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PIPER JAFFRAY COMPANIES REPORTS RECORD REVENUES FOR FIFTH CONSECUTIVE YEAR

 MINNEAPOLIS, Nov. 2 /PRNewswire/ -- Piper Jaffray Companies Inc. (NYSE: PJC), the Minneapolis-based full-service financial services firm, today reported record revenues and earnings for the fourth quarter and for the year.
 Revenues for the fiscal year ended Sept. 30, 1993 were $410,725,000, an increase of 14.1 percent over $360,019,000 for fiscal 1992. Net income was $40,987,000 compared to $27,527,000, up 9.2 percent. Earnings per share were $4.57 compared to $4.41 last year, an increase of 3.6 percent.
 Revenues for the fourth quarter increased to $113,779,000, or 12.2 percent over the same period a year ago. Net income for the fourth quarter was $11,839,000, up 6.6 percent over the same quarter last year. Earnings per share were $1.31 compared to $1.30.
 Prior fourth quarter and year-end revenue and net income comparisons also were affected by a pre-tax net gain of $9.1 million from the call of mortgage-backed bonds. After expenses and income taxes were deducted, the gain added $.32 per share to last year's fourth quarter and year-end earnings. No similar event of such significance occurred in 1993.
 An active stock market and continued low interest rates, along with strong performances by the company's three core businesses -- Individual Investor Services, Capital Markets and Investment Management Services -- contributed to another record year for Piper Jaffray Companies Inc., according to Addison L. Piper, chairman and chief executive officer.
 "Our culture of client service, our employees' dedication and teamwork and the synergies among our businesses all enabled us to capitalize on the favorable market conditions," Piper said. "We took advantage of this positive momentum to make significant investments in people, products, technologies and new branch offices to ensure our future growth and profitability."
 The company's return on equity for fiscal 1993 was 29.4 percent, down from an exceptional 36.1 percent in fiscal 1992. This was due to a 31 percent increase in shareholders' equity to $157,912,000. Because of strategic investments made in all of the company's businesses, operating expenses increased 14.7 percent.
 Piper Jaffray's Individual Investor Services business opened five new offices, including branches in two additional states -- Arizona and California. The number of retail investment executives increased 12 percent from 820 to 921.
 The Equity Capital markets group participated in 37 equity offerings, raising more than $4.1 billion for corporate clients, up from $3.2 billion in fiscal 1992. During the year, 32 fundamental analysts, investment bankers, traders and institutional sales personnel joined the company.
 The Fixed Income Capital Markets area participated in 600 bond issues in fiscal 1993 and raised more than $10 billion for clients. In the fourth quarter alone, Piper Jaffray participated as co-manager, senior manager or sole manager in 146 bond issues, totaling more than $3.4 billion.
 Piper Capital Management ended the fiscal year with $12.0 billion in assets under management, an increase of $3.1 billion, or 35 percent, over 1992. Piper Capital introduced eight new mutual funds during the year for a total of 36 open-end and closed-end funds. By fiscal year end, Piper Trust had $1.2 billion in assets under management, up $400 million from the previous year.
 Piper Jaffray Companies Inc., is the parent company of Piper Jaffray Inc., a full-service investment firm with 73 retail sales offices in 17 Midwest, Mountain, Southwest and Pacific Coast states. Piper Jaffray has capital markets offices in Denver; Des Moines, Iowa; Kansas City, Mo.; Lincoln, Neb.; London; Los Angeles; Milwaukee; Minneapolis; Portland, Ore.; San Francisco and Seattle. Other subsidiaries include Piper Capital Management Incorporated, an asset management company with more than $12.0 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)
 3 Months Ended Year Ended
 9/30/93 9/25/92 9/30/93 9/25/92
 Revenue $113,779 $101,449 $410,725 $360,019
 Operating expenses 93,846 83,161 342,413 298,602
 Income before income
 taxes 19,933 18,288 68,312 61,417
 Income taxes 8,094 7,180 27,325 23,890
 Net income $11,839 $11,108 $40,987 $37,527
 Net income per common
 and common equivalent
 share (primary and
 fully diluted) $1.31 $1.30 $4.57 $4.41
 Average number of common
 and common equivalent
 shares outstanding 9,064 8,551 8,973 8,503
 -0- 11/2/93
 /CONTACT: Patricia Colby, public relations of Piper Jaffray, 612-342-6084/
 (PJC)


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

CP-DB -- MN003 -- 9492 11/02/93 08:44 EST
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Date:Nov 2, 1993
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