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PAULSON CAPITAL REPORTS RECORD THIRD QUARTER REVENUES AND EARNINGS

PAULSON CAPITAL REPORTS RECORD THIRD QUARTER REVENUES AND EARNINGS
 PORTLAND, Ore., Nov. 13 /PRNewswire/ -- Paulson Capital Corp. (NASDAQ: PLCC), headquartered in Portland, today reported net earnings of $370,512, or $.08 per share, on revenues of $3,757,168 for the third quarter ended Sept. 30, 1991. This compares with a loss of $11,033, or $.00 per share, on revenues of $1,796,997 in the like year-ago quarter.
 For the nine months ended Sept. 30, 1991, the company reported net earnings of $691,037, or $.15 per share, on revenues of $9,614,788, as compared with a profit of $205,693, or $.05 per share, on revenues of $5,665,973 in the prior year period.
 Revenues for the third quarter and first nine months ended Sept. 30, 1991 increased 109 percent and 70 percent, respectively, over revenues reported in comparable periods of calendar/fiscal 1990.
 According to Paulson President Chester L.F. Paulson, revenues and net earnings for the recent quarter and nine-month period represent the best operating results for any quarter and any first nine-month period in the history of the 21-year-old company. Paulson attributed 1991 results primarily to the improved income generated from operational activities such as retail sales, corporate finance and trading, whereas the company's 1990 performance relied heavily upon investment income derived from the exercise of underwriter warrants and resale of the underlying securities.
 Paulson said he was "optimistic" about the current market climate and the opportunities available to the company in the area of corporate finance. Although he cautioned that revenues and income may vary from period to period due to fluctuations in the equity underwriting markets as well as the general economy, he said he believed the company's liquidity was more than sufficient to meet all anticipated demands for the foreseeable future.
 Paulson's wholly owned subsidiary, Paulson Investment Company Inc. (PIC), is a full service broker-dealer firm with 181 registered brokers operating out of 57 offices in 13 states. During the first 10 months of 1991, PIC has raised approximately $36.5 million in equity capital for seven of its investment banking clients, and $9 million for a municipal bond offering in the state of Oregon.
 PAULSON CAPITAL CORP. AND SUBSIDIARY
 Consolidated Statements of Operations
 (Unaudited)
 For the three-month For the nine-month
 period ended Sept. 30, period ended Sept. 30,
 1991 1990 1991 1990
 Revenues
 Commissions $2,303,603 $1,116,628 $6,653,072 $3,123,852
 Corporate
 finance 1,258,432 785,949 2,375,392 1,399,056
 Investment
 income (8,557) 217,160 (55,785) 1,350,038
 Trading income 191,409 (341,101) 609,751 (316,912)
 Interest and
 dividends 9,959 6,887 24,885 41,036
 Other 2,322 13,474 7,473 68,903
 Total 3,757,168 1,798,997 9,614,788 5,665,973
 Expenses
 Commissions and
 salaries 2,346,234 1,110,673 6,536,039 3,268,954
 Underwriting
 expenses 261,305 112,175 435,424 247,303
 Rent, telephone
 and quotation
 services 174,719 121,605 498,399 447,735
 Interest expense 4,866 5,519 17,864 29,104
 Other 452,705 535,058 1,169,198 1,467,184
 Total 3,239,829 1,885,030 8,656,924 5,460,280
 Earnings
 (loss) before
 income taxes
 and extra-
 ordinary gain 517,339 (86,033) 957,864 205,693
 Provision (credit)
 for income taxes
 Current 146,827 (75,000) 266,827 ---
 Deferred --- --- --- ---
 Net earnings
 (loss) $370,512 ($11,033) $691,037 $205,693
 Earnings (loss)
 per share $.08 ($.002) $.152 $.046
 -0- 11/13/91
 /CONTACT: Jacqueline Paulson of Paulson Capital, 503-243-6000; or Jimmy Caplan of Market Makers, 805-569-6919, for Paulson/
 (PLCC) CO: Paulson Capital Corp. ST: Oregon IN: SU: ERN SE-AL -- LA001 -- 3800 11/13/91 09:31 EST
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Publication:PR Newswire
Date:Nov 13, 1991
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