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PIPER JAFFRAY REPORTS RECORD SECOND QUARTER EARNINGS

 PIPER JAFFRAY REPORTS RECORD SECOND QUARTER EARNINGS
 MINNEAPOLIS, April 21 /PRNewswire/ -- Piper Jaffray Companies Inc.,


(NYSE: PJC) parent company of the Minneapolis-based investment firm of Piper Jaffray Inc. today reported record revenues and earnings for the second quarter ended March 27, 1992.
 Second quarter net income was $10,788,000, up 132 percent over the same quarter last year. Net income per share was $1.28, an increase of 129 percent over the same period last year. The earnings were on revenues which increased 58 percent from the same period a year ago to $100,322,000.
 "Our earnings continue to be positively affected by low interest rates and strong market activity," said Addison I. Piper, chairman and chief executive officer. All three business areas, Individual Investor Services, Capital Markets and Investment Management Services recorded double or triple digit revenue increases, according to Piper. "Our equity capital markets performance was especially strong this quarter, fueled in part by the continued interest in initial public offerings and an active after market."
 Through the first six months of the company's fiscal year, net income increased 159 percent to $18,149,000. Net income per share for the first six months was $2.16 compared to $.85 a year earlier. Revenues were $175,794,000 versus $114,323,000 for the same period the previous year, a 54 percent increase.
 During the second quarter the company successfully completed a secondary offering of 2.175 million shares of its common stock. The stock was sold by ITT Hartford and the Harry C. Piper Estate Trust. In addition, the company began listing its stock on the New York Stock Exchange under the symbol PJC and changed the name of its broker/dealer from Piper, Jaffray & Hopwood Incorporated to Piper Jaffray Inc. and the name of the parent company from Piper Jaffray Incorporated to Piper Jaffray Companies, Inc.
 Piper Jaffray Companies is the parent company of Piper Jaffray, a full-service investment firm with 65 retail sales offices in 16 Midwest, Mountain and Pacific Northwest states. Piper Jaffray has capital markets offices in Minneapolis, New York, Seattle, Portland, Los Angeles, Kansas City, Mo., Denver, Des Moines, Iowa, and London. Other subsidiaries include Piper Capital Management Incorporated, an asset management company with more than $7 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
 CONSOLIDATED STATEMENTS OF INCOME
 (In thousands, except per share amounts)
 Three Months Ended Six Months Ended 12 Months Ended
 3/27/92 3/28/91 3/27/92 3/28/91 3/27/92 3/28/91
 Revenue $100,322 $63,323 $175,794 $114,323 $329,304 $219,827
 Operating
 expenses 82,634 56,073 146,035 103,258 279,839 200,591
 Income before
 income taxes 17,688 7,250 29,759 11,065 49,465 19,236
 Income taxes 6,900 2,600 11,610 4,050 19,020 7,210
 Net income $10,788 $4,650 $18,149 $7,015 $30,445 $12,026
 Net income
 per share $1.28 $.56 $2.16 $.85 $3.63 $1.46
 Average shares
 outstanding 8,439 8,279 8,413 8,264 8,403 8,265
 -0- 4/21/92 R P
 /CONTACT: Marie Uhrich of Piper Jaffray Companies, 612-342-6583/
 (PJC) CO: Piper Jaffray Companies, Inc. ST: Minnesota IN: FIN SU: ERN


DS -- MN006 -- 0631 04/21/92 12:11 EDT
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Date:Apr 21, 1992
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