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 NEW YORK, Sept. 28 /PRNewswire/ -- The Quick & Reilly Group, Inc. (NYSE: BQR) today reported the third highest quarterly earnings in the company's history, up 91 percent over the same period last year.
 The group posted net income of $9,947,352 or $0.93 per share on revenues of $61,329,081 for the second quarter ending Aug. 27, 1993, as compared with net income of $5,210,913 or $0.50 per share on revenues of $42,902,645 for the same period last year. These results represent a 91 percent increase in net income and a 43 percent increase in revenues.
 The company's earnings for the first six months was a net income of $20,171,579 on revenues of $121,464,254. These results represent a 68 percent increase in net income and 36 percent increase in revenues for the first six months.
 Quick & Reilly Group continues to lead the industry in profitability, with a 30 percent pre-tax profit margin for the first half.
 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 five new branch offices in King of Prussia, Pa.; Dayton, Ohio; Bethesda, Md.; Forest Hills and White Plains, N.Y. In addition, Quick & Reilly completed the acquisition of Spear Rees & Co., a West Coast-based brokerage firm which further strengthened their presence on the West Coast with the addition of offices in Glendale, Calif., Rancho Bernardo, Calif., and Fresno, Calif. Quick & Reilly announced the opening of five additional offices in the current quarter: San Antonio, Texas; Columbia, S.C.; Greenville, S.C.; Downtown San Diego, Calif.; and Oklahoma City, Okla., which will bring the branch network to 98 offices nationwide.
 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 stocks 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.
 The group's U.S. Clearing Corp. subsidiary added five new broker- dealer clients and two new bank relationships during the second quarter. Purcell Graham/R. Adrian specialist on the New York Stock Exchange is included among the five new broker-dealers, expanding our specialist clearing business. The government bond, preferred stock and corporate bond brokerage units benefited from the increased volume in their respective products during the quarter. The Institutional Equity Execution Unit also enjoyed the surge in stock trading.
 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.
 Financial Highlights
 For the Three months ended 8/27/93 8/28/92
 Revenues $ 61,329,081 $ 42,902,645
 Net income before taxes 17,835,685 9,379,214
 Net income 9,947,352 5,210,913
 Net income per share $ 0.93 $ 0.50
 Average shares outstanding(A) 10,668,227 10,333,061
 For the Six months ended 8/27/93 8/28/92
 Revenues $121,464,254 $ 89,420,612
 Net income before taxes 36,379,795 21,537,664
 Net income 20,171,597 11,991,311
 Net income per share $ 1.89 $ 1.16
 Average shares outstanding(A) 10,655,866 10,355,321
 (A) 1992 average outstanding shares have been retroactively adjusted to reflect the 5 percent stock dividend declared on April 12, 1993.
 -0- 9/28/93
 /CONTACT: Leslie C. Quick, III, COO of Quick & Reilly Group, Inc., 212-747-4844/

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

SH-PS -- NY037 -- 6313 09/28/93 10:57 EDT
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Publication:PR Newswire
Date:Sep 28, 1993

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