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T. ROWE PRICE ASSOCIATES REPORTS RECORD FIRST QUARTER RESULTS

 T. ROWE PRICE ASSOCIATES REPORTS RECORD FIRST QUARTER RESULTS
 BALTIMORE, April 28 /PRNewswire/ -- T. Rowe Price Associates, Inc. (NASDAQ: TROW), today reported record quarterly revenues of $58.5 million for the three months ended March 31, 1992, an increase of 28 percent over the $45.6 million reported last year. Net income and earnings per share grew 32 percent and 29 percent, respectively, to new first quarter highs of $7.4 million and $.49 per share. These results compare favorably with 1991 net income of $5.6 million and earnings per share of $.38.
 In announcing these results, George J. Collins, president, noted that "fees earned on record assets under management and revenues from expanded administrative services were the primary contributors to the strong performance." Assets under management in the T. Rowe Price mutual funds rose to $22.3 billion at March 31, 1992, up $800 million from Dec. 31, 1991, and $3.3 billion from March 31, 1991. Total assets under management grew to $36.4 billion, up 15 percent from March 31, 1991. Collins said that the growth in Price fund assets since year end is attributable to net cash inflows resulting from the continued strong demand from individuals for stock and bond funds. "Fund transfer agent activities, which became fully operational in the third quarter of 1991, and the expanded defined contribution record keeping service account for most of the increase in administrative revenues," he added.
 Advertising and promotion expenses more than doubled to new high levels as the company sought to capitalize on the favorable market conditions for attracting new investors. The balance of the increase in operating expenses is primarily due to a greater number of employees and to higher costs associated with the firm's expanded facilities and administrative services operations.
 In closing, Collins noted that "if the financial markets remain stable, the company looks forward to a successful 1992."
 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)
 Three months ended March 31 1992 1991
 Revenues:
 Investment advisory fees $40,146 $32,739
 Administrative fees 16,471 11,487
 Investment and other income 1,931 1,324
 Total 58,548 45,550
 Expenses:
 Compensation and related costs 23,010 19,421
 Administrative and general 13,827 12,059
 Advertising and promotion 8,614 4,047
 Total 45,451 35,527
 Income before income taxes
 and minority interests 13,097 10,023
 Provision for income taxes 4,991 3,808
 Income from consolidated companies 8,106 6,215
 Minority interests in
 consolidated subsidiaries 665 597
 Net income $ 7,441 $ 5,618
 Earnings per share $.49 $.38
 Dividends declared per share $.18 $.16
 Weighted average shares outstanding 15,206 14,747
 -0- 4/28/92
 /CONTACT: Steven E. Norwitz of T. Rowe Price, 410-547-2124, or toll free, 800-638-7890, ext. 2124/
 (TROW) CO: T. Rowe Price Associates, Inc. ST: Maryland IN: FIN SU: ERN


GK -- NY029 -- 3624 04/28/92 09:39 EDT
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Publication:PR Newswire
Date:Apr 28, 1992
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