8-K

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):
June 24, 2004
A.G. EDWARDS, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware	001-08527		43-1288229
(State or Other Jurisdiction of Incorporation)	(Commission File Number)		(IRS Employer Identification Number)
One North Jefferson Avenue,
St. Louis Missouri		63103
(Address of Principal Executive Offices)		(Zip Code)
Registrant's telephone number, including area code: (314) 955-3000

Item 12.		Results of Operations and Financial Condition.
Filed herewith is the Unaudited Earnings Summaries for the three months ended May 31, 2004 and supplemental quarterly information for A.G. Edwards, Inc., as contained in a press release dated June 24, 2004. The results of operations for such periods are unaudited.
Item 7.		Financial Statements, Pro Forma Financial Information and Exhibits.
	(c)	Exhibits
		99 (i)	Unaudited Earnings Summaries for the three months ended May 31, 2004 and supplemental quarterly information.

Signature
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.
			A.G. Edwards, Inc.
			Registrant
Date:	June 24, 2004	By:	/s/Douglas L. Kelly
			Douglas L. Kelly
			Chief Financial Officer

Exhibit Index
Exhibit No.	Description
99(i)	Unaudited Earnings Summaries for the three months ended May 31, 2004 and supplemental quarterly information.

EX-99

FOR IMMEDIATE RELEASE

A.G. Edwards Announces First-Quarter Results for Fiscal 2005

Firm Posts 63 Percent Earnings-Per-Share Increase Over Last Year's First Quarter

ST. LOUIS, June 24, 2004 -- A.G. Edwards, Inc. (NYSE: AGE) today announced results for the first quarter of fiscal 2005, which ended May 31, 2004.

Net earnings for the quarter were $46 million, or $0.57 per diluted share, on net revenues of $661 million. For the same quarter last year, net earnings were $28 million, or $0.35 per diluted share, on net revenues of $556 million. For the fourth quarter of fiscal 2004, net earnings were $54 million, or $0.67 per diluted share, on net revenues of $693 million.

"With the exception of a strong fourth quarter last year, our earnings results for the first quarter of fiscal 2005 marked our best quarterly performance in three and a half years. We were pleased with these results when you consider how uncertainties about interest rates, oil prices and Iraq affected investor activity in the latter half of the quarter," said Robert L. Bagby, chairman and chief executive officer. "During the quarter, we also began a full launch of national advertising as part of our branding initiative. We are confident that we are building greater awareness of the A.G. Edwards brand and that this effort is a long-term positive for our shareholders.

"We are also proud to note that Training magazine named A.G. Edwards University to its list of the nation's top 100 corporate training programs for the fourth consecutive year. We believe our investment in training is helping us develop the industry's best-educated financial consultants, who are better prepared to add value to the full-service relationships with their clients."

RESULTS OF OPERATIONS

Commissions - Commission revenues during the first quarter increased 18 percent ($43 million) versus the same quarter a year ago as clients increased their activities across nearly all commission-revenue categories, with particular strength in listed equities and mutual funds.

Asset management and service fees - Compared to the first quarter last year, asset management and service fee revenues increased 38 percent ($58 million). The results for the first quarter reflect increased asset values in mutual funds and continuing client interest in fee-based accounts. Additionally, first-quarter results reflect increased revenue from money fund distribution fees after the removal last November of expense caps previously imposed by certain money funds.

Principal transactions - Revenues from principal transactions decreased 1 percent ($1 million) compared to a year ago. These results reflect reduced client activity in municipal and corporate fixed-income products, which was partially offset by increased corporate-equity revenue.

Investment banking - Investment-banking revenues decreased 13 percent ($9 million) versus the first quarter of fiscal 2004, reflecting lower volume in many interest-rate-sensitive sectors.

Net interest revenue - Interest revenue net of interest expense in the first quarter increased 20 percent ($5 million) from the same three-month period last year. These results reflect a change by A.G. Edwards in the base rates charged on client-margin balances along with slightly higher average balances.

Other revenue - A September 11, 2001 business-interruption settlement and a net increase in private equity valuations were primarily responsible for $9 million in other revenue during the first quarter this year versus a $2 million loss in the same quarter a year ago.

Non-interest expenses - Total non-interest expenses during the first quarter of fiscal 2005 increased 15 percent ($76 million) versus the first quarter last year.

Compensation and benefits in the first quarter increased 16 percent ($60 million) from the same quarter in fiscal 2004 mainly due to an increase in commissionable revenue.

Non-compensation-related expenses increased 11 percent ($15 million) from the same quarter last year primarily resulting from the firm launching its nationwide branding initiative, which began in February.

ADDITIONAL INFORMATION

Total client assets at the end of the first quarter were $294 billion, an 11 percent increase when compared to the end of the first quarter of fiscal 2004.

As of May 31, 2004, stockholders' equity was $1.78 billion, for a book value per share of $22.38. Diluted per-share earnings for the first quarter were based on 81.0 million average common and common equivalent shares outstanding compared to 80.7 million in the prior year.

ABOUT A.G. EDWARDS, INC.

A.G. Edwards, Inc. is a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edwards & Sons, Inc. For more than 117 years, individuals and businesses have turned to A.G. Edwards & Sons to develop strong personal relationships with financial consultants dedicated to a client-first philosophy of providing financial solutions tailored to their clients' individual needs. A.G. Edwards and its affiliates encompass 6,899 financial consultants in 711 offices nationwide and two European locations in London, England and Geneva, Switzerland.

This material may contain forward-looking statements within the meaning of federal securities laws. Actual results are subject to risks and uncertainties, including both those specific to A.G. Edwards and those to the industry, which could cause results to differ materially from those contemplated. The risks and uncertainties include, but are not limited to, general economic conditions, government monetary and fiscal policy, the actions of competitors, changes in and effects of marketing strategies, regulatory changes and actions, changes in legislation, risk management, legal claims, technology changes, compensation changes, and implementation and effects of expense-reduction strategies. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this release. A.G. Edwards does not undertake any obligation to publicly update an y forward-looking statements.

A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	May 31,		May 31,			Increase/			%
	2004		2003			(Decrease)			Chg.
REVENUES:
Commissions	$	284,873	$	241,800		$	43,073			17.8
Asset management and service fees		209,467		151,906			57,561			37.9
Principal transactions		69,401		70,396			(995)			(1.4)
Investment banking		60,441		69,684			(9,243)			(13.3)
Interest		28,773		24,186			4,587			19.0
Other		8,926		(1,619)			10,545			n.m.
TOTAL REVENUES		661,881		556,353			105,528			19.0
Interest expense		583		784			(201)			(25.6)
NET REVENUES		661,298		555,569			105,729			19.0
NON-INTEREST EXPENSES:
Compensation and benefits		433,191		372,855			60,336			16.2
Communication and technology		66,131		64,519			1,612			2.5
Occupancy and equipment		34,776		32,242			2,534			7.9
Marketing and business development		20,863		9,792			11,071			113.1
Floor brokerage and clearance		5,200		4,660			540			11.6
Other		27,811		28,166			(355)			(1.3)
TOTAL NON-INTEREST EXPENSES		587,972		512,234			75,738			14.8
EARNINGS BEFORE INCOME TAXES		73,326		43,335			29,991			69.2
INCOME TAXES		27,062		15,459			11,603			75.1
NET EARNINGS	$	46,264	$	27,876		$	18,388			66.0
EARNINGS PER SHARE:
Diluted	$	0.57	$	0.35		$	0.22			62.9
Basic	$	0.58	$	0.35		$	0.23			65.7
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		80,951		80,738
Basic		80,183		80,337
STOCKHOLDERS' EQUITY	$	1,782,281	$	1,674,808
BOOK VALUE PER SHARE	$	22.38	$	20.99
TOTAL SHARES OUTSTANDING (end of period)		79,640		79,788
A. G. EDWARDS, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	May 31,		February 29,				November 30,			August 31,			May 31,
	2004		2004				2003			2003			2003
REVENUES:
Commissions	$	284,873	$	310,325		$	272,704		$	268,393		$	241,800
Asset management and service fees		209,467		203,371			178,068			165,268			151,906
Principal transactions		69,401		71,894			72,418			82,178			70,396
Investment banking		60,441		81,243			76,377			94,557			69,684
Interest		28,773		25,569			22,051			23,986			24,186
Other		8,926		723			4,765			2,515			(1,619)
TOTAL REVENUES		661,881		693,125			626,383			636,897			556,353
Interest expense		583		382			403			950			784
NET REVENUES		661,298		692,743			625,980			635,947			555,569
NON-INTEREST EXPENSES:
Compensation and benefits		433,191		456,581			400,878			419,094			372,855
Communication and technology		66,131		68,841			69,892			68,795			64,519
Occupancy and equipment		34,776		31,715			37,391			36,269			32,242
Marketing and business development		20,863		12,358			13,604			11,099			9,792
Floor brokerage and clearance		5,200		6,126			5,720			5,989			4,660
Other		27,811		33,426			37,647			37,306			28,166
TOTAL NON-INTEREST EXPENSES		587,972		609,047			565,132			578,552			512,234
EARNINGS BEFORE INCOME TAXES		73,326		83,696			60,848			57,395			43,335
INCOME TAXES		27,062		29,292			21,131			19,907			15,459
NET EARNINGS	$	46,264	$	54,404		$	39,717		$	37,488		$	27,876
EARNINGS PER SHARE:
Diluted	$	0.57	$	0.67		$	0.49		$	0.46		$	0.35
Basic	$	0.58	$	0.68		$	0.49		$	0.47		$	0.35
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		80,951		81,329			81,401			80,488			80,738
Basic		80,183		80,385			80,047			79,394			80,337
STOCKHOLDERS' EQUITY	$	1,782,281	$	1,778,319		$	1,734,603		$	1,666,738		$	1,674,808
BOOK VALUE PER SHARE	$	22.38	$	22.08		$	21.58		$	21.13		$	20.99
A.G. EDWARDS, INC.
QUARTERLY STATISTICAL INFORMATION
(Dollars in thousands, except per share amounts)
(Unaudited)
	1Q FY05		4Q FY04			3Q FY04			2Q FY04			1Q FY04
Net Revenues	$	661,298	$	692,743		$	625,980		$	635,947		$	555,569
Earnings Before Income Taxes	$	73,326	$	83,696		$	60,848		$	57,395		$	43,335
Net Earnings	$	46,264	$	54,404		$	39,717		$	37,488		$	27,876
Net Earnings as a
Percent of Net Revenues		7.0%		7.9%			6.3%			5.9%			5.0%
Average Diluted Shares-
(000's Omitted)		80,951		81,329			81,401			80,488			80,738
Earnings Per Share (Diluted)	$	0.57	$	0.67		$	0.49		$	0.46		$	0.35
Dividends Per Share	$	0.16	$	0.16		$	0.16		$	0.16		$	0.16
Stockholders' Equity	$	1,782,281	$	1,778,319		$	1,734,603		$	1,666,738		$	1,674,808
Book Value Per Share	$	22.38	$	22.08		$	21.58		$	21.13		$	20.99
Return On Average Equity-
(Quarter Results Annualized)		10.4%		12.4%			9.3%			9.0%			6.6%
Total Assets	$	4,110,942	$	4,435,059		$	4,180,205		$	4,066,745		$	3,921,934
Financial Consultants		6,899		6,980			6,956			7,024			7,121
Full-time Employees		15,392		15,931			15,887			15,948			16,079
Locations		713		710			708			706			707
Total Client Assets	$	294,000,000	$	300,000,000	*	$	283,000,000	*	$	270,000,000	*	$	264,000,000
Assets In Fee-based Accounts	$	27,164,000	$	27,275,000		$	24,732,000		$	23,405,000		$	21,769,000
* Prior periods have been adjusted to include client assets acquired through the company that are held by other institutions.