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SOUTHWEST SECURITIES GROUP ANNOUNCES SECOND QUARTER RESULTS

 SOUTHWEST SECURITIES GROUP ANNOUNCES SECOND QUARTER RESULTS
 DALLAS, Jan. 22 /PRNewswire/ -- Southwest Securities Group, Inc. (NASDAQ/NMS: SWST) today announced quarterly revenues and net earnings for its second quarter, ended Dec. 31, 1991. Net earnings for the quarter were a record $1,514,000, a 102 percent increase from net earnings of $750,000 in the second quarter of fiscal 1991. Net earnings per share increased 62 percent to $0.34 vs. $0.21 in the comparable 1991 quarter. Revenues were also a record $16,782,000, up 53 percent from the $10,975,000 in revenues during the same period last year. Net earnings for the six months were a record $2,674,000, an 85 percent increase from net earnings of $1,448,000 in the first six months of fiscal 1991. Net earnings per share were $0.66, a 65 percent increase from the $0.40 earned in the first six months fiscal 1991.
 SOUTHWEST SECURITIES GROUP, INC.
 Quarters ended Dec. 31, 1991 Dec. 31, 1990
 Revenue $ 16,782 $ 10,975
 Net income $ 1,514 $ 750
 Net income per share $ 0.34 $ 0.21
 Average Shares Outstanding 4,453,725 3,622,864
 Return on beginning equity(A) 27 pct 21 pct
 Six Months ended Dec. 31, 1991 Dec. 31, 1990
 Revenue $ 32,013 $ 21,033
 Net income $ 2,674 $ 1,448
 Net income per share $ 0.66 $ 0.40
 Average shares outstanding 4,038,295 3,622,864
 Return on beginning equity(A) 27 pct 22 pct
 (A) Adjusted for Initial Public Offering October 1991
 Southwest Securities Group Chairman and Chief Executive Officer Don A. Buchholz said, "We are pleased to announce record earnings for the quarter. We have increased earnings per share 62 percent over the same period last year while adding 1,097,500 new shares and approximately $10,000,000 in new capital as a result of our initial public offering completed during the quarter. Total capital is now $30,227,000 an increase of 104 percent over last year. All areas of our business have performed well so far this year, showing revenue increases of 36 percent or more. Our investment banking business turned in record results and trading profits were up 173 percent from the first six months of fiscal 1991."
 Southwest Securities Group, Inc. is a Dallas-based holding company providing fully disclosed clearing, securities brokerage and investment banking services to brokers, dealers and individuals across the country through its subsidiaries.
 -0- 1/22/92
 /CONTACT: Robert Buchholz Sr., vice president/CFO of Southwest Securities, 214-658-9140/
 (SWST) CO: Southwest Securities Group, Inc. ST: Texas IN: FIN SU:


JT -- NY103 -- 2546 01/22/92 18:28 EST
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Date:Jan 22, 1992
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