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PAULSON CAPITAL REPORTS RECORD REVENUES AND EARNINGS FOR FISCAL 1991

PAULSON CAPITAL REPORTS RECORD REVENUES AND EARNINGS FOR FISCAL 1991
 PORTLAND, Ore., March 31 /PRNewswire/ -- Paulson Capital Corp. (NASDAQ: PLCC), headquartered here, today reported record revenues of $12,791,067 for the year ended Dec. 31, 1991, an 83 percent increase on revenues of $6,980,131 reported in calendar/fiscal 1990.
 The company reported record net earnings in 1991 of $647,239, or $.14 per share, as compared with a loss of $189,990, or $.04 per share, in the prior year.
 According to Paulson President Chester L. F. Paulson, the company raised in 1991 approximately $42.3 million in equity capital for eight of its investment banking clients and $9 million for a municipal bond offering in the state of Oregon. "It was a very active corporate finance period and was complemented by record levels of retail sales commissions and trading income."
 Paulson added that the company's 1991 performance did not rely heavily upon investment income derived from the exercise of underwriter warrants and resale of the underlying securities. "However, investment income from this area should be more of a factor in the current year's performance because of numerous opportunities that have matured recently from the success of previous underwritings."
 Paulson said he expects the company to report "exceptionally strong" results in the first quarter of 1992. While he remains optimistic about the current market climate, he cautioned that revenues and income may vary from period to period because of fluctuations in the equity underwriting markets as well as the general economy.
 Paulson's wholly owned subsidiary, Paulson Investment Co. Inc. (PIC) is a full service broker-dealer firm with 177 registered brokers operating out of 63 offices in 32 states.
 PAULSON CAPITAL CORP. AND SUBSIDIARY
 Consolidated Statements of Operations
 Year ended Dec. 31,
 1991 1990
 Revenues
 Commissions $9,005,192 $4,060,875
 Corporate
 finance 2,791,011 1,445,323
 Investment
 income (loss) (67,621) 1,316,389
 Trading income
 (loss) 653,602 (331,979)
 Interest and
 dividends 34,867 55,506
 Other 374,016 434,017
 Total 12,791,067 6,980,131
 Expenses
 Commissions and
 salaries 8,763,261 4,314,711
 Underwriting
 expenses 629,295 396,180
 Rent, telephone
 and quotation
 services 469,581 593,909
 Interest expense 41,029 39,028
 Other 1,882,767 1,920,536
 Total 11,785,933 7,264,364
 Earnings
 (loss) before
 income taxes 1,005,134 (284,233)
 Income tax expense
 (benefit)
 Current 402,395 (94,243)
 Deferred (44,500) ---
 Net earnings
 (loss) $647,239 ($189,990)
 Earnings (loss)
 per share $.14 ($.04)
 -0- 3/31/92
 /CONTACT: Jacqueline Paulson of Paulson Capital Corp., 503-243-6000; or Jimmy Caplan of Market Makers, 805-569-6919, for Paulson Capital Corp./
 (PLCC) CO: Paulson Capital Corp. ST: Oregon IN: FIN SU: ERN


EH-JL -- LA013 -- 3314 03/31/92 10:17 EST
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Date:Mar 31, 1992
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