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) July 13, 2004
                                                 ..............

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 July 13, 2004, containing unaudited financial results for the quarter ended June 25, 2004.

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 99.1to this report, which is hereby incorporated herein by reference.

The press release included instructions as to how and when to access the Company's complementary quarterly conference call that was available to all interested persons telephonically and by webcast through the Company's website.

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.

 

 

      July 13, 2004 
        (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. 0704-02

July 13, 2004                       FOR IMMEDIATE RELEASE

RAYMOND JAMES FINANCIAL, INC.

REPORTS THIRD QUARTER RESULTS

ST. PETERSBURG, Fla. -- Raymond James Financial, Inc. today reported a 26 percent increase in unaudited net income to $29,613,000, or $0.40 per diluted share, for the third quarter ended June 25 on a 16 percent increase in net revenues of $440,111,000. This compares to net income of $23,562,000, or $0.32 per diluted share, on net revenues of $377,991,000, for fiscal 2003's third quarter.

Unaudited net income for the first nine months of fiscal 2004 was reported at $96,912,000, up 82 percent from 2003's $53,183,000, while net revenues for the period increased 27 percent to $1,334,547,000 from $1,049,204,000 the previous year. Diluted earnings per share were $1.30 versus $0.72 for last year's comparable period.

All per share amounts have been restated to reflect the effect of the March 2004 three-for-two stock split.

"Although the results of the third quarter were not as impressive as the record levels achieved in the immediately preceding quarter, they substantially surpassed last year's comparable quarter, even though the market began its resurgence in that period. Net revenues increased 16 percent driving a 26 percent increase in net income. Except for trading revenues, which declined due to a more difficult environment for fixed income, and flat net interest income, all revenue categories contributed double-digit gains," stated Thomas A. James, chairman of the board

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Page 2                              RAYMOND JAMES FINANCIAL, INC.

Rel. No. 0704-02

and chief executive officer.

"One should not lose sight of the remarkable 82 percent increase in net income for the nine-month period ended in June, based on a 27 percent increment in net revenues," he continued. "These outstanding comparisons demonstrate the power of operating leverage as revenues began to grow again after three years of static results.

"Against the incongruous background of increasing corporate profits and rising interest rates, I do not expect much change in retail transaction volume but investment banking and investment advisory revenue are still robust, auguring for a respectable fourth quarter," he concluded.

The company will conduct its quarterly conference call July 13 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 Our Company," "Financials."

Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three wholly owned broker/dealers, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd. have more than 5,200 financial advisors serving 1.3 million accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are currently over $100 billion, of which more than $22 billion are managed by the firm's asset management subsidiaries.

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Page 3                              RAYMOND JAMES FINANCIAL, INC.

Rel. No. 0704-02

Raymond James Financial, Inc.

Unaudited Report

For the third quarter ended June 25, 2004

(all data in thousands, except per share earnings)

                       
 

               Third Quarter                 

 

              Nine Months                    

 

    2004   

 

    2003   

 

% Change

 

    2004   

 

    2003   

 

% Change

Revenues

$451,535  

 

$389,767  

 

16%   

 

$1,367,568   

 

$1,084,871   

 

26%   

Net revenues

  440,111  

 

377,991  

 

16%   

 

1,334,547   

 

1,049,204   

 

27%   

Net income

29,613  

 

23,562  

 

26%   

 

96,912   

 

53,183   

 

82%   

                       

Net income per

                     

  share - diluted

0.40  

 

0.32  

 

25%   

 

1.30   

 

0.72   

 

81%   

Average shares

                     

  outstanding - diluted

74,560  

 

73,365  

     

74,353   

 

73,385   

   
                       

 

Balance Sheet Data

               
 

June

 

March

 

Sept.

 

June

 

      2004      

 

      2004      

 

      2003      

 

      2003      

Total assets

$    7.3 bil.  

 

$    7.4 bil.  

 

$   6.9 bil.

 

$  7.0 bil.

Shareholders' equity

$ 1,033 mil.  

 

$ 1,003 mil.  

 

$ 925 mil.

 

$ 889 mil.

Book value per share

$     14.01  

 

$     13.64  

 

$   12.71

 

$   12.20

               
 

Management Data

               
 

June

 

March

 

Sept.

 

June

 

      2004      

 

      2004      

 

      2003      

 

      2003      

Total financial advisors:

             

     United States

4,824  

 

4,824  

 

4,770

 

4,782

     Canada

261  

 

243  

 

226

 

217

               

# Lead managed/co-managed

   Public offerings in U.S.

22  

 

26  

 

27

 

18

   Public offerings in                          

Canada

5  

 

7  

 

7

 

3

Financial assets under management

$22.1 bil.  

 

$21.8 bil.  

 

$19.2 bil.

 

$18.1 bil.

 

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Page 4                              RAYMOND JAMES FINANCIAL, INC.

Rel. No. 0704-02

               
 

June

 

March

 

Sept.

 

June

 

2004

 

2004

 

2003

 

2003

               

Client assets

$109 bil.

 

$107 bil.

 

$96 bil.

 

$94 bil.

Client margin balances

$1,129 mil.

 

$1,074 mil.

 

955 mil.

 

$947 mil.

Client trade volume

1,739,000

 

1,995,000

 

1,587,000

 

1,630,000

# of client accounts

1,340,000

 

1,314,000

 

1,210,000

 

1,286,000

 

Segment Data

 
 

Third Quarter

 

Nine Months

 
 

2004

 

2003

 

% Change

 

2004

 

2003

 

%  Change

 

Revenues:

                       

Private Client Group

$311,509 

 

$263,096 

 

18% 

 

$925,728 

 

$724,699 

 

28% 

 

Capital Markets

89,151 

 

85,132 

 

5% 

 

294,004 

 

232,724 

 

26% 

 

Asset Management

36,956 

 

30,278 

 

22% 

 

109,137 

 

89,411 

 

22% 

 

RJ Bank

7,099 

 

6,890 

 

3% 

 

20,554 

 

21,877 

 

(6%)

 

Other

6,820 

 

4,371 

 

56% 

 

18,145 

 

16,160 

 

12% 

 

Total

$451,535

 

$389,767 

 

16% 

 

$1,367,568 

 

$1,084,871 

 

26% 

 
     

Pre-tax income:

                       

Private Client Group

$27,835 

 

$22,498 

 

24% 

 

$90,122 

 

$50,371 

 

79% 

 

Capital Markets

10,197 

 

10,872 

 

(6%)

 

37,822 

 

18,667 

 

103% 

 

Asset Management

7,485 

 

4,332 

 

73% 

 

21,385 

 

12,443 

 

72% 

 

RJ Bank

2,775 

 

2,704 

 

3% 

 

7,038 

 

7,739 

 

(9%) 

 

Other

(578)

 

(2,262)

 

74% 

 

(2,790)

 

(3,441)

 

19% 

 

Total

47,714 

 

$38,144 

 

25% 

 

$153,577 

 

$85,779 

 

79% 

 

For additional information, contact

Mike White at 727-567-2824.

Please visit the Raymond James Press Center at 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

 

 

 

 

 

 

     

June 25,

 

June 27,

 

%

 

March 26,

 

%

     

2004

 

2003

 

change

 

2004

 

Change

Revenues:

                   
 

Securities commissions and fees

 

  $            326,701 

 

  $   279,929

 

17% 

 

  $   352,039

 

(7%)

 

Investment  banking

 

                 17,226

 

        12,224

 

41% 

 

        32,065

 

(46%)

 

Investment advisory fees

 

                 33,517

 

        27,829

 

20% 

 

        34,460

 

(3%)

 

Interest

 

                 33,271

 

        32,364

 

3% 

 

        31,575

 

5% 

 

Net trading profits

 

                   5,031

 

         8,491

 

(41%)

 

         4,512

 

12% 

 

Financial service fees

 

                 20,852

 

        18,910

 

10% 

 

        21,571

 

(3%)

 

Other

 

                 14,937

 

        10,020

 

49% 

 

        15,151

 

(1%)

                       

TOTAL REVENUES

 

               451,535

 

      389,767

 

16% 

 

      491,373

 

(8%)

 

Interest expense

 

                 11,424

 

        11,776

 

(3%)

 

        10,925

 

5% 

NET REVENUES

 

               440,111

 

      377,991

 

16% 

 

      480,448

 

(8%)

                       
                       

Non-Interest expenses

                   
 

Compensation, commissions and benefits

 

               319,962

 

      270,308

 

18% 

 

      341,370

 

(6%)

 

Communications and information processing

 

                 20,425

 

        19,196

 

6% 

 

        21,354

 

(4%)

 

Occupancy and equipment costs

 

                 14,913

 

        14,811

 

1% 

 

        15,229

 

(2%)

 

Clearance and floor brokerage

 

                    5,094

 

         5,187

 

(2%)

 

         5,320

 

(4%)

 

Business development

 

                 15,398

 

        13,424

 

15% 

 

        13,854

 

11% 

 

Other

 

                 16,605

 

         16,921

 

(2%)

 

        16,414

 

1% 

     

 

 

 

 

 

 

 

 

 

TOTAL NON-INTEREST EXPENSES

 

               392,397

 

      339,847

 

15% 

 

      413,541

 

(5%)

                       
 

Income before provision for income taxes

 

                 47,714

 

        38,144

 

25% 

 

        66,907

 

(29%)

Provision for income taxes

 

                 18,101

 

        14,582

 

24% 

 

        23,839

 

(24%)

Net Income

 

  $              29,613

 

  $     23,562

 

26% 

 

  $     43,068

 

(31%)

Net Income per share basic

 

  $                  0.40

 

  $        0.33

 

21% 

 

  $        0.59

 

(32%)

Net Income per share diluted

 

  $                  0.40

 

  $        0.32

 

25% 

 

  $        0.58

 

(31%)

Weighted average common shares

 

 

               

    Outstanding-basic

 

                 73,592

 

        72,789

     

        73,352

   

Weighted average common and common

                   

    equivalent shares outstanding-diluted

 

                 74,560

 

        73,365

     

        74,395

   






RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES

 

CONSOLIDATED STATEMENT OF OPERATIONS

 

(UNAUDITED)

 

Year-to-Date

 

(in thousands, except per share amounts)

           
     

Nine Months Ended

 

 

     

June 25,

 

June 27,

 

%

     

2004

 

2003

 

change

Revenues:

           
 

Securities commissions and fees

 

$       982,030

 

  $     765,334

 

28% 

 

Investment  banking

 

           69,017

 

          37,171

 

86% 

 

Investment advisory fees

 

           99,934

 

          81,344

 

23% 

 

Interest

 

           96,001

 

          98,010

 

(2%)

 

Net trading profits

 

           16,323

 

          17,654

 

(8%)

 

Financial service fees

 

           61,126

 

          49,999

 

22% 

 

Other

 

           43,137

 

          35,359

 

22% 

               

TOTAL REVENUES

 

       1,367,568

 

     1,084,871

 

26% 

 

Interest expense

 

            33,021

 

          35,667

 

(7%)

NET REVENUES

 

       1,334,547

 

     1,049,204

 

27% 

               
               

Non-Interest expenses

           
 

Compensation, commissions and benefits

 

         961,993

 

        754,125

 

28% 

 

Communications and information processing

           60,975

 

          58,004

 

5% 

 

Occupancy and equipment costs

 

           45,435

 

          45,402

 

0% 

 

Clearance and floor brokerage

 

           15,466

 

          12,864

 

20% 

 

Business development

 

           42,194

 

          36,885

 

14% 

 

Other

 

           54,907

 

          56,145

 

(2%)

     

 

 

 

 

 

TOTAL NON-INTEREST EXPENSES

 

       1,180,970

 

        963,425

 

23% 

               
 

Income before provision for income taxes

 

         153,577

 

          85,779

 

79% 

Provision for income taxes

 

           56,665

 

          32,596

 

74% 

Net income

 

  $        96,912

 

  $       53,183

 

82% 

Net income per share basic

 

  $            1.32

 

  $           0.73

 

81% 

Net income per share diluted

 

  $            1.30

 

  $           0.72

 

81% 

Weighted average common shares

           

    Outstanding-basic

 

           73,275

 

          72,878

   

Weighted average common and common

           

    equivalent shares outstanding-diluted

 

           74,353

 

          73,385