $2,080,000, or $.39 per share, on revenues of $23,922,000.
 Net income for the year was $10,896,000, or $1.77 per share, on revenues of $128,063,000. For the previous fiscal year, net income was $3,918,000 or $.72 per share, on revenues of $81,033,000. Included in net income for the prior fiscal year was an after-tax extraordinary gain of $1,212,000, or $.22 per share, resulting from the early retirement of a portion of the Company's debt.
 Operating profit was $11,804,000 in fiscal 1992, a substantial increase from $1,523,000 in the previous year. Operating margin was 10.4 percent in fiscal year 1992, up from 2.1 percent a year ago.
 An additional 1,559,368 shares were issued in the third quarter of fiscal 1992 in conjunction with the Company's merger with Gradison & Company, an investment firm in Cincinnati, now operating as a division of McDonald & Company Securities, Inc. As a result, the average number of common shares outstanding in the recent fiscal year was 6,151,000, compared to 5,419,000 in the prior year.
 In a meeting yesterday, directors of the Company (NYSE: MDD) declared a regular quarterly dividend of $.05 per share, as well as a special dividend of $.10 per share, both payable on May 22, 1992 to shareholders of record as of May 12, 1992. The directors will review the regular dividend policy at their July 28, 1992 meeting.
 McDonald & Company Investments, Inc., through its principal subsidiary, McDonald & Company Securities, Inc., operates a regional investment banking, brokerage and investment advisory business with a total of 29 offices in seven states, including 25 in Ohio, Michigan and Indiana and four offices in Boston, Chicago, Dallas and Jersey City, N.J.
 MCDONALD & COMPANY INVESTMENTS, INC.
 Summary of Results of Operations (Unaudited)
 (In thousands, except per share amounts)
 Three Months Ended Pct. Increase
 Mar. 27, 1992 Mar. 29, 1991 (Decrease)
 Operating revenue $35,469 $21,519 65
 Interest and dividends 4,107 2,403 71
 TOTAL REVENUES 39,576 23,922 65
 Operating expense 31,519 19,114 65
 Interest expense 2,301 1,786 29
 Income before income
 taxes and extraordinary
 item 5,756 3,022 90
 Income taxes 2,145 1,000 114
 INCOME BEFORE
 EXTRAORDINARY ITEM 3,611 2,022 79
 Gain on retirement of
 debt, net of tax --- 58 (100)
 NET INCOME $3,611 $2,080 74
 Per share
 Primary
 Before extraordinary
 item $.52 $.38 37
 Net Income $.52 $.39 33
 Fully diluted
 Before extraordinary
 item $.48 $.36 33
 Net Income $.48 $.37 30
 Average number of shares
 outstanding 6,872 5,215
 Operating profit $3,950 $2,405 64
 Operating margin 11.1 pct 11.2 pct
 Fiscal Year Ended Pct. Increase
 Mar. 27 1992 Mar. 29, 1991 (Decrease)
 Operating revenue $113,246 $71,611 58
 Interest and dividends 14,817 9,422 57
 TOTAL REVENUES 128,063 81,033 58
 Operating expense 101,442 70,088 45
 Interest expense 9,545 7,239 32
 Income before income
 taxes and extraordinary
 item 17,076 3,706 361
 Income taxes 6,180 1,000 518
 INCOME BEFORE
 EXTRAORDINARY ITEM $10,896 $2,706 303
 Gain on retirement of
 debt, net of tax --- 1,212 (100)
 NET INCOME $10,896 $3,918 178
 Per share
 Primary
 Before extraordinary
 item $1.77 $.50 254
 Net Income $1.77 $.72 145
 Fully diluted
 Before extraordinary
 item $1.63 $.50 226
 Net Income $1.63 $.72 126
 Average number of shares
 outstanding 6,151 5,419 675
 Operating profit $11,804 $1,523 367
 Operating margin 10.4 pct 2.1 pct
 NOTE: For the year ended March 29, 1991, operating revenues and net income include a nonrecurring gain of $716,000, or $.13 per share, from the sale of the Company's 50 percent interest in Meuse, Rinker, Chapman, Endres & Brooks, Inc.
 -0- 4/29/92
 /CONTACT: Richard Clark of McDonald & Company Investments, Inc., 216-443-2614 or 800-553-2240/
 (MDD) CO: McDonald & Company Investments, Inc. ST: Ohio IN: FIN SU: ERN


KK -- CL007 -- 4180 04/29/92 08:44 EDT
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