1-9109
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59-1517485
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(Commission
File Number)
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(IRS
Employer Identification No.)
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RAYMOND
JAMES FINANCIAL, INC.
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Date:
July 18, 2005
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By:
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/s/ Thomas A. James
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Thomas
A. James,
Chairman
and Chief Executive Officer
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By:
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/s/ Jeffrey P. Julien
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Jeffrey
P. Julien
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Senior
Vice President - Finance
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and
Chief Financial Officer
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Raymond
James Financial, Inc.
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|||||||||||
Unaudited
Report
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|||||||||||
For
the third quarter ended June 24, 2005
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|||||||||||
(all
data in thousands, except per share earnings)
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|||||||||||
Third
Quarter
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Nine
Months
|
||||||||||
2005
|
2004
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Percent
Change
|
2005
|
2004
|
Percent
Change
|
||||||
Revenues
|
$526,362
|
$451,535
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17%
|
$1,563,066
|
$1,367,568
|
14%
|
|||||
Net
Revenues
|
493,544
|
440,111
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12%
|
1,475,647
|
1,334,547
|
11%
|
|||||
Net
Income
|
32,382
|
29,613
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9%
|
106,322
|
96,912
|
10%
|
|||||
Earnings
Per Share - Diluted
|
0.43
|
0.40
|
1.41
|
1.30
|
|||||||
Average
Shares
|
|||||||||||
Outstanding
- Diluted
|
75,588
|
74,560
|
75,493
|
74,353
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Balance
Sheet Data
|
|||||||
June
|
March
|
September
|
June
|
||||
2005
|
2005
|
2004
|
2004
|
||||
Total
Assets
|
$7.8
bil.
|
$7.9
bil.
|
$
7.6 bil.
|
$7.3
bil.
|
|||
Shareholders’
Equity
|
$1,192
mil.
|
$1,160
mil.
|
$1,065
mil.
|
$1,033
mil.
|
|||
Book
Value Per Share
|
$15.82
|
$15.44
|
$14.42
|
$14.01
|
|||
Management
Data
|
|||||||
June
|
March
|
September
|
June
|
||||
2005
|
2005
|
2004
|
2004
|
||||
Total
Financial Advisors*
|
|||||||
United
States
|
4,537
|
4,488
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4,539
|
4,633
|
|||
Canada
|
282
|
279
|
274
|
261
|
|||
#
Lead Managed/Co-Managed
Public
Offerings in United States
|
20
|
20
|
25
|
22
|
|||
Financial
Assets Under Management
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$26.2
bil.
|
$25.4
bil.
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$
22.3 bil.
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$22.1
bil.
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June
|
March
|
September
|
June
|
||||
2005
|
2005
|
2004
|
2004
|
||||
Client
Assets
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$
142 bil.
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$
136 bil.
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$
124 bil.
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$109
bil.
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|||
Client
Margin Balances
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$1,214
mil.
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$1,190
mil.
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$1,173
mil.
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$1,129
mil.
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|||
Client
Trade Volume
|
1,884,000
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1,993,000
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1,680,000
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1,739,000
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#
of Client Accounts
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1,363,000
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1,347,000
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1,321,000
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1,340,000
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Segment
Data
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|||||||
Three
Months Ended
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Nine
Months Ended
|
||||||
June
24,
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June
25,
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June
24,
|
June
25,
|
||||
2005
|
2004
|
2005
|
2004
|
||||
Revenues:
|
|||||||
Private
Client Group
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$
341,559
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$311,509
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$
1,019,478
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$
925,728
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|||
Capital
Markets
|
106,134
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89,151
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326,817
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294,004
|
|||
Asset
Management
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43,139
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36,956
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125,661
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109,137
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|||
Raymond
James Bank
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12,243
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7,099
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31,046
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20,554
|
|||
Other
|
23,287
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6,820
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60,064
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18,145
|
|||
Total
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$
526,362
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$451,535
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$1,563,066
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$1,367,568
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Pre-tax
Income:
|
|||||||
Private
Client Group
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$
17,879
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$
27,835
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$
81,634
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$
90,122
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|||
Capital
Markets
|
15,229
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10,197
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45,482
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37,822
|
|||
Asset
Management
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10,292
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7,485
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29,107
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21,385
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|||
Raymond
James Bank
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3,379
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2,775
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9,457
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7,038
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|||
Other
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4,697
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(577)
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8,730
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(2,790)
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|||
Total
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$
51,476
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$
47,715
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$174,410
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$153,577
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CONSOLIDATED
STATEMENT OF OPERATIONS
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|||||||||
(UNAUDITED)
|
|||||||||
Quarter-to-Date
|
|||||||||
(in
thousands, except per share amounts)
|
|||||||||
Three
Months Ended
|
|
|
|
|
|
|
|||
June
24
|
June
25,
|
%
|
March
24
|
%
|
|||||
2005
|
2004
|
Change
|
2005
|
Change
|
|||||
Revenues:
|
|||||||||
Securities
commissions and fees
|
$349,364
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$
326,701
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7%
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$341,373
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2%
|
||||
Investment
banking
|
30,544
|
17,226
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77%
|
28,387
|
8%
|
||||
Investment
advisory fees
|
38,674
|
33,517
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15%
|
39,106
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-1%
|
||||
Interest
|
66,354
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33,271
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99%
|
57,392
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16%
|
||||
Net
trading profits
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2,722
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5,031
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-46%
|
7,445
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-63%
|
||||
Financial
service fees
|
20,507
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20,852
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-2%
|
21,748
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-6%
|
||||
Other
|
18,197
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14,937
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22%
|
16,876
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8%
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||||
TOTAL
REVENUES
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526,362
|
451,535
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17%
|
512,327
|
3%
|
||||
Interest
Expense
|
32,818
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11,424
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187%
|
29,209
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12%
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||||
NET
REVENUES
|
493,544
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440,111
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12%
|
483,118
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2%
|
||||
Non-Interest
Expenses
|
|||||||||
Compensation,
commissions and benefits
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348,361
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319,962
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9%
|
342,492
|
2%
|
||||
Communications
and information processing
|
23,948
|
20,425
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17%
|
22,059
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9%
|
||||
Occupancy
and equipment costs
|
16,695
|
14,913
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12%
|
15,822
|
6%
|
||||
Clearance
and floor brokerage
|
6,769
|
5,094
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33%
|
5,779
|
17%
|
||||
Business
development
|
17,057
|
15,398
|
11%
|
15,501
|
10%
|
||||
Other
|
29,750
|
16,561
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80%
|
22,235
|
34%
|
||||
TOTAL
NON-INTEREST EXPENSES
|
442,580
|
392,353
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13%
|
423,888
|
4%
|
||||
Income
before provision for income taxes
|
50,964
|
47,758
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7%
|
59,230
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-14%
|
||||
Provision
for income taxes
|
19,094
|
18,101
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5%
|
23,431
|
-19%
|
||||
Minority
Interest
|
-512
|
44
|
1,102
|
||||||
Net
income
|
$
32,382
|
29,613
|
9%
|
$
34,697
|
-7%
|
||||
Net
income per share basic
|
$
0.44
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$
0.40
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$
0.47
|
||||||
Net
income per share diluted
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$
0.43
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$
0.40
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$
0.46
|
||||||
Weighted
average common shares
|
|||||||||
outstanding-basic
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73,663
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73,592
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74,874
|
||||||
Weighted
average common and common
|
|||||||||
equivalent
shares outstanding-diluted
|
75,588
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74,560
|
76,305
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RAYMOND
JAMES FINANCIAL, INC. AND SUBSIDIARIES
|
|||||||
CONSOLIDATED
STATEMENT OF OPERATIONS
|
|||||||
(UNAUDITED)
|
|||||||
Year-to-Date
|
|||||||
(in
thousands, except per share amounts)
|
|||||||
Nine
Months Ended
|
|||||||
June
24,
|
June
25,
|
%
|
|||||
2005
|
2004
|
Change
|
|||||
Revenues:
|
|||||||
Securities
commissions and fees
|
$1,048,206
|
$
982,030
|
7%
|
||||
Investment
banking
|
87,436
|
69,017
|
27%
|
||||
Investment
advisory fees
|
115,233
|
99,934
|
15%
|
||||
Interest
|
178,161
|
96,001
|
86%
|
||||
Net
trading profits
|
19,919
|
16,323
|
22%
|
||||
Financial
service fees
|
64,665
|
61,126
|
6%
|
||||
Other
|
49,446
|
43,137
|
15%
|
||||
TOTAL
REVENUES
|
1,563,066
|
1,367,568
|
14%
|
||||
Interest
Expense
|
87,419
|
33,021
|
165%
|
||||
NET
REVENUES
|
1,475,647
|
1,334,547
|
11%
|
||||
Non-Interest
Expenses
|
|||||||
Compensation,
commissions and benefits
|
1,039,762
|
961,993
|
8%
|
||||
Communications
and information processing
|
67,205
|
60,975
|
10%
|
||||
Occupancy
and equipment costs
|
48,570
|
45,435
|
7%
|
||||
Clearance
and floor brokerage
|
18,014
|
15,466
|
16%
|
||||
Business
development
|
47,303
|
42,194
|
12%
|
||||
Other
|
78,205
|
53,680
|
46%
|
||||
TOTAL
NON-INTEREST EXPENSES
|
1,299,059
|
1,179,743
|
10%
|
||||
Income
before provision for income taxes
|
176,588
|
154,804
|
14%
|
||||
Provision
for income taxes
|
68,088
|
56,665
|
20%
|
||||
Minority
Interest
|
2,178
|
1,227
|
78%
|
||||
Net
income
|
$
106,322
|
$
96,912
|
10%
|
||||
Net
income per share basic
|
$
1.45
|
$
1.32
|
|||||
Net
income per share diluted
|
$
1.41
|
$
1.30
|
|||||
Weighted
average common shares
|
|||||||
outstanding-basic
|
73,320
|
73,275
|
|||||
Weighted
average common and common
|
|||||||
equivalent
shares outstanding-diluted
|
75,493
|
74,353
|
|||||