SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 21, 2003
..............
RAYMOND JAMES FINANCIAL, INC.
(Exact name of registrant as specified in its charter)
Florida 1-9109 No. 59-1517485
................................. ............ ....................
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
880 Carillon Parkway, St. Petersburg, Florida 33716
.........................................................
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (727) 567-1000
..............
_____________________________________________________________
(Former name or former address, if changed since last report.
ITEM 7. EXHIBITS
(c) exhibits
99.1 Raymond James Financial Inc.'s Press Release dated October 21, 2003
Item 9. REGULATION FD DISCLOSURE
Pursuant to Item 12, Raymond James Financial, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibit 99.1 to this report, which is hereby incorporated herein by reference. Exhibit 99.1 is Raymond James Financial Inc.'s fourth quarter 2003 financial press release issued on October 21, 2003.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
________October 21, 2003
(Date)
RAYMOND JAMES FINANCIAL, INC.
BY: /s/Thomas A. James
Thomas A. James
Chairman and Chief
Executive Officer
BY: /s/Jeffrey P. Julien
Jeffrey P. Julien
Senior Vice President - Finance
and Chief Financial Officer
Exhibit 99.1
Release No. 1003-03
October 21, 2003 FOR IMMEDIATE RELEASE
RAYMOND JAMES FINANCIAL
REPORTS REVENUES, INCOME
FOR FOURTH QUARTER,
FISCAL 2003 REVENUES, EARNINGS
For the fourth quarter, net income increased 51 percent to $33,134,000 from fiscal 2002's fourth quarter net income of $21,995,000, while net revenues were $402,756,000, an increase of 9 percent from 2002's $369,355,000. Earnings per diluted share increased to $0.67 from $0.44.
For the fiscal year, net income increased 9 percent to $86,317,000 from 2002's $79,303,000. Net revenues increased 1 percent to $1,451,960,000 from $1,441,088,000. Earnings per diluted share increased 10 percent to $1.76 from $1.60.
"Buoyed by a rising stock market in our fourth fiscal quarter ended on September 26, Raymond James Financial's quarterly performance materially outpaced last year's final quarter, as well as the immediately preceding quarter," states Thomas A. James, chairman of the board and chief executive officer. "While trading profits declined 70 percent from last year's quarter, reflecting a difficult, volatile mortgage securities market, commissions increased 9 percent and investment banking revenues surged 44 percent. Consequently, net revenues of $402,756,000 exceeded last year's comparable quarter by 9 percent," he continues. "Net income of $33,134,000 exceeded last year's by more than 50 percent, manifesting the latent operating leverage present in the securities industry in a more sanguine market environment. Diluted earnings per share were $0.67 for the quarter, up from $0.44 last year. The vast majority of the improved results is attributable to improved results in the Private Client Group (Retail) and in Investment Banking.
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Page 2 RAYMOND JAMES FINANCIAL, INC.
Rel. No. 1003-03
James adds, "The quarterly improvement enabled net revenues for the 2003 fiscal year to surpass last year's net revenues, in spite of the lackluster results experienced in the first six months of this year. Conjoined with rigorous expense control, net income grew 9 percent to $86,317,000, or $1.76 per share.
"The improved conditions in the equities market have continued into the first quarter of fiscal 2004 as the economy has continued to improve, bolstered by low interest and inflation rates, as well as improved corporate earnings," he continues. "I anticipate that capital spending will increase in coming quarters, which should promise better economic and corporate results in 2004. Even though many stocks have already manifested this outlook in higher prices, the general environment should be supportive of better results for the securities industry in the intermediate term."
The company will conduct its quarterly conference call Wednesday at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company's Web site, www.RaymondJames.com, under "About Raymond James Financial, Financial Reports."
Raymond James Financial (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly-owned investment firms, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd., which have over 4,800 Financial Advisors in more than 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $18 billion.
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Page 3 RAYMOND JAMES FINANCIAL, INC.
Rel. No. 1003-03
Raymond James Financial, Inc. | |||||||||||
Unaudited Report | |||||||||||
For the fourth quarter ended September 26, 2003 | |||||||||||
(all data in thousands, except per share earnings) | |||||||||||
Fourth Quarter | Fiscal Year | ||||||||||
2003 | 2002 | Percent Change | 2003 | 2002 | Percent Change | ||||||
Revenues | $412,699 | $384,150 | 7% | $1,497,571 | $1,517,423 | (1%) | |||||
Total Net Revenues | 402,756 | 369,355 | 9% | 1,451,960 | 1,441,088 | 1% | |||||
Net Income | 33,134 | 21,995 | 51% | 86,317 | 79,303 | 9% | |||||
Earnings Per | |||||||||||
Share - Diluted | 0.67 | 0.44 | 52% | 1.76 | 1.60 | 10% | |||||
Average Shares | |||||||||||
Outstanding - Diluted | 49,133 | 49,401 | 48,986 | 49,629 | |||||||
Balance Sheet Data | |||||
Sept. 2003 | Sept. 2002 |
| |||
Total Assets | $6.9 bil. | $6.0 bil. | |||
Shareholders' Equity | $925 mil. | $840 mil. | |||
Book Value per share | $19.06 | $17.25 | |||
Management Data | |||||
Quarter Ended | |||||
Sept. 03 | Sept. 02 | June 03 | |||
No. Retail Financial Advisors: | |||||
US | 4,599 | 4,549 | 4,609 | ||
Canada | 212 | 235 | 202 | ||
No. Managed/Co-Managed | |||||
U.S. Public Equity Offerings | 27 | 6 | 18 | ||
Assets Under Management - US | $18.8 bil. | $15.3 bil. | $17.7 bil. | ||
Year Ended | |||||
Sept. 03 | Sept. 02 | ||||
No. Managed/Co-Managed | |||||
U.S. Public Equity Offerings | 58 | 50 | |||
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Rel. No. 1003-03
Raymond James Financial, Inc. | |||||||
Consolidated Business Segments | |||||||
Year-to-Date as of September 26, 2003 | |||||||
REVENUES | |||||||
Year-to-Year change | |||||||
Sept 2003 | Sept 2002 | $ | % | ||||
Private Client Group | $ 994,815 | $ 991,158 | $ 3,657 | 0.37% | |||
Percent | 66.43% | 65.32% | |||||
Capital Markets | 330,966 | 332,346 | $ (1,380) | -0.42% | |||
Percent | 22.10% | 21.90% | |||||
Asset Management | 123,647 | 129,731 | $ (6,084) | -4.69% | |||
Percent | 8.26% | 8.55% | |||||
RJ Bank | 28,699 | 31,056 | $ (2,357) | -7.59% | |||
Percent | 1.92% | 2.05% | |||||
Other | 19,444 | 33,132 | $ (13,688) | -41.31% | |||
Percent | 1.30% | 2.18% | |||||
Total | $ 1,497,571 | $ 1,517,423 | $ (19,852) | -1.31% | |||
PRE-TAX INCOME | |||||||
Year-to-Year change | |||||||
Sept 2003 | Sept 2002 | $ | % | ||||
Private Client Group | $ 73,440 | $ 72,494 | $ 946 | 1.30% | |||
Percent | 53.11% | 55.12% | |||||
Capital Markets | 37,532 | 38,032 | $ (500) | -1.31% | |||
Percent | 27.14% | 28.92% | |||||
Asset Management | 18,730 | 20,257 | $ (1,527) | -7.54% | |||
Percent | 13.55% | 15.40% | |||||
RJ Bank | 10,182 | 7,188 | $ 2,994 | 41.65% | |||
Percent | 7.36% | 5.47% | |||||
Other | (1,609) | (6,455) | $ 4,846 | 75.07% | |||
Percent | -1.16% | -4.91% |
| ||||
Total Operating | $ 138,275 | $ 131,516 | $ 6,759 | 5.14% | |||
For additional information, contact
Mike White at 727-567-5171.
Please visit the Raymond James Press Center at http://www.RaymondJames.com/media.htm
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||
(UNAUDITED) | |||||||||
Quarter-to-Date | |||||||||
(in thousands, except per share amounts) | |||||||||
Three Months Ended | |||||||||
Sept. 26, | June 27, | $ | % | ||||||
2003 | 2003 | change | change | ||||||
Revenues: | |||||||||
Securities commissions and fees | $ 279,737 | $ 279,929 | $ (192) | 0% | |||||
Investment banking | 34,146 | 12,224 | 21,922 | 179% | |||||
Investment advisory fees | 30,782 | 27,829 | 2,953 | 11% | |||||
Interest | 29,697 | 32,364 | (2,667) | -8% | |||||
Net trading profits | 2,960 | 8,491 | (5,531) | -65% | |||||
Financial service fees | 19,537 | 18,910 | 627 | 3% | |||||
Other | 15,840 | 10,020 | 5,820 | 58% | |||||
TOTAL REVENUES | 412,699 | 389,767 | 22,932 | 6% | |||||
Interest Expense | 9,943 | 11,776 | (1,833) | -16% | |||||
NET REVENUES | 402,756 | 377,991 | 24,765 | 7% | |||||
Non-Interest Expenses | |||||||||
Compensation, commissions and benefits | 280,551 | 270,308 | 10,243 | 4% | |||||
Communications and information processing | 19,012 | 19,196 | (184) | -1% | |||||
Occupancy and equipment costs | 16,119 | 14,811 | 1,308 | 9% | |||||
Clearance and floor brokerage | 4,865 | 5,187 | (322) | -6% | |||||
Business development | 14,446 | 13,424 | 1,022 | 8% | |||||
Other | 15,268 | 16,921 | (1,653) | -10% | |||||
TOTAL NON-INTEREST EXPENSES | 350,261 | 339,847 | 10,414 | 3% | |||||
Income before provision for income taxes | 52,495 | 38,144 | 14,351 | 38% | |||||
Provision for income taxes | 19,361 | 14,582 | 4,779 | 33% | |||||
Net Income | $ 33,134 | $ 23,562 | $ 9,572 | 41% | |||||
Net Income per share basic | $ 0.68 | $ 0.49 | $ 0.19 | 39% | |||||
Net Income per share diluted | $ 0.67 | $ 0.48 | $ 0.19 | 40% | |||||
Weighted average common shares | |||||||||
outstanding-basic | 48,440 | 48,526 | |||||||
Weighted average common and common | |||||||||
equivalent shares outstanding-diluted | 49,133 | 48,909 | |||||||
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||
(UNAUDITED) | |||||||||
Quarter-to-Date | |||||||||
(in thousands, except per share amounts) | |||||||||
Three Months Ended | |||||||||
Sept. 26, | Sept. 27, | $ | % | ||||||
2003 | 2002 | change | change | ||||||
Revenues: | |||||||||
Securities commissions and fees | $ 279,737 | $ 256,602 | $ 23,135 | 9% | |||||
Investment banking | 34,146 | 23,638 | 10,508 | 44% | |||||
Investment advisory fees | 30,782 | 29,727 | 1,055 | 4% | |||||
Interest | 29,697 | 37,343 | (7,646) | -20% | |||||
Net trading profits | 2,960 | 9,751 | (6,791) | -70% | |||||
Financial service fees | 19,537 | 16,431 | 3,106 | 19% | |||||
Other | 15,840 | 10,658 | 5,182 | 49% | |||||
TOTAL REVENUES | 412,699 | 384,150 | 28,549 | 7% | |||||
Interest Expense | 9,943 | 14,795 | (4,852) | -33% | |||||
NET REVENUES | 402,756 | 369,355 | 33,401 | 9% | |||||
Non-Interest Expenses | |||||||||
Compensation, commissions and benefits | 280,551 | 253,528 | 27,023 | 11% | |||||
Communications and information processing | 19,012 | 21,167 | (2,155) | -10% | |||||
Occupancy and equipment costs | 16,119 | 15,811 | 308 | 2% | |||||
Clearance and floor brokerage | 4,865 | 4,714 | 151 | 3% | |||||
Business development | 14,446 | 13,877 | 569 | 4% | |||||
Other | 15,268 | 22,752 | (7,484) | -33% | |||||
TOTAL NON-INTEREST EXPENSES | 350,261 | 331,849 | 18,412 | 6% | |||||
Income before provision for income taxes | 52,495 | 37,506 | 14,989 | 40% | |||||
Provision for income taxes | 19,361 | 15,511 | 3,850 | 25% | |||||
Net Income | $ 33,134 | $ 21,995 | $ 11,139 | 51% | |||||
Net Income per share basic | $ 0.68 | $ 0.45 | $ 0.23 | 51% | |||||
Net Income per share diluted | $ 0.67 | $ 0.44 | $ 0.23 | 52% | |||||
Weighted average common shares | |||||||||
outstanding-basic | 48,440 | 48,699 | |||||||
Weighted average common and common | |||||||||
equivalent shares outstanding-diluted | 49,133 | 49,401 | |||||||
Reclassifications have been made to prior year condensed consolidated financial statements to conform to the current period presentation. | |||||||||
RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENT OF OPERATIONS | |||||||||
(UNAUDITED) | |||||||||
Year-to-Date | |||||||||
(in thousands, except per share amounts) | |||||||||
Fiscal Year Ended | |||||||||
Sept. 26, | Sept. 27, | $ | % | ||||||
2003 | 2002 | change | change | ||||||
Revenues: | |||||||||
Securities commissions and fees | $ 1,045,071 | $ 1,042,924 | $ 2,147 | 0% | |||||
Investment banking | 71,317 | 73,056 | (1,739) | -2% | |||||
Investment advisory fees | 112,126 | 117,054 | (4,928) | -4% | |||||
Interest | 127,707 | 159,802 | (32,095) | -20% | |||||
Net trading profits | 20,615 | 22,650 | (2,035) | -9% | |||||
Financial service fees | 69,536 | 60,449 | 9,087 | 15% | |||||
Other | 51,199 | 41,488 | 9,711 | 23% | |||||
TOTAL REVENUES | 1,497,571 | 1,517,423 | (19,852) | -1% | |||||
Interest Expense | 45,611 | 76,335 | (30,724) | -40% | |||||
NET REVENUES | 1,451,960 | 1,441,088 | 10,872 | 1% | |||||
Non-Interest Expenses | |||||||||
Compensation, commissions and benefits | 1,034,676 | 1,022,157 | 12,519 | 1% | |||||
Communications and information processing | 77,016 | 79,245 | (2,229) | -3% | |||||
Occupancy and equipment costs | 61,520 | 61,038 | 482 | 1% | |||||
Clearance and floor brokerage | 17,729 | 15,630 | 2,099 | 13% | |||||
Business development | 51,332 | 49,675 | 1,657 | 3% | |||||
Other | 71,412 | 81,827 | (10,415) | -13% | |||||
TOTAL NON-INTEREST EXPENSES | 1,313,685 | 1,309,572 | 4,113 | 0% | |||||
Income before provision for income taxes | 138,275 | 131,516 | 6,759 | 5% | |||||
Provision for income taxes | 51,958 | 52,213 | (255) | 0% | |||||
Net Income | $ 86,317 | $ 79,303 | $ 7,014 | 9% | |||||
Net Income per share basic | $ 1.78 | $ 1.63 | $ 0.15 | 9% | |||||
Net Income per share diluted | $ 1.76 | $ 1.60 | $ 0.16 | 10% | |||||
Weighted average common shares | |||||||||
outstanding-basic | 48,549 | 48,674 | |||||||
Weighted average common and common | |||||||||
equivalent shares outstanding-diluted | 48,986 | 49,629 | |||||||
Reclassifications have been made to prior year condensed consolidated financial statements to conform to the current period presentation. | |||||||||
