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NUVEEN SUSTAINS INCOME, REVENUE GROWTH IN SECOND QUARTER

 CHICAGO, July 19 /PRNewswire/ -- The John Nuveen Company (NYSE: JNC) today announced second quarter net income of $17.9 million, a 7.4 percent increase over the $16.7 million recorded in the second quarter of 1992. For the first six months, net income totaled $35.5 million, a 20.6 percent increase over the first six months of last year.
 Total revenues of $62.2 million for the quarter and $123.2 million for the first half represented increases of 7.1 percent and 17.2 percent over the same periods in 1992.
 Both the second quarter and first half net earnings and revenue totals represent records for the firm.
 Earnings per share for the quarter were $.45, the same as last year's second quarter. For the first half of the year, earnings per share was $.89, compared to $.80 before accounting adjustments in 1992. Company officials pointed out that there were increases over last year of 7.6 percent for the quarter and 8.3 percent for the first half in the number of common shares and common share equivalents, reflecting the accounting for restricted stock and stock options issued in conjunction with the company's initial public offering in 1992.
 Total sales of Nuveen long-term tax-free packaged products were $1.75 billion for the second quarter, a decline of 3.5 percent from the second quarter of 1992. First half sales totaled $3.74 billion, an increase of 5.4 percent from the first six months of 1992.
 The company's net assets under management as of June 30, 1993, stood at $30.76 billion, compared to $27.75 billion on Dec. 31, 1992, and $24.58 billion on June 30, 1992.
 The total amount of tax-free packaged products that Nuveen has under management and surveillance now exceeds $52 billion.
 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 investment products for individual investors, and in the underwriting, trading and distribution of municipal securities. Since 1961, Nuveen has sponsored more than $60 billion in tax-free funds and trusts distributed by registered representatives to more than 1,000,000 investors.
 The John Nuveen Company stock is listed on the New York Stock Exchange under the symbol "JNC."
 JOHN NUVEEN COMPANY
 Second Quarter Results
 (All amounts in thousands, except per share data)
 Percent
 1993 1992 Change
 Total revenues $ 62,194 $ 58,073 7.1
 Net income $ 17,912 $ 16,676 7.4
 Average Shares 40,177 37,350 7.6
 Income per share $.45 $.45 0.0
 UIT Sales $ 389,750 $ 535,127 (27.2)
 Long-term managed fund
 sales (net of redemptions) $1,356,088 $1,274,963 6.4
 FIRST HALF RESULTS
 Percent
 1993 1992 Change
 Total revenues $ 123,157 $ 105,103 17.2
 Net income $ 35,474 $ 29,423(A) 20.6
 Average Shares 40,065 37,005 8.3
 Income per share $.89 $.80(A) 11.3
 UIT Sales $ 867,517 $1,057,581 (18.0)
 Long-term managed funds sales $2,873,285 $2,491,124 15.3
 (net of redemptions)
 ASSETS UNDER MANAGEMENT
 (as of June 30)
 Open-end funds $ 4,445,593 $ 3,158,385 40.8
 Money market funds $ 2,402,281 $ 2,918,656 (17.7)
 Exchange-traded funds $23,908,507 $18,500,893 15.3
 TOTAL $30,756,381 $24,577,934 25.1
 (A) Before one-time accounting adjustments.
 Consolidated Statements Of Income
 (in thousands, except per share data)
 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 10,331 30,003
 Deferred -289 -494 6,924 -850 5,291
 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
 1993
 1st Qtr 2nd Qtr June YTD
 REVENUES:
 Investment advisory
 fees from assets
 under management $39,260 42,659 81,919
 Underwriting and distribution
 of investment products 12,291 9,465 21,756
 Investment banking 4,881 6,111 10,992
 Interest 3,115 2,883 5,998
 All other 1,416 1,075 2,492
 TOTAL REVENUES 60,962 62,194 123,157
 EXPENSES:
 Compensation & benefits 21,114 20,914 42,028
 Advertising and
 promotional costs 6,680 6,721 13,401
 Interest 675 637 1,312
 Occupancy and equipment rental 2,333 2,260 4,593
 Communications 438 455 893
 Other operating expenses 2,145 3,229 5,374
 TOTAL EXPENSES 33,385 34,215 67,600
 Income before taxes &
 cumulative effect of
 accounting changes 27,577 27,979 55,556
 Income taxes
 Current 10,702 11,619 22,321
 Deferred -687 -1,552 -2,239
 TOTAL INCOME TAXES 10,015 10,067 20,082
 Net income 17,562 17,912 35,474
 Primary weighted average
 shares outstanding 39,981 40,177 40,065
 EARNINGS PER COMMON SHARE:
 NET INCOME $.44 .45 .89
 -0- 7/19/93
 /CONTACT: Jeff Kratz, 312-917-7740, or Ed Dunn, 312-917-7763, both of John Nuveen Company/
 (JNC)


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

MP -- NY066 -- 3105 07/19/93 13:28 EDT
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