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WATERHOUSE SECURITIES REPORTS EARNINGS

 WATERHOUSE SECURITIES REPORTS EARNINGS
 NEW YORK, Sept. 28 /PRNewswire/ -- Waterhouse Investor Services,


Inc. (AMEX: WHO), today reported earnings per share for the fourth quarter ended Aug. 31, 1992 of 37 cents versus 24 cents the previous year -- a 54 percent increase. Fiscal year earnings per share were $1.75 for the current year versus 71 cents last year -- a 146 percent increase. Revenues increased to a record $55,600,000, an increase of 77 percent over the previous year.
 All earnings per share figures have been adjusted to reflect the company's 3-for-2 stock split which was paid in the form of a 50 percent stock dividend on Feb. 26, 1992.
 WATERHOUSE INVESTOR SERVICES, INC.
 Quarter ended Aug. 31 1992 1991
 Revenues $13,765,500 $9,359,100
 Net income 1,817,800 1,077,500
 Earnings per share $.37 $.24
 Weighted average shares
 outstanding 4,882,203 4,532,457
 Year ended Aug. 31 1992 1991
 Revenues $55,553,400 $31,418,100
 Net income 8,473,100 3,162,100
 Earnings per share $1.75 $.71
 Weighted average shares
 outstanding 4,836,398 4,465,544
 The company's principal subsidiary Waterhouse Securities, Inc. provides discount brokerage services to individual investors through its network of branch offices across the United States.
 The company stated that the improvement in earnings for the year was due to a larger and more active customer base. Earnings for the fourth quarter showed a 54 percent increase over last year; however, investor activity slowed considerably from the second and third quarters.
 The company also stated that during the last few months branch offices have been opened in Nashville, Tenn.; Baltimore; New Orleans; White Plains, N.Y.; Richmond, Va.; Paramus, N.J.; and Honolulu, and that it expects to open additional offices during the next fiscal year.
 -0- 9/28/92
 /CONTACT: Lawrence M. Waterhouse, chairman of the board of Waterhouse Investor Services Inc., 212-806-3500/
 (WHO) CO: Waterhouse Investor Services, Inc. ST: New York IN: FIN SU: ERN


LR-TS -- NY025 -- 3892 09/28/92 10:24 EDT
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Date:Sep 28, 1992
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