Jefferies Group Announces Third Quarter Earnings.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 18, 2001 Jefferies Jefferies may refer to: People with the surname Jefferies:
See: New York Stock Exchange :JEF JEF Jefferies Group, Inc. (stock symbol) JEF Junge Europäische Föderalisten (German: Young European Federalists) JEF Joint Educational Facilities, Inc. ) today announced financial results for the third quarter and nine months ended September September: see month. 28, 2001. Highlights for the third quarter ended September 28, 2001: -- Total revenues were $165.6 million versus $198.3 million for the third quarter of 2000. -- Earnings before income taxes were $18.4 million versus $25.5 million for the third quarter of 2000. -- Net earnings were $10.6 million versus $14.7 million for the third quarter of 2000. -- Earnings per share (diluted) were $0.40 versus $0.60 for the third quarter of 2000. Highlights for the first nine months ended September 28, 2001: -- Total revenues rose 3% to a record $591.2 million, versus $575.7 million for the first nine months of 2000. -- Earnings before income taxes were $74.1 million versus $73.1 million for the first nine months of 2000. -- Net earnings were up 2% to a record $42.9 million, versus $42.1 million for the first nine months of 2000. -- Earnings per share (diluted di·lute 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. ) were $1.67 versus $1.74 for the first nine months of 2000. "We are extremely proud of how the Jefferies team has responded in the challenging environment that our industry continues to face," said Richard B. Handler Richard B. Handler is Chairman of the Board and CEO of Jefferies & Co. as well as Chairman of Jefferies Group, Inc. since February 2002 and CEO of Jefferies Group, Inc. and Jefferies & Company, Inc. since January 2001. He also served as Co-President of both entities during 2000. Mr. , Chief Executive Officer of Jefferies. "We remain financially strong and thank all of our clients and employees for their unwavering support." "In the most difficult times ever faced by our industry and country, we are fortunate that our team is safe and working every day to serve our customers and maximize our potential," added John C. Shaw, Jr., President of Jefferies. Conference Call A conference call with management discussion of financial results for the third quarter and nine months ended September 28, 2001 will be held October October: see month. 18 at 11 AM (Eastern). Listen-only access is available at 703/871-3027. A live audio Webcast and delayed replay will also be available under "Financials" at www.jefco.com. Questions for consideration by management can be submitted in advance through the "Contact Us" function at www.jefco.com or by contacting Amanda (language) Amanda - A functional programming language derived mostly from Miranda with some small changes. Amanda was written by Dick Bruin and implemented on MS-DOS and NeXT. It is available as an interperator only. Bartley Bartley is a family name and a given name. Persons with the family name Bartley
About Jefferies Jefferies Group, Inc. is a holding company whose affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , including its principal operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Jefferies & Company, Inc., offer a variety of services for institutional investors Institutional Investor A non-bank person or organization that trades securities in large enough share quantities or dollar amounts that they qualify for preferential treatment and lower commissions. and small- to mid-cap Mid-cap Short for "Middle Cap," mid cap refers to stocks with a market capitalization of between $2 billion to $10 billion. Notes: As the name implies, a mid-cap is in the middle of the pack. A mid-cap isn't too big, but at the same time has a relatively decent market cap. companies. Subsidiaries of Jefferies Group, Inc., together, comprise an institutional brokerage firm focused on trading in equity, high yield, convertible and international securities, as well as fundamental research for institutional investors. As an investment bank, Jefferies also offers capital raising, financial advisory, mergers and acquisitions, and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). services to middle market companies. Jefferies & Company, Inc. is an industry leader in equity trading In finance, equity trading is the buying and selling of company stock shares. Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as services for institutional investors, as recognized by numerous consulting and survey organizations. Jefferies Group, Inc. employs over 1,100 people in 20 offices worldwide, including Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. , Chicago, Dallas, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. , London, Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Paris, San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden , Tokyo and Zurich. Further information regarding Jefferies Group, Inc., including past press releases and historical financial statements, can be found at www.jefco.com.
JEFFERIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
(Amounts in Thousands, Except Per Share Amounts)
(Unaudited)
Three Months Ended Nine Months Ended
------------------ -----------------
Sept. 28, Sept. 29, Sept. 28, Sept. 29,
2001 2000 2001 2000
-------- -------- -------- --------
Revenues:
Commissions $ 51,081 $ 51,411 $165,488 $164,061
Principal transactions 54,449 65,445 213,679 203,865
Corporate finance 22,468 38,240 83,557 73,114
Interest 31,259 39,589 109,535 124,240
Asset management 4,652 2,941 15,192 7,249
Other 1,735 673 3,798 3,148
Total revenues 165,644 198,299 591,249 575,677
Interest expense 28,565 35,047 95,821 104,423
Revenues, net of
interest expense 137,079 163,252 495,428 471,254
Non-interest expenses:
Compensation
and benefits 79,877 102,533 298,605 290,750
Floor brokerage and
clearing fees 10,865 8,719 32,953 27,484
Communications 9,595 11,526 33,163 35,236
Occupancy and
equipment rental 5,346 4,873 16,973 14,038
Travel and promotional 5,656 3,728 16,968 13,490
Other 7,351 6,349 22,672 17,150
Total non-interest
expenses 118,690 137,728 421,334 398,148
Earnings before
income taxes 18,389 25,524 74,094 73,106
Income taxes 7,757 10,811 31,226 30,997
Net earnings $10,632 $14,713 $42,868 $42,109
Earnings per share:
Basic $0.43 $0.62 $1.76 $1.76
Diluted $0.40 $0.60 $1.67 $1.74
Weighted average shares:
Basic 24,938 23,859 24,397 23,862
Diluted 26,593 24,402 25,746 24,220
JEFFERIES GROUP, INC. AND SUBSIDIARIES
SELECTED STATISTICAL INFORMATION
(Dollars in Thousands, Except Per Share Amounts)
(Unaudited)
Quarters ended
---------------------------------------------------
9/28/2001 6/29/2001 3/30/2001 12/31/2000 9/29/2000
----------------------------------------------------
Statement of
Earnings
Revenues, net of
interest expense $137,079 $181,444 $176,905 $146,149 $163,252
Non-interest
expenses:
Compensation and
benefits 79,877 111,244 107,484 85,821 102,533
Non-personnel
expenses 38,813 41,626 42,290 38,041 35,195
Earnings before
income taxes 18,389 28,574 27,131 22,287 25,524
Income taxes 7,757 12,022 11,447 9,415 10,811
Net earnings $ 10,632 $ 16,552 $ 15,684 $ 12,872 $ 14,713
Earnings per
share (diluted) $ 0.40 $ 0.65 $ 0.63 $ 0.52 $ 0.60
Financial Ratios
Pretax operating
margin 13.4% 15.7% 15.3% 15.2% 15.6%
Compensation and
benefits/net
revenues 58.3% 61.3% 60.8% 58.7% 62.8%
Effective tax rate 42.2% 42.1% 42.2% 42.2% 42.4%
JEFFERIES GROUP, INC. AND SUBSIDIARIES
SELECTED STATISTICAL INFORMATION
(Amounts in Thousands, Except Per Share Amounts)
(Unaudited)
Quarters ended
----------------------------------------------------
9/28/2001 6/29/2001 3/30/2001 12/31/2000 9/29/2000
----------------------------------------------------
Revenues by Source
Commissions and
principal transactions:
Equities $66,267 $84,274 $101,031 $90,917 $78,962
International 13,093 15,659 19,440 15,300 19,706
High yield 17,035 17,897 16,182 3,947 11,848
Convertibles 8,153 6,718 10,386 5,957 6,031
Other proprietary
trading 982 1,715 335 1,554 309
Total 105,530 126,263 147,374 117,675 116,856
Corporate finance 22,468 44,077 17,012 17,629 38,240
Interest 31,259 38,332 39,944 47,884 39,589
Asset management 4,652 5,811 4,729 2,311 2,941
Other 1,735 1,414 649 687 673
Total revenues $165,644 $215,897 $209,708 $186,186 $198,299
Other Data
Number of
trading days 63 63 62 63 63
Average employees 1,099 1,073 1,036 984 943
Common shares
outstanding 26,933 25,838 24,986 24,688 24,520
Weighted average
shares:
Basic 24,938 24,206 24,039 24,037 23,859
Diluted 26,593 25,564 25,061 24,648 24,402
As of September 28, 2001, stockholders' equity amounted to $553
million, resulting in a book value of $20.53 per share.
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