1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-------------------
FORM 10-Q
[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended March 30, 2001
------------------
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
---------- -----------
Commission file number 1-14947
JEFFERIES GROUP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE 95-4719745
- ----------------------------------- ---------------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
11100 Santa Monica Blvd., Los Angeles, California 90025
- -------------------------------------------------- ---------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (310) 445-1199
---------------------
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes [X] No [ ]
As of March 30, 2001, the registrant had 24,986,253 common shares, $.0001 par
value, outstanding.
Page 1 of 15
2
JEFFERIES GROUP, INC. AND SUBSIDIARIES
INDEX TO QUARTERLY REPORT ON FORM 10-Q
MARCH 30, 2001
Page
----
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Statements of Financial Condition -
March 30, 2001 (unaudited) and December 31, 2000............................. 3
Consolidated Statements of Earnings (unaudited) -
Three Months Ended March 30, 2001 and March 31, 2000......................... 4
Consolidated Statement of Changes in Stockholders' Equity (unaudited) -
Three Months Ended March 30, 2001............................................ 5
Consolidated Statements of Cash Flows (unaudited) -
Three Months Ended March 30, 2001 and March 31, 2000......................... 6
Notes to Consolidated Financial Statements (unaudited)......................... 8
Item 2. Management's Discussion and Analysis of Financial Condition
and Results of Operations.................................................... 13
PART II. OTHER INFORMATION
Item 1. Legal Proceedings.............................................................. 14
Item 6. Exhibits and Reports on Form 8-K............................................... 14
Page 2 of 15
3
JEFFERIES GROUP, INC. AND SUBSIDIARIES
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
March 30, December 31,
2001 2000
------------ ------------
ASSETS (unaudited)
Cash and cash equivalents .............................. $ 54,346 $ 24,996
Cash and securities segregated and on deposit for
regulatory purposes or deposited with clearing and
depository organizations .............................. 185,619 206,444
Receivable from brokers and dealers .................... 4,663,340 2,860,677
Receivable from customers, officers and directors ...... 192,841 254,562
Securities owned ....................................... 210,737 224,738
Securities pledged to creditors ........................ 82,898 96,324
Investments ............................................ 149,357 136,047
Premises and equipment ................................. 47,848 43,635
Other assets ........................................... 130,108 110,446
----------- -----------
$ 5,717,094 $ 3,957,869
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Payable to brokers and dealers ......................... $ 4,415,500 $ 2,423,488
Payable to customers ................................... 326,293 501,786
Securities sold, not yet purchased ..................... 146,222 171,685
Accrued expenses and other liabilities ................. 193,387 249,918
----------- -----------
5,081,402 3,346,877
Long-term convertible debt ............................. 2,774 2,963
Long-term debt ......................................... 149,607 149,582
----------- -----------
5,233,783 3,499,422
----------- -----------
STOCKHOLDERS' EQUITY:
Preferred stock, $.0001 par value. Authorized
10,000,000 shares; none issued ..................... -- --
Common stock, $.0001 par value. Authorized
100,000,000 shares; issued 25,713,792 shares in 2001
and 25,177,419 shares in 2000 ...................... 3 3
Additional paid-in capital ........................... 105,535 86,004
Retained earnings .................................... 399,290 384,846
Less:
Treasury stock, at cost, 727,539 shares in 2001 and
489,039 shares in 2000 ........................... (17,068) (10,383)
Accumulated other comprehensive loss:
Currency translation adjustments ................. (3,311) (885)
Additional minimum pension liability ............. (1,138) (1,138)
----------- -----------
Total accumulated other comprehensive loss ......... (4,449) (2,023)
----------- -----------
Total stockholders' equity ..................... 483,311 458,447
----------- -----------
$ 5,717,094 $ 3,957,869
=========== ===========
See accompanying unaudited notes to consolidated financial statements.
Page 3 of 15
4
JEFFERIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS (UNAUDITED)
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Three Months Ended
------------------------
March 30, March 31,
2001 2000
--------- ----------
Revenues:
Commissions ..................... $ 60,548 $ 58,580
Principal transactions .......... 86,826 79,383
Corporate finance ............... 17,012 15,217
Interest ........................ 39,944 37,689
Asset management ................ 4,729 2,094
Other ........................... 649 1,797
-------- --------
Total revenues .................... 209,708 194,760
Interest expense .................. 32,803 31,099
-------- --------
Revenues, net of interest expense . 176,905 163,661
-------- --------
Non-interest expenses:
Compensation and benefits ....... 107,484 100,687
Floor brokerage and clearing fees 10,905 9,456
Communications .................. 11,338 12,112
Occupancy and equipment rental .. 5,492 4,560
Travel and promotional .......... 5,609 4,802
Other ........................... 8,946 5,843
-------- --------
Total non-interest expenses ....... 149,774 137,460
-------- --------
Earnings before income taxes ...... 27,131 26,201
Income taxes ...................... 11,447 11,177
-------- --------
Net earnings ...................... $ 15,684 $ 15,024
======== ========
Earnings per share:
Basic ........................... $ 0.65 $ 0.63
======== ========
Diluted ......................... $ 0.63 $ 0.62
======== ========
Weighted average shares:
Basic ........................... 24,039 23,998
Diluted ......................... 25,061 24,232
See accompanying unaudited notes to consolidated financial statements.
Page 4 of 15
5
JEFFERIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED)
THREE MONTHS ENDED MARCH 30, 2001
(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
Accumulated Total
Additional Other Stock-
Common Paid-in Retained Treasury Comprehensive holders'
Stock Capital Earnings Stock Loss Equity
--------- --------- --------- ---------- ------------- -----------
Balance,
December 31, 2000 .................... $ 3 $ 86,004 $ 384,846 $ (10,383) $ (2,023) $ 458,447
Exercise of stock options,
Including tax benefits
(53,378 shares) ...................... -- 1,421 -- -- -- 1,421
Purchase of treasury stock
(230,500 shares) ..................... -- -- -- (6,548) -- (6,548)
Issuance of ESPP shares
(89,216 shares) ...................... -- 1,556 -- -- -- 1,556
Issuance of restricted stock
(385,779 shares), net of
forfeitures, and additional
vesting of restricted stock
shares, including tax benefits ....... -- 15,827 -- (137) -- 15,690
Employee stock ownership plan
amortization and stock
purchases, net ....................... -- 727 -- -- -- 727
Quarterly dividends
($.05 per share per quarter) ......... -- -- (1,240) -- -- (1,240)
Comprehensive income:
Net earnings ........................ -- -- 15,684 -- -- 15,684
Other comprehensive loss,
net of tax:
Translation adjustment .............. -- -- -- -- (2,426) (2,426)
---------
Comprehensive income .................. -- -- -- -- -- 13,258
-----------------------------------------------------------------------------
Balance,
March 30, 2001 ....................... $ 3 $ 105,535 $ 399,290 $ (17,068) $ (4,449) $ 483,311
=============================================================================
See accompanying unaudited notes to consolidated financial statements.
Page 5 of 15
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JEFFERIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(DOLLARS IN THOUSANDS)
Three Months Ended
----------------------------
March 30, March 31,
2001 2000
----------- -----------
Cash flows from operating activities:
Net earnings ............................................... $ 15,684 $ 15,024
----------- -----------
Adjustments to reconcile net earnings to net cash
provided by (used in) operations:
Depreciation and amortization ............................ 3,596 2,931
(Increase) decrease in cash and securities segregated
and on deposit for regulatory purposes ................. 20,825 (6,192)
(Increase) decrease in receivables:
Brokers and dealers .................................... (1,802,663) (1,449,881)
Customers, officers and directors ...................... 61,721 (72,486)
Decrease in securities owned ............................. 14,001 91,077
Decrease in securities pledged to creditors .............. 13,426 --
Increase in investments .................................. (13,310) (18,864)
(Increase) decrease in other assets ...................... (19,988) 8,608
Increase (decrease) in operating payables:
Brokers and dealers .................................... 1,992,012 1,272,008
Customers .............................................. (175,493) 193,144
Decrease in securities sold, not yet purchased ........... (25,463) (69,658)
Decrease in accrued expenses and other liabilities ....... (56,531) (12,009)
----------- -----------
Total adjustments ................................. 12,133 (61,322)
----------- -----------
Net cash provided by (used in) operating activities 27,817 (46,298)
----------- -----------
Continued on next page.
See accompanying unaudited notes to consolidated financial statements.
Page 6 of 15
7
JEFFERIES GROUP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS - CONTINUED (UNAUDITED)
(DOLLARS IN THOUSANDS)
Three Months Ended
--------------------------
March 30, March 31,
2001 2000
----------- ----------
Cash flows from financing activities:
Net proceeds from (payments on):
Bank loans ....................................................... -- 16,000
Repurchase of treasury stock ..................................... (6,548) (34)
Dividends paid ................................................... (1,240) (1,210)
Exercise of stock options ........................................ 1,421 1,154
Issuance of ESPP shares .......................................... 1,556 3,402
Issuance of restricted stock ..................................... 15,690 3,982
Employee Stock Ownership Plan stock purchases .................... -- (349)
-------- --------
Net cash provided by financing activities .................... 10,879 22,945
-------- --------
Cash flows from investing activities -
purchase of premises and equipment .................................... (6,731) (2,199)
-------- --------
Effect of foreign currency translation on cash .......................... (2,615) (166)
-------- --------
Net increase (decrease) in cash and cash equivalents.......... 29,350 (25,718)
Cash and cash equivalents - beginning of period ......................... 24,996 77,197
-------- --------
Cash and cash equivalents - end of period ............................... $ 54,346 $ 51,479
======== ========
Supplemental disclosures of cash flow information:
Cash paid during the period for:
Interest ............................................................ $ 36,759 $ 28,567
======== ========
Income taxes ........................................................ $ 3,507 $(19,553)
======== ========
See accompanying unaudited notes to consolidated financial statements.
Page 7 of 15
8
JEFFERIES GROUP, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
CONSOLIDATED FINANCIAL STATEMENTS
The accompanying consolidated financial statements include the accounts of
Jefferies Group, Inc. ("Group") and all its subsidiaries ("Company"), including
Jefferies & Company, Inc. ("JEFCO"). The accounts of W & D Securities, Inc. ("W
& D") are consolidated because of the nature and extent of Group's ownership
interest in W & D. The Company and its subsidiaries operate and are managed as a
single business segment, that of a securities broker-dealer, which includes
several types of financial services, such as principal and agency transactions
in equity, convertible debt and high yield, as well as corporate finance
activities. Since the Company's services are provided using the same
distribution channels, support services and facilities and all are provided to
meet client needs, the Company does not identify assets or allocate all expenses
to any service, or class of service as a separate business segment.
All significant intercompany accounts and transactions are eliminated in
consolidation. The consolidated financial statements reflect all adjustments,
which are, in the opinion of management, necessary for the fair statement of the
results for the interim periods and should be read in conjunction with the
Company's annual report for the year ended December 31, 2000.
SECURITIES TRANSACTIONS
All transactions in securities, commission revenues and related expenses
are recorded on a trade-date basis.
Securities owned and securities sold, not yet purchased, are valued at
market, and unrealized gains or losses are reflected in revenues from principal
transactions.
RECLASSIFICATIONS
Certain reclassifications have been made to the prior period's amounts to
conform to the current period's presentation.
RECEIVABLE FROM, AND PAYABLE TO, BROKERS AND DEALERS
Receivable from and payable to brokers and dealers consists of the
following as of March 30, 2001 (in thousands of dollars):
Receivable from brokers and dealers:
Securities borrowed ............................. $4,070,966
Securities purchased under agreements to resell . 430,499
Other ........................................... 161,875
----------
$4,663,340
==========
Payable to brokers and dealers:
Securities loaned ............................... $3,935,005
Securities sold under agreements to repurchase .. 430,499
Other ........................................... 49,996
----------
$4,415,500
==========
Page 8 of 15
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JEFFERIES GROUP, INC. AND SUBSIDIARIES
SECURITIES OWNED, SECURITIES PLEDGED TO CREDITORS AND SECURITIES SOLD, NOT YET
PURCHASED
The following is a summary of the market value of major categories of
securities owned and securities sold, not yet purchased, as of March 30, 2001
(in thousands of dollars):
Securities
Sold,
Securities Not Yet
Owned Purchased
------------ -----------
Corporate equity securities................. $107,158 $137,746
High-yield securities ...................... 67,408 3,619
Corporate debt securities .................. 35,625 4,715
Options .................................... 546 142
-------- --------
$210,737 $146,222
======== ========
The following is a summary of the market value of major categories of
securities pledged to creditors as of March 30, 2001 (in thousands of dollars):
Securities
Pledged
To Creditors
------------
Corporate equity securities.......................... $ 50,287
High yield securities................................ 12,585
Corporate debt securities............................ 20,026
-----------
$ 82,898
===========
INVESTMENTS
Investments consist of the following as of March 30, 2001 (in thousands of
dollars):
Debt and equity investments.......................... $ 18,274
Partnership interests................................ 53,944
Equity and debt interests in affiliates.............. 77,139
---------
$ 149,357
=========
CASH AND CASH EQUIVALENTS
Cash and cash equivalents include cash in banks and short term investments.
Cash equivalents are part of the cash management activities of the Company and
generally mature within 90 days. The following is a summary of cash and cash
equivalents as of March 30, 2001 (in thousands of dollars):
Cash in banks........................................ $ 15,124
Short term investments............................... 39,222
---------
$ 54,346
=========
Page 9 of 15
10
JEFFERIES GROUP, INC. AND SUBSIDIARIES
EARNINGS PER SHARE
The following is a reconciliation of the numerators and denominators of the
basic and diluted earnings per share computations for the three month periods
ended March 30, 2001 and March 31, 2000 (in thousands, except per share
amounts):
Three Months Ended
-------------------------
March 30, March 31,
2001 2000
--------- ---------
Net earnings ........................................ $15,684 $15,024
------- -------
Shares for basic and diluted calculations:
Average shares used in basic computation ............ 24,039 23,998
Stock options ....................................... 420 168
Restricted stock .................................... 602 66
------- -------
Average shares used in diluted computation........... 25,061 24,232
======= =======
Earnings per share:
Basic ............................................... $ 0.65 $ 0.63
======= =======
Diluted ............................................. $ 0.63 $ 0.62
======= =======
ASSET MANAGEMENT
The following summarizes revenues from asset management for the three month
periods ended March 30, 2001 and March 31, 2000 (in thousands of dollars):
Three Months Ended
--------------------------
March 30, March 31,
2001 2000
--------- ---------
HIGH YIELD (HY)
Performance based ...................... $3,386 $1,501
Asset based ............................ 500 78
NON-HY EMPLOYEE FUNDS
Asset based ............................ 81 --
INTERNATIONAL .......................... 762 515
------ ------
Total .................................. $4,729 $2,094
====== ======
OTHER COMPREHENSIVE LOSS
The following summarizes other comprehensive income and accumulated other
comprehensive income at March 30, 2001 and for the three months then ended (in
thousands of dollars):
Before-Tax Income Tax Net-of-Tax
Amount or Benefit Amount
---------- --------------- ------------
Currency translation adjustments ......... $(2,426) $ -- $(2,426)
Minimum pension liability adjustment...... -- -- --
------- -------------- -------
Other comprehensive loss ................. $(2,426) $ -- $(2,426)
======= ============== =======
Page 10 of 15
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JEFFERIES GROUP, INC. AND SUBSIDIARIES
Minimum Accumulated
Currency Pension Other
Translation Liability Comprehensive
Adjustments Adjustment Income (Loss)
----------- ---------- ------------
Beginning at December 31, 2000................. $ (885) $(1,138) $(2,023)
Change in first quarter of 2001................ (2,426) -- (2,426)
------- ------- -------
Ending at March 30, 2001 ...................... $(3,311) $(1,138) $(4,499)
======= ======= =======
The following summarizes other comprehensive income and accumulated other
comprehensive income at March 31, 2000 and for the three months then ended (in
thousands of dollars):
Before-Tax Income Tax Net-of-Tax
Amount or Benefit Amount
---------- -------------- ----------
Currency translation adjustments ........... $(166) $ -- $(166)
Minimum pension liability adjustment........ -- -- --
----- -------------- -----
Other comprehensive loss ................... $(166) $ -- $(166)
===== ============== =====
Minimum Accumulated
Currency Pension Other
Translation Liability Comprehensive
Adjustments Adjustment Income (Loss)
---------- --------- ----------
Beginning at December 31, 1999............. $ 236 $(183) $ 53
Change in first quarter of 2000............ (166) -- (166)
----- ----- -----
Ending at March 31, 2000 .................. $ 70 $(183) $(113)
===== ===== =====
Comprehensive income for the three months ended March 30, 2001 and March
31, 2000 was as follows:
March 30, March 31,
2001 2000
--------- ---------
Net earnings .................................. $ 15,684 $ 15,024
Other comprehensive loss....................... (2,426) (166)
-------- --------
Comprehensive income .......................... $ 13,258 $ 14,858
======== ========
NET CAPITAL REQUIREMENTS
As registered broker-dealers, JEFCO and W & D are subject to the Securities
and Exchange Commission's Uniform Net Capital Rule (Rule 15c3-1), which requires
the maintenance of minimum net capital. JEFCO and W & D have elected to use the
alternative method permitted by the Rule, which requires that they each maintain
minimum net capital, as defined, equal to the greater of $250,000 or 2% of the
aggregate debit balances arising from customer transactions, as defined.
Net capital changes from day to day, but as of March 30, 2001, JEFCO's and
W & D's net capital was $68.3 million and $2.4 million, respectively, which
exceeded minimum net capital requirements by $64.4 million and $2.1 million,
respectively.
Page 11 of 15
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JEFFERIES GROUP, INC. AND SUBSIDIARIES
QUARTERLY DIVIDENDS
In 1988, the Company instituted a policy of paying regular quarterly
dividends. There are no restrictions on the Company's present ability to pay
dividends on common stock, other than the governing provisions of the Delaware
General Corporation Law.
Dividends per Common Share (declared and paid):
1st Qtr.
--------
2001.................................. $.05
2000.................................. $.05
OFF-BALANCE SHEET RISK
In the normal course of business, the Company had letters of credit
outstanding aggregating $33.0 million at March 30, 2001, to satisfy various
collateral requirements in lieu of depositing cash or securities.
SEGMENT REPORTING
The company's operations have been classified into a single business
segment, a securities broker-dealer, which includes several types of financial
services. This segment includes the traditional securities brokerage and
investment banking activities of the Company. The Company's business is
predominantly in the United States with less than 10% of revenues and 2% of
assets attributable to international operations.
Page 12 of 15
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JEFFERIES GROUP, INC. AND SUBSIDIARIES
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
ANALYSIS OF FINANCIAL CONDITION
Total assets increased $1,759.2 million from $3,957.9 million at December
31, 2000 to $5,717.1 million at March 30, 2001. The increase in assets is mostly
due to an increase in the balances associated with JEFCO's securities borrowed
and loaned matched book business.
FIRST QUARTER 2001 VERSUS FIRST QUARTER 2000
Revenues, net of interest expense, increased 8% to $176.9 million, compared
to $163.7 million for the first quarter of 2000. The increase was due primarily
to a $7.4 million, or 9%, increase in principal transactions, a $2.6 million, or
126%, increase in asset management, a $2.0 million, or 3%, increase in
commissions, a $1.8 million, or 12%, increase in corporate finance, and a
$551,000, or 8%, increase in net interest income (interest revenues less
interest expense), partially offset by a $1.1 million, or 64%, decrease in other
income. Commissions and principal transactions revenue increased mostly due to
the Equities, High Yield and Convertibles Divisions. Corporate finance revenues
increased due mostly to an increase in advisory fees. Net interest income was up
mostly due to increased securities borrowed and loaned matched book business.
Asset management increased due to more assets under management and greater
profitability. Other income decreased mostly due to a decrease in correspondent
income.
Total non-interest expenses increased 9% to $149.8 million, compared to
$137.5 million for the first quarter of 2000. Compensation and benefits
increased $6.8 million, or 7%, mostly due to an increase in incentive based
compensation accruals, as well as increased headcount. Other expense increased
$3.1 million or 53%, largely due to higher legal expense. Floor brokerage and
clearing fees increased $1.4 million, or 15%, due to increased volume of
business executed on the various exchanges. Occupancy and equipment rental
increased $932,000, or 20%, mostly due to office expansion. Travel and
promotional increased $807,000, or 17%, largely due to an increase in business
travel. Communications were decreased $774,000 or 6%, mostly due to a reduction
in technology consulting expense.
Earnings before income taxes were up 4% to $27.1 million, compared to $26.2
million for the same prior year period. The effective tax rate was approximately
42.2% for the first quarter of 2001 compared to 42.7% for the first quarter of
2000. Net earnings were up $660,000 to $15.7 million, compared to $15.0 million
for the same prior year period.
Basic net earnings per share were $0.65 for the first quarter of 2001 on
24,039,000 shares compared to $0.63 in the 2000 period on 23,998,000 shares.
Diluted net earnings per share were $0.63 for the first quarter of 2001 on
25,061,000 shares compared to $0.62 in the comparable 2000 period on 24,232,000
shares.
Page 13 of 15
14
JEFFERIES GROUP, INC. AND SUBSIDIARIES
REVENUES BY SOURCE
The following provides a breakdown of total revenues by source for the
three months ended March 30, 2001 and March 31, 2000.
Three Months Ended
-----------------------------------------------------
March 30, 2001 March 31, 2000
------------------------ -------------------------
% of % of
Total Total
Amount Revenues Amount Revenues
------ -------- ------ --------
(Dollars in thousands)
Commissions and principal transactions:
Equities .......................... $101,031 48% $ 92,109 47%
International ..................... 19,440 9 24,753 13
High Yield ........................ 16,182 8 12,688 6
Convertible ....................... 10,386 5 6,982 4
Other proprietary trading ......... 335 -- 1,431 1
-------- -------- -------- --------
Total ............................. 147,374 70 137,963 71
Corporate finance ..................... 17,012 8 15,217 8
Interest .............................. 39,944 19 37,689 19
Asset management ...................... 4,729 2 2,094 1
Other ................................. 649 1 1,797 1
-------- -------- -------- --------
Total revenues .................... $209,708 100% $194,760 100%
======== ======== ======== ========
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Many aspects of the Company's business involve substantial risks of
liability. In the normal course of business, the Company and its subsidiaries
have been named as defendants or co-defendants in lawsuits involving primarily
claims for damages. The Company's management believes that pending litigation
will not have a material adverse effect on the Company.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(b) Reports on Form 8-K.
None.
Page 14 of 15
15
JEFFERIES GROUP, INC. AND SUBSIDIARIES
SIGNATURE
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.
JEFFERIES GROUP, INC.
--------------------------
(Registrant)
Date: May 11, 2001 By: /s/ Joseph A. Schenk
------------------ --------------------------------
Joseph A. Schenk
Chief Financial Officer
Page 15 of 15