QUICK & REILLY GROUP, INC. REPORTS EARNINGS INCREASED 60% IN FIRST QUARTER ENDED MAY 31

PALM BEACH, Fla., June 25 /PRNewswire/ -- The Quick & Reilly Group, Inc. (NYSE: BQR) today reported sharply higher earnings and revenues for the first fiscal quarter ended May 31, 1996.

Net income for the quarter increased 60% to $21,721,700, or $.86 per share, compared with $13,566,963, or $.54 per share, earned in the first fiscal quarter a year earlier.

Revenues for the quarter rose 32% to $132,283,253, compared with revenues of $99,850,410 for the same period last year.

"We are very pleased with the Group's outstanding performance during the first quarter of our fiscal year," said Leslie C. Quick, Jr., chairman and chief executive officer. He attributed the strong results to "continued market enthusiasm by retail investors, along with an extensive companywide effort to expand products and services to customers at each of our three New York Stock Exchange member firms."

Mr. Quick noted that the Group's overall revenue gains helped boost first quarter pre-tax profit margin on net revenue to 38%, currently ranked best in the brokerage industry. He added that all three of the company's principal operating subsidiaries reported higher earnings and revenues during the first quarter. "Quick & Reilly, Inc.'s trading volume was at a record high. U.S. Clearing, one of the nation's leading securities clearing companies, processed a record number of trades. And JJC, our specialist unit, had another exceptionally strong quarter."

Highlights By Subsidiary:

During the quarter Quick & Reilly, Inc., the Group's national discount brokerage unit, opened a branch office in Oklahoma City, OK. The company now operates 113 offices nationwide, up from 105 offices a year ago. "We also saw an enthusiastic response from customers who use QuickWay Plus," Mr. Quick said, "our new Windows-based computer investing software package that enables customers to conduct research and analysis, retrieve news updates, track portfolios, and enter orders from their PCs." The service was ranked in a recent article in Barron's as the on-line investing package that is easiest to use. He added that the brokerage firm will begin offering on-line trading via the Internet later this summer. Easy Trade, an automated 24-hour-a-day telephone trading system that gives clients access to quotations and provides updates on account positions and activity, saw increased usage during the quarter.

U.S. Clearing Corp., which provides broker/dealers and banks with execution and clearing services, added 27 new clients to its list of correspondent firms during the quarter. Now among the leading providers of clearing services nationwide, U.S. Clearing's client base currently exceeds 297.

JJC Specialist Corp., the second largest specialist firm on the floor of the New York Stock Exchange, was allocated one new company listing during the quarter, 360 Degree Communications Co. JJC currently makes a market for 273 New York Stock Exchange issues, representing 224 companies, including 47 S&P 500 firms.

The Quick & Reilly Group, Inc., headquartered in Palm Beach, Fla., was founded in 1974 and was the first NYSE-member firm to offer discount commission rates. It operates through three principal New York-based subsidiaries: Quick & Reilly, Inc.; U.S. Clearing Corp.; and JJC Specialist Corp.

                      The Quick & Reilly Group, Inc.                      Selected Financial Highlights                                        Three Months Ended                                            (Unaudited)                                       May 31,       May 26,                                        1996          1995     Revenues                     $ 132,283,253   $ 99,850,410     Net Revenues                 $ 102,629,673   $ 67,464,594     Net Income Before Taxes      $  38,954,037   $ 24,975,289     Net Income                   $  21,721,700   $ 13,566,963     Earnings Per Share                  $0.860         $0.540* 

Weighted Average Number

      of Shares Outstanding          25,177,715     24,918,459* 

* Per share amount and average shares outstanding for the three months ended May 26, 1995 have been restated to reflect the three-for-two stock split paid on October 18, 1995 to shareholders of record on September 27, 1995.

     -0-                        6/25/96 

/CONTACT: Thomas C. Quick, President of Quick & Reilly Group, 212-747-4842/

(BQR)

CO: Quick & Reilly Group, Inc. ST: Florida IN: FIN SU: ERN

SH-MP -- NYTU043 -- 2562 06/25/96 08:52 EDT