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):
March 31, 2005
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 2.02		Results of Operations and Financial Condition
Filed herewith is the Unaudited Earnings Summaries for the three months and the year ended February 28, 2005, and supplemental quarterly information for A.G. Edwards, Inc. as contained in a press release dated March 31, 2005. The results of operations and financial condition for such periods are unaudited.
Item 9.01		Financial Statements and Exhibits.
	(c)	Exhibits
		99 (i)	Unaudited Earnings Summaries for the three months and the year ended February 28, 2005 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:	March 31, 2005	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 and the year ended February 28, 2005 and supplemental quarterly information.

EX-99

FOR IMMEDIATE RELEASE

A.G. Edwards, Inc. Announces

Fourth-Quarter And Full-Year Results For Fiscal 2005

Full-Year Net Earnings 17% Higher Than Last Year;

Record Highs In Total Client Assets and Fee-Based Assets

ST. LOUIS, March 31, 2005 - A.G. Edwards, Inc. (NYSE: AGE) today announced results for the fiscal year and fourth quarter ended February 28, 2005.

Net earnings for fiscal 2005 were $186 million, or $2.37 diluted earnings per share, on net revenues of $2.6 billion. For the prior fiscal year, net earnings were $159 million, or $1.97 diluted earnings per share, on net revenues of $2.5 billion.

For the fourth quarter of fiscal 2005, net earnings were $50 million, or $0.65 diluted earnings per share, on net revenues of $690 million. Net earnings for the fourth quarter last year were $54 million, or $0.67 diluted earnings per share, on net revenues of $697 million.

"Our employees did a tremendous job of building upon last year's results even though the financial markets were more subdued in fiscal 2005," said Robert L. Bagby, chairman, chief executive officer and president. "The significant growth in our asset-management revenues reinforces our belief that more clients are increasingly interested in fee-based products and services and that we are providing an attractive lineup to satisfy this demand. We were pleased to reach all-time highs in client assets in fee-based accounts as well as total client assets. On the expense side, our communication and technology expenses were at their lowest level since fiscal 2000 and demonstrated our continued discipline and efficiency in this area.

"Going into fiscal 2006, we are excited to begin the next phase of our branding initiative. With a new campaign that will begin in mid-April, we will enhance awareness of our brand as the firm that puts the clients' interests at the forefront of everything we do. The positive feedback we have already received from our clients and financial consultants makes us confident that our branding effort is leading us in the right direction. We believe our client-first approach is the key to creating greater value for our shareholders."

The results for both the full year and the fourth quarter include a $10 million charge in occupancy and equipment expenses, or $.06 diluted earnings per share, and represent the cumulative effect of correcting the recognition period for rent-escalation clauses and free-rent periods included in certain branch-office leases. The results for both periods also include an $8 million credit in other expenses, or $.04 diluted earnings per share, to correctly recognize state-registration fees for the firm's financial consultants over the registration period. The correcting entries were recorded in the fourth quarter and were not material to the quarter, the year, or any prior period's consolidated financial information.

RESULTS OF OPERATIONS

Commissions - Commission revenues decreased 4 percent ($47 million) in fiscal 2005 and decreased 10 percent ($30 million) in the fourth quarter when compared to the same time periods last year. The results in both periods reflect decreased client activity in individual equities. The full-year results additionally reflect reduced interest in variable annuities.

Asset Management and Service Fees - Asset-management and service-fee revenues reached an annual record-high $919 million in fiscal 2005, increasing 27 percent ($196 million) versus fiscal 2004. For the fourth quarter, these revenues increased 17 percent ($35 million) over the year-ago quarter. Both the full-year and fourth-quarter results benefited in part from greater client interest in our fund-advisory programs and other fee-based programs and services, as well as increased client-asset values. Client assets in fee-based accounts also reached a record-high $31 billion, increasing 13 percent over last year.

Principal Transactions - Revenues from principal transactions in fiscal 2005 declined 14 percent ($43 million) compared to fiscal 2004. For the fourth quarter this year, principal-transaction revenues declined 20 percent ($14 million) compared to the fourth quarter last year. Both time periods reflect decreased investor demand for fixed-income products and individual equities.

Investment Banking - Investment-banking revenues decreased 24 percent ($76 million) in fiscal 2005 and 14 percent ($12 million) in the fourth quarter versus comparable periods, primarily as a result of lower volume in closed-end fund underwriting. The fourth-quarter decline was partially offset by increased revenues from management fees.

Net Interest Revenue - Interest revenue net of interest expense increased 34 percent ($31 million) in fiscal 2005 and increased 42 percent ($11 million) in the fourth quarter compared to the same periods in fiscal 2004. Both the full-year and fourth-quarter results reflect a change by A.G. Edwards effective January 2004 in the base rates charged on client-margin balances along with a higher interest-rate environment. Additionally, the full-year results reflect slightly higher average client-margin balances.

Other revenue - Other revenue increased $24 million in fiscal 2005 and increased $2 million for the fourth quarter versus the like periods last year. The full-year results reflect a gain of $10 million on the sale of shares in the Chicago Mercantile Exchange and the mark-to-market on other shares in this exchange the firm currently holds. The full-year results also reflect a Sept. 11, 2001 business-interruption settlement of $6 million. Both periods reflect increases in private-equity valuations.

Non-Interest Expenses - Non-interest expenses increased 2 percent ($36 million) during fiscal 2005 compared to fiscal 2004. For the fourth quarter, non-interest expenses decreased 1 percent ($4 million) compared to the same quarter a year ago.

Compensation and benefits for fiscal 2005 increased 3 percent ($56 million) versus fiscal 2004, largely reflecting higher incentive compensation as a result of increased revenues and earnings. For the fourth quarter, compensation and benefits increased 1 percent ($3 million) compared to the same quarter last year.

Non-compensation-related expenses decreased 3 percent ($20 million) for fiscal 2005 and decreased 4 percent ($7 million) during the fourth quarter compared to the same periods last year. Decreases in both time periods are due largely to a decline in communication and technology expenses along with lower accruals for contingent liabilities. Decreases in the full-year results were partially offset by increased expenses related to the firm's branding initiative.

ADDITIONAL SHAREHOLDER INFORMATION

Total client assets at the end of fiscal 2005 were $319 billion, a 6 percent increase when compared to the end of fiscal 2004.

As of February 28, 2005, shareholders' equity was $1.75 billion, for a book value per share of $22.96. Diluted per-share earnings for fiscal 2005 were based on 78.8 million average common and common equivalent shares outstanding compared to 81.0 million in fiscal 2004. Diluted per share earnings for the fourth quarter were based on 77.3 million average common and common equivalent shares outstanding compared to 81.3 million in the year-ago quarter.

ANNUAL STOCKHOLDERS MEETING

The Annual Meeting of Stockholders will be held at the firm's St. Louis headquarters on Thursday, June 23, 2005 at 10:00 a.m. A record date of May 2, 2005 was established for determining those shareholders entitled to vote at the meeting.

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 115 years, individuals and businesses have turned to A.G. Edwards to develop strong personal relationships with financial professionals who are dedicated to providing sound investment advice and long-term financial strategies. By adhering to a client-first philosophy, the firm carefully tailors these strategies to fit each client's individual needs. A.G. Edwards and its affiliates encompass 6,890 financial consultants in 719 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, client interest in specific products and services, 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 any forward-looking statements.

# # #

A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	February 28,		February 29,		Increase/		%
	2005		2004		(Decrease)		Chg.
REVENUES:
Commissions	$	277,117	$	306,619	$	(29,502)		(9.6)
Asset management and service fees		246,566		211,125		35,441		16.8
Principal transactions		57,530		71,894		(14,364)		(20.0)
Investment banking		69,500		81,243		(11,743)		(14.5)
Interest		37,029		25,645		11,384		44.4
Other		3,099		723		2,376		328.6
TOTAL REVENUES		690,841		697,249		(6,408)		(0.9)
Interest expense		1,308		458		850		185.6
NET REVENUES		689,533		696,791		(7,258)		(1.0)
NON-INTEREST EXPENSES:
Compensation and benefits		457,714		454,641		3,073		0.7
Communication and technology		57,356		68,841		(11,485)		(16.7)
Occupancy and equipment		45,906		31,715		14,191		44.7
Marketing and business development		12,785		14,298		(1,513)		(10.6)
Floor brokerage and clearance		5,111		6,126		(1,015)		(16.6)
Other		30,561		37,474		(6,913)		(18.4)
TOTAL NON-INTEREST EXPENSES		609,433		613,095		(3,662)		(0.6)
EARNINGS BEFORE INCOME TAXES		80,100		83,696		(3,596)		(4.3)
INCOME TAXES		29,691		29,292		399		1.4
NET EARNINGS	$	50,409	$	54,404	$	(3,995)		(7.3)
EARNINGS PER SHARE:
Diluted	$	0.65	$	0.67	$	(0.02)		(3.0)
Basic	$	0.66	$	0.68	$	(0.02)		(2.9)
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		77,306		81,329
Basic		76,362		80,385
STOCKHOLDERS' EQUITY	$	1,752,991	$	1,778,319
BOOK VALUE PER SHARE	$	22.96	$	22.08
TOTAL SHARES OUTSTANDING (end of period)		76,345		80,527
Note: Where appropriate, prior periods' financial information has been reclassified to conform to current year presentation.
A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Twelve Months Ended
	February 28,		February 29,		Increase/		%
	2005		2004		(Decrease)		Change
REVENUES:
Commissions	$	1,034,166	$	1,081,027	$	(46,861)		(4.3)
Asset management and service fees		919,077		723,386		195,691		27.1
Principal transactions		253,899		296,886		(42,987)		(14.5)
Investment banking		245,622		321,861		(76,239)		(23.7)
Interest		128,743		96,132		32,611		33.9
Other		30,288		6,384		23,904		374.4
TOTAL REVENUES		2,611,795		2,525,676		86,119		3.4
Interest expense		4,114		2,859		1,255		43.9
NET REVENUES		2,607,681		2,522,817		84,864		3.4
NON-INTEREST EXPENSES:
Compensation and benefits		1,699,156		1,642,999		56,157		3.4
Communication and technology		241,830		272,047		(30,217)		(11.1)
Occupancy and equipment		151,426		137,617		13,809		10.0
Marketing and business development		65,682		53,262		12,420		23.3
Floor brokerage and clearance		21,341		22,495		(1,154)		(5.1)
Other		133,839		149,123		(15,284)		(10.2)
TOTAL NON-INTEREST EXPENSES		2,313,274		2,277,543		35,731		1.6
EARNINGS BEFORE INCOME TAXES		294,407		245,274		49,133		20.0
INCOME TAXES		107,933		85,789		22,144		25.8
NET EARNINGS	$	186,474	$	159,485	$	26,989		16.9
EARNINGS PER SHARE:
Diluted	$	2.37	$	1.97	$	0.40		20.3
Basic	$	2.39	$	1.99	$	0.40		20.1
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		78,766		80,990
Basic		77,908		80,031
STOCKHOLDERS' EQUITY	$	1,752,991	$	1,778,319
BOOK VALUE PER SHARE	$	22.96	$	22.08
TOTAL SHARES OUTSTANDING (end of period)		76,345		80,527
Note: Where appropriate, prior periods' financial information has been reclassified to conform to current year presentation.
A. G. EDWARDS, INC.
QUARTERLY CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	February 28,		November 30,		August 31,		May 31,		February 29,
	2005		2004		2004		2004		2004
REVENUES:
Commissions	$	277,117	$	245,002	$	232,038		280,009	$	306,619
Asset management and service fees		246,566		234,284		219,304		218,923		211,125
Principal transactions		57,530		55,969		70,999		69,401		71,894
Investment banking		69,500		57,809		57,872		60,441		81,243
Interest		37,029		32,858		30,002		28,854		25,645
Other		3,099		13,510		4,753		8,926		723
TOTAL REVENUES		690,841		639,432		614,968		666,554		697,249
Interest expense		1,308		1,443		699		664		458
NET REVENUES		689,533		637,989		614,269		665,890		696,791
NON-INTEREST EXPENSES:
Compensation and benefits		457,714		410,421		400,090		430,931		454,641
Communication and technology		57,356		59,429		58,914		66,131		68,841
Occupancy and equipment		45,906		35,476		35,268		34,776		31,715
Marketing and business development		12,785		15,424		14,350		23,123		14,298
Floor brokerage and clearance		5,111		5,307		5,723		5,200		6,126
Other		30,561		34,075		36,800		32,403		37,474
TOTAL NON-INTEREST EXPENSES		609,433		560,132		551,145		592,564		613,095
EARNINGS BEFORE INCOME TAXES		80,100		77,857		63,124		73,326		83,696
INCOME TAXES		29,691		28,684		22,496		27,062		29,292
NET EARNINGS	$	50,409	$	49,173	$	40,628		46,264	$	54,404
EARNINGS PER SHARE:
Diluted	$	0.65	$	0.63	$	0.52		0.57	$	0.67
Basic	$	0.66	$	0.64	$	0.52		0.58	$	0.68
AVERAGE COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING:
Diluted		77,306		77,844		79,156		80,951		81,329
Basic		76,362		76,781		78,305		80,183		80,385
STOCKHOLDERS' EQUITY	$	1,752,991	$	1,712,738	$	1,720,332		1,782,281	$	1,778,319
BOOK VALUE PER SHARE	$	22.96	$	22.53	$	22.37		22.38	$	22.08
Note: Where appropriate, prior periods' financial information has been reclassified to conform to current year presentation.
A.G. EDWARDS, INC.
QUARTERLY STATISTICAL INFORMATION
(Dollars in thousands, except per share amounts)
(Unaudited)
	4Q FY05		3Q FY05		2Q FY05		1Q FY05		4Q FY04
Net Revenues	$	689,533	$	637,989	$	614,269		665,890	$	696,791
Earnings Before Income Taxes	$	80,100	$	77,857	$	63,124		73,326	$	83,696
Net Earnings	$	50,409	$	49,173	$	40,628		46,264	$	54,404
Net Earnings as a
Percent of Net Revenues		7.3%		7.7%		6.6%		6.9%		7.8%
Average Diluted Shares-
(000's Omitted)		77,306		77,844		79,156		80,951		81,329
Earnings Per Share (Diluted)	$	0.65	$	0.63	$	0.52		0.57	$	0.67
Dividends Per Share	$	0.16	$	0.16	$	0.16		0.16	$	0.16
Stockholders' Equity	$	1,752,991	$	1,712,738	$	1,720,332		1,782,281	$	1,778,319
Book Value Per Share	$	22.96	$	22.53	$	22.37		22.38	$	22.08
Return On Average Equity-
(Quarter Results Annualized)		11.6%		11.5%		9.3%		10.4%		12.4%
Total Assets (preliminary)	$	4,687,797	$	4,105,297	$	4,001,300		4,110,942	$	4,450,730
Financial Consultants		6,890		6,898		6,872		6,899		6,980
Full-time Employees		15,390		15,412		15,413		15,392		15,931
Locations		721		717		717		713		710
Total Client Assets	$	319,000,000	$	311,000,000	$	296,000,000		294,000,000	$	300,000,000
Assets In Fee-based Accounts	$	30,752,000	$	29,235,000	$	27,420,000		27,164,000	$	27,275,000
Note: Where appropriate, prior periods' financial information has been reclassified to conform to current year presentation.