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PIPER JAFFRAY REPORTS THIRD QUARTER EARNINGS

 PIPER JAFFRAY REPORTS THIRD QUARTER EARNINGS
 MINNEAPOLIS, July 21 /PRNewswire/ -- Piper Jaffray Companies, Inc.


(NYSE: PJC) the Minneapolis-based full-service financial services firm, today reported revenues and earnings for the third quarter ended June 26, 1992. Third quarter net income was $8,270,000, up 34 percent over the same quarter last year. Net income per share was $.95, an increase of 28 percent over the same quarter last year. The earnings were on revenues that increased 18 percent from the same quarter a year ago, to $82,776,000.
 For the first nine months of fiscal 1992, Piper Jaffray Companies earned $26,419,000 or $3.11 per share, nearly doubling the $1.59 per share it earned in the first nine months of 1991.
 "While the strong initial public offering market we experienced for the first two quarters of our fiscal year slowed, our earnings stream remained strong," said Addison L. Piper, chairman and chief executive officer. "We believe that our strategy of diversifying our operations into three key businesses continues to be successful in providing more consistent returns for our shareholders." The company's three core business areas are Individual Investor Services, Capital Markets and Investment Management Services.
 Municipal underwriting was especially strong during the third quarter, increasing more than 100 percent over the same period last year. During the third quarter the company served as the sole manager for the $466 million California School Board Association Finance Corp. Cash Reserve Program. The Iowa School Corporation Warrant Certificates of $394 million for which Piper Jaffray Inc. was the senior manager also made a significant contribution to the company's strong performance.
 The company also continues to experience strong increases in its asset management fees, fueled by investor interest in Piper Capital Management's family of 25 open and closed-end funds. Piper Capital had $8.0 billion under management at the end of the third quarter versus $5.0 billion at the beginning of fiscal year 1992 on Oct. 1, 1992.
 Piper Jaffray Companies is the parent company of Piper Jaffray, a full-service investment firm with 65 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, Kansas City, Mo., Denver, Des Moines, Iowa and London. Other subsidiaries include Piper Capital Management Incorporated, an asset management company with more than $8 billion under management; and Piper Trust Company, which provides trust services to individuals and institutions and has more than $1 billion in assets. 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 Nine Months Ended 12 Months Ended
 6/26/92 6/28/91 6/26/92 6/28/91 6/26/92 6/28/91
 Revenue $82,776 $70,186 $258,570 $184,509 $341,895 $236,713
 Operating
 expenses 69,406 60,294 215,441 163,552 288,951 212,522
 Income before
 income taxes 13,370 9,892 43,129 20,957 52,944 24,191
 Income taxes 5,100 3,700 16,710 7,750 20,420 9,030
 Net income $8,270 $6,192 $26,419 $13,207 $32,524 $15,161
 Net income
 per share $.95 $.74 $3.11 $1.59 $3.84 $1.83
 Average shares
 outstanding 8,634 8,395 8,487 8,308 8,463 8,297
 -0- 7/21/92 R
 /CONTACT: Marie Uhrich of Piper Jaffray Companies, 612-342-6583/
 (PJC) CO: Piper Jaffray Companies, Inc.; Piper Capital Management ST: Minnesota IN: FIN SU: ERN


DS -- MN008 -- 1231 07/21/92 10:43 EDT
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Date:Jul 21, 1992
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