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SCOTT & STRINGFELLOW REPORTS 40 PERCENT INCREASE IN FIRST QUARTER EARNINGS

 RICHMOND, Va., Oct. 19 /PRNewswire/ -- Scott & Stringfellow Financial, Inc. (NASDAQ-NMS: SCOT), today reported that net income for the first quarter of its 1994 fiscal year was 40.7 percent higher than the results of the first quarter of last year.
 Net income for the three months ended Sept. 24, 1993, was $996,000 compared to $708,000 for the three months ended Sept. 25, 1992. First quarter earnings per share were 56 cents, up 40.0 percent from 42 cents per share for the same period last year. Net income for the first quarter of fiscal 1994 amounted to 7.4 percent of total revenues of $13,456,000, which were 24.4 percent higher than the $10,817,000 of total revenues reported for the first quarter of last year.
 Total stockholders' equity rose to $22,912,000 or $12.97 per share at Sept. 24, 1993, from $20,318,000 or $11.57 per share at Sept. 25, 1992. The company repurchased 15,000 shares of its common stock during the most recent quarter at an average cost of $13.58 per share and has remaining authority to repurchase up to 179,000 additional shares.
 The company's primary subsidiary, Scott & Stringfellow, Inc., is a regional brokerage, financial services and investment banking firm. Scott & Stringfellow, Inc., which celebrates its 100th anniversary in May 1993, is the oldest continuous member of the New York Stock Exchange in the South. It operates 25 office in Virginia, North Carolina and West Virginia, and has over 400 employees, including 178 full-time investment brokers. The common stock of the holding company, Scott & Stringfellow Financial, Inc., has been quoted on the NASDAQ National Market System under the symbol "SCOT" since an initial public offering in November 1986.
 Scott & Stringfellow Financial, Inc.
 Financial Summary
 First Quarter Fiscal 1994
 ($ in Thousands Except Per Share Data)
 Three Months Ended Percent
 Sept. 24, Sept. 25, Increase
 1993 1992 (Decrease)
 Total Revenues $13,456 $10,817 24.4 pct.
 Total Expenses 11,868 9,730 22.0 pct.
 Income Before Taxes 1,588 1,088 46.0 pct.
 Income Taxes 592 380 55.8 pct.
 Net Income $996 $708 40.7 pct.
 Earnings Per Share $0.56 $0.40 40.0 pct.
 Dividends Per Share 0.09 0.08 12.5 pct.
 Average Shares Outstanding 1,765 1,757 0.5 pct.
 Return on Average Equity 17.7 pct. 14.1 pct. 25.5 pct.
 Total Assets $85,066 $61,698 37.9 pct.
 Total Stockholders' Equity 22,912 20,318 12.8 pct.
 Book Value Per Share 12.97 11.57 12.1 pct.
 Total Employees 418 393 6.4 pct.
 Investment Brokers 178 174 2.3 pct.
 Branch Offices 25 26 -3.8 pct.
 -0- 10/19/93
 /CONTACT: William P. Schubmehl, president and chief executive officer, 804-780-3252, or Steven C. Delaney, first vice president and chief financial officer, 804-782-8757, both of Scott & Stringfellow/
 (SCOT)


CO: Scott & Stringfellow Financial, Inc. ST: Virginia IN: FIN SU: ERN

DT-IH -- DC029 -- 4171 10/19/93 16:22 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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