LEHMAN BROTHERS HOLDINGS INC. EXHIBIT 99.3
CONSOLIDATED STATEMENT OF INCOME
(Preliminary and Unaudited)
(In millions, except per share data)
Three Months Ended % Change from
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Nov 30 Aug 31 Nov 30 Aug 31 Nov 30
2003 2003 2002 2003 2002
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Revenues:
Principal transactions $1,034 $1,203 $520
Investment banking 486 458 409
Commissions 335 314 308
Interest and dividends 2,343 2,467 2,885
Other 56 21 11
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Total revenues 4,254 4,463 4,133
Interest expense 1,956 2,116 2,594
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Net revenues 2,298 2,347 1,539 (2)% 49%
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Non-interest expenses:
Compensation and benefits 1,103 1,174 785
Technology and communications 157 150 148
Brokerage and clearance fees 95 96 92
Occupancy 89 76 74
Professional fees 53 35 39
Business development 44 36 34
Other 35 31 13
September 11, 2001 related
recoveries, net - - (108)
Global real estate reconfiguration - - 128
Regulatory settlement - - 80
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Total non-interest expenses 1,576 1,598 1,285 (1)% 23%
Income before taxes and dividends on trust
preferred securities 722 749 254
Provision for income taxes 220 250 53
Dividends on trust preferred securities 21 19 14
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Net income $481 $480 $187 0% 157%
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Net income applicable to common stock $464 $469 $176 (1)% 164%
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Earnings per common share
Basic $1.82 $1.92 $0.72
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Diluted $1.71 $1.81 $0.69
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