Credit Suisse First Boston -USA-, Inc., Formerly Donaldson, Lufkin & Jenrette, Inc., Reports Third Quarter Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 14, 2000 Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. (USA), Inc., formerly Donaldson People People whose family name is or was Donaldson include:
tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $122.2 million, or $0.85 per diluted share, reported for the third quarter of 1999. For the nine-month period ended September September: see month. 30, 2000, the Company's net income was $457.2 million, or $3.15 per diluted share, 12 percent and 11 percent greater, respectively, than for the comparable nine-month period in 1999. The Company's total revenues for the third quarter of 2000 were $2.1 billion, 21 percent greater than the $1.7 billion in the third quarter of 1999. The Company's total revenues for the nine months ended September 30, 2000 were $6.9 billion, 38 percent greater than the $5.0 billion reported for the same nine-month period in 1999. With the integration focus caused by the announcement on August 30, 2000 of the Company's acquisition by Credit Suisse The Credit Suisse Group (SWX:CSGN, NYSE: CS) is a financial services company, headquartered in Zürich, Switzerland. It is the second-largest Swiss bank, behind UBS AG. Group, there was a noticeable decline in the Company's results of operations in the month of September. The acquisition of Donaldson, Lufkin & Jenrette, Inc. by Credit Suisse Group was completed on November November: see month. 3, 2000. For more information on third quarter results, please refer to the Company's Form 10-Q Form 10-Q See 10-Q. filing.
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Summary of Operations (Unaudited)
(in thousands, except % and per share amounts)
-------------------------------------------------------------------
Quarters Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
-------------------------------------------------------------------
Revenues:
Commissions $ 306,438 $ 269,174 $ 1,147,940 $ 841,278
Underwritings 143,345 245,395 585,241 911,763
Fees 454,414 448,691 1,391,212 1,068,439
Interest-net(4) 914,552 537,460 2,755,398 1,514,023
Principal
transactions-net:
Trading 177,763 127,771 776,771 520,234
Investment 47,863 57,558 197,222 85,737
Other 20,742 18,323 79,677 66,864
------------ ----------- ----------- -----------
Total
revenues 2,065,117 1,704,372 6,933,461 5,008,338
------------ ----------- ----------- -----------
Costs and expenses:
Compensation
and benefits 814,759 761,553 2,729,082 2,197,276
Interest 717,749 375,697 2,144,566 1,112,301
Brokerage,
clearing,
exchange
fees,
and other 95,971 66,194 288,664 213,741
Occupancy and
related costs 57,966 47,034 159,856 131,154
Communications
and technology 142,171 120,470 392,459 313,507
Other operating
expenses 157,501 139,424 493,134 390,359
------------ ----------- ----------- -----------
Total costs
and
expenses 1,986,117 1,510,372 6,207,761 4,358,338
------------ ----------- ----------- -----------
Income before
provision for
income taxes 79,000 194,000 725,700 650,000
------------ ----------- ----------- -----------
Provision for
income taxes 29,200 71,800 268,500 240,500
------------ ----------- ----------- -----------
Net income 49,800 122,200 457,200 409,500
Dividends on
preferred stock 5,289 5,289 15,867 15,867
------------ ----------- ----------- -----------
Earnings
applicable
to common
shares $ 44,511 $ 116,911 $ 441,333 $ 393,633
============ =========== =========== ===========
Earnings
applicable to
common shares (2)
CSFB (USA) $ 45,256 $ 117,507 $ 440,826 $ 394,180
=========== =========== =========== ===========
DLJdirect $ (745) $ (596) $ 507 $ (547)
=========== =========== =========== ===========
Earnings per
share (3):
CSFB (USA)
Basic $ 0.35 $ 0.93 $ 3.43 $ 3.15
Diluted $ 0.32 $ 0.85 $ 3.15 $ 2.84
=========== =========== =========== ===========
DLJdirect
Basic $ (0.04) $ (0.03) $ 0.03 $ (0.03)
Diluted $ (0.04) $ (0.03) $ 0.03 $ (0.03)
=========== =========== =========== ===========
Weighted average
common shares (3):
CSFB (USA)
Basic 129,862 125,993 128,387 125,211
Diluted 143,068 138,185 140,022 139,012
=========== =========== =========== ===========
DLJdirect
Basic 18,400 18,400 18,400 18,400
Diluted 18,400 18,400 18,420 18,400
=========== =========== =========== ===========
DLJdirect
Net income
(loss) (included
in consolidated
earnings
applicable
to common
shares) $ (4,162) $ (3,330) $ 2,831 $ 8,918
=========== =========== =========== ===========
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Summary of Operations (Unaudited)
(in thousands, except % and per share amounts)
-------------------------------------------------
Quarters Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
-------------------------------------------------
CSFB (USA)
----------
Net Revenues by
Operating Group:
Banking $ 406,912 $ 536,523 $ 1,416,579 $ 1,333,556
Fixed Income 199,108 185,806 608,108 712,693
Equities 279,434 214,687 1,088,557 680,021
Financial Services 502,658 414,634 1,745,372 1,257,997
Elimination and other (40,744) (22,975) (69,721) (88,230)
----------- ----------- ----------- -----------
Total Net
Revenues $ 1,347,368 $1,328,675 $ 4,788,895 $ 3,896,037
=========== =========== =========== ===========
CSFB (USA)
----------
Income Before
Income Taxes by
Operating Group:
Banking $ 52,081 $ 156,087 $ 302,923 $ 360,400
Fixed Income 44,005 48,926 155,039 222,555
Equities (34,593) 2,035 108,560 51,509
Financial Services 70,759 55,677 349,828 230,106
Elimination and other (53,252) (68,725) (190,650) (214,570)
----------- ----------- ----------- -----------
Total Income before
Income Taxes $ 79,000 $ 194,000 $ 725,700 $ 650,000
=========== =========== =========== ===========
Net Revenues by
Geographic Location:
Domestic $ 1,107,266 $1,101,696 $3,851,514 $ 3,332,326
International 240,102 224,979 937,381 563,711
----------- ----------- ----------- -----------
Total Net
Revenues $ 1,347,368 $1,326,675 $4,788,895 $ 3,896,037
=========== =========== =========== ===========
CSFB (USA)
----------
Balance Sheet
Data at end
of period:
Long-term
borrowings (5) $ 7,748,227 $ 4,660,831
Redeemable trust
securities $ 200,000 $ 200,000
Total stockholders'
equity (2) $ 4,918,449 $ 3,727,432
Book value per common share
outstanding
CSFB (USA) common stock $ 32.01 $ 26.08
Common shares and
RSUs outstanding
at end of period
CSFB (USA) common stock 140,604 126,972
DLJdirect common stock 18,400 18,400
CSFB (USA)
----------
Other Financial Data
at end of period:
Ratio of long-term
borrowings to total
capitalization (6) 55.9% 51.8%
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Summary of Operations (Unaudited)
(in thousands, except % and per share amounts)
(1) On August 30, 2000, Credit Suisse Group, a corporation organized
under the laws of Switzerland ("CSG"), agreed to acquire
Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries, ("DLJ, Inc."
or the "Company") for total consideration of approximately $12.7
billion. Pursuant to a tender offer, a CSG subsidiary offered to
purchase all the outstanding shares of the Company's common stock
of the series designated Donaldson, Lufkin & Jenrette, Inc. - DLJ
Common Stock for a purchase price of $90 per share. After the
shares were tendered, the shares held by AXA, S.A., the Company's
ultimate parent at the time, and certain affiliates of AXA, were
purchased by the CSG subsidiary. On November 3, 2000, the closing
date, DLJ, Inc. became an indirect wholly owned subsidiary of CSG.
Any unexercised or unvested stock options of the Company as of the
closing date were converted into CSG stock options. These
transactions (the "Transaction") will not have an effect on the
outstanding shares of DLJdirect tracking stock, the series
designated Donaldson, Lufkin & Jenrette - DLJdirect Common Stock.
After the Transaction, DLJ, Inc. changed its name to Credit
Suisse First Boston (USA) Inc. and Subsidiaries (the "Company").
With a view to integrating the businesses of the Company and CSG,
and in anticipation of the completion of the Transaction,
beginning on October 6, 2000, the Company and Credit Suisses First
Boston, Inc., a wholly owned subsidiary of CSG ("CSFBI"),
initiated a series of transfers relating to certain proprietary
fixed income and equity portfolios maintained by the Company and
certain of its subsidiaries, on the one hand, and Credit Suisse
First Boston Corporation, a U.S. registered broker dealer that is
a direct wholly owned subsidiary of CSFBI ("CSFB Corp."), and
certain of its affiliates on the other. In connection with these
transfers, CSFB Corp. and certain of its affiliates made an
aggregate cash payment of approximately $4.5 billion to the
Company and its subsidiaries. On November 3, 2000, in conjunction
with the closing of the Merger, the final step in this series of
transfers (collectively, the "Transfer") was completed as CSFBI
transferred all of the outstanding shares of CSFB Corp. to the
Company in exchange for newly issued Shares of the Company. As a
result of the Transfer, CSFB Corp. became a direct wholly owed
subsidiary of the Company. Since the transfer is a transfer of
assets and liabilities between entities under common control, it
will be accounted for at historical cost in a manner similar to a
pooling of interests.
(2) DLJdirect Common Stock tracks the separate performance of the
Company's existing online discount brokerage and related
investment services business ("Tracking Stock"). Prior to issuing
DLJdirect Common Stock, the Company's existing Common Stock was
designated as CSFB (USA) Common Stock and reflects the performance
of the Company's primary businesses, i.e., Banking, Fixed Income,
Equities and Financial Services, plus a 100% interest in
DLJdirect. These operations are referred to as CSFB (USA). On May
28, 1999, the Company issued in an initial public offering, 18.4
million shares of DLJdirect Common Stock. The shares of DLJdirect
Common Stock have no voting rights, except in certain limited
circumstances.
Earnings applicable to common shares for CSFB (USA) includes a
100% retained interest in DLJdirect for periods prior to the
closing date and 82.1% for subsequent periods.
(3) Earnings per common share amounts for periods after the closing
date have been calculated using the two class method. The two
class method is an earnings allocation formula that determines the
earnings per share for each class of common stock according to
participation rights in undistributed earnings.
For CSFB (USA), basic earnings per common share represents
earnings applicable to common shares (including its retained
interest in DLJdirect) divided by the weighted average actual
common shares outstanding, i.e., excluding the effect of
potentially dilutive securities. Diluted earnings per common share
include the dilutive effects of the Restricted Stock Unit Plan and
the dilutive effect of options calculated under the treasury stock
method.
For DLJdirect, basic earnings per share is calculated by dividing
earnings applicable to Tracking Stock by the weighted average
actual common shares outstanding. Diluted earnings per common
share include the dilutive effect of options calculated under the
treasury stock method. CSFB (USA)'s retained interest excludes the
effect of the 10 million shares of common stock that have been
reserved for issuance under the DLJdirect Stock Option Plan.
(4) Interest-net is net of interest expense to finance U.S.
Government, agency and mortgage-backed securities of $1,255.0
million, $790.1 million, $3,307.1 million and $2,285.0 million,
respectively.
(5) In April 2000, the Company submitted an Offering Circular with the
London Stock Exchange which enables it to issue up to 1.0 billion
Euro Medium-Term Notes. In the second quarter, the Company issued
$890.5 million medium-term notes with various maturity dates
through 2005 from this program. There were no issuances under this
program in the third quarter. In addition, in the third quarter,
the Company issued $385.0 million medium-term notes with various
maturity dates through 2003.
(6) Long-term borrowings and total capitalization (the sum of
long-term borrowings, preferred stock, and stockholders' equity)
exclude current maturities (one year or less) of long-term
borrowings.
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Summary of Operations (Unaudited)
(in thousands, except per share data and financial ratios)
---------------------------------------------------------------
Nine Months Ended
September 30, 2000 vs. 1999
2000 1999 $ %
---------------------------------------------------------------
Revenues:
Commissions $ 1,147,940 $ 841,278 $ 306,662 36.5%
Underwritings 585,241 911,763 (326,522) (35.8)%
Fees 1,391,212 1,068,439 322,773 30.2%
Interest-net 2,755,398 1,514,023 1,241,375 82.0%
Principal
transactions-net:
Trading 776,771 520,234 256,537 49.3%
Investment 197,222 85,737 111,485 130.0%
Other 79,677 66,864 12,813 19.2%
------------ ----------- ----------- ----------
Total revenues 6,933,461 5,008,338 1,925,123 38.4%
------------ ----------- ----------- ----------
Costs and expenses:
Compensation
and benefits 2,729,082 2,197,276 531,806 24.2%
Interest 2,144,566 1,112,301 1,032,265 92.8%
Brokerage, clearing,
exchange fees,
and other 288,664 213,741 74,923 35.1%
Occupancy and
related costs 159,856 131,154 28,702 21.9%
Communications
and technology 392,459 313,507 78,952 25.2%
Other operating
expenses 493,134 390,359 102,775 26.3%
------------ ----------- ----------- ----------
Total costs and
expenses 6,207,761 4,358,338 1,849,423 42.4%
------------ ----------- ----------- ----------
Income before
provision for
income taxes 725,700 650,000 75,700 11.6%
------------ ----------- ----------- ----------
Provision for
income taxes 268,500 240,500 28,000 11.6%
------------ ----------- ----------- ----------
Net income 457,200 409,500 47,700 11.6%
Dividends on
preferred stock 15,867 15,867 0 0.0%
------------ ----------- ----------- ----------
Earnings applicable
to common shares $ 441,333 $ 393,633 $ 47,700 12.1%
============ =========== =========== ==========
Earnings applicable
to common shares (1)
CSFB (USA) $ 440,826 $ 394,180 $ 46,646 11.8%
=========== =========== =========== ==========
DLJdirect $ 507 $ (547) $ 1,054 N/M
=========== =========== =========== ==========
Earnings per share (2):
CSFB (USA)
Basic $ 3.43 $ 3.15 $ 0.28 8.9%
Diluted $ 3.15 $ 2.84 $ 0.31 10.9%
=========== =========== =========== ==========
DLJdirect
Basic $ 0.03 $ (0.03) $ 0.06 N/M
Diluted $ 0.03 $ (0.03) $ 0.06 N/M
=========== =========== =========== ==========
Weighted average
common shares (2):
CSFB (USA)
Basic 128,387 125,211 3,176 2.5%
Diluted 140,022 139,012 1,010 0.7%
=========== =========== =========== ==========
DLJdirect
Basic 18,400 18,400 0 0.0%
Diluted 18,420 18,400 20 0.1%
=========== =========== =========== ==========
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Financial Data (Unaudited)
(in thousands, except per share amounts)
-------------------------------------------------
3q00 2q00 1q00 4q99 3q99
--------------------------------------------------
Revenues:
Commissions $ 306,438 $ 369,483 $ 472,019 $ 359,417 $ 269,174
Underwritings 143,345 191,271 250,625 334,679 245,395
Fees 454,414 514,811 421,987 543,496 448,691
Interest-net 914,552 1,027,184 813,662 661,285 537,460
Principal
transactions-net:
Trading 177,763 214,252 384,756 198,355 127,771
Investment 47,863 19,470 129,889 21,584 57,558
Other 20,742 38,881 20,054 19,115 18,323
--------- --------- --------- --------- --------
Total revenues 2,065,117 2,375,352 2,492,992 2,137,931 1,704,372
--------- --------- --------- --------- ---------
Interest expense 717,749 822,727 604,090 477,944 375,697
--------- --------- --------- --------- ---------
Net revenues 1,347,368 1,552,625 1,888,902 1,659,987 1,328,675
--------- --------- --------- --------- ---------
Non-interest
expenses:
Compensation and
benefits 814,759 848,261 1,066,062 908,113 761,553
Brokerage, clearing,
exchange
fees, and other 95,971 88,896 103,797 100,044 66,194
Occupancy and
related costs 57,966 52,996 48,894 47,779 47,034
Communications and
technology 142,171 126,802 123,486 131,711 120,470
Other operating
expenses 157,501 178,170 157,463 168,840 139,424
--------- --------- --------- -------- ---------
Total non-interest
expenses 1,268,368 1,295,125 1,499,702 1,356,487 1,134,675
--------- --------- --------- -------- ---------
Income before
provision for
income taxes 79,000 257,500 389,200 303,500 194,000
--------- --------- -------- -------- --------
Provision for
income taxes 29,200 95,300 144,000 112,300 71,800
--------- --------- -------- -------- --------
Net income 49,800 162,200 245,200 191,200 122,200
Dividends on
preferred stock 5,289 5,289 5,289 5,289 5,289
---------- --------- -------- -------- ---------
Earnings applicable
to common shares $ 44,511 $ 156,911 $ 239,911 $ 185,911 $ 116,911
========= ========= ========= ======== =========
Earnings applicable
to common shares (1)
CSFB (USA) $ 45,256 $ 158,096 $ 237,474 $ 186,267 $ 117,507
========= ======== ======== ======== ========
DLJdirect $ (745)$ (1,185)$ 2,437 $ (356)$ (596)
========= ======== ======== ======== ========
Earnings per share (2):
CSFB (USA)
Basic $ 0.35 $ 1.24 $ 1.87 $ 1.48 $ 0.93
Diluted $ 0.32 $ 1.15 $ 1.72 $ 1.35 $ 0.85
========== ========= ======== ======== =========
DLJdirect
Basic $ (0.04) $ (0.06) $ 0.13 $ (0.02) $ (0.03)
Diluted $ (0.04) $ (0.06) $ 0.13 $ (0.02) $ (0.03)
========== ========= ======== ======== =========
Weighted average
common shares (2):
CSFB (USA)
Basic 129,862 127,826 127,008 126,093 125,993
Diluted 143,068 137,267 138,466 137,979 138,185
========== ========= ========= ======== =========
DLJdirect
Basic 18,400 18,400 18,400 18,400 18,400
Diluted 18,400 18,400 18,482 18,400 18,400
========= ========= ========= ======== =========
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Financial Data (Unaudited)
(in thousands, except % and per share amounts)
Nine Months Ended
September 30,
2000 1999 3q00 2q00
--------------------------- ---------------------
Other financial data:
Net revenues $ 4,788,895 $ 3,896,037 $ 1,347,368 $ 1,552,625
----------- ------------ ----------- ----------
Net interest
revenues $ 610,832 $ 401,722 $ 196,803 $ 204,457
---------- ------------ ----------- ----------
Compensation and
benefits as a
% of net revenues 57.0% 56.4% 60.5% 54.6%
----------- ----------- ----------- ------
Compensation and
benefits as a % of
pre-tax income
before compensation
& benefits 79.0% 77.2% 91.2% 76.7%
----------- ----------- ----------- -------
Non-compensation
expenses as a
% of net revenues 27.9% 26.9% 33.7% 28.8%
----------- ----------- ----------- -------
Income before
provision for
income taxes as a
% of net
revenues 15.2% 16.7% 5.9% 16.6%
----------- ----------- ----------- -------
Net income as a %
of net revenues 9.5% 10.5% 3.7% 10.4%
----------- ----------- ----------- -------
Common shares and
RSUs outstanding
at end of period
CSFB (USA) 140,604 126,972 140,604 127,857
----------- ------------ ------------ ----------
Book value per
common share
CSFB (USA) $ 32.01 $ 26.08 $ 32.01 $ 30.50
---------- ----------- ------------ ---------
Full-time employees:
CSFB (USA) 11,999 9,716 11,999 11,291
---------- ---------- ----------- ---------
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Financial Data (Unaudited)
(in thousands, except % and per share amounts)
1q00 4q99 3q99
--------------------------------------------------
Other financial data:
Net revenues $ 1,888,902 $ 1,659,987 $ 1,328,675
------------ ------------ -----------
Net interest
revenues $ 209,572 $ 183,341 $ 161,763
------------ ------------ -----------
Compensation and
benefits as a
% of net revenues 56.4% 54.7% 57.3%
------------ ------------ -----------
Compensation and
benefits as a % of
pre-tax income
before compensation
& benefits 73.3% 75.0% 79.7%
------------ ------------ -----------
Non-compensation
expenses as a
% of net revenues 23.0% 27.0% 28.1%
----------- ------------ -----------
Income before
provision for
income taxes as a
% of net revenues 20.6% 18.3% 14.6%
----------- ------------ -----------
Net income as a %
of net revenues 13.0% 11.5% 9.2%
----------- ------------ -----------
Common shares and
RSUs outstanding
at end of period
CSFB (USA) 127,496 127,114 126,972
----------- ------------ -----------
Book value per
common share
CSFB (USA) $ 29.35 $ 27.46 $ 26.08
------------ ------------ -----------
Full-time employees:
CSFB (USA) 10,560 10,206 9,716
------------ ------------ -----------
Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Financial Data (Unaudited)
(in thousands, except % and per share amounts)
---------------------------------------------------
3q00 2q00 3q99
---------------------------------------------------
Revenues:
Commissions $ 306,438 $ 369,483 $ 269,174
Underwritings 143,345 191,271 245,395
Fees 454,414 514,811 448,691
Interest-net 914,552 1,027,184 537,460
Principal
transactions-net:
Trading 177,763 214,252 127,771
Investment 47,863 19,470 57,558
Other 20,742 38,881 18,323
----------- ----------- -----------
Total revenues 2,065,117 2,375,352 1,704,372
----------- ----------- -----------
Interest expense 717,749 822,727 375,697
----------- ----------- -----------
Net revenues 1,347,368 1,552,625 1,328,675
----------- ----------- -----------
Non-interest expenses:
Compensation
and benefits 814,759 848,261 761,553
Brokerage,
clearing, exchange
fees, and other 95,971 88,896 66,194
Occupancy and
related costs 57,966 52,996 47,034
Communications
and technology 142,171 126,802 120,470
Other operating
expenses 157,501 178,170 139,424
----------- ----------- -----------
Total non-interest
expenses 1,268,368 1,295,125 1,134,675
----------- ----------- -----------
Income before
provision for
income taxes 79,000 257,500 194,000
----------- ----------- -----------
Provision for
income taxes 29,200 95,300 71,800
----------- ----------- -----------
Net income $ 49,800 $ 162,200 $ 122,200
=========== =========== ===========
Preferred stock
dividend $ 5,289 $ 5,289 $ 5,289
=========== =========== ===========
Earnings applicable
to common shares $ 44,511 $ 156,911 $ 116,911
=========== =========== ===========
Earnings applicable
to common shares (1)
CSFB (USA) $ 45,256 $ 158,096 $ 117,507
=========== =========== ===========
DLJdirect $ (745)$ (1,185) $ (596)
=========== =========== ===========
Earnings per share (2):
CSFB (USA)
Basic $ 0.35 $ 1.24 $ 0.93
Diluted $ 0.32 $ 1.15 $ 0.85
=========== =========== ===========
DLJdirect
Basic $ (0.04)$ (0.06) $ (0.03)
Diluted $ (0.04)$ (0.06) $ (0.03)
=========== =========== ===========
Weighted average
common shares (2):
CSFB (USA)
Basic 129,862 127,826 125,993
Diluted 143,068 137,267 138,185
=========== =========== ===========
DLJdirect
Basic 18,400 18,400 18,400
Diluted 18,400 18,400 18,400
=========== =========== ===========
3q00 3q00
vs vs
2q00 3q99
--------------------
Revenues:
Commissions (17.1)% 13.8%
Underwritings (25.1)% (41.6)%
Fees (11.7)% 1.3%
Interest-net (11.0)% 70.2%
Principal
transactions-net:
Trading (17.0)% 39.1%
Investment 145.8% (16.8)%
Other (46.7)% 13.2%
--------- ---------
Total revenues (13.1)% 21.2%
--------- ---------
Interest expense (12.8)% 91.0%
--------- ---------
Net revenues (13.2)% 1.4%
--------- ---------
Non-interest
expenses:
Compensation
and benefits (3.9)% 7.0%
Brokerage,
clearing,
exchange
fees, and other 8.0% 45.0%
Occupancy and
related costs 9.4% 23.2%
Communications
and technology 12.1% 18.0%
Other operating
expenses (11.6)% 13.0%
--------- ---------
Total non-interest
expenses (2.1)% 11.8%
--------- ---------
Income before
provision for
income taxes (69.3)% (59.3)%
--------- ---------
Provision for
income taxes (69.4)% (59.3)%
--------- ---------
Net income (69.3)% (59.2)%
========= =========
Preferred stock
dividend 0.0% 0.0%
========= =========
Earnings applicable
to common shares (71.6)% (61.9)%
========= =========
Earnings applicable
to common
shares (1)
CSFB (USA) (71.4)% (61.5)%
========= =========
DLJdirect N/M N/M
========= =========
Earnings per
share (2):
CSFB (USA)
Basic (71.8)% (62.4)%
Diluted (72.2)% (62.4)%
========= =========
DLJdirect
Basic N/M N/M
Diluted N/M N/M
========= =========
Weighted average
common shares (2):
CSFB (USA)
Basic 1.6% 3.1%
Diluted 4.2% 3.5%
========= =========
DLJdirect
Basic 0.0% 0.0%
Diluted 0.0% 0.0%
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Credit Suisse First Boston (USA) Inc. and Subsidiaries
(formerly Donaldson, Lufkin & Jenrette, Inc. and Subsidiaries)
Consolidated Revenues and Expenses as a Percentage of Net Revenues
(Unaudited)
--------------------------------------------------
3q00 2q00 1q00 4q99 3q99
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Revenues:
Commissions 22.7% 23.8% 25.0% 21.7% 20.3%
Underwritings 10.6% 12.3% 13.3% 20.2% 18.5%
Fees 33.7% 33.2% 22.3% 32.7% 33.8%
Interest-net 67.9% 66.2% 43.1% 39.8% 40.5%
Principal
transactions-net:
Trading 13.2% 13.8% 20.4% 11.9% 9.6%
Investment 3.6% 1.3% 6.9% 1.3% 4.3%
Other 1.5% 2.5% 1.1% 1.2% 1.4%
--------- --------- --------- --------- --------
Total revenues 153.3% 153.0% 132.0% 128.8% 128.3%
--------- --------- --------- --------- --------
Interest expense 53.3% 53.0% 32.0% 28.8% 28.3%
--------- --------- --------- --------- --------
Net revenues 100.0% 100.0% 100.0% 100.0% 100.0%
--------- --------- --------- --------- --------
Non-interest
expenses:
Compensation and
benefits 60.5% 54.6% 56.4% 54.7% 57.3%
Brokerage, clearing,
exchange fees,
and other 7.1% 5.7% 5.5% 6.0% 5.0%
Occupancy and
related costs 4.3% 3.4% 2.6% 2.9% 3.5%
Communications and
technology 10.6% 8.2% 6.5% 7.9% 9.1%
Other operating
expenses 11.7% 11.5% 8.3% 10.2% 10.5%
--------- --------- --------- --------- --------
Total non-interest
expenses 94.1% 83.4% 79.4% 81.7% 85.4%
--------- --------- --------- --------- --------
Income before
provision for
income taxes 5.9% 16.6% 20.6% 18.3% 14.6%
--------- --------- --------- --------- --------
Provision for
income taxes 2.2% 6.1% 7.6% 6.8% 5.4%
--------- --------- --------- --------- --------
Net income 3.7% 10.4% 13.0% 11.5% 9.2%
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Dividends on
preferred stock 0.4% 0.3% 0.3% 0.3% 0.4%
========= ========= ========= ========= ========
Earnings applicable
to common shares 3.3% 10.1% 12.7% 11.2% 8.8%
========= ========= ========= ========= ========
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