EX-99 5 f03-06_198kexh993.txt EXHIBIT 99.3 CONSOLIDATED STATEMENT OF INCOME LEHMAN BROTHERS HOLDINGS INC. Exhibit 99.3 CONSOLIDATED STATEMENT OF INCOME (Preliminary and Unaudited) (In millions, except per share data)
Three Months Ended % Change from ------------------------------------- ----------------------------- May 31 Feb 28 May 31 Feb 28 May 31 2003 2003 2002 2003 2002 ----------- -- --------- -- --------- ------------ -------------- Revenues: Principal transactions $1,275 $768 $627 Investment banking 432 371 465 Commissions 299 262 332 Interest and dividends 2,445 2,687 2,910 Other 19 12 13 ----------- --------- --------- Total revenues 4,470 4,100 4,347 Interest expense 2,179 2,389 2,684 ----------- --------- --------- Net revenues 2,291 1,711 1,663 34% 38% ----------- --------- --------- Non-interest expenses: Compensation and benefits 1,168 873 848 Technology and communications 147 143 142 Brokerage and clearance fees 90 86 76 Occupancy 73 82 71 Professional fees 41 29 34 Business development 37 32 40 Other 30 29 16 Global real estate reconfiguration 77 - - ----------- --------- --------- Total non-interest expenses 1,663 1,274 1,227 31% 36% Income before taxes and dividends on trust preferred securities 628 437 436 Provision for income taxes 173 122 126 Dividends on trust preferred securities 18 14 14 ----------- --------- --------- ----------- --------- --------- Net income $437 $301 $296 45% 48% =========== ========= ========= Net income applicable to common stock $426 $290 $285 47% 50% =========== ========= ========= Earnings per common share Basic $1.76 $1.20 $1.16 =========== ========= ========= Diluted $1.67 $1.15 $1.08 =========== ========= =========