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PIPER JAFFRAY COMPANIES REPORTS RECORD REVENUES FOR FOURTH CONSECUTIVE YEAR

 PIPER JAFFRAY COMPANIES REPORTS RECORD REVENUES
 FOR FOURTH CONSECUTIVE YEAR
 Earnings Increase 94 Percent
 MINNEAPOLIS, Nov. 2 /PRNewswire/ -- Piper Jaffray Companies Inc. (NYSE: PJC), the Minneapolis-based full-service financial services firm, today reported record revenues for the fourth consecutive year. Revenues increased 34 percent over fiscal 1991 to $360,019,000.
 For the fiscal year ended Sept. 25, 1992, Piper Jaffray Companies' net income increased 94 percent to $37,527,000 or $4.41 per share, nearly doubling the $2.32 per share it earned in 1991. The company's return on equity for fiscal 1992 was 36 percent compared with 24 percent in 1991.
 The fourth quarter also set revenue and net income records. Net income for the fourth quarter ended Sept. 25 was $11,108,000, up 82 percent over the same quarter last year. Net income per share was $1.30, an increase of 78 percent over the same quarter last year. The earnings were on revenues of $101,449,000, a 22 percent increase from the same quarter a year ago. During the fourth quarter the company called substantially all of the outstanding mortgage-backed bonds issued by Premier Acceptance Corporation. This transaction resulted in a net gain of $9,117,000 and contributed $.32 to the fourth quarter earnings per share.
 "We were well positioned to take advantage of market opportunities because of the products and services we've developed to meet client needs, our depth of expertise in key areas and the synergies we've fostered among business areas," said William H. Ellis, president and chief operating officer. "It was a great year for both the equities and fixed income markets and we were very pleased with our employees' ability to maximize these favorable market conditions."
 Individual Investor Services benefited from the high quality products available as a result of the introduction of several new Piper Capital funds. These funds provided clients with attractive fixed income alternatives in the low interest rate environment. The company also expanded its retail sales operation during the year by opening new retail sales offices in Everett, Wash.; Topeka, Kan.; Casper, Wyo.; and Denver Tech Center in suburban Denver. In addition, the company increased its level of retail investment executives from 756 to 820.
 Almost one half of the revenue increase for the year came from investment banking revenues. The Equity Capital Markets Group brought a record 45 public offerings to market, raising more than $3.2 billion for clients. The Fixed Income Capital Markets area managed or co-managed 474 municipal bond issues, totaling more than $9.5 billion.
 Piper Capital Management ended the fiscal year with $8.9 billion in assets under management, an increase of $3.5 billion, or 65 percent, over 1991. The increase was comprised of $1.3 billion in assets in new separately managed money for institutions and individuals, assets from the introduction of new closed-end funds, and sales of existing open-end mutual funds.
 Piper Jaffray Companies is the parent company of Piper Jaffray Inc., a full-service investment firm with 66 retail sales offices in 15 Midwest, Mountain and Pacific Northwest states. Piper Jaffray has capital markets offices in Minneapolis; New York; Seattle; Portland; Los Angeles; Denver; Kansas City, Mo.; Des Moines, Iowa; Lincoln, Neb.; and London. Other subsidiaries include Piper Capital Management Incorporated, an asset management company with more than $8.9 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
 Year Ended Sept. 25, 1992
 (In thousands, except per share amounts)
 Three Months Ended 12 Months Ended
 9/25/92 9/27/91 9/25/92 9/27/91
 Revenue $101,449 $83,324 $360,019 $267,833
 Operating expenses 83,161 73,510 298,602 237,062
 Income before income taxes 18,288 9,814 61,417 30,771
 Income taxes 7,180 3,710 23,890 11,460
 Net income $11,108 $6,104 $37,527 $19,311
 Net income per share $1.30 $0.73 $4.41 $2.32
 Average shares outstanding 8,551 8,391 8,503 8,329
 -0- 11/2/92
 /CONTACT: Marie Uhrich, public relations of Piper Jaffray, 612-342-6583/
 (PJC) CO: Piper Jaffray Companies Inc. ST: Minnesota IN: FIN SU: ERN


AL -- MN002 -- 1424 11/02/92 09:29 EST
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Date:Nov 2, 1992
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