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McDONALD & CO. REPORTS SECOND QUARTER AND FIRST-HALF RESULTS

 CLEVELAND, Oct. 26 /PRNewswire/ -- McDonald & Co. Investments, Inc., ("the company") (NYSE: MDD) today reported results for the second quarter and six-month period ended Sept. 24, 1993, the best second quarter revenues and earnings in the company's history.
 Net income for the quarter was $4,832,000, or $.56 per share, representing 20 percent and 17 percent increases over the same period a year ago. Second quarter revenues were $48,020,000, an increase of 9 percent over the second quarter of fiscal 1993. Net income for the same quarter in fiscal 1993 was $4,039,000, or $.48 per share, on revenues of $43,874,000. The average number of common shares outstanding in the recent second quarter was 8,627,000 compared to 8,367,000 in the second quarter a year ago. (All share and per-share information has been restated to reflect the 20 percent stock dividend paid on Aug. 20, 1993.)
 "We had substantial increases in commission revenues, as well as steady growth in investment management fees," said Chairman Thomas M. O'Donnell. "We are encouraged about the financial outlook for the second half of fiscal 1994. We have a strong backlog of investment banking transactions. That along with the continued growth of our sales force should lead to higher revenues. We will continue in our efforts to maintain good control over costs."
 On Sept. 17, 1993, the company announced the redemption of $12,205,000 in 8 percent convertible subordinated debentures on Oct. 29, 1993, at a price of 102.4 percent plus accrued interest. If the debentures outstanding are converted to common stock prior to the redemption date, common stock outstanding will increase by 1,010,000 shares.
 For the six-month period, net income was $9,943,000, or $1.15 per share, representing 28 percent and 24 percent increases, respectively. Revenues for the period were $95,737,000, an increase of 17 percent over the first six months of fiscal 1993. Net income for the same six month period in fiscal 1993 was $7,752,000, or $.93 per share, on revenues of $81,766,000.
 McDonald & Co. Investments, Inc., through its principal subsidiary, McDonald & Co. Securities, Inc., operates a regional investment banking, brokerage and investment advisory business with a total of 35 offices in ten states, including 29 in Ohio, Michigan, Indiana and Pennsylvania, as well as offices in Atlanta, Boston, Chicago, Dallas, Los Angeles and Jersey City, N.J.
 McDonald & Company Investments, Inc.
 Summary Income Statement (Unaudited)
 (In thousands, except per-share amounts)
 Three Months Ended
 9/24/93 9/25/92 Pct. Increase
 Operating Revenue $44,030 $40,609 8
 Interest & Dividends 3,990 3,265 22
 Total Revenues $48,020 $43,874 9
 Operating Expense 37,659 35,322 7
 Interest Expense 2,529 1,943 30
 Income before taxes $ 7,832 $ 6,609 19
 Income taxes 3,000 2,570 17
 Net Income $ 4,832 $ 4,039 20
 Net Income Per Share
 Primary $ 0.56 $ 0.48 17
 Fully Diluted $ 0.52 $ 0.44 18
 Average shares outstanding 8,627 8,367 ---
 Six Months Ended
 9/24/93 9/25/92 Pct. Increase
 Operating Revenue $88,138 $75,531 17
 Interest & Dividends 7,599 6,235 22
 Total Revenues $95,737 $81,766 17
 Operating Expense 74,939 65,556 14
 Interest Expense 4,855 3,788 28
 Income before taxes $15,943 $12,422 28
 Income taxes 6,000 4,670 28
 Net Income $ 9,943 $ 7,752 28
 Net Income Per Share
 Primary $ 1.15 $ 0.93 24
 Fully Diluted $ 1.06 $ 0.86 23
 Average shares outstanding 8,614 8,332 ---
 -0- 10/26/93
 /CONTACT: Richard Clark of McDonald & Co., 800-553-2240 or 216-443-2614/
 (MDD)


CO: McDonald & Co. Investments, Inc. ST: Ohio IN: FIN SU: ERN

AR -- CL002 -- 6790 10/26/93 10:03 EDT
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Publication:PR Newswire
Date:Oct 26, 1993
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