Riding the upsurge in the stock market, Alex. Brown Inc. reported record revenues and net income in the first quarter.
The Baltimore-based investment banking firm had a net income of $10.6 million, or 66 cents a share, more than a four-fold increase over the 1990 first-quarter earnings of $2.5 million, or 16 cents a share.
Revenues were up 37 percent, going from $68.5 million a year ago to $93.6 million in the first quarter.
"Capitalizing on the opportunities presented by excellent market conditions which existed in February and March, each of the firm's principal businesses made a strong contribution to our record revenues and profits," said Chairman Benjamin H. Griswold 4th in a prepared statement.