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QUICK & REILLY GROUP REPORTS EARNINGS UP 51 PERCENT OVER LAST YEAR

 NEW YORK, June 23 /PRNewswire/ -- The Quick & Reilly Group, Inc. (NYSE: BQR) today reported the second highest quarterly earnings in the company's history, up 51 percent over the same period last year.
 The group posted net income of $10,224,245 or $0.96 per share on revenues of $60,135,173 for the first quarter ending May 28, 1993, as compared with net income of $6,780,398 or $0.65 per share on revenues of $46,517,967 for the same period last year. These results represent a 51 percent increase in net income and a 29 percent increase in revenues.
 The company's earnings per share reflect a retroactive adjustment for the 5 percent stock dividend that was announced on May 25, 1993. Earnings per share for the current quarter would otherwise have been $1.01. The stock dividend is payable on July 15, 1993 for shareholders of record on June 14, 1993.
 The Quick & Reilly Group continues to lead the industry in profitability, with a 31 percent pre-tax profit margin for the first quarter. This quarter's results extend Quick & Reilly's 19-year history of consistently profitable quarters.
 Leslie C. Quick, Jr., chairman and chief executive officer, noted, "Quick & Reilly's success reflects the strong investor participation in the equity and bond markets. Although investors now appear uncertain about the new administration's potential impact on the economy, the stock market continues to offer an attractive alternative to low- yielding money funds and CDs.
 "Our discount brokerage, clearing and specialist units are well- positioned in this environment," he continued. "Our strength lies in our ability to control costs, while providing superior service to the individual investors. This is extremely important in an uncertain market environment."
 Highlights by Subsidiary Included:
 Quick & Reilly, Inc., the group's discount brokerage unit, continued its expansion with the recent opening of two new branch offices in Salt Lake City, Utah and Syracuse, N.Y., thus increasing its network to 85 offices nationwide. Six additional offices are scheduled to open in the current quarter: San Antonio, Texas; King of Prussia, Pa.; Dayton, Ohio; Bethesda, Md.; Forest Hills and White Plains, N.Y.
 Mr. Quick also noted that the firm's recent acquisition of the discount brokerage business of Spear Rees & Co., the California-based subsidiary of Spear Financial Services, will further strengthen Quick & Reilly's presence on the West Coast. With the addition of three new Spear branches in Rancho Bernardo, Fresno and Glendale, Quick & Reilly now has a total of 13 offices in California.
 The group's NYSE specialist subsidiary, JJC Specialist Corp., also turned in strong results for the quarter. Following its merger last December with Stokes Hoyt & Co., another NYSE specialist, JJC continues to achieve significant economies of scale. "Through these efficiencies, as well as the addition of new stock through the NYSE's allocation process, we expect the specialist unit to make increasingly greater contributions to the group's performance," said Quick. JJC Specialist is one of the largest specialist firms on the floor on the New York Stock Exchange.
 Among the new stocks assigned to JJC during the first quarter are the Cross Timbers Oil Company and Libbey, Inc., one of the largest glassware manufacturers in the world.
 The group's U.S. Clearing Corp. subsidiary added five new broker dealer clients and six new bank relationships during the first quarter, bringing their total base of correspondent clients to 165. During the first three weeks of the current quarter, USCC signed five additional broker dealer clients, including a NYSE specialist unit. USCC has also added a government bond brokerage unit to complement the corporate bond and preferred stock brokerage units already in place.
 The Quick & Reilly Group, Inc., is the holding company for Quick & Reilly, Inc. (founded in 1974), the first member firm of the New York Stock Exchange to offer discounted commissions to individual investors. Quick & Reilly, Inc. is headquartered in New York.
 The Quick & Reilly Group, Inc., is also the holding company for U.S. Clearing Corp. (founded in 1978), which provides clearance for brokerage and banking firms; and JJC Specialist Corp. (founded in 1982) has market making responsibilities for more than 120 NYSE listed companies.
 THE QUICK & REILLY GROUP, INC.
 Financial Highlights
 (Unaudited)
 Three months ended (A) 5/28/93 5/29/92
 Revenues $60,135,173 $46,517,967
 Net income before taxes 18,544,110 12,158,450
 Net income 10,224,245 6,780,398
 Earnings per share $0.96 $0.65
 Weighted average number
 of shares outstanding 10,643,227 10,377,827
 Cash dividends per share $0.095 $0.076
 (A) Per share figures have been retroactively adjusted to reflect the 5 percent stock dividend declared on April 12, 1993.
 -0- 6/23/93
 /CONTACT: Mr. Leslie C. Quick, III, chief operating officer of Quick & Reilly Group, Inc., 212-747-4844/
 (BQR)


CO: Quick & Reilly Group, Inc. ST: New York IN: FIN SU: ERN

SM-OS -- NY035 -- 4977 06/23/93 11:34 EDT
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Date:Jun 23, 1993
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