A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	February 29,		February 28,		Increase/		%
	2004		2003		(Decrease)		Chg.
REVENUES:
Commissions	$	310,325	$	214,698	$	95,627		44.5
Asset management and service fees		199,945		146,480		53,465		36.5
Principal transactions		71,894		74,328		(2,434)		(3.3)
Investment banking		81,243		51,913		29,330		56.5
Interest		25,569		23,249		2,320		10.0
Other		723		3,522		(2,799)		(79.5)
TOTAL REVENUES		689,699		514,190		175,509		34.1
Interest expense		382		507		(125)		(24.7)
NET REVENUES		689,317		513,683		175,634		34.2
NON-INTEREST EXPENSES:
Compensation and benefits		456,581		342,509		114,072		33.3
Communication and technology		68,841		68,112		729		1.1
Occupancy and equipment		31,715		33,712		(1,997)		(5.9)
Marketing and business development		12,358		9,643		2,715		28.2
Floor brokerage and clearance		6,126		4,820		1,306		27.1
Other		30,000		22,057		7,943		36.0
TOTAL NON-INTEREST EXPENSES		605,621		480,853		124,768		25.9
EARNINGS BEFORE INCOME TAXES		83,696		32,830		50,866		154.9
INCOME TAXES		29,292		11,629		17,663		151.9
NET EARNINGS	$	54,404	$	21,201	$	33,203		156.6
EARNINGS PER SHARE:
Diluted	$	0.67	$	0.26	$	0.41		157.7
Basic	$	0.68	$	0.26	$	0.42		161.5
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		81,330		81,574
Basic		80,387		80,400
STOCKHOLDERS' EQUITY	$	1,778,677	$	1,688,537
BOOK VALUE PER SHARE	$	22.09	$	20.92
TOTAL SHARES OUTSTANDING (end of period)		80,533		80,726
A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Twelve Months Ended
	February 29,		February 28,		Increase/		%
	2004		2003		(Decrease)		Chg.
REVENUES:
Commissions	$	1,093,222	$	895,019	$	198,203		22.1
Asset management and service fees		684,729		625,626		59,103		9.4
Principal transactions		296,886		311,124		(14,238)		(4.6)
Investment banking		321,861		251,180		70,681		28.1
Interest		95,792		106,027		(10,235)		(9.7)
Other		6,384		10,239		(3,855)		(37.7)
TOTAL REVENUES		2,498,874		2,199,215		299,659		13.6
Interest expense		2,519		5,214		(2,695)		(51.7)
NET REVENUES		2,496,355		2,194,001		302,354		13.8
NON-INTEREST EXPENSES:
Compensation and benefits		1,649,408		1,453,671		195,737		13.5
Communication and technology		272,047		282,603		(10,556)		(3.7)
Occupancy and equipment		137,617		134,149		3,468		2.6
Marketing and business development		46,853		40,177		6,676		16.6
Floor brokerage and clearance		22,495		22,464		31		0.1
Other		122,661		89,503		33,158		37.0
TOTAL NON-INTEREST EXPENSES		2,251,081		2,022,567		228,514		11.3
EARNINGS BEFORE INCOME TAXES		245,274		171,434		73,840		43.1
INCOME TAXES		85,789		52,606		33,183		63.1
NET EARNINGS	$	159,485	$	118,828	$	40,657		34.2
EARNINGS PER SHARE:
Diluted	$	1.97	$	1.46	$	0.51		34.9
Basic	$	1.99	$	1.48	$	0.51		34.5
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		80,990		81,177
Basic		80,031		80,133
STOCKHOLDERS' EQUITY	$	1,778,677	$	1,688,537
BOOK VALUE PER SHARE	$	22.09	$	20.92
TOTAL SHARES OUTSTANDING (end of period)		80,533		80,726
A. G. EDWARDS, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	February 29,		November 30,		August 31,		May 31,		February 28,
	2004		2003		2003		2003		2003
REVENUES:
Commissions	$	310,325	$	272,704	$	268,393	$	241,800	$	214,698
Asset management and service fees		199,945		174,587		161,762		148,435		146,480
Principal transactions		71,894		72,418		82,178		70,396		74,328
Investment banking		81,243		76,377		94,557		69,684		51,913
Interest		25,569		22,051		23,986		24,186		23,249
Other		723		4,765		2,515		(1,619)		3,522
TOTAL REVENUES		689,699		622,902		633,391		552,882		514,190
Interest expense		382		403		950		784		507
NET REVENUES		689,317		622,499		632,441		552,098		513,683
NON-INTEREST EXPENSES:
Compensation and benefits		456,581		400,878		419,094		372,855		342,509
Communication and technology		68,841		69,892		68,795		64,519		68,112
Occupancy and equipment		31,715		37,391		36,269		32,242		33,712
Marketing and business development		12,358		13,604		11,099		9,792		9,643
Floor brokerage and clearance		6,126		5,720		5,989		4,660		4,820
Other		30,000		34,166		33,800		24,695		22,057
TOTAL NON-INTEREST EXPENSES		605,621		561,651		575,046		508,763		480,853
EARNINGS BEFORE INCOME TAXES		83,696		60,848		57,395		43,335		32,830
INCOME TAXES		29,292		21,131		19,907		15,459		11,629
NET EARNINGS	$	54,404	$	39,717	$	37,488	$	27,876	$	21,201
EARNINGS PER SHARE:
Diluted	$	0.67	$	0.49	$	0.46	$	0.35	$	0.26
Basic	$	0.68	$	0.49	$	0.47	$	0.35	$	0.26
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		81,330		81,401		80,488		80,738		81,574
Basic		80,387		80,047		79,394		80,337		80,400
STOCKHOLDERS' EQUITY	$	1,778,677	$	1,734,603	$	1,666,738	$	1,674,808	$	1,688,537
BOOK VALUE PER SHARE	$	22.09	$	21.58	$	21.13	$	20.99	$	20.92
A.G. EDWARDS, INC.
QUARTERLY STATISTICAL INFORMATION
(Dollars in thousands, except per share amounts)
(Unaudited)
	4Q FY04		3Q FY04		2Q FY04		1Q FY04		4Q FY03
Net Revenues	$	689,317	$	622,499	$	632,441	$	552,098	$	513,683
Earnings Before Income Taxes	$	83,696	$	60,848	$	57,395	$	43,335	$	32,830
Net Earnings	$	54,404	$	39,717	$	37,488	$	27,876	$	21,201
Net Earnings as a
Percent of Net Revenues		7.9%		6.4%		5.9%		5.0%		4.1%
Average Diluted Shares-
(000's Omitted)		81,330		81,401		80,488		80,738		81,574
Earnings Per Share (Diluted)	$	0.67	$	0.49	$	0.46	$	0.35	$	0.26
Dividends Per Share	$	0.16	$	0.16	$	0.16	$	0.16	$	0.16
Stockholders' Equity	$	1,778,677	$	1,734,603	$	1,666,738	$	1,674,808	$	1,688,537
Book Value Per Share	$	22.09	$	21.58	$	21.13	$	20.99	$	20.92
Return On Average Equity-
(Quarter Results Annualized)		12.4%		9.3%		9.0%		6.6%		5.1%
Total Assets	$	4,435,418	$	4,180,205	$	4,066,745	$	3,921,934	$	3,980,094
Financial Consultants		6,980		6,956		7,024		7,121		7,222
Full-time Employees		15,931		15,887		15,948		16,079		16,181
Locations		710		708		706		707		709
Total Client Assets *	$	300,000,000	$	283,000,000	$	270,000,000	$	264,000,000	$	242,000,000
Assets In Fee-based Accounts	$	27,275,000	$	24,732,000	$	23,405,000	$	21,769,000	$	19,973,000
* Prior periods have been adjusted to include client assets acquired through A.G. Edwards that are held by other organizations.