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PIPER JAFFRAY COMPANIES REPORTS FIRST QUARTER EARNINGS

 MINNEAPOLIS, Jan. 19 /PRNewswire/ -- Piper Jaffray Companies Inc. (NYSE: PJC), the Minneapolis-based investment firm, today reported revenues and earnings for the first quarter ended Dec. 31, 1992. Revenues for the first quarter of the 1993 fiscal year increased 19 percent over the first quarter of 1992 to $89,902,000. Net income was $8,929,000, an increase of 21 percent over the same period last year. Net income was $1.04, an increase of 18 percent over the same period last year.
 Addison L. Piper, chairman and chief executive officer, attributed the company's strong performance to return on investments the company has made over the last several years in all three of its businesses -- individual investor services, capital markets and investment management services. "The investments we made in our business over the last several years through acquisitions and staff expansion have fueled our capacity for revenue and earnings growth," Piper said. He cited the addition of 10 fixed income institutional sales people during fiscal year 1992, the acquisition of Zahner & Company, a Kansas City, Mo., public finance firm last January, and the ongoing expansion of the Denver Public Finance office, as contributors to the particularly strong performance in the fixed income capital markets area during the first quarter.
 The company opened it first office in Arizona in Tucson during the first quarter and acquired the assets and employees of Henry F. Swift & Company, a San Francisco investment firm in December 1992. The San Francisco office is the company's first retail sales office in California.
 In addition, management and advisory fees from Piper Capital Management Incorporated continue to grow as assets under management increased to $9.3 billion as of Dec. 31, 1992.
 Operating expenses increased 18 percent during the first quarter over the same period last year. "As we grow, we continue to practice tight expense control to ensure our profitability grows in tandem with our revenues," Piper added.
 Piper Jaffray Companies Inc. is the parent company of Piper Jaffray, an investment firm with 68 retail sales offices in 17 Midwest, Mountain, Southwest and Pacific Coast states. Piper Jaffray has capital markets offices in Minneapolis; New York; Seattle; Portland; Los Angeles; Lincoln, Neb.; Kansas City, Mo.; Denver; Des Moines, Iowa; and London. Other subsidiaries include Piper Capital Management Incorporated, an asset management company with more than $9.3 billion under management; and Piper Trust Company, which provides trust services to individuals and institutions. Founded in 1895, Piper Jaffray is a member of the New York Stock Exchange and other major stock exchanges.
 PIPER JAFFRAY COMPANIES INC.
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 Three Months Ended 12 Months Ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Revenue $89,902 $75,472 $374,449 $292,305
 Operating expenses 75,021 63,401 310,222 253,278
 Income before income taxes 14,881 12,071 64,227 39,027
 Income taxes 5,952 4,710 25,132 14,720
 Net income $8,929 $7,361 $39,095 $24,307
 Net income per share $1.04 $.88 $4.56 $2.91
 Average shares outstanding 8,551 8,389 8,568 8,342
 -0- 1/19/93
 /CONTACT: Marie Uhrich of Piper Jaffray Companies, 612-342-6583/
 (PJC)


CO: Piper Jaffray Companies Inc. ST: Minnesota IN: FIN SU: ERN

DS -- MN002 -- 6170 01/19/93 09:23 EST
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Publication:PR Newswire
Date:Jan 19, 1993
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