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NUVEEN SETS REVENUE, INCOME RECORDS;INCREASES IN ADVISORY FEES, INVESTMENT BANKING LEAD THE WAY

 CHICAGO, Jan. 15 /PRNewswire/ -- The John Nuveen Company (NYSE: JNC) today announced record revenue and net income for calendar year 1992.
 Revenues rose to $221 million, a 22.7 percent increase over the previous record of $180 million established in 1991. Net operating income rose to $62.6 million, or $1.66 per share, a 30.7 percent increase over the previous record of $47.9 million, or $1.31 per share, also set in 1991.
 After including a one-time charge taken in the first quarter of 1992 to comply with recent changes in accounting for income taxes and post- retirement benefits made by the Financial Accounting Standards Board, Nuveen's net income was $59.4 million, or $1.58 per share.
 During the fourth quarter of 1992, Nuveen's revenue was $56.3 million, compared with $51.2 million in the fourth quarter of 1991. Net fourth quarter income was $15.5 million, or $.40 per share, compared with $12.5 million, or $.34 per share, one year earlier.
 Looking at the full year, increases of 56.6 percent in advisory fees and 33.2 percent in investment banking revenues contributed to Nuveen's record 1992 results.
 Net assets under management grew to a record $27.3 billion as of Dec. 31, 1992, compared to $22 billion at the end of 1991. The total amount of Nuveen tax-free packaged products now under management or surveillance is approximately $50 billion.
 Net sales of Nuveen tax-free products reached $6.7 billion in 1992, including $2.6 billion in exchange-traded common stock offerings, $1.6 billion in MuniPreferred(R) offerings, $1.1 billion in mutual fund net sales and $1.9 billion in unit investment trusts. Nuveen tax-free money market funds experienced net redemptions of approximately $476 million as investors reacted to significant declines in short-term tax-free rates and sought higher returns in alternative investments.
 Significant events during the year included the payment of supplemental tax-free dividends to common shareholders of many of the firm's leveraged exchange-traded funds. Additionally, several Nuveen leveraged funds began extending the dividend reset periods for series of MuniPreferred stock, providing the funds' common shareholders with an added dimension of dividend stability by fixing the interest rate paid to preferred shareholders for periods of one to several years. Other developments included the introduction of two new product lines that also are traded on the New York Stock Exchange.
 Founded in 1898 and headquartered in Chicago, Nuveen is the nation's oldest and largest investment banking firm specializing in the sponsorship, marketing and management of tax-free investments for individual investors, and in the underwriting and distribution of municipal securities. Since 1961, Nuveen tax-free funds and trusts distributed by financial advisers to more than 1 million investors nationwide.
 The first public offering of common shares of The John Nuveen Co. was completed in May 1992. The John Nuveen Company stock is listed on the New York Stock Exchange and trades under the symbol JNC.
 JOHN NUVEEN COMPANY
 (In thousands, except per-share data)
 1992 1991 Pct .Change
 Total revenues $221,212 $180,238 22.7
 Income before cumulative
 effect of accountg changes 62,573 47,886 30.7
 Net income 59,440 47,886 24.1
 Income per share before
 cumulative effect of
 accounting changes $1.66 $1.31 26.7
 Income per share after
 cumulative effect of
 accounting changes $1.58 $1.31 20.6
 Net assets under management
 (as of 12/31) $27,252,493 $22,002,050 23.9
 UIT sales $1,923,250 $2,311,094 -16.8
 Managed fund sales (net
 of redemptions) $4,779,995 $8,076,391 -40.8
 Average shares 37,734 36,660 2.9
 Fourth quarter results:
 Total revenues $56,323 $51,195 10.0
 Net income 15,533 12,516 24.1
 Income per share $.40 $.34 17.6
 UIT sales $423,326 $487,645 -13.2
 Managed fund sales (net
 of redemptions) $1,491,098 $2,808,386 -46.9
 Average shares 38,457 36,660 4.9
 JOHN NUVEEN COMPANY AND SUBSIDIARIES
 Consolidated Statements of Income
 ($ thousands)
 1991
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
 REVENUES:
 Investment advisory
 fees from assets
 under management $18,865 $21,586 $24,489 $28,901 $93,841
 Underwriting and
 distribution of
 investment products 11,139 14,960 14,938 13,175 54,212
 Investment banking 2,662 2,330 4,666 4,027 13,685
 Interest 3,548 3,652 3,450 3,975 14,626
 All other 1,294 509 954 1,117 3,874
 TOTAL REVENUES 37,508 43,038 48,497 51,195 180,238
 EXPENSES:
 Compensation and
 benefits 12,539 13,989 15,798 16,000 58,326
 Advertising and
 promotional costs 4,164 4,750 3,187 5,656 17,757
 Interest 1,536 1,690 1,743 1,533 6,502
 Occupancy and
 equipment rental 2,254 2,383 2,324 2,431 9,392
 Communications 486 465 455 482 1,888
 Other operating
 expenses 2,641 1,273 2,661 2,315 8,891
 TOTAL EXPENSES 23,620 24,550 26,169 28,417 102,756
 Income before taxes &
 cumulative effect of
 accounting changes 13,888 18,488 22,328 22,778 77,482
 Income taxes
 Current 4,475 7,690 8,960 -6,808 14,317
 Deferred 253 -1,085 -960 17,069 15,278
 TOTAL INCOME TAXES 4,728 6,605 8,000 10,262 29,596
 Net income before
 cumulative effect of
 accounting changes 9,159 11,883 14,328 12,516 47,886
 Cumulative effect of
 accounting changes -- -- -- -- --
 Income Taxes -- -- -- -- --
 Postretirement health
 care benefits -- -- -- -- --
 Net income $9,159 $11,883 $14,328 $12,516 $47,886
 Average shares
 outstanding 36,660 36,660 36,660 36,660 36,660
 EARNINGS PER SHARE:
 Net income before
 cumulative effect of
 accounting change $.25 $.32 $.39 $.34 $1.31
 NET INCOME .25 .32 .39 .34 1.31
 1992
 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr Total
 REVENUES:
 Investment advisory
 fees from assets
 under management $31,732 $33,224 $35,958 $37,144 $138,058
 Portfolio structuring fees -- 2,634 5,246 1,004 8,883
 Underwriting and
 distribution of
 investment products 7,855 12,701 9,697 9,221 39,474
 Investment banking 3,187 5,579 4,253 5,205 18,224
 Interest 3,125 2,844 3,452 2,919 12,340
 All other 1,131 1,091 1,181 830 4,232
 TOTAL REVENUES 47,030 58,073 59,786 56,323 221,212
 EXPENSES:
 Compensation & benefits 15,685 19,264 20,341 19,805 75,094
 Advertising and
 promotional costs 5,823 6,394 6,213 6,065 24,494
 Interest 636 671 814 467 2,589
 Occupancy and
 equipment rental 2,432 2,423 2,375 2,434 9,664
 Communications 457 439 449 419 1,765
 Other operating expenses 2,494 2,939 2,187 2,119 9,739
 TOTAL EXPENSES 27,527 32,130 32,379 31,309 123,345
 Income before taxes &
 cumulative effect of
 accounting changes 19,503 25,944 27,407 25,013 97,867
 Income taxes
 Current 7,046 9,761 2,865 9,251 28,923
 Deferred -289 -494 6,924 230 6,370
 TOTAL INCOME TAXES 6,757 9,267 9,789 9,481 35,294
 Net income before
 cumulative effect of
 accounting change 12,747 16,676 17,618 15,533 62,573
 Income taxes -1,080 -- -- -- -1,080
 Postretirement health
 care benefits -2,053 -- -- -- -2,053
 Net income $9,614 $16,676 $17,618 $15,533 $59,440
 Average shares
 outstanding 36,660 37,350 38,454 38,457 37,734
 EARNINGS PER SHARE:
 Net income before
 cumulative effect of
 accounting change $.35 $.45 $.46 $.40 $1.66
 NET INCOME .26 .45 .46 .40 1.58
 -0- 1/15/93
 /CONTACT: Jeff Kratz, 312-917-7749, or Ed Dunn, 312-917-7763, both of John Nuveen Company/
 (JNC)


CO: The John Nuveen Company ST: Illinois IN: FIN SU: ERN

CK -- NY034 -- 5317 01/15/93 11:37 EST
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Date:Jan 15, 1993
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