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PAULSON CAPITAL REPORTS FIRST QUARTER RESULTS

 PORTLAND, Ore., May 19 /PRNewswire/ -- Paulson Capital Corp. (NASDAQ: PLCC), headquartered here, today reported net earnings of $186,568, or $0.04 per share, on revenues of $4,442,870 for the first quarter ended March 31, 1993, as compared with net earnings of $886,365, or $.19 per share, on revenues of $6,305,060 in the like year-ago quarter.
 According to Paulson Chairman Chester L.F. Paulson, "First quarter 1993 revenues generated by retail sales commissions and trading income were off slightly compared to last year's results. A softening in corporate finance activity for the first quarter was attributed to various timing elements in doing investment banking business."
 Paulson noted that the two transactions in the quarter -- Cree Research and Identix -- raised a total of $17.8 million and generated $880,924 in revenues for the firm compared with four transactions in the comparable 1992 quarter, which raised $35.9 million and generated more than $2 million for the company. "We are cautiously optimistic about improvements in corporate finance activity and increases in overall business for the remainder of 1993."
 Paulson also noted that investment income from the exercise of underwriter warrants and resale of the underlying securities added $125,802 to the first quarter of 1993 vs. $530,355 in the first quarter of 1992. "We believe that management's decision to delay the exercise of certain in-the-money underwriter warrants into future quarters should enhance the profitability to be derived from this area."
 Paulson's wholly owned subsidiary, Paulson Investment Co. Inc. (PIC) is a full service broker-dealer firm with approximately 170 registered brokers operating out of 49 offices in 16 states and Hong Kong.
 PAULSON CAPITAL CORP. AND SUBSIDIARY
 Consolidated Statements of Operations
 for the three-month periods ended
 March 31, 1993, and March 31, 1992
 (Unaudited)
 March 31, 1993 March 31, 1992
 Revenues
 Commissions $2,920,899 $3,097,378
 Corporate finance 880,924 2,060,745
 Investment income 125,802 530,355
 Trading income 500,163 601,943
 Interest and dividends 9,537 9,123
 Other 5,545 5,516
 Total 4,442,870 6,305,060
 Expenses
 Commissions and salaries 3,074,648 3,627,992
 Underwriting expenses 239,255 341,192
 Rent, telephone and quotation
 services 184,351 179,732
 Interest expense 2,941 4,405
 Professional fees 81,922 146,570
 Bad debt expense 29,929 103,590
 Travel and entertainment 47,342 34,716
 Settlements 196,059 ---
 Branch office expenses 53,150 51,331
 Other 241,705 344,167
 Total 4,151,302 4,833,695
 Earnings (loss) before income
 taxes and extraordinary gain 291,568 1,471,365
 Provision (credit) for income taxes
 Current 105,000 585,000
 Deferred --- ---
 Net earnings (loss) $186,568 $886,365
 Earnings (loss) per share $.04 $.194
 -0- 5/19/93
 /CONTACT: Jacqueline Paulson of Paulson Capital, 503-243-6000/
 (PLCC)


CO: Paulson Capital Corp. ST: Oregon IN: FIN SU: ERN

LS-EH -- LA022 -- 0368 05/19/93 14:40 EDT
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Date:May 19, 1993
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