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© St. Petersburg Times, published April 16, 2003
ST. PETERSBURG -- The stock market's continuing woes dragged down earnings at Raymond James Financial Inc. last quarter, the financial services company said Tuesday.
Net income fell 19 percent, to $15.2-million, or 31 cents per share, for the fiscal first quarter ended March 28. That's down from $18.8-million, or 38 cents a share, for the same period a year ago. Revenues dropped 8 percent, from $380.3-million to $350.5-million.
Profits from investment banking revenues fell. Raymond James was lead manager or co-manager on only four offerings during the quarter compared to nine for the same period a year ago. Investment advisory fees also fell, along with assets under management, which were $16.3-billion at the end of the quarter, down from $17.5-billion.
Despite the downturn, Raymond James is increasing its sales force. The St. Petersburg company had 5,050 retail advisers at quarter's end, up from 4,831 a year earlier.
"We are poised to participate in a better market environment," said chairman Thomas James, who added he expects conditions will improve by the end of the year.