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T. ROWE PRICE ASSOCIATES REPORTS RECORD 1992 RESULTS

 BALTIMORE, Jan. 28 /PRNewswire/ -- T. Rowe Price Associates, Inc. (NASDAQ: TROW) today reported record annual revenues for 1992 of $245.1 million, an increase of 19 percent over the $205.2 million reported for the prior year.
 Net income and earnings per share grew 18 percent and 16 percent, respectively, to new highs of $35.8 million and $2.37 per share compared with $30.4 million and $2.04 for 1991.
 Net income in the final quarter of 1992 totalled $9.6 million, or $.64 per share, on revenues of $65.4 million. This compares with net income of $8.4 million, or $.56 per share, on revenues of $55.9 million in the comparable quarter of 1991.
 In announcing these results, George J. Collins, president, noted that "advisory fees earned on record assets under management and revenues from expanded administrative services provided to the company's clients were the primary contributors to the strong 1992 performance." Assets under management in the T. Rowe Price mutual funds rose to $26.2 billion at Dec. 31, 1992, up $4.7 billion from $21.5 billion at Dec. 31, 1991. Total assets under management grew to $41.4 billion from $35.6 billion at year-end 1991. Net cash inflows to the mutual funds during the year totalled $3.4 billion, including $.5 billion from the combination of six USF&G funds into the T. Rowe Price family of funds. "Growth in the company's defined contribution record keeping service and private account growth in the international area also contributed significantly to the revenue growth in 1992," Collins added.
 Because of the favorable environment for mutual fund investing and the positive cash inflows to the funds, the company increased spending on advertising and promotion in the fourth quarter and, for the year, these expenses were up more than 50 percent. The firm's expanded staff, larger facilities, and broader administrative service operations were the primary reasons for the increase in other operating expenses.
 In closing, Collins stated, "We are pleased with the company's 1992 performance. Revenue and earnings are at an historic at the beginning of 1993 and the good start for the financial markets, we are optimistic about the prospects for the year."
 T. Rowe Price serves as investment adviser to the T. Rowe Price family of no-load mutual funds and to institutional and individual clients.
 T. ROWE PRICE ASSOCIATES, INC.
 Condensed Consolidated Statements of Income
 (In thousands, except per-share amounts)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Revenues:
 Investment advisory fees $46,922 $38,834 $174,590 $145,394
 Administrative fees 16,100 14,338 63,558 50,820
 Investment and other
 income 2,343 2,762 6,964 8,992
 Total 65,365 55,934 245,112 205,206
 Expenses:
 Compensation and related
 costs 23,810 22,314 93,275 82,414
 Advertising and promotion 6,575 6,156 26,106 17,318
 Depreciation, amortization
 and operating rentals of
 property and equipment 4,950 3,976 17,851 13,966
 Other administrative and
 general 13,421 9,324 44,253 38,039
 Total 48,756 41,770 181,485 151,737
 Income before income taxes
 and minority interests 16,609 14,164 63,627 53,469
 Provision for income taxes 5,734 5,072 23,754 20,077
 Income from consolidated
 companies 10,875 9,092 39,873 33,392
 Minority interests in
 consolidated subsidiaries 1,229 667 4,089 2,955
 Net income 9,646 8,425 35,784 30,437
 Earnings per share $.64 $.56 $2.37 $2.04
 Dividends declared per share .21 .18 .75 .66
 Weighted average shares
 outstanding 15,069 15,049 15,079 14,912
 /delval/
 -0- 1/28/93
 /CONTACT: Steven E. Norwitz of T. Rowe Price Associates, 800-638-7890, ext. 2124/


CO: T. Rowe Price Associates, Inc. ST: Maryland IN: FIN SU: ERN

LJ-JS -- PH009 -- 0104 01/28/93 09:35 EST
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Date:Jan 28, 1993
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