FORM
10-K
|
x
|
ANNUAL
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES
EXCHANGE ACT OF 1934
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
|
|
SECURITIES
EXCHANGE ACT OF 1934
|
Florida
|
No.
59-1517485
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
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
|
Title
of each class
|
Name
of each exchange on which registered
|
|
Common
Stock, $.01 Par Value
|
New
York Stock Exchange
|
Securities
registered pursuant to Section 12(g) of the Act:
|
None
|
(Title
of class)
|
Portions
of the definitive Proxy Statement to be delivered to shareholders
in
connection with the Annual Meeting of Shareholders to be held February
16,
2006 are incorporated by reference into Part
III.
|
RAYMOND
JAMES FINANCIAL, INC.
TABLE
OF CONTENTS
|
||
Page
|
||
PART
I
|
||
Item
1
|
Business
|
2
|
Item
2
|
Properties
|
13
|
Item
3
|
Legal
Proceedings
|
13
|
Item
4
|
Submission
of Matters to a Vote of Security Holders
|
13
|
PART
II
|
||
Item
5
|
Market
for Registrant's Common Equity, Related Shareholder Matters and
Issuer
Purchases of Equity Securities
|
14
|
Item
6
|
Selected
Financial Data
|
15
|
Item
7
|
Management's
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
Item
7A
|
Quantitative
and Qualitative Disclosures About Market Risk
|
34
|
Item
8
|
Financial
Statements and Supplementary Data
|
39
|
Item
9
|
Changes
in and Disagreements With Accountants on Accounting and
Financial
Disclosure
|
74
|
Item
9A
|
Controls
and Procedures
|
74
|
Item
9B
|
Other
Information
|
74
|
PART
III
|
||
Item
10
|
Directors
and Executive Officers of the Registrant
|
75
|
Item
11
|
Executive
Compensation
|
75
|
Item
12
|
Security
Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters
|
75
|
Item
13
|
Certain
Relationships and Related Transactions
|
75
|
Item
14
|
Principal
Accounting Fees and Services
|
75
|
PART
IV
|
||
Item
15
|
Exhibits,
Financial Statement Schedules
|
76
|
Signatures
|
78
|
Sept.
30,
|
%
of
|
Sept.
24,
|
%
of
|
Sept.
26,
|
%
of
|
|
2005
|
Total
|
2004
|
Total
|
2003
|
Total
|
|
($
in 000's)
|
||||||
Listed
equity
|
$
178,148
|
16%
|
$
154,374
|
15%
|
$
126,410
|
16%
|
OTC
equities
|
55,946
|
5%
|
68,223
|
7%
|
46,099
|
6%
|
Fixed
income *
|
41,596
|
3%
|
49,075
|
5%
|
53,834
|
6%
|
Mutual
funds
|
257,026
|
23%
|
228,001
|
22%
|
179,119
|
22%
|
Fee
based accounts
|
307,684
|
27%
|
251,967
|
25%
|
170,625
|
21%
|
Insurance
and annuity products
|
222,657
|
20%
|
212,747
|
21%
|
191,283
|
24%
|
New
issue sales credits
|
69,234
|
6%
|
51,614
|
5%
|
39,539
|
5%
|
Total
Private Client Group
commissions
and fees
|
$1,132,291
|
100%
|
$1,016,001
|
100%
|
$
806,909
|
100%
|
Sept.
30,
|
%
of
|
Sept.
24,
|
%
of
|
Sept.
26,
|
%
of
|
|
2005
|
Total
|
2004
|
Total
|
2003
|
Total
|
|
($
in 000's)
|
||||||
Equity
|
$
193,001
|
74%
|
$
173,594
|
69%
|
$
95,926
|
48%
|
Fixed
Income
|
66,431
|
26%
|
77,972
|
31%
|
102,832
|
52%
|
Total
commissions
|
$
259,432
|
100%
|
$
251,566
|
100%
|
$198,758
|
100%
|
· |
sales
methods
|
· |
trading
practices
|
· |
uses
and safekeeping of clients' funds and
securities
|
· |
capital
structure and financial soundness
|
· |
record
keeping
|
· |
the
conduct of directors, officers and
employees
|
· |
internal
controls
|
· |
insurance
requirements
|
2005
|
2004
|
|||
High
|
Low
|
High
|
Low
|
|
First
Quarter
|
$
31.66
|
$
23.35
|
$
27.54
|
$
23.83
|
Second
Quarter
|
34.21
|
28.90
|
26.78
|
22.85
|
Third
Quarter
|
31.28
|
25.88
|
26.53
|
23.93
|
Fourth
Quarter
|
32.19
|
27.50
|
26.66
|
21.77
|
Year
Ended
|
||||||
Sept.
30,
|
Sept.
24,
|
Sept.
26,
|
Sept.
27,
|
Sept.
28,
|
||
2005
|
2004
|
2003
|
2002
|
2001
(i)
|
||
(in
000's, except per share data)
|
||||||
Operating
Results:
|
||||||
Gross
revenues
|
$2,156,997
|
$1,829,776
|
$1,497,571
|
$1,517,423
|
$1,670,990
|
|
Net
revenues
|
$2,039,208
|
$1,781,259
|
$1,451,960
|
$1,441,088
|
$1,442,639
|
|
Net
income
|
$
151,046
|
$
127,575
|
$
86,317
|
$
79,303
|
$
96,410
|
|
Net
income per
|
||||||
Share
- basic: *
|
$
2.05
|
$
1.74
|
$
1.19
|
$
1.09
|
$
1.35
|
|
Net
income per
|
||||||
Share
- diluted: *
|
$
2.00
|
$
1.72
|
$
1.17
|
$
1.07
|
$
1.32
|
|
Weighted
average
|
||||||
Common
shares
|
||||||
Outstanding
- basic: *
|
73,478
|
73,395
|
72,824
|
73,011
|
71,495
|
|
Weighted
average
common
and common
|
||||||
equivalent
shares
|
||||||
outstanding
- diluted: *
|
75,365
|
74,402
|
73,749
|
74,444
|
73,199
|
|
Cash
dividends declared
|
||||||
per
share *
|
$
.31
|
$
.26
|
$
.24
|
$
.24
|
$
.24
|
|
Financial
Condition:
|
||||||
Total
assets
|
$8,358,769
|
$7,621,846
|
$6,911,638
|
$6,040,303
|
$6,372,054
|
|
Long-term
debt
|
$
280,784
|
(ii)
|
$
174,223
|
$
167,013
|
$
147,153
|
$
147,879
|
Shareholders'
equity
|
$1,241,823
|
$1,065,213
|
$
924,735
|
$
839,636
|
$
770,876
|
|
Shares
outstanding *
|
75,596
|
73,846
|
72,765
|
73,011
|
72,321
|
|
Equity
per share
|
||||||
at
end of period*
|
$
16.43
|
$
14.42
|
$
12.71
|
$
11.50
|
$
10.66
|
(i) |
Amounts
include a $16 million reversal of a legal reserve related to the
settlement of the Corporex case. Excluding this reversal, net income
was
$87,678 for the year and basic and diluted net income per share
were $1.23
and $1.20, respectively.
|
(ii) |
Amount
includes $68.5 million in mortgage notes payables, $70.0 million
in
Federal Home Loan Bank advances and $142.3 million in loans payable
related to real estate - owed by variable interest entities which
are
non-recourse to the Company.
|
Year
Ended
|
|||||
September
30,
|
September
24,
|
September
26,
|
|||
2005
|
2004
|
2003
|
|||
(in
000's)
|
|||||
Total
Company
|
|||||
Revenues
|
$
2,156,997
|
$
1,829,776
|
$
1,497,571
|
||
Pretax
earnings
|
247,971
|
204,121
|
138,275
|
||
Private
Client Group
|
|||||
Revenues
|
1,397,578
|
1,202,368
|
975,666
|
||
Pretax
earnings
|
102,245
|
107,122
|
69,926
|
||
Capital
Markets
|
|||||
Revenues
|
455,151
|
400,787
|
330,966
|
||
Pretax
earnings
|
77,333
|
57,910
|
37,532
|
||
Asset
Management
|
|||||
Revenues
|
171,916
|
148,160
|
123,647
|
||
Pretax
earnings
|
40,841
|
27,875
|
18,730
|
||
RJBank
|
|||||
Revenues
|
45,448
|
28,104
|
28,699
|
||
Pretax
earnings
|
14,204
|
8,824
|
10,182
|
||
Emerging
Markets
|
|||||
Revenues
|
38,768
|
27,675
|
25,576
|
||
Pretax
earnings
|
5,927
|
4,304
|
992
|
||
Stock
Loan/Stock Borrow
|
|||||
Revenues
|
31,876
|
16,372
|
11,970
|
||
Pretax
earnings
|
5,962
|
2,135
|
1,484
|
||
Other
|
|||||
Revenues
|
16,260
|
6,310
|
1,047
|
||
Pretax
earnings (loss)
|
1,459
|
(4,049)
|
(571)
|
Year
Ended
|
|||||
September
30, 2005
|
September
24, 2004
|
September
26, 2003
|
|||
($
in 000's)
|
|||||
Interest
Revenue
|
|||||
Margin
balances:
|
|||||
Average
balance
|
$
1,218,486
|
$
1,006,007
|
$
887,376
|
||
Average
rate
|
5.6%
|
4.0%
|
4.1%
|
||
Interest
revenue - margin balances
|
68,125
|
39,750
|
36,614
|
||
Assets
segregated pursuant to federal regulations:
|
|||||
Average
balance
|
2,390,174
|
2,288,593
|
2,244,959
|
||
Average
rate
|
2.8%
|
1.1%
|
1.2%
|
||
Interest
revenue - segregated assets
|
65,847
|
24,832
|
27,164
|
||
Stock
borrowed:
|
|||||
Average
balance
|
1,129,560
|
1,291,636
|
908,275
|
||
Average
rate
|
2.4%
|
1.1%
|
1.2%
|
||
Interest
revenue - stock borrowed
|
27,025
|
14,625
|
10,531
|
||
Raymond
James Bank, FSB interest income
|
45,017
|
27,318
|
26,743
|
||
Other
interest revenue
|
39,548
|
28,239
|
26,655
|
||
Total
interest revenue
|
$
245,562
|
$
134,764
|
$
127,707
|
||
Interest
Expense
|
|||||
Client
interest program:
|
|||||
Average
balance
|
$
3,228,443
|
$
2,715,667
|
$2,667,517
|
||
Average
rate
|
1.8%
|
0.4%
|
0.6%
|
||
Interest
expense - client interest program
|
58,486
|
11,659
|
15,685
|
||
Stock
loaned:
|
|||||
Average
balance
|
1,209,181
|
1,387,818
|
954,394
|
||
Average
rate
|
1.9%
|
0.9%
|
0.9%
|
||
Interest
expense - stock loaned
|
22,440
|
12,405
|
8,817
|
||
Raymond
James Bank, FSB interest expense
|
22,020
|
9,863
|
10,469
|
||
Other
interest expense
|
14,843
|
14,590
|
10,640
|
||
Total
interest expense
|
$
117,789
|
$
48,517
|
$
45,611
|
||
Net
interest income
|
$
127,773
|
$
86,247
|
$
82,096
|
Year
Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Revenues:
|
|||||||||
Securities
commissions and fees
|
$
1,132,291
|
11%
|
$
1,016,001
|
25%
|
$
811,655
|
||||
Interest
|
140,807
|
97%
|
71,484
|
3%
|
69,507
|
||||
Financial
service fees
|
66,774
|
12%
|
59,606
|
14%
|
52,374
|
||||
Other
|
57,706
|
4%
|
55,277
|
31%
|
42,130
|
||||
Total
revenue
|
1,397,578
|
16%
|
1,202,368
|
23%
|
975,666
|
||||
Interest
expense
|
60,796
|
368%
|
12,996
|
(24%)
|
17,025
|
||||
Net
revenues
|
1,336,782
|
12%
|
1,189,372
|
24%
|
958,641
|
||||
Non-interest
expenses:
|
|||||||||
Sales
commissions
|
825,889
|
12%
|
735,194
|
27%
|
578,786
|
||||
Admin
& incentive comp and benefit costs
|
207,368
|
11%
|
187,469
|
16%
|
161,784
|
||||
Communications
and information processing
|
49,183
|
25%
|
39,387
|
5%
|
37,431
|
||||
Occupancy
and equipment
|
46,114
|
-
|
46,197
|
10%
|
41,957
|
||||
Business
development
|
41,719
|
11%
|
37,602
|
20%
|
31,447
|
||||
Clearance
and other
|
65,166
|
75%
|
37,158
|
(2%)
|
37,929
|
||||
Total
non-interest expenses
|
1,235,439
|
14%
|
1,083,007
|
22%
|
889,334
|
||||
Income
before taxes and minority interest
|
101,343
|
(5%)
|
106,365
|
53%
|
69,307
|
||||
Minority
interest
|
(902)
|
(757)
|
(619)
|
||||||
Pretax
earnings
|
$
102,245
|
(5%)
|
$
107,122
|
53%
|
$
69,926
|
||||
Margin
on net revenue
|
7.6%
|
9.0%
|
7.3%
|
Year
Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Revenues:
|
|||||||||
Institutional
sales commissions:
|
|||||||||
Equity
|
$
193,001
|
11%
|
$
174,464
|
59%
|
$
109,417
|
||||
Fixed
income
|
66,431
|
(14%)
|
77,102
|
(30%)
|
109,841
|
||||
Underwriting
fees
|
77,900
|
47%
|
53,142
|
66%
|
32,057
|
||||
Mergers
& acquisitions fees
|
42,576
|
94%
|
21,928
|
11%
|
19,676
|
||||
Private
placement fees
|
5,338
|
(46%)
|
9,958
|
28%
|
7,758
|
||||
Trading
profits
|
19,089
|
(7%)
|
20,579
|
22%
|
16,929
|
||||
Raymond
James Tax Credit Funds
|
26,630
|
30%
|
20,513
|
26%
|
16,333
|
||||
Interest
|
20,847
|
45%
|
14,329
|
2%
|
14,034
|
||||
Other
|
3,339
|
(62%)
|
8,772
|
78%
|
4,921
|
||||
Total
revenue
|
455,151
|
14%
|
400,787
|
21%
|
330,966
|
||||
|
|||||||||
Interest
expense
|
19,838
|
72%
|
11,543
|
24%
|
9,312
|
||||
Net
Revenues
|
435,313
|
12%
|
389,244
|
21%
|
321,654
|
||||
Non-interest
expenses
|
|||||||||
Sales
commissions
|
99,223
|
10%
|
90,184
|
1%
|
89,227
|
||||
Admin
& incentive comp and benefit costs
|
197,170
|
11%
|
177,168
|
35%
|
131,713
|
||||
Communications
and information processing
|
24,071
|
3%
|
23,447
|
4%
|
22,485
|
||||
Occupancy
and equipment
|
12,563
|
3%
|
12,252
|
(5%)
|
12,837
|
||||
Business
development
|
18,995
|
6%
|
17,957
|
18%
|
15,259
|
||||
Clearance
and other
|
14,395
|
39%
|
10,345
|
(18%)
|
12,601
|
||||
Total
non-interest expense
|
366,417
|
11%
|
331,353
|
17%
|
284,122
|
||||
Income
before taxes and minority interest
|
68,896
|
19%
|
57,891
|
54%
|
37,532
|
||||
Minority
interest
|
(8,437)
|
(19)
|
-
|
||||||
Pretax
earnings
|
$
77,333
|
34%
|
$
57,910
|
54%
|
$
37,532
|
Year
Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Revenues
|
|||||||||
Investment
advisory fees
|
$
151,001
|
17%
|
$
128,696
|
23%
|
$
105,015
|
||||
Other
|
20,915
|
7%
|
19,464
|
4%
|
18,632
|
||||
Total
revenue
|
171,916
|
16%
|
148,160
|
20%
|
123,647
|
||||
Expenses
|
|||||||||
Admin
& incentive comp and benefit costs
|
60,318
|
10%
|
54,776
|
25%
|
43,970
|
||||
Communications
and information processing
|
14,803
|
4%
|
14,284
|
12%
|
12,721
|
||||
Occupancy
and equipment
|
4,170
|
19%
|
3,502
|
11%
|
3,150
|
||||
Business
development
|
7,331
|
33%
|
5,493
|
5%
|
5,250
|
||||
Other
|
43,730
|
5%
|
41,575
|
5%
|
39,635
|
||||
Total
expenses
|
130,352
|
9%
|
119,630
|
14%
|
104,726
|
||||
Income
before taxes and minority interest
|
41,564
|
46%
|
28,530
|
51%
|
18,921
|
||||
Minority
interest
|
723
|
655
|
191
|
||||||
Pretax
earnings
|
$
40,841
|
47%
|
$
27,875
|
49%
|
$
18,730
|
Sept.
30,
|
%
Incr.
|
Sept.
24,
|
%
Incr.
|
Sept.
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
Assets
Under Management:
|
($
in 000's)
|
||||||||
Eagle
Asset Mgmt., Inc.
|
|||||||||
Retail
|
$
4,719,275
|
25%
|
$
3,761,898
|
23%
|
$
3,051,468
|
||||
Institutional
|
6,823,906
|
34%
|
5,080,713
|
22%
|
4,149,000
|
||||
Total
Eagle
|
11,543,181
|
31%
|
8,842,611
|
23%
|
7,200,468
|
||||
Heritage
Family of Mutual Funds
|
|||||||||
Money
Market
|
6,058,612
|
0%
|
6,071,532
|
(7%)
|
6,516,443
|
||||
Other
|
2,534,975
|
28%
|
1,983,580
|
22%
|
1,629,363
|
||||
Total
Heritage
|
8,593,587
|
7%
|
8,055,112
|
(1%)
|
8,145,806
|
||||
Raymond
James Consulting Services
|
6,573,448
|
37%
|
4,810,935
|
32%
|
3,653,276
|
||||
Awad
Asset Management
|
1,222,199
|
(9%)
|
1,349,040
|
50%
|
901,224
|
||||
Freedom
Accounts
|
2,496,772
|
153%
|
988,010
|
108%
|
475,465
|
||||
Total
Assets Under Management
|
30,429,187
|
27%
|
24,045,708
|
18%
|
20,376,239
|
||||
Less:
Assets Managed for Affiliated Entities
|
(2,936,804)
|
70%
|
(1,728,788)
|
52%
|
(1,134,555)
|
||||
Third
Party Assets Under Management
|
$27,492,383
|
23%
|
$22,316,920
|
16%
|
$19,241,684
|
For
the Years Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Interest
income and expense
|
|||||||||
Interest
income
|
$
45,017
|
65%
|
$
27,318
|
2%
|
$
26,743
|
||||
Interest
expense
|
22,020
|
123%
|
9,863
|
(6%)
|
10,469
|
||||
Net
interest income
|
22,997
|
32%
|
17,455
|
7%
|
16,274
|
||||
Other
income
|
431
|
(45%)
|
786
|
(60%)
|
1,956
|
||||
Net
revenues
|
23,428
|
28%
|
18,241
|
0%
|
18,230
|
||||
Non-interest
expense
|
|||||||||
Employee
compensation and benefits
|
5,388
|
15%
|
4,686
|
11%
|
4,237
|
||||
Communications
and information processing
|
799
|
5%
|
758
|
55%
|
488
|
||||
Occupancy
and equipment
|
478
|
38%
|
347
|
(18%)
|
422
|
||||
Other
|
2,559
|
(29%)
|
3,626
|
25%
|
2,901
|
||||
Total
non-interest expense
|
9,224
|
(2%)
|
9,417
|
17%
|
8,048
|
||||
Pretax
earnings
|
$
14,204
|
61%
|
$
8,824
|
(13%)
|
$
10,182
|
For
the Years Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Revenues
|
|||||||||
Securities
commissions and fees
|
$
29,309
|
39%
|
$
21,146
|
(8%)
|
$
23,011
|
||||
Investment
advisory fees
|
2,890
|
45%
|
1,991
|
-
|
-
|
||||
Interest
income
|
1,919
|
83%
|
1,048
|
1,105%
|
87
|
||||
Trading
profits
|
3,141
|
105%
|
1,530
|
456%
|
275
|
||||
Other
|
1,509
|
(23%)
|
1,960
|
(11%)
|
2,203
|
||||
Total
revenues
|
38,768
|
40%
|
27,675
|
8%
|
25,576
|
||||
Interest
Expense
|
497
|
26%
|
396
|
2,946%
|
13
|
||||
Net
revenues
|
38,271
|
40%
|
27,279
|
7%
|
25,563
|
||||
Non-interest
expense
|
|||||||||
Compensation
expense
|
19,758
|
25%
|
15,798
|
1%
|
15,670
|
||||
Other
expense
|
10,294
|
96%
|
5,248
|
(32%)
|
7,769
|
||||
Total
expense
|
30,052
|
43%
|
21,046
|
(10%)
|
23,439
|
||||
Minority
interest
|
2,292
|
1,929
|
1,132
|
||||||
Pretax
earnings
|
$
5,927
|
38%
|
$
4,304
|
334%
|
$
992
|
For
the Years Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Interest
income and expense
|
|||||||||
Interest
income
|
$
31,876
|
95%
|
$
16,372
|
37%
|
$
11,970
|
||||
Interest
expense
|
22,873
|
84%
|
12,405
|
41%
|
8,817
|
||||
Net
interest income
|
9,003
|
127%
|
3,967
|
26%
|
3,153
|
||||
Other
|
3,041
|
66%
|
1,832
|
10%
|
1,669
|
||||
Pretax
earnings
|
$
5,962
|
179%
|
$
2,135
|
44%
|
$
1,484
|
For
the Years Ended
|
|||||||||
September
30,
|
%
Incr.
|
September
24,
|
%
Incr.
|
September
26,
|
|||||
2005
|
(Decr.)
|
2004
|
(Decr.)
|
2003
|
|||||
($
in 000's)
|
|||||||||
Revenues
|
|||||||||
Interest
income
|
$
4,638
|
13%
|
$
4,088
|
18%
|
$
3,468
|
||||
Other
|
11,622
|
423%
|
2,222
|
192%
|
(2,421)
|
||||
Total
revenues
|
16,260
|
158%
|
6,310
|
503%
|
1,047
|
||||
Other
expense
|
14,801
|
43%
|
10,359
|
540%
|
1,618
|
||||
Pretax
earnings (loss)
|
$
1,459
|
136%
|
$
(4,049)
|
(609%)
|
$
(571)
|
September
30, 2005
|
|||
Financial
Instruments
Owned
at
Fair Value
|
|
Financial
Instruments
Sold
but
not yet Purchased
at
Fair Value
|
|
(in
000’s)
|
|||
Cash
trading instruments
|
$
346,884
|
$
132,107
|
|
Derivative
contracts
|
12,795
|
2,488
|
|
Available
for sale securities
|
187,549
|
-
|
|
Total
|
$
547,228
|
$
134,595
|
September
30, 2005
|
|||
Financial
Instruments
Owned
at
Fair Value
|
|
Financial
Instruments
Sold
but
not yet Purchased
at
Fair Value
|
|
(in
000’s)
|
|||
Fair
value based on quoted prices and independent
sources
|
$
530,341
|
$
132,107
|
|
Fair
value determined by Management
|
16,887
|
2,488
|
|
Total
|
$
547,228
|
$
134,595
|
Total
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
|
Long-term
debt
|
$141,124
|
$2,604
|
$2,760
|
$7,927
|
$3,104
|
$8,291
|
$116,438
|
Variable
interest entities’ loans
payable(1)
|
144,780
|
2,516
|
28,790
|
12,947
|
13,234
|
12,741
|
74,552
|
Short-term
debt
|
5,338
|
5,338
|
-
|
-
|
-
|
-
|
-
|
Operating
leases
|
78,675
|
20,493
|
18,389
|
13,327
|
9,241
|
7,468
|
9,757
|
Investments
- private equity
partnerships(2)
|
11,400
|
11,400
|
-
|
-
|
-
|
-
|
-
|
Investments
- foreign entities
|
425
|
425
|
-
|
-
|
-
|
-
|
-
|
Certificates
of deposit
|
220,660
|
120,380
|
25,737
|
23,460
|
29,434
|
21,649
|
-
|
Commitments
to extend
credit
- RJBank(3)
|
299,571
|
299,571
|
-
|
-
|
-
|
-
|
-
|
Commitments
to real estate
partnerships(4)
|
6,508
|
6,508
|
-
|
-
|
-
|
-
|
-
|
Underwriting
commitments(5)
|
68,227
|
68,227
|
-
|
-
|
-
|
-
|
-
|
Naming
rights for Raymond
James
Stadium
|
16,645
|
2,914
|
3,031
|
3,152
|
3,278
|
3,409
|
861
|
Total
|
$993,353
|
$540,376
|
$78,707
|
$60,813
|
$58,291
|
$53,558
|
$201,608
|
(1)
|
Loans
which are non-recourse to the Company. See Notes 6 and 10 in the
Notes to
the Consolidated Financial Statements for additional
information.
|
(2)
|
The
Company has committed a total of $34.9 million, in amounts ranging
from
$200,000 to $1.5 million, to 36 different independent venture capital
or
private equity partnerships. As of September 30, 2005, the Company
had
invested $26.8 million of that amount. Additionally, the Company
is the
general partner in two internally sponsored private equity limited
partnerships to which it has committed $14 million. Of that amount,
the
Company has invested $10.7 million as of September 30, 2005. Although
the
combined remaining balance of $11.4 million has been included in
fiscal
year 2006 above, the contributions to the partnerships may occur
after
that time and are dependent upon the timing of the capital calls
by the
general partners.
|
(3)
|
Because
many commitments expire without being funded in whole or part,
the
contract amounts are not estimates of future cash
flows.
|
(5)
|
Transactions
relating to underwriting commitments of
RJ
Ltd.
|
September
30, 2005
|
September
24, 2004
|
||||||
Securities
|
Securities
|
||||||
Sold
but
|
Sold
but
|
||||||
Trading
|
Not
yet
|
Trading
|
Not
yet
|
||||
Securities
|
Purchased
|
Securities
|
Purchased
|
||||
(in
000's)
|
|||||||
Marketable:
|
|||||||
Municipal
|
$
177,984
|
$
17
|
$
192,099
|
$
-
|
|||
Corporate
|
27,830
|
2,285
|
26,216
|
3,522
|
|||
Government
|
42,009
|
99,465
|
43,518
|
55,082
|
|||
Agency
|
60,445
|
84
|
8,817
|
10,991
|
|||
Total
debt securities
|
308,268
|
101,851
|
270,650
|
69,595
|
|||
Derivative
contracts
|
12,795
|
2,488
|
14,567
|
8,926
|
|||
Equity
securities
|
32,237
|
30,256
|
33,910
|
32,950
|
|||
Other
securities
|
6,379
|
-
|
10,734
|
-
|
|||
Total
|
$359,679
|
$134,595
|
$329,861
|
$111,471
|
First
three quarters ended June 24, 2005
|
Fourth
quarter ended September 30, 2005
|
||||||||||
|
High
|
Low
|
Daily Average
|
High
|
Low
|
Daily
Average
|
|||||
($
in 000's)
|
|
|
|
|
|
|
|||||
VaR
|
$
1,919
|
$
632
|
$
1,073
|
$
895
|
$
358
|
$
566
|
|||||
Portfolio
Value (net)
|
167,655
|
133,757
|
215,976
|
126,560
|
162,032
|
169,665
|
|||||
VaR
as a percent of Portfolio Value
|
1.14%
|
0.47%
|
0.51%
|
0.71%
|
0.22%
|
0.34%
|
RJBank
Financial Instruments with Market Risk (as described above, in
000's):
|
||||
September
30, 2005
|
September
24, 2004
|
|||
Mortgage-backed
securities
|
$
6,716
|
$
9,121
|
||
Municipal
obligations
|
5
|
41
|
||
Loans
receivable, net
|
648,649
|
420,744
|
||
Total
assets with market risk
|
$
655,370
|
$
429,906
|
||
Certificates
of deposit
|
$
220,660
|
$
140,980
|
||
Federal
Home Loan Bank advances
|
70,000
|
60,000
|
||
Interest
rate swaps
|
72
|
1,299
|
||
Total
liabilities with market risk
|
$
290,732
|
$
202,279
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(in
thousands)
|
||
Assets:
|
||
Cash
and cash equivalents
|
$
998,749
|
$
528,823
|
Assets
segregated pursuant to federal regulations - cash and cash
equivalents
|
2,351,805
|
2,322,402
|
Securities
owned:
|
||
Trading
securities, at fair value
|
359,679
|
329,861
|
Available
for sale securities, at fair value
|
187,549
|
208,022
|
Receivables:
|
||
Brokerage
clients, net
|
1,426,096
|
1,274,881
|
Stock
borrowed
|
1,079,849
|
1,536,879
|
Bank
loans, net
|
1,000,281
|
686,672
|
Brokers-dealers
and clearing organizations
|
110,760
|
125,544
|
Other
|
241,527
|
169,577
|
Investments
in real estate partnerships- held by variable interest
entities
|
138,228
|
22,569
|
Property
and equipment, net
|
137,555
|
122,750
|
Deferred
income taxes, net
|
78,373
|
73,559
|
Deposits
with clearing organizations
|
31,286
|
28,466
|
Goodwill
|
62,575
|
62,575
|
Investment
in leveraged leases, net
|
11,808
|
20,160
|
Prepaid
expenses and other assets
|
142,649
|
109,106
|
$8,358,769
|
$7,621,846
|
|
Liabilities
and Shareholders' Equity:
|
||
Loans
payable
|
$
146,462
|
$
136,393
|
Loans
payable related to real estate- owed by variable interest
entities
|
144,780
|
44,250
|
Payables:
|
||
Brokerage
clients
|
3,767,535
|
3,348,677
|
Stock
loaned
|
1,115,595
|
1,597,117
|
Bank
deposits
|
1,076,020
|
773,036
|
Brokers-dealers
and clearing organizations
|
146,269
|
74,258
|
Trade
and other
|
140,360
|
151,041
|
Trading
securities sold but not yet purchased
|
134,595
|
111,471
|
Securities
sold under agreements to repurchase
|
33,681
|
10,810
|
Accrued
compensation, commissions and benefits
|
299,657
|
256,062
|
Income
taxes payable
|
20,961
|
32,145
|
7,025,915
|
6,535,260
|
|
Minority
Interests
|
91,031
|
21,373
|
Shareholders'
equity
|
||
Preferred
stock; $.10 par value; authorized
|
||
10,000,000
shares; issued and outstanding -0- shares
|
-
|
-
|
Common
Stock; $.01 par value; authorized
|
||
100,000,000
shares; issued 76,567,089 at
|
765
|
753
|
Sept.
30, 2005 and 75,321,926 at Sept. 24, 2004
|
||
Shares
exchangeable into common stock; 285,325
|
5,493
|
5,493
|
at
Sept. 30, 2005 and at Sept. 24, 2004
|
||
Additional
paid-in capital
|
165,074
|
127,405
|
Retained
earnings
|
1,082,063
|
957,317
|
Accumulated
other comprehensive income
|
9,632
|
3,875
|
1,263,027
|
1,094,843
|
|
Less:
1,256,281 and 1,761,322 common shares
|
||
in
treasury, at cost
|
21,204
|
29,630
|
1,241,823
|
1,065,213
|
|
$8,358,769
|
$7,621,846
|
|
See
accompanying Notes to Consolidated Financial
Statements.
|
Year
Ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
Revenues:
|
|||
Securities
commissions and fees
|
$
1,421,908
|
$
1,290,344
|
$1,045,071
|
Investment
banking
|
150,166
|
106,350
|
71,317
|
Investment
advisory fees
|
157,428
|
134,447
|
112,126
|
Interest
|
245,562
|
134,764
|
127,707
|
Net
trading profits
|
24,612
|
23,565
|
20,615
|
Financial
service fees
|
86,014
|
80,431
|
69,536
|
Other
|
71,307
|
59,875
|
51,199
|
|
|
||
Total
revenues
|
2,156,997
|
1,829,776
|
1,497,571
|
Interest
expense
|
117,789
|
48,517
|
45,611
|
Net
revenues
|
2,039,208
|
1,781,259
|
1,451,960
|
|
|
||
Non-Interest
Expenses:
|
|||
Compensation,
commissions and benefits
|
1,429,104
|
1,273,420
|
1,034,676
|
Communications
and information processing
|
91,881
|
82,186
|
77,016
|
Occupancy
and equipment costs
|
66,948
|
61,339
|
61,520
|
Clearance
and floor brokerage
|
24,063
|
20,773
|
17,729
|
Business
development
|
67,802
|
59,963
|
51,332
|
Other
|
113,957
|
77,347
|
70,707
|
Total
non-interest expenses
|
1,793,755
|
1,575,028
|
1,312,980
|
|
|
||
Income
before provision for income taxes
|
245,453
|
206,231
|
138,980
|
Provision
for income taxes
|
96,925
|
76,546
|
51,958
|
Minority
Interest
|
(2,518)
|
2,110
|
705
|
Net
income
|
$
151,046
|
$
127,575
|
$
86,317
|
Net
income per share-basic
|
$
2.05
|
$
1.74
|
$
1.19
|
Net
income per share-diluted
|
$
2.00
|
$
1.72
|
$
1.17
|
Weighted
average common shares
|
|||
outstanding-basic
|
73,478
|
73,395
|
72,824
|
Weighted
average common and common
|
|||
equivalent
shares outstanding-diluted
|
75,365
|
74,402
|
73,479
|
Net
income
|
$
151,046
|
$
127,575
|
$
86,317
|
Other
Comprehensive Income:
|
|||
Net
unrealized gain (loss) on available
|
|||
for
sale securities, net of tax
|
79
|
(112)
|
(231)
|
Net
unrealized gain on interest
|
|||
rate
swaps accounted for as cash flow
hedges
|
882
|
2,184
|
1,575
|
Net
change in currency translations
|
4,796
|
1,199
|
9,417
|
Total
comprehensive income
|
$
156,803
|
$
130,846
|
$
97,078
|
Common
Stock
|
Shares
Exchangeable into Common Stock
|
Additional
|
Accumulated
Other
|
Treasury
Stock
|
Total
|
||||||
Paid-in
|
Retained
|
Comprehensive
|
Common
|
Shareholders'
|
|||||||
Shares
|
Amount
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Shares
|
Amount
|
Equity
|
||
Balances
at September 27, 2002
|
48,998
|
$
490
|
172
|
$
5,057
|
$
73,187
|
$
781,978
|
$
(10,157)
|
(496)
|
$
(10,919)
|
$
839,636
|
|
Net
income fiscal 2003
|
86,317
|
86,317
|
|||||||||
Cash
dividends - common stock
|
|||||||||||
($.24
per share)
|
(17,639)
|
(17,639)
|
|||||||||
Purchase
of treasury shares
|
(1,445)
|
(35,964)
|
(35,964)
|
||||||||
Exchangeable
shares
|
243
|
2
|
47
|
1,393
|
7,139
|
|
8,534
|
||||
Employee
stock purchases
|
175
|
2
|
5,345
|
34
|
750
|
6,097
|
|||||
Exercise
of stock options
|
275
|
3
|
6,137
|
334
|
7,367
|
13,507
|
|||||
Grant
of restricted shares
|
1,092
|
172
|
3,996
|
5,088
|
|||||||
Stock
option expense
|
7,998
|
7,998
|
|||||||||
Tax
benefit related to non-qualified
|
|||||||||||
option
exercises
|
400
|
400
|
|||||||||
Net
unrealized loss on available
|
|||||||||||
for
sale securities, net of tax
|
(231)
|
(231)
|
|||||||||
Net
unrealized gain on interest
|
|||||||||||
rate
swaps accounted for as cash
flow
hedges
|
1,575
|
1,575
|
|||||||||
Net
change in currency translations
|
9,417
|
9,417
|
|||||||||
Balances
at September 26, 2003
|
49,691
|
$
497
|
219
|
$
6,450
|
$
101,298
|
$
850,656
|
$
604
|
(1,401)
|
$
(34,770)
|
$
924,735
|
|
Net
income fiscal 2004
|
127,575
|
127,575
|
|||||||||
Cash
dividends - common stock
|
|||||||||||
($.26
per share)
|
(20,664)
|
(20,664)
|
|||||||||
Purchase
of treasury shares
|
(84)
|
(1,955)
|
(1,955)
|
||||||||
Exchangeable
shares
|
36
|
-
|
(36)
|
(957)
|
957
|
||||||
3-for-2
stock split
|
25,002
|
250
|
102
|
(250)
|
(593)
|
||||||
Employee
stock purchases
|
274
|
3
|
8,348
|
8,351
|
|||||||
Exercise
of stock options
|
319
|
3
|
5,247
|
106
|
2,271
|
7,521
|
|||||
Grant
of restricted shares
|
2,432
|
211
|
4,824
|
7,256
|
|||||||
Stock
option expense
|
9,123
|
9,123
|
|||||||||
Net
unrealized loss on available
|
|||||||||||
for
sale securities, net of tax
|
(112)
|
(112)
|
|||||||||
Net
unrealized gain on interest
|
|||||||||||
rate
swaps accounted for as cash
flow
hedges
|
2,184
|
2,184
|
|||||||||
Net
change in currency translations
|
1,199
|
1,199
|
|||||||||
Balances
at September 24, 2004
|
75,322
|
$
753
|
285
|
$
5,493
|
$
127,405
|
$957,317
|
$
3,875
|
(1,761)
|
$
(29,630)
|
$1,065,213
|
|
Net
income fiscal 2005
|
151,046
|
151,046
|
|||||||||
Cash
dividends - common stock
|
|||||||||||
($.31
per share)
|
(26,300)
|
(26,300)
|
|||||||||
Purchase
of treasury shares
|
62
|
(6)
|
(177)
|
(115)
|
|||||||
Employee
stock purchases
|
329
|
3
|
9,622
|
9,625
|
|||||||
Exercise
of stock options
|
916
|
9
|
13,961
|
54
|
913
|
14,883
|
|||||
Grant
of restricted shares
|
5,678
|
457
|
7,690
|
13,368
|
|||||||
Stock
option expense
|
8,346
|
8,346
|
|||||||||
Net
unrealized gain on available
|
|||||||||||
for
sale securities, net of tax
|
79
|
79
|
|||||||||
Net
unrealized gain on interest
|
|||||||||||
rate
swaps accounted for as cash
flow
hedges
|
882
|
882
|
|||||||||
Net
change in currency translations
|
4,796
|
4,796
|
|||||||||
Balances
at September 30, 2005
|
76,567
|
$
765
|
285
|
$
5,493
|
$
165,074
|
$1,082,063
|
$
9,632
|
(1,256)
|
$
(21,204)
|
$1,241,823
|
Year
ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
Cash
Flows from operating activities:
|
|||
Net
Income
|
$
151,046
|
$
127,575
|
$
86,317
|
Adjustments
to reconcile net income to net
|
|||
cash
provided by operating activities:
|
|||
Depreciation
and amortization
|
17,781
|
16,827
|
18,344
|
Deferred
income taxes
|
(4,814)
|
(5,094)
|
(14,731)
|
Unrealized
gains, premium and discount amortization
|
|||
on
available for sale securities and other securities
|
(794)
|
(1,603)
|
(271)
|
Ineffectiveness
of interest rate swaps accounted for as
cash
flow hedges
|
208
|
(392)
|
(525)
|
Impairment
on leveraged lease investments
|
6,534
|
4,000
|
-
|
(Gain)
loss on sale of property and equipment
|
(106)
|
1,696
|
469
|
Provision
for legal proceedings, bad debts and other
accruals
|
33,765
|
26,076
|
40,048
|
Stock-based
compensation expense
|
17,031
|
17,631
|
14,401
|
(Increase)
decrease in operating assets:
|
|||
Assets
segregated pursuant to federal regulations
|
(29,403)
|
(86,036)
|
(150,439)
|
Receivables:
|
|||
Brokerage
clients, net
|
(149,523)
|
(184,408)
|
(58,305)
|
Stock
borrowed
|
457,030
|
(328,317)
|
(432,176)
|
Brokers-dealers
and clearing organizations
|
14,784
|
1,171
|
(38,837)
|
Other
|
(9,998)
|
(19,477)
|
(17,789)
|
Trading
securities, net
|
(6,694)
|
(104,857)
|
121,774
|
Investments
in real estate partnerships-held by variable interest
entities
|
(115,659)
|
(22,569)
|
-
|
Prepaid
expenses and other assets
|
(35,237)
|
(31,785)
|
(12,568)
|
Increase
(decrease) in operating liabilities:
|
|||
Payables:
|
|||
Brokerage
clients
|
418,858
|
144,582
|
249,119
|
Stock
loaned
|
(481,522)
|
369,966
|
392,772
|
Brokers-dealers
and clearing organizations
|
72,011
|
(80,499)
|
116,946
|
Trade
and other
|
(46,188)
|
(20,390)
|
(36,092)
|
Securities
sold under agreements to repurchase
|
22,871
|
7,792
|
(15,755)
|
Accrued
compensation, commissions and benefits
|
43,595
|
57,045
|
10,157
|
Income
taxes payable
|
(11,184)
|
6,128
|
2,769
|
Minority
Interest
|
69,658
|
10,825
|
152
|
Net
cash provided by (used in) operating activities
|
434,050
|
(94,113)
|
275,780
|
Year
ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
Cash
Flows from investing activities:
|
|||
Additions
to property and equipment, net
|
(30,154)
|
(22,028)
|
(28,775)
|
Loan
originations and purchases
|
(692,857)
|
(335,544)
|
(413,947)
|
Loan
repayments
|
379,298
|
208,810
|
342,810
|
Purchases
of investment account securities
|
-
|
-
|
(591)
|
Sale
of available for sale securities
|
9,250
|
-
|
-
|
Purchases
of available for sale securities
|
(60,536)
|
(66,011)
|
(97,708)
|
Available
for sale securities maturations and repayments
|
71,671
|
98,730
|
207,965
|
Net
cash (used in) provided by investing activities
|
(323,328)
|
(116,043)
|
9,754
|
Cash
Flows from financing activities:
|
|||
Proceeds
from borrowed funds
|
16,542
|
80,198
|
307,540
|
Repayments
of mortgage and borrowings
|
(6,473)
|
(111,014)
|
(289,893)
|
Proceeds
from borrowed funds related to real estate-owed
by
variable interest entities
|
44,704
|
44,250
|
-
|
Exercise
of stock options and employee stock purchases
|
23,066
|
14,620
|
18,689
|
Increase
(decrease) in bank deposits
|
302,984
|
(6,479)
|
(13,453)
|
Purchase
of treasury stock
|
(115)
|
(1,955)
|
(35,964)
|
Cash
dividends on common stock
|
(26,300)
|
(20,664)
|
(17,639)
|
Net
cash provided by (used in) financing activities
|
354,408
|
(1,044)
|
(30,720)
|
Currency
adjustment:
|
|||
Effect
of exchange rate changes on cash
|
4,796
|
5,392
|
10,318
|
Net
increase (decrease) in cash and cash equivalents
|
469,926
|
(205,808)
|
265,132
|
Cash
and cash equivalents at beginning of year
|
528,823
|
734,631
|
469,499
|
Cash
and cash equivalents at end of year
|
$
998,749
|
$
528,823
|
$
734,631
|
Supplemental
disclosures of cash flow information:
|
|||
Cash
paid for interest
|
$
116,553
|
$
48,229
|
$
48,537
|
Cash
paid for taxes
|
$
113,476
|
$
75,511
|
$
63,920
|
September
30, 2005
|
September
24, 2004
|
|||
Securities
|
Securities
|
|||
Sold
but
|
Sold
but
|
|||
Trading
|
Not
yet
|
Trading
|
Not
yet
|
|
Securities
|
Purchased
|
Securities
|
Purchased
|
|
(in
000's)
|
||||
Marketable:
|
||||
Equities
|
$
32,237
|
$
30,256
|
$
33,910
|
$
32,950
|
Municipal
obligations
|
177,984
|
17
|
192,099
|
-
|
Corporate
obligations
|
27,830
|
2,285
|
26,216
|
3,522
|
Government
obligations
|
42,009
|
99,465
|
43,518
|
55,082
|
Agencies
|
60,445
|
84
|
8,817
|
10,991
|
Derivative
Contracts
|
12,795
|
2,488
|
14,567
|
8,926
|
Other
|
2,019
|
-
|
8,457
|
-
|
Non-marketable
|
4,360
|
-
|
2,277
|
-
|
$359,679
|
$134,595
|
$329,861
|
$111,471
|
Gross
|
Gross
|
Estimated
|
||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|
Cost
|
Gains
|
Losses
|
Value
|
|
(in
000's)
|
||||
Mortgage-backed
securities
|
$
187,232
|
$
485
|
$(205)
|
$187,512
|
Municipal
bonds
|
5
|
-
|
-
|
5
|
Other
|
27
|
5
|
-
|
32
|
$
187,264
|
$
490
|
$(205)
|
$187,549
|
|
Gross
|
Gross
|
Estimated
|
||
Amortized
|
Unrealized
|
Unrealized
|
Market
|
|
Cost
|
Gains
|
Losses
|
Value
|
|
(in
000's)
|
||||
Mortgage-backed
securities
|
$
207,804
|
$
429
|
$(273)
|
$207,960
|
Municipal
bonds
|
40
|
1
|
-
|
41
|
Other
|
3
|
18
|
-
|
21
|
$
207,847
|
$
448
|
$(273)
|
$208,022
|
|
Estimated
|
||
Amortized
|
Market
|
|
Cost
|
Value
|
|
(in
000’s)
|
||
One
year or less
|
$
27
|
$
32
|
One
to five years
|
6,555
|
6,566
|
Five
to 10 years
|
-
|
-
|
After
10 years
|
180,682
|
180,951
|
$
187,264
|
$
187,549
|
|
Less
than 12 months
|
12
months or more
|
Total
|
|||||||||
Estimated
|
Estimated
|
Estimated
|
|||||||||
market
|
Unrealized
|
market
|
Unrealized
|
market
|
Unrealized
|
||||||
value
|
losses
|
value
|
losses
|
value
|
losses
|
||||||
Mortgage-backed
|
|||||||||||
securities
|
$21,356
|
(28)
|
$13,811
|
(177)
|
$35,167
|
(205)
|
September
25,
2005
|
September
24,
2004
|
|
(in
000's)
|
||
Brokerage
client receivables
|
$
1,426,890
|
$
1,279,318
|
Allowance
for doubtful accounts
|
(794)
|
(4,437)
|
Brokerage
client receivables, net
|
$
1,426,096
|
$
1,274,881
|
September
30,
|
September
24,
|
|||
2005
|
2004
|
|||
Balance
|
Weighted
Average Rate
|
Balance
|
Weighted
Average Rate
|
|
($
in 000's)
|
||||
Brokerage
client payables:
|
||||
Interest
bearing
|
$
3,301,599
|
1.81%
|
$
2,970,919
|
0.45%
|
Non-interest
bearing
|
465,936
|
-
|
377,758
|
-
|
Total
brokerage client payables
|
$
3,767,535
|
1.54%
|
$
3,348,677
|
0.40%
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(in
000's)
|
||
Residential
mortgage loans- held for sale
|
$
2,249
|
$
694
|
Residential
mortgage loans
|
686,880
|
456,515
|
Commercial
loans
|
313,191
|
234,713
|
Consumer
loans
|
3,866
|
2,280
|
1,006,186
|
694,202
|
|
Allowance
for loan losses
|
(7,593)
|
(7,642)
|
Purchase
premium
|
4,167
|
2,525
|
Purchase
discount
|
(1,306)
|
(1,542)
|
Deferred
origination fees and costs, net
|
(1,173)
|
(871)
|
$
1,000,281
|
$
686,672
|
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
(in
000's)
|
|||
Balance,
beginning of year
|
$
7,642
|
$
5,910
|
$
5,109
|
Provision
charged to operations
|
1,388
|
1,732
|
801
|
Charge-offs
|
-
|
-
|
-
|
Balance,
end of year
|
$
9,030
|
$
7,642
|
$
5,910
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(in
000's)
|
||
Assets:
|
||
Cash
and cash equivalents
|
$
23,272
|
$
4,180
|
Receivables,
other
|
56,357
|
29
|
Investments
in real estate partnerships - held by variable interest entities
|
138,228
|
22,569
|
Prepaid
expenses and other assets
|
12,270
|
8,459
|
Intercompany
receivable- Raymond James Tax Credit Funds, Inc.
|
-
|
23,093
|
Total
Assets
|
$
230,127
|
$
58,330
|
Liabilities
and Shareholders’ Equity:
|
||
Loans
payable related to real estate - owned by variable interest
entities
|
$
144,780
|
$
44,250
|
Trade
and other
|
2,338
|
40
|
Total
Liabilities
|
147,118
|
44,290
|
Minority
Interests
|
81,328
|
13,771
|
Shareholders'
Equity
|
1,681
|
269
|
Total
Liabilities and Shareholders' Equity
|
$
230,127
|
$
58,330
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(in
000's)
|
||
Rents
receivable (net of principal and
|
||
interest
on the non-recourse debt)
|
$
9,502
|
$
16,161
|
Unguaranteed
residual values
|
8,012
|
10,719
|
Unearned
income
|
(5,706)
|
(6,720)
|
Investment
in leveraged leases
|
11,808
|
20,160
|
Deferred
taxes arising from leveraged leases
|
(21,349)
|
(25,294)
|
Net
investment in leveraged leases
|
$
(9,541)
|
$
(5,134)
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(in
000's)
|
||
Land
|
$
19,244
|
$
19,244
|
Construction
in process
|
10,175
|
2,146
|
Buildings,
leasehold and land improvements
|
123,773
|
119,358
|
Furniture,
fixtures, and equipment
|
145,774
|
137,309
|
298,966
|
278,057
|
|
Less: accumulated
depreciation
|
||
and
amortization
|
(161,411)
|
(155,307)
|
$
137,555
|
$
122,750
|
September
30,
|
September
24,
|
|||
2005
|
2004
|
|||
Balance
|
Weighted
Average Rate
|
Balance
|
Weighted
Average Rate
|
|
($
in 000's)
|
||||
Bank
deposits:
|
||||
Demand
deposits - interest bearing
|
$
4,405
|
0.84%
|
$
4,379
|
0.21%
|
Demand
deposits - non-interest bearing
|
4,210
|
-
|
2,776
|
-
|
Money
market accounts
|
15,421
|
2.25%
|
16,454
|
0.14%
|
Savings
accounts
|
831,324
|
2.64%
|
608,447
|
0.26%
|
Certificates
of deposit (1)
|
220,660
|
3.61%
|
140,980
|
3.71%
|
Total
bank deposits
|
$1,076,020
|
2.82%
|
$773,036
|
0.89%
|
(1)
|
Certificates
of deposit in amounts of $100,000 or more at September 30, 2005 and
September 24, 2004 were $61,018,000 and $37,893,000,
respectively.
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(in
000's):
|
||
One
year or less
|
$120,380
|
$
61,351
|
One
to two years
|
25,737
|
23,831
|
Two
to three years
|
23,460
|
10,987
|
Three
to four years
|
29,434
|
16,990
|
Four
to five years and thereafter
|
21,649
|
27,821
|
Total
|
$220,660
|
$140,980
|
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
(in
000's)
|
|||
Demand
deposits
|
$
24
|
$
9
|
$
9
|
Money
market accounts
|
173
|
27
|
58
|
Savings
accounts
|
11,844
|
1,617
|
2,472
|
Certificates
of deposit
|
6,577
|
5,101
|
4,910
|
$
18,618
|
$
6,754
|
$
7,449
|
September
30,
2005
|
September
24,
2004
|
|
(in
000's)
|
||
Short-term
Borrowings:
|
||
Borrowings
on lines of credit (1)
|
$
5,338
|
$
4,117
|
Current
portion of mortgage notes payable
|
2,604
|
2,303
|
Total
short-term borrowings
|
7,942
|
6,420
|
Long-term
Borrowings:
|
||
Mortgage
notes payable
(2)
|
68,520
|
69,973
|
Federal
home loan bank advances (3)
|
70,000
|
60,000
|
Total
long-term borrowings
|
138,520
|
129,973
|
Total
borrowings
|
$146,462
|
$136,393
|
(1)
|
The
Company and its subsidiaries maintain one committed and several
uncommitted lines of credit denominated in U.S. dollars and one
uncommitted line of credit denominated in Canadian dollars. At
September
30, 2005, the aggregate available balance was $560 million and
CDN$40
million, respectively. The aggregate balance of the U.S. dollar
lines of
credit was increased to $660 million on October 13, 2005. The interest
rates for the lines of credit are variable and are based on the
Fed Funds
rate, LIBOR, and Canadian prime rate. During fiscal year 2005 interest
rates on the lines of credit ranged from 2.26% to 4.52%. During
fiscal
year 2004 interest rates on the lines of credit ranged from 1.47%
to
3.50%.
|
(2)
|
Mortgage
notes payable is comprised of a mortgage for the financing of the
Company's home office complex and a note for the financing of the
office
for a foreign subsidiary. The mortgage bears interest at 5.7% and
is
secured by land, buildings, and improvements with a net book value
of
$76,563,000 at September 30, 2005. A new building was purchased
for
$1,643,000 in April 2005 for a foreign subsidiary’s office in India and
was financed with a note bearing 8.25% interest and is secured
by the land
and building.
|
(3)
|
RJBank
has $70 million in FHLB advances outstanding at September 30, 2005,
which
bear interest at fixed rates ranging from 2.37% to 5.67% and mature
between May 2008 and October 2014. These advances are secured by
a blanket
lien on the Bank's residential loan portfolio issued to FHLB at
September
30, 2005.
|
2007
|
$
2,760
|
2008
|
7,927
|
2009
|
3,104
|
2010
|
8,291
|
2011
and thereafter
|
116,438
|
Total
|
$138,520
|
September
30,
2005
|
September
24,
2004
|
|
(in
000's)
|
||
Current
portion of loan payable
|
$
2,516
|
$
-
|
Long-term
portion of loan payable
|
142,264
|
44,250
|
Total
borrowings
|
$144,780
|
$44,250
|
2007
|
$
28,790
|
2008
|
12,947
|
2009
|
13,234
|
2010
|
12,741
|
2011
and thereafter
|
74,552
|
Total
|
$142,264
|
Year
Ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
(in
000’s)
|
|||
Current
provision:
|
|||
Federal
|
$
78,783
|
$
71,004
|
$
58,202
|
State
|
15,483
|
13,722
|
8,388
|
International
|
8,321
|
3,381
|
(612)
|
102,497
|
88,107
|
65,978
|
|
Deferred
benefit:
|
|||
Federal
|
(3,058)
|
(5,813)
|
(12,514)
|
State
|
(1,867)
|
(5,897)
|
(1,174)
|
International
|
(647)
|
149
|
(332)
|
(5,572)
|
(11,561)
|
(14,020)
|
|
$
96,925
|
$
76,546
|
$
51,958
|
Year
Ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
(in
000’s)
|
|||
Provision
calculated at statutory rates
|
$
85,909
|
$
71,442
|
$
48,643
|
State
income taxes, net of federal benefit
|
8,851
|
5,085
|
4,689
|
Other
|
2,165
|
19
|
(1,374)
|
$
96,925
|
$
76,546
|
$
51,958
|
September
30,
|
September
24,
|
||
2005
|
2004
|
||
(in
000’s)
|
|||
Deferred
tax assets:
|
|||
Deferred
compensation
|
$
49,460
|
$
43,034
|
|
Capital
expenditures
|
8,719
|
8,044
|
|
Accrued
expenses
|
39,674
|
46,778
|
|
Unrealized
(Gain)/Loss
|
252
|
204
|
|
Other
|
1,617
|
793
|
|
Total
deferred tax assets
|
99,722
|
98,853
|
|
Deferred
tax liabilities:
|
|||
Aircraft
leases
|
(21,349)
|
(25,294)
|
|
Total
deferred tax liabilities
|
(21,349)
|
(25,294)
|
|
Net
deferred tax assets
|
$
78,373
|
$
73,559
|
September
30, 2005
|
September
24, 2004
|
|||
(in
000's)
|
||||
Standby
letters of credit
|
$
15,933
|
$
7,917
|
||
Consumer
lines of credit
|
21,326
|
31,708
|
||
Commercial
lines of credit
|
168,804
|
62,085
|
||
Unfunded
loan commitments - variable rate
|
288,169
|
119,669
|
||
Unfunded
loan commitments - fixed rate
|
11,402
|
3,755
|
Sources
of collateral (in 000's):
|
|
Securities
purchased under agreements to resell
|
$
135,021
|
Securities
received in securities borrowed vs. cash transactions
|
1,092,816
|
Collateral
received for margin loans
|
1,265,406
|
Total
|
$2,493,243
|
Uses
of collateral and trading securities (in 000's):
|
|
Securities
purchased under agreements to resell
|
$
135,021
|
Securities
received in securities borrowed vs. cash transactions
|
1,079,848
|
Collateral
received for margin loans
|
224,247
|
Total
|
$1,439,116
|
Number
of
|
Average
|
||
Shares
Purchased (1)
|
Price
Per Share
|
||
July
|
-
|
-
|
|
August
|
-
|
-
|
|
September
|
639
|
$30.01
|
|
Total
|
639
|
$30.01
|
The
activity in other comprehensive income and related tax effects
are as
follows (in 000's):
|
|||||
Sept.
30,
|
Sept.
24,
|
Sept.
26,
|
|||
2005
|
2004
|
2003
|
|||
Net
unrealized gain (loss) on available for sale securities, net
of
|
$
79
|
$
(112)
|
$
(231)
|
||
tax
effect of $51 in 2005, ($67) in 2004, and ($139) in 2003
|
|||||
Net
unrealized gain on interest rate swaps accounted for as cash
flow
|
882
|
2,184
|
1,575
|
||
hedges,
net of tax effect of $566 in 2005, $1,310 in 2004, and
|
|||||
$948
in 2003
|
|||||
Net
change in currency translations, net of tax effect of $3,078
in
|
4,796
|
1,199
|
9,417
|
||
2005,
$719 in 2004, and $5,670 in 2003
|
|||||
Other
comprehensive income
|
$
5,757
|
$
3,271
|
$
10,761
|
The
components of accumulated other comprehensive income (in
000's):
|
||||
Sept.
30,
|
Sept.
24,
|
|||
2005
|
2004
|
|||
Net
unrealized gain on securities available for sale
|
$
186
|
$
107
|
||
Net
unrealized (loss) on interest rate swaps accounted for as cash
flow
hedges
|
(44)
|
(926)
|
||
Currency
translations
|
9,490
|
4,694
|
||
Accumulated
other comprehensive income
|
$
9,632
|
$
3,875
|
2005
|
2004
|
2003
|
|
Dividend
Yield
|
1.10%
|
1.10%
|
1.10%
|
Expected
Volatility
|
38.56%
|
36.27%
|
43.18%
|
Risk-free
Interest Rate
|
3.69%
|
2.89%
|
2.88%
|
Expected
Lives
|
5.1
yrs
|
5.2
yrs
|
4.73
yrs
|
2005
|
2004
|
2003
|
||||
Shares
|
Weighted
|
Shares
|
Weighted
|
Shares
|
Weighted
|
|
Average
|
Average
|
Average
|
||||
Exercise
|
Exercise
|
Exercise
|
||||
Price
|
Price
|
Price
|
||||
Outstanding
at
|
||||||
beginning
of year
|
5,429,055
|
$ 20.95
|
4,666,890
|
$ 18.65
|
5,147,723
|
$
17.86
|
Granted
|
403,675
|
25.26
|
1,533,898
|
25.13
|
728,625
|
19.71
|
Canceled
|
(161,985)
|
21.39
|
(225,724)
|
19.43
|
(295,500)
|
19.85
|
Exercised
|
(970,631)
|
15.44
|
(546,009)
|
13.67
|
(913,958)
|
14.78
|
Outstanding
at
|
||||||
Year
end
|
4,700,114
|
$22.45
|
5,429,055
|
$20.95
|
4,666,890
|
$
18.65
|
Options
exercisable
|
||||||
at
year end
|
825,271
|
580,247
|
401,465
|
|||
Weighted
average
|
||||||
fair
value of
|
||||||
options
granted
|
||||||
during
the year
|
$
9.12
|
$
8.39
|
$
7.56
|
Options
Outstanding
|
Options
Exercisable
|
||||
Range
of
|
Number
|
Weighted
|
Weighted
|
Number
|
Weighted
|
Exercise
|
Outstanding
|
Average
|
Average
|
Exercisable
|
Average
|
Prices
|
at
9/30/05
|
Remaining
|
Exercise
|
at
9/30/05
|
Exercise
|
Contractual
|
Price
|
Price
|
|||
Life
|
|||||
$ 0.0000
- 10.2400
|
0
|
0.0
|
$
0.00
|
0
|
$
0.00
|
$10.2401
- 12.8000
|
78,925
|
0.3
|
12.46
|
78,925
|
12.46
|
$12.8001
- 15.3600
|
42,600
|
1.7
|
13.39
|
5,100
|
13.21
|
$15.3601
- 17.9200
|
255,600
|
2.1
|
17.28
|
47,891
|
17.61
|
$17.9201
- 20.4800
|
385,237
|
2.7
|
19.04
|
44,202
|
19.56
|
$20.4801
- 23.0400
|
1,504,104
|
1.5
|
21.26
|
486,403
|
21.35
|
$23.0401
- 25.6000
|
2,324,223
|
3.2
|
24.51
|
162,750
|
23.67
|
$25.6001
- 28.1600
|
11,600
|
4.8
|
27.34
|
-
|
0.00
|
$28.1601
- 30.7200
|
75,925
|
4.4
|
29.67
|
-
|
0.00
|
$30.7201
- 33.2800
|
21,900
|
5.3
|
30.98
|
-
|
0.00
|
4,700,114
|
2.5
|
$22.45
|
825,271
|
$20.60
|
Year
Ended
|
|
September
30, 2005
|
|
Beginning
Balance
|
805,667
|
Shares
Granted
|
218,771
|
Shares
Vested
|
(326,603)
|
Shares
Cancelled
|
(16,473)
|
Ending
Balance
|
681,362
|
Weighted-average
fair value per share for shares granted during the year
|
$27.19
|
Year
Ended
|
|
September
30, 2005
|
|
Beginning
Balance
|
457,691
|
Shares
Granted
|
255,769
|
Shares
Vested
|
(137,336)
|
Shares
Cancelled
|
(1,440)
|
Ending
Balance
|
574,684
|
Weighted-average
fair value per share for shares granted during the year
|
$30.32
|
September
30,
|
September
24,
|
||
2005
|
2004
|
||
Raymond
James & Associates, Inc.:
|
($
in 000's)
|
||
(alternative
method elected)
|
|||
Net
capital as a percent of Aggregate
|
|||
Debit
Items
|
27.8%
|
28.1%
|
|
Net
capital
|
$
372,615
|
$
363,049
|
|
Less:
required net capital
|
(26,804)
|
(25,840)
|
|
Excess
net capital
|
$
345,811
|
$
337,209
|
September
30,
|
September
24,
|
||
2005
|
2004
|
||
Raymond
James Financial Services, Inc.:
|
(in
000's)
|
||
(alternative
method elected)
|
|||
Net
capital
|
$
41,851
|
$
39,663
|
|
Less:
required net capital
|
(250)
|
(250)
|
|
Excess
net capital
|
$
41,601
|
$
39,413
|
To
be well capitalized
|
||||||
Requirement
for capital
|
under
prompt
|
|||||
adequacy
|
corrective
action
|
|||||
Actual
|
purposes
|
provisions
|
||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|
($
in 000's)
|
||||||
As
of September 30, 2005:
|
||||||
Total
capital (to
|
||||||
risk-weighted
assets)
|
$
173,466
|
24.9%
|
$55,685
|
8.0%
|
$69,606
|
10.0%
|
Tier I
capital (to
|
||||||
risk-weighted
assets)
|
165,874
|
23.8%
|
27,842
|
4.0%
|
41,764
|
6.0%
|
Tier I
capital (to
|
||||||
average
assets)
|
165,874
|
12.6%
|
52,628
|
4.0%
|
65,785
|
5.0%
|
As
of September 30, 2004:
|
||||||
Total
capital (to
|
||||||
risk-weighted
assets)
|
$
84,278
|
15.1%
|
$
44,666
|
8.0%
|
$
55,832
|
10.0%
|
Tier I
capital (to
|
||||||
risk-weighted
assets)
|
77,299
|
13.8%
|
22,333
|
4.0%
|
33,499
|
6.0%
|
Tier I
capital (to
|
||||||
average
assets)
|
77,299
|
8.0%
|
38,468
|
4.0%
|
48,084
|
5.0%
|
Year
Ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
Net
income
|
$ 151,046
|
$ 127,575
|
$ 86,317
|
Weighted
average common shares
|
|||
outstanding
during the period
|
73,478
|
73,395
|
72,824
|
Dilutive
effect of stock options and awards (1)
|
1,887
|
1,007
|
655
|
Weighted
average diluted common
|
|||
shares
(1)
|
75,365
|
74,402
|
73,479
|
Net
income per share - basic
|
$
2.05
|
$
1.74
|
$
1.19
|
Net
income per share - diluted (1)
|
$
2.00
|
$
1.72
|
$
1.17
|
Securities
excluded from weighted average
|
|||
common
shares because their effect
|
|||
would
be antidulitive
|
72
|
1,080
|
1,621
|
(1)
|
Diluted
earnings per share is computed on the basis of the weighted average
number
of shares of common stock plus the effect of dilutive potential
common
shares outstanding during the period using the treasury stock method.
Dilutive potential common shares include stock options and
awards.
|
Year
ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
(000's)
|
|||
Revenues:
|
|||
Private
Client Group
|
$
1,397,578
|
$
1,202,368
|
$
975,666
|
Capital
Markets
|
455,151
|
400,787
|
330,966
|
Asset
Management
|
171,916
|
148,160
|
123,647
|
RJBank
|
45,448
|
28,104
|
28,699
|
Emerging
Markets
|
38,768
|
27,675
|
25,576
|
Stock
Loan/Borrow
|
31,876
|
16,372
|
11,970
|
Other
|
16,260
|
6,310
|
1,047
|
Total
|
$
2,156,997
|
$
1,829,776
|
$1,497,571
|
Income
Before Provision for Income Taxes and Minority
Interest:
|
|||
Private
Client Group
|
$
102,245
|
$
107,122
|
$
69,926
|
Capital
Markets
|
77,333
|
57,910
|
37,532
|
Asset
Management
|
40,841
|
27,875
|
18,730
|
RJBank
|
14,204
|
8,824
|
10,182
|
Emerging
Markets
|
5,927
|
4,304
|
992
|
Stock
Loan/Borrow
|
5,962
|
2,135
|
1,484
|
Other
|
1,459
|
(4,049)
|
(571)
|
Pre-
Tax Income
|
$
247,971
|
$
204,121
|
$
138,275
|
Minority
Interest
|
(2,518)
|
2,110
|
705
|
Total
|
$
245,453
|
$
206,231
|
$
138,980
|
September
30,
|
September
24,
|
|
2005
|
2004
|
|
(000's)
|
||
Total
Assets:
|
||
Private
Client Group *
|
$
4,528,048
|
$
3,945,968
|
Capital
Markets **
|
1,032,815
|
740,210
|
Asset
Management
|
74,418
|
81,559
|
RJBank
|
1,327,675
|
924,747
|
Emerging
Markets
|
91,550
|
78,162
|
Stock
Loan/Borrow
|
1,147,314
|
1,622,362
|
Other
|
156,949
|
228,838
|
Total
|
$
8,358,769
|
$
7,621,846
|
*
|
Includes
$46 million of goodwill allocated pursuant to SFAS No. 142, "Goodwill
and
Other Intangible Assets".
|
**
|
Includes
$17 million of goodwill allocated pursuant to SFAS No.
142.
|
Year
ended
|
|||
September
30,
|
September
24,
|
September
26,
|
|
2005
|
2004
|
2003
|
|
(000's)
|
|||
Revenues:
|
|||
United
States
|
$
1,912,577
|
$
1,651,474
|
$
1,369,131
|
Canada
|
162,525
|
115,880
|
85,538
|
Europe
|
46,432
|
39,890
|
24,633
|
Other
|
35,463
|
22,532
|
18,269
|
Total
|
$
2,156,997
|
$
1,829,776
|
$
1,497,571
|
2005
|
1st
Qtr.
|
2nd
Qtr.
|
3rd
Qtr.
|
4th
Qtr.
|
|
(In
000's, except per share data)
|
|||||
Revenues
|
$
524,377
|
$
512,327
|
$
526,362
|
$
593,931
|
|
Net
Revenues
|
498,985
|
483,118
|
493,544
|
563,561
|
|
Non-Interest
expenses
|
432,591
|
428,609
|
437,859
|
(1)
|
494,696
|
Income
before income taxes
|
64,805
|
58,129
|
51,476
|
73,561
|
|
Net
income
|
39,243
|
34,697
|
32,382
|
44,724
|
|
Net
income per share - basic(2)
|
.53
|
.47
|
.44
|
.60
|
|
Net
income per share - diluted
|
.52
|
.46
|
.43
|
.59
|
|
Dividends
declared per share
|
.07
|
.08
|
.08
|
.08
|
2004
|
1st
Qtr.
|
2nd
Qtr.
|
3rd
Qtr.
|
4th
Qtr.
|
|
(In
000's, except per share data)
|
|||||
Revenues
|
$
424,660
|
$
491,373
|
$
451,535
|
$
462,209
|
|
Net
Revenues
|
413,987
|
480,448
|
440,111
|
446,713
|
|
Non-Interest
expenses
|
375,032
|
413,541
|
392,397
|
396,169
|
|
Income
before income taxes
|
38,955
|
66,907
|
47,714
|
50,544
|
|
Net
income(2)
|
24,230
|
43,068
|
29,613
|
30,664
|
|
Net
income per share - basic
|
.33
|
.59
|
.40
|
.42
|
|
Net
income per share - diluted(2)
|
.33
|
.58
|
.40
|
.41
|
|
Dividends
declared per share(3)
|
.06
|
.06
|
.07
|
.07
|
(1)
|
Due
to a reclassification of minority interest this amount is not the
previously reported amount for the
quarter.
|
Jennifer
C. Ackart
|
41
|
Controller
and Chief Accounting Officer
|
Barry
S. Augenbraun
|
66
|
Senior
Vice President and Corporate Secretary
|
Richard
G. Averitt, III
|
60
|
Chairman
and CEO - Raymond James Financial Services, Inc.
|
George
Catanese
|
46
|
Senior
Vice President and Chief Risk Officer
|
Tim
Eitel
|
56
|
Chief
Information Officer - Raymond James & Associates
|
Jeffrey
P. Julien
|
49
|
Senior
Vice President - Finance and Chief Financial Officer, Director
and/or
officer of several RJF subsidiaries
|
Paul
L. Matecki
|
50
|
General
Counsel, Director of Compliance - RJF
|
Richard
K. Riess
|
56
|
Executive
Vice President - RJF,
|
|
CEO
and Director of both Eagle and Heritage
|
|
Van
C. Sayler
|
50
|
Senior
Vice President - Fixed Income, Raymond James &
Associates
|
Thomas
R. Tremaine
|
49
|
Executive
Vice President - Operations and Administration, Raymond James &
Associates
|
Jeffrey
E. Trocin
|
46
|
Executive
Vice President - Equity Capital Markets, Raymond James &
Associates
|
Dennis
W. Zank
|
51
|
President
- Raymond James & Associates
|
(a) |
Financial
Statements and Schedules
|
Exhibit
Number
|
Description
|
||
3.1
|
Amended
and restated Articles of Incorporation of Raymond James Financial,
Inc. as
filed with the Secretary of State Florida on March 21, 2001, incorporated
by reference to Exhibit 3.1 as filed with Form 10-K on December
21,
2001.
|
||
3.1.1
|
Articles
of Amendment to Articles of Incorporation of Raymond James Financial,
Inc., incorporated by reference to Exhibit 3 as filed with Form
10-Q on
May 4, 2005.
|
||
3.2
|
Amended
and restated By-Laws of the Company, as amended on August 26, 2004,
filed
herewith.
|
||
10.1*
|
Raymond
James Financial, Inc. 2002 Incentive Stock Option Plan effective
February
14, 2002, incorporated by reference to Exhibit 4.1 to Registration
Statement on Form S-8, No. 333-98537, filed August 22,
2002.
|
||
10.2*
|
Raymond
James Financial, Inc. Restricted Stock Plan and Stock Bonus Plan
effective
October 1, 1999, incorporated by reference to Exhibits 4.1 and
4.2,
respectively to Registration Statement on Form S-8, No. 333-74716,
filed
December 7, 2001.
|
||
10.3
|
Arrangement
Agreement between Goepel McDermid Inc. as seller, and Raymond James
Holdings (Canada), Inc. incorporated by reference to Exhibit 10
to
Registration Statement on Form S-3, No. 333-51840, filed on December
14,
2000.
|
||
10.4
|
Mortgage
Agreement for $75 million dated as of December 13, 2002 incorporated
by
reference to Exhibit No. 10 as filed with Form 10-K on December
23,
2002.
|
||
10.5*
|
Raymond
James Financial, Inc.'s Stock Option Plan for Key Management Personnel
effective November 21, 1996, incorporated by reference to Exhibit
4.1 to
Registration Statement on Form S-8, No. 333-103277, filed February
18,
2003.
|
||
10.6*
|
Raymond
James Financial, Inc. 2003 Employee Stock Purchase Plan incorporated
by
reference to Exhibit 4.1 to Registration Statement on Form S-8,
No.
333-103280, filed February 18, 2003.
|
10.7
|
Form
of Indemnification Agreement with Directors, incorporated by reference
to
Exhibit 10.18 as filed with Form 10-K on December 8, 2004.
|
|
10.8*
|
The
2005 Raymond James Financial, Inc. Restricted Stock Plan effective
February 17, 2005, incorporated by reference to Exhibit 4.1 to
Registration Statement on Form S-8, No. 333-125214, filed May 25,
2005.
|
|
10.9
|
Amended
and Restated Revolving Credit Agreement for $200 million dated
as of
October 13, 2005, filed herewith.
|
|
11
|
Computation
of Earnings per Share is set forth in Note 20 of the Notes to the
Consolidated Financial Statements in this Form 10-K.
|
|
14
|
Code
of Ethics for Senior Financial Officers, incorporated by reference
to
Exhibit 10.18 as filed with Form 10-K on December 8, 2004.
|
|
21
|
List
of Subsidiaries, filed herewith.
|
|
23
|
Consent
of Independent Auditors.
|
|
31
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
302 of
the Sarbanes-Oxley Act of 2002, filed herewith.
|
|
32
|
Certification
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section
906 of
the Sarbanes-Oxley Act of 2002, filed herewith.
|
|
99.1C
|
Charter
of the Audit Committee of the Board of Directors as revised on
November
30, 2004, incorporated by reference to Exhibit 10.18 as filed with
Form
10-K on December 8, 2004.
|
Signature
|
Title
|
Date
|
|
/s/
THOMAS A. JAMES
|
Chairman
and Chief
|
December
14, 2005
|
|
Thomas
A. James
|
Executive
Officer, Director
|
||
/s/
CHET B. HELCK
|
President
and Chief Operating Officer, Director
|
December
14, 2005
|
|
Chet
B. Helck
|
|||
/s/
FRANCIS S. GODBOLD
|
Vice
Chairman and Director
|
December
14, 2005
|
|
Francis
S. Godbold
|
|||
/s/
JEFFREY P. JULIEN
|
Senior
Vice President - Finance
|
December
14, 2005
|
|
Jeffrey
P. Julien
|
and
Chief Financial Officer
|
||
/s/
JENNIFER C. ACKART
|
Controller
and Chief Accounting Officer
|
December
14, 2005
|
|
Jennifer
C. Ackart
|
|
||
/s/
ANGELA M. BIEVER
|
Director
|
December
14, 2005
|
|
Angela
M. Biever
|
|||
/s/
JONATHAN A. BULKLEY
|
Director
|
December
14, 2005
|
|
Jonathan
A. Bulkley
|
|||
/s/
H. WILLIAM HABERMEYER
|
Director
|
December
14, 2005
|
|
H.
William Habermeyer
|
|||
/s/
PAUL W. MARSHALL
|
Director
|
December
14, 2005
|
|
Paul
W. Marshall
|
|||
/s/
KENNETH A. SHIELDS
|
Director
|
December
14, 2005
|
|
Kenneth
A. Shields
|
|||
/s/
HARDWICK SIMMONS
|
Director
|
December
14, 2005
|
|
Hardwick
Simmons
|
|||
/s/
ADELAIDE SINK
|
Director
|
December
14, 2005
|
|
Adelaide
Sink
|
Entity
Name
|
State/Country
of Incorporation
|
Subsidiary
or Joint Venture of
|
ASK-Raymond
James Securities India Limited
|
India
|
HIL
|
Awad
& Assoc., Inc.
|
Florida
|
RJF
|
Awad
Asset Management, Inc.
|
Florida
|
RJF
|
Ballast
Point Venture Partners, LLC
|
Florida
|
RJF
|
Ballast
Point Venture Partners, LP
|
Florida
|
RJ
Ventures, LLC
|
Canada,
Inc. (CANCO) 3814041
|
Canada
|
RJF
|
EA
Management I, LLC
|
Florida
|
RJF
|
Eagle
Asset Management, Inc.
|
Florida
|
RJF
|
EB
Management I, LLC
|
Florida
|
RJF
|
Gateway
Institutional Fund Ltd.
|
Florida
|
Raymond
James Tax Credit Funds, Inc.
|
Gateway
Tax Credit Fund II, Ltd.
|
Florida
|
Raymond
James Tax Credit Funds, Inc.
|
Gateway
Tax Credit Fund III, Ltd.
|
Florida
|
Raymond
James Tax Credit Funds, Inc.
|
Gateway
Tax Credit Fund, Ltd.
|
Florida
|
Raymond
James Tax Credit Funds, Inc.
|
Heritage
Asset Management, Inc. ("HAM")
|
Florida
|
RJF
|
Heritage
Fund Distributors LLC
|
Florida
|
RJA
|
Heritage
Fund Distributors, Inc.
|
Florida
|
HAM
|
Heritage
International Limited ("HIL")
|
Mauritius
|
RJIH
|
Nova
Scotia 3051862
|
Canada
|
RJ
Canada, Inc.
|
Nova
Scotia 3051863
|
Canada
|
RJ
Canada, Inc.
|
Planning
Corporation Of America
|
Florida
|
RJA
|
Raymond
James & Associates, Inc. ("RJA")
|
Florida
|
RJF
|
Raymond
James Argentina Sociedad De Bolsa, S.A.
|
Argentina
|
RJSAH
|
Raymond
James Bank, FSB
|
Florida
|
RJF
|
Raymond
James Capital Inc.
|
Delaware
|
RJF
|
Raymond
James Credit Corporation
|
Delaware
|
RJF
|
Raymond
James Delta Capital
|
Argentina
|
RJSAH
|
Raymond
James European Holdings, Inc. ("RJEH")
|
Florida
|
RJIH
|
Raymond
James Financial International, Ltd. (U.K.)
|
U.K.
|
RJIH
|
Raymond
James Financial Services, Inc. ("RJF")
|
Florida
|
RJF
|
Raymond
James Financial, Inc.
|
Florida
|
N/A
|
Raymond
James Geneva S.A.
|
Switzerland
|
RJF
|
Raymond
James Global Securities, Limited
|
BVI
|
RJIH
|
Raymond
James Holdings (Canada), Inc. ("RJH")
|
Canada
|
RJF
|
Raymond
James International Holdings, Inc. ("RJIH")
|
Delaware
|
RJF
|
Raymond
James Investment Services, Ltd.
|
U.K.
|
RJF
|
Raymond
James Latin American Advisors Limited
|
BVI
|
RJSAH
|
Raymond
James Ltd
|
Canada
|
RJ
Holdings
|
Raymond
James Ltd (USA), Inc.
|
Canada
|
RJ
Holdings
|
Raymond
James North Carolina Tax Credit Fund, LLC
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Partners, Inc.
|
Florida
|
RJF
|
Raymond
James Patrimoine, S.A.
|
France
|
RJIH
|
Raymond
James Securities - Turkey (Raymond James Yatýrým Menkul Kýymetler
A.S.)
|
Turkey
|
RJEH
|
Entity
Name
|
State/Country
of Incorporation
|
Subsidiary
or Joint Venture of
|
Raymond
James South American Holdings, Inc. ("RJSAH")
|
Florida
|
RJIH
|
Raymond
James Tax Credit Fund 32 - A, LLC
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Tax Credit Fund 32 - B, LLC
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Tax Credit Fund XX, LP
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Tax Credit Fund XXII, LLC
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Tax Credit Fund XXV - A, LLC
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Tax Credit Fund XXV - B, LLC
|
Delaware
|
Raymond
James Tax Credit Funds, Inc.
|
Raymond
James Tax Credit Funds, Inc.
|
Florida
|
RJF
|
Raymond
James Trust Company
|
Florida
|
RJF
|
Raymond
James Trust Company West
|
Washington
|
RJF
|
Residual
Partners
|
Florida
|
RJF
|
RJ
Canada LP
|
Alberta
|
Nova
Scotia 3051863
|
RJ
Canada, Inc.
|
Florida
|
RJF
|
RJ
Capital Services, Inc. ("RJCS")
|
Delaware
|
RJF
|
RJ
Communication, Inc.
|
Florida
|
RJF
|
RJ
Delta Fund Management
|
Argentina
|
RJSAH
|
RJ
Equities, Inc.
|
Florida
|
RJF
|
RJ
Euro Equities
|
Ireland
|
RJA
|
RJ
Government Securities, Inc.
|
Florida
|
RJF
|
RJ
Holdings, Ltd.
|
Florida
|
Residual
Partners
|
RJ
Matador, LLC
|
Florida
|
RJF
|
RJ
Mortgage Acceptance Corporation
|
Delaware
|
RJF
|
RJ
Partners, Inc.
|
Florida
|
RJF
|
RJ
Properties, Inc.
|
Florida
|
RJF
|
RJ
Specialist Corporation
|
Florida
|
RJF
|
RJ
Structured Finance, Inc.
|
Delaware
|
RJCS
|
RJ
Ventures LLC
|
Florida
|
RJF
|
RJC
Partners LP
|
Florida
|
RJC
Partners, Inc.
|
RJC
Partners, Inc.
|
Florida
|
RJF
|
RJEIF
I, L.P.
|
Delaware
|
RJEIF,
Inc.
|
RJEIF
II, L.P.
|
Delaware
|
RJEIF,
Inc.
|
RJEIF,
Inc.
|
Delaware
|
RJF
|
Value
Partners, Inc.
|
Florida
|
RJF
|