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PIPER JAFFRAY REPORTS RECORD FIRST QUARTER EARNINGS, ANNOUNCES PLANNED SECONDARY 2.175 MILLION SHARE OFFERING BY SHAREHOLDERS

PIPER JAFFRAY REPORTS RECORD FIRST QUARTER EARNINGS, ANNOUNCES PLANNED
 SECONDARY 2.175 MILLION SHARE OFFERING BY SHAREHOLDERS
 MINNEAPOLIS, Jan. 29 /PRNewswire/ -- Piper Jaffray Incorporated (NASDAQ: PIPR) parent company of the Minneapolis-based investment firm of Piper, Jaffray & Hopwood Incorporated, today reported record earnings for the first quarter ended Dec. 31, 1991, and announced that a secondary offering of 2.175 million shares of its common stock is planned.
 Net income was $7,361,000, a 211 percent increase from the same quarter last year. Net income per share was $.88 per share, up 203 percent from $.29 per share for the same period last year. The earnings were on revenues which increased 48 percent from the same period a year ago, to $75,472,000.
 Addison L. Piper, chairman and chief executive officer, attributed the record earnings in part to the favorable investment climate in late 1991 versus the same period in 1990, one of the worst quarters in industry history. "All three of our businesses, Individual Investor Services, Capital Markets and Investment Management Services, continue to benefit from strong market activity and falling interest rates," Piper said.
 The secondary offering, which is expected to be filed with the Securities and Exchange Commission later this week, consists of all the Piper Jaffray shares held by ITT Hartford Insurance Group and a significant portion of the shares held by the Harry C. Piper Estate Trust. The 1,852,902 shares are to be sold by ITT Hartford and the balance to be sold by the Harry C. Piper Estate Trust. The offering will be sold only by means of a prospectus.
 "This sale completes our strategy of divesting the minority positions ITT Hartford has held in leading securities firms," explained Lon A. Smith, president and chief operating officer of Hartford Life Insurance Company.
 "We have valued our shareholder relationship with ITT Hartford," said Piper. "We intend to continue our business relationship with ITT Hartford, offering their insurance-related products to our clients."
 The estate holds the shares of common stock formerly heements established b Mr. Piper prior to his death provide that all of the shares held by the estate are to be distributed to a charitable trust administered by The Minneapolis Foundation, a community foundation. The executors of the estate have recommended the sale of a significant portion of the shares held by the estate in order to diversify the assets of the charitable trust.
 Piper Jaffray Incorporated is the parent company of Piper, Jaffray & Hopwood, a full-service investment firm with 64 offices in 16 Midwest, Mountain and Pacific Northwest states. Piper, Jaffray & Hopwood has capital markets offices in Minneapolis, New York, Seattle, Portland, Los Angeles, Kansas City, Des Moines, Denver and London. Other subsidiaries include Piper Capital Management, an asset management company with more than $6.4 billion under management, and Piper Trust, which provides trust services to individuals and institutions. Founded in 1895, Piper Jaffray & Hopwood Incorporated is a member of the New York Stock Exchange and other major stock, and options exchanges.
 PIPER JAFFRAY INCORPORATED
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 Three Months Ended 12 Months Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 Revenue $75,472 $51,000 $292,305 $205,963
 Operating expenses 63,401 47,185 253,278 190,581
 Income before income taxes 12,071 3,815 39,027 15,382
 Income taxes 4,710 1,450 14,720 5,900
 Net income $7,361 $2,365 $24,307 $9,482
 Net income per share $.88 $.29 $2.91 $1.15
 Average shares outstanding 8,389 8,250 8,342 8,230
 -0- 1/29/92
 /CONTACT: Renee Boyle of Piper Jaffray Incorporated, 612-342-6584/
 (PIPR) CO: Piper Jaffray Incorporated ST: Minnesota IN: FIN SU: ERN


DS -- MN003 -- 4640 01/29/92 10:23 EST
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Date:Jan 29, 1992
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