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UNITED STATES
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) |
October 21, 2004 |
LEGG MASON, INC. |
(Exact name of registrant as specified in its charter) |
Maryland |
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1-8529 |
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52-1200960 |
(State or Other Jurisdiction |
(Commission File |
(IRS Employer |
100 Light Street, Baltimore, Maryland |
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21202 |
(Address of principal executive offices) |
(Zip Code) |
Registrant's telephone number, including area code: |
(410) 539-0000 |
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Not Applicable |
(Former name or former address if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02 |
Results of Operations and Financial Condition. |
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On October 21, 2004, Legg Mason, Inc. announced its results of operations for the quarter and six months ended September 30, 2004. A copy of the related press release is attached hereto as Exhibit 99. |
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The information in this Form 8-K and the Exhibit attached hereto shall not be deemed "filed" for purposes of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing. |
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Item 9.01 |
Financial Statements and Exhibits. |
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(c) |
Exhibits |
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Exhibit No. |
Subject Matter |
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99 |
Press release of Legg Mason, Inc. dated October 21, 2004 |
2
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 hereunto duly authorized. |
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LEGG MASON, INC. |
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(Registrant) |
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Date: October 21, 2004 |
By: |
/s/ Robert F. Price |
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Robert F. Price |
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Senior Vice President, Secretary |
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and General Counsel |
3
LEGG MASON, INC.
EXHIBIT INDEX
Exhibit No. |
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Subject Matter |
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99 |
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Press Release of Legg Mason, Inc. dated October 21, 2004. |
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Exhibit 99
For immediate release |
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For information contact: |
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F. Barry Bilson |
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(410) 539-0000 |
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www.leggmason.com |
LEGG MASON ANNOUNCES SEPTEMBER QUARTER RESULTS
Earnings per Share $0.81, up 31%;
Assets Under Management up $74 Billion, or 31%, to $311 Billion
Baltimore, Maryland - October 21, 2004 -- Legg Mason, Inc. (NYSE: LM) today reported that the firm's revenues, earnings per share and assets under management in the September 2004 quarter were the highest in the firm's history; investment advisory and related fees also set a new firm record:
All share and earnings per share numbers have been restated for the 3-for-2 stock split effective September 24, 2004.
Commenting on the results, Raymond A. "Chip" Mason, chairman and CEO, said:
"Naturally we're delighted to be able to report these results in what has been a somewhat challenging market environment this past quarter.
"Our continued growth in assets under management -- up $74 billion in the last year and up $15 billion in the last three months -- has provided the key underpinning to these results. This asset growth translated into a 40% increase in our investment advisory and related fees in the last year and a 7% increase in the last quarter.
"The continuing momentum we have seen in our assets under management, both the aggregate amount of assets and the positive flows, has been our primary strength. As we have witnessed in the past, increasing our assets under management should bode well for our future revenues and profits."
LEGG MASON, INC.
News Release - October 21, 2004
Page 2
Consolidated Results for the Quarter
Investment advisory and related fees for the quarter ended September 30, 2004 set a new record this quarter, up 40% from the year ago quarter and up 7% from June, the prior record. These results were primarily due to an increase in revenues at Private Capital Management, Western Asset, Legg Mason Capital Management1 and Royce, and to increased fee-based brokerage revenues in our Private Client Group. Investment advisory and related fees represented 69% of the firm's consolidated net revenues in the current quarter, up from 62% a year ago.
Revenues from retail and institutional securities brokerage, which includes commissions and principal transaction revenues, totaled $122.9 million, down 2% from a year ago. Commission revenues declined by 1%, as a decline in over-the-counter agency commissions more than offset increases in non-proprietary mutual fund and listed commissions. Commissions represented 15% of the firm's consolidated net revenues in the current quarter, down from 18% a year ago. Principal transaction revenues were down 3%, as increases in over-the-counter and European markets and institutional taxable fixed income transactions were more than offset by a decline in retail fixed income volume.
Investment banking revenues were down 21% from a year ago, as a result of substantial decreases in retail selling concessions and corporate advisory fees.
Net interest profit was $7.9 million, up 57% from a year ago, primarily due to higher average customer margin account balances and higher average interest rates earned on margin and firm investment balances, partially offset by an increase in the interest rates credited on lower customer credit balances. Other revenues were up 86%, primarily due to realized declines in the value of firm investments in the prior year quarter.
The pre-tax profit margin on net revenues was 26.2% in the current quarter, up from 21.1% a year ago, and the effective tax rate decreased slightly, to 38.3% from 38.6%. The annualized return on equity increased to 21.7% from 17.5%2.
As of September 30, 2004, stockholders' equity was $1.728 billion, up 24% from a year ago, and book value per share was up 22%, to $16.69. The Company had 103.5 million shares outstanding at quarter end, including exchangeable shares, and the weighted average number of diluted shares outstanding during the quarter was 114.7 million.
Assets Under Management and Total Client Assets
Assets under management as of September 30, 2004 aggregated $311.0 billion, up $74.1 billion, or 31%, from $236.9 billion a year ago, and up $15.3 billion, or 5%, from $295.7 billion in June. Net flows contributed 83% of the increase during the quarter, with all of our asset management
__________________________
1 Effective October 1, 2004, Legg Mason Funds Management and Legg Mason Capital Management began operating as a single business under the name Legg Mason Capital Management.
2 Annualized return on equity in the September 2003 quarter excludes the net gain on the sale of our commercial mortgage servicing business and related discontinued operations.
LEGG MASON, INC.
News Release - October 21, 2004
Page 3
divisions -- Institutional, Wealth Management and Mutual Funds -- experiencing positive net flows.
Our Institutional asset management division is currently responsible for 66% of our total assets under management, with our Mutual Funds management division responsible for 22% and our Wealth Management division, 12%. Equity assets account for 38% of our total assets under management.
Total client assets, which include assets in our clients' securities brokerage accounts plus assets under management, minus any overlap, aggregated $381.1 billion at September 30, 2004, up from $299.6 billion a year ago.
Segment Results for the Quarter
Asset Management continued to drive our consolidated results: in the current quarter, this business segment accounted for 57% of the firm's net revenues and 71% of pre-tax earnings.
The 46% increase in Asset Management revenues over the year ago quarter, and the 50% increase in pre-tax earnings, were primarily due to increases in the assets under management and resulting increases in the investment advisory fees at our four largest money managers: Private Capital Management, Western Asset, Legg Mason Capital Management and Royce.
Private Client's net revenues were up 5% from a year ago, as increased investment advisory and related fees more than offset decreases in retail selling concessions, retail commissions and principal transaction revenues. Private Client's pre-tax earnings decreased by 7%, however, primarily due to an increase in overhead costs. Private Client accounted for 31% of the firm's net revenues and 20% of pre-tax earnings in the current quarter.
Although institutional equity sales were up from year ago levels, the net revenues and pre-tax earnings of our Capital Markets business segment were down 1% and 2%, respectively, from the year ago quarter, primarily due to sharp declines in new public offerings and other corporate financing activity. Capital Markets accounted for 13% of the firm's net revenues and 8% of pre-tax earnings in the current quarter.
Fiscal Year to Date Results
For the six months ended September 30, 2004, net revenues were up 26% from the comparable period a year ago. Investment advisory and related fees were up 46%, and represented 69% of the firm's consolidated net revenues. Commissions were up slightly, and represented 15% of consolidated net revenues, while principal transactions were down 2%. Investment banking was down 18%. Net interest profit was up 33% and other revenues were up 20%.
Net earnings for the six months ended September 30, 2004 were up 42% and diluted earnings per share were up 33%. Legg Mason's pre-tax profit margin was 26.0%, up from 21.9%, and the effective tax rate was 38.0%, down from 38.6% in the year ago period.
LEGG MASON, INC.
News Release - October 21, 2004
Page 4
Conference Call to Discuss Results
A conference call to discuss the Company's results, hosted by Mr. Mason, will be held at 10:00 a.m. EDT today. The call will be open to the general public. Interested participants should access the call by dialing 1-877-692-2592 (or 1-973-582-2700 for international calls) at least 10 minutes prior to the scheduled start to ensure connection.
A replay or transcript of the live broadcast will be available on the Legg Mason website or by dialing 1-877-519-4471 (or 1-973-341-3080 for international calls), access Pin Number 5254427, after the completion of the call.
Legg Mason, Inc., headquartered in Baltimore, is a holding company that provides asset management, securities brokerage, investment banking and related financial services through its subsidiaries.
This release contains forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially. For a discussion of these risks and uncertainties, see Legg Mason's Annual Report on Form 10-K for the fiscal year ended March 31, 2004.
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LEGG MASON, INC.
News Release - October 21, 2004
Page 5
LEGG MASON, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF EARNINGS |
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For the Quarters Ended September 30, 2004 and 2003 |
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(000's, except per share amounts) |
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2004 |
% of Net |
2003 |
% of Net |
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Revenues: |
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Investment advisory and related fees |
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$ |
393,900 |
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69.4 |
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$ |
281,812 |
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61.6 |
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Commissions |
82,549 |
14.5 |
83,719 |
18.3 |
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Principal transactions |
40,356 |
7.1 |
41,407 |
9.0 |
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Investment banking |
31,141 |
5.5 |
39,220 |
8.6 |
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Interest |
25,436 |
4.5 |
20,027 |
4.4 |
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Other |
12,134 |
2.1 |
6,536 |
1.4 |
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Total revenues |
585,516 |
103.1 |
472,721 |
103.3 |
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Interest expense |
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17,551 |
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3.1 |
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14,992 |
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3.3 |
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Net revenues |
567,965 |
100.0 |
457,729 |
100.0 |
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Non-interest expenses: |
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Compensation and benefits |
313,474 |
55.2 |
259,036 |
56.6 |
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Communications and technology |
26,238 |
4.6 |
21,923 |
4.8 |
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Occupancy |
17,514 |
3.1 |
16,402 |
3.6 |
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Distribution and service fees |
18,182 |
3.2 |
10,307 |
2.3 |
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Amortization of intangible assets |
5,464 |
1.0 |
5,296 |
1.2 |
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Litigation award charge |
- |
- |
17,500 |
3.8 |
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Other |
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38,413 |
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6.7 |
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30,631 |
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6.6 |
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Total non-interest expenses |
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419,285 |
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73.8 |
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361,095 |
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78.9 |
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Earnings from continuing operations |
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before income tax provision |
148,680 |
26.2 |
96,634 |
21.1 |
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Income tax provision |
57,018 |
10.1 |
37,260 |
8.1 |
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Net earnings from continuing operations |
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91,662 |
16.1 |
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59,374 |
13.0 |
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Discontinued operations, net of taxes |
- |
- |
785 |
0.2 |
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Gain on sale of discontinued operations, |
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net of taxes |
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- |
- |
6,481 |
1.4 |
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Net earnings |
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$ |
91,662 |
16.1 |
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$ |
66,640 |
14.6 |
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[continued on next page] |
LEGG MASON, INC.
News Release - October 21, 2004
Page 6
LEGG MASON, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF EARNINGS |
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For the Quarters Ended September 30, 2004 and 2003 |
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(continued) |
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(000's, except per share amounts) |
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2004 |
2003 |
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Net earnings per common share1: |
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Basic |
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Continuing operations |
$ |
0.90 |
$ |
0.60 |
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Discontinued operations |
- |
0.01 |
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Gain on sale of discontinued operations |
- |
0.06 |
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$ |
0.90 |
$ |
0.67 |
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Diluted |
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Continuing operations |
$ |
0.81 |
$ |
0.55 |
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Discontinued operations |
- |
0.01 |
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Gain on sale of discontinued operations |
- |
0.06 |
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$ |
0.81 |
$ |
0.62 |
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Weighted average number of common |
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shares outstanding1: |
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Basic |
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101,932 |
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100,121 |
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Diluted |
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114,742 |
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107,376 |
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(1) All share and earnings per share numbers have been restated for the 3-for-2 stock split, paid on |
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September 24, 2004, to shareholders of record on September 8, 2004. |
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LEGG MASON, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF EARNINGS |
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For the Six Months Ended September 30, 2004 and 2003 |
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(000's, except per share amounts) |
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2004 |
% of Net |
2003 |
% of Net |
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Revenues: |
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Investment advisory and related fees |
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$ |
762,696 |
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68.9 |
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$ |
523,637 |
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59.8 |
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Commissions |
168,834 |
15.3 |
168,025 |
19.2 |
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Principal transactions |
82,405 |
7.4 |
84,353 |
9.6 |
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Investment banking |
57,658 |
5.2 |
70,687 |
8.1 |
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Interest |
47,243 |
4.3 |
41,861 |
4.8 |
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Other |
21,607 |
1.9 |
18,055 |
2.1 |
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Total revenues |
1,140,443 |
103.0 |
906,618 |
103.6 |
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Interest expense |
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33,541 |
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3.0 |
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31,547 |
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3.6 |
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Net revenues |
1,106,902 |
100.0 |
875,071 |
100.0 |
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Non-interest expenses: |
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Compensation and benefits |
613,684 |
55.4 |
500,745 |
57.2 |
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Communications and technology |
51,162 |
4.6 |
44,567 |
5.1 |
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Occupancy |
34,701 |
3.1 |
32,490 |
3.7 |
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Distribution and service fees |
34,216 |
3.1 |
18,042 |
2.1 |
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Amortization of intangible assets |
10,903 |
1.0 |
10,858 |
1.2 |
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Litigation award charge |
- |
- |
17,500 |
2.0 |
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Other |
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74,855 |
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6.8 |
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58,911 |
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6.8 |
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Total non-interest expenses |
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819,521 |
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74.0 |
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683,113 |
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78.1 |
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Earnings from continuing operations |
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before income tax provision |
287,381 |
26.0 |
191,958 |
21.9 |
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Income tax provision |
109,305 |
9.9 |
74,108 |
8.4 |
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Net earnings from continuing operations |
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178,076 |
16.1 |
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117,850 |
13.5 |
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Discontinued operations, net of taxes |
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- |
- |
675 |
0.1 |
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Gain on sale of discontinued operations, |
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net of taxes |
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- |
- |
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6,481 |
0.7 |
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Net earnings |
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$ |
178,076 |
16.1 |
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$ |
125,006 |
14.3 |
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[continued on next page] |
LEGG MASON, INC.
News Release - October 21, 2004
Page 8
LEGG MASON, INC. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF EARNINGS |
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For the Six Months Ended September 30, 2004 and 2003 |
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(continued) |
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(000's, except per share amounts) |
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2004 |
2003 |
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Net earnings per common share1: |
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Basic |
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|
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Continuing operations |
$ |
1.75 |
$ |
1.18 |
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Discontinued operations |
- |
0.01 |
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Gain on sale of discontinued operations |
- |
0.06 |
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$ |
1.75 |
$ |
1.25 |
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Diluted |
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|
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Continuing operations |
$ |
1.57 |
$ |
1.11 |
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Discontinued operations |
- |
0.01 |
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Gain on sale of discontinued operations |
- |
0.06 |
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$ |
1.57 |
$ |
1.18 |
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Weighted average number of common |
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shares outstanding1: |
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Basic |
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101,754 |
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|
99,692 |
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Diluted |
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115,181 |
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|
106,370 |
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Book value per common share |
$ |
16.69 |
$ |
13.68 |
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(1) All share and earnings per share numbers have been restated for the 3-for-2 stock split, paid on |
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September 24, 2004, to shareholders of record on September 8, 2004. |
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LEGG MASON, INC. AND SUBSIDIARIES |
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Business Segment Financial Results (000's) |
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For the Quarters Ended September 30, 2004 and 2003 |
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2004 |
% of |
2003 |
% of |
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Net revenues: |
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Asset Management |
|
$ |
322,375 |
|
|
56.8 |
|
$ |
221,340 |
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|
48.4 |
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Private Client |
173,397 |
30.5 |
164,973 |
36.0 |
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Capital Markets |
71,663 |
12.6 |
72,748 |
15.9 |
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Corporate |
530 |
0.1 |
(1,332) |
(0.3) |
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Total |
$ |
567,965 |
100.0 |
$ |
457,729 |
100.0 |
|||||||||||||||
Earnings from continuing operations |
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before income tax provision: |
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Asset Management |
|
$ |
106,064 |
|
|
71.3 |
|
$ |
70,516 |
|
|
73.0 |
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Private Client |
29,997 |
20.2 |
32,232 |
33.4 |
||||||||||||||||
|
Capital Markets |
12,432 |
8.4 |
12,720 |
13.1 |
||||||||||||||||
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Corporate |
187 |
0.1 |
(18,834) |
(19.5) |
||||||||||||||||
Total |
$ |
148,680 |
100.0 |
$ |
96,634 |
100.0 |
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For the Six Months Ended September 30, 2004 and 2003 |
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2004 |
% of |
2003 |
% of |
||||||||||||||||||
Net revenues: |
|
|
|
|
|
|
|
||||||||||||||
|
Asset Management |
|
$ |
617,278 |
|
|
55.8 |
|
$ |
410,202 |
|
|
46.9 |
||||||||
|
Private Client |
348,524 |
31.5 |
323,717 |
37.0 |
||||||||||||||||
|
Capital Markets |
142,875 |
12.9 |
142,488 |
16.3 |
||||||||||||||||
|
Corporate |
(1,775) |
(0.2) |
(1,336) |
(0.2) |
||||||||||||||||
Total |
$ |
1,106,902 |
100.0 |
$ |
875,071 |
100.0 |
|||||||||||||||
Earnings from continuing operations |
|||||||||||||||||||||
|
before income tax provision: |
||||||||||||||||||||
|
Asset Management |
|
$ |
206,556 |
|
|
71.9 |
|
$ |
125,321 |
|
|
65.3 |
||||||||
|
Private Client |
60,416 |
21.0 |
60,383 |
31.4 |
||||||||||||||||
|
Capital Markets |
22,724 |
7.9 |
25,304 |
13.2 |
||||||||||||||||
|
Corporate |
(2,315) |
(0.8) |
(19,050) |
(9.9) |
||||||||||||||||
Total |
$ |
287,381 |
100.0 |
$ |
191,958 |
100.0 |
|||||||||||||||
LEGG MASON, INC.
News Release - October 21, 2004
Page 10
LEGG MASON, INC. AND SUBSIDIARIES |
|||||||||||||||||||
Assets Under Management |
|||||||||||||||||||
(in billions) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
September 30, |
March 31, |
||||||||||||||||||
2004 |
% of |
2003 |
% of |
2004 |
% of |
||||||||||||||
By asset class: |
|
||||||||||||||||||
|
Equity |
|
$ |
119.4 |
38.4 |
$ |
85.1 |
35.9 |
$ |
112.3 |
39.2 |
||||||||
Fixed Income |
191.6 |
61.6 |
151.8 |
64.1 |
174.1 |
60.8 |
|||||||||||||
Total |
$ |
311.0 |
100.0 |
$ |
236.9 |
100.0 |
$ |
286.4 |
100.0 |
||||||||||
By asset management division: |
|||||||||||||||||||
Wealth Management |
$ |
37.5 |
12.0 |
$ |
26.5 |
11.2 |
$ |
35.1 |
12.3 |
||||||||||
Institutional |
203.9 |
65.6 |
160.7 |
67.8 |
187.0 |
65.3 |
|||||||||||||
Mutual Funds |
69.6 |
22.4 |
49.7 |
21.0 |
64.3 |
22.4 |
|||||||||||||
Total |
$ |
311.0 |
100.0 |
$ |
236.9 |
100.0 |
$ |
286.4 |
100.0 |
||||||||||
Component Changes in Assets Under Management |
|||||||||||||||||||
(in billions) |
|||||||||||||||||||
(unaudited) |
|||||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||||
2004 |
2003 |
2004 |
2003 |
||||||||||||||||
|
Beginning of period |
|
$ |
295.7 |
$ |
216.6 |
$ |
286.4 |
$ |
192.2 |
|||||||||
Net client cash flows |
12.7 |
14.3 |
22.8 |
19.7 |
|||||||||||||||
Market appreciation, net |
2.6 |
6.0 |
1.8 |
25.0 |
|||||||||||||||
End of period |
$ |
311.0 |
$ |
236.9 |
$ |
311.0 |
$ |
236.9 |
|||||||||||