EX-99 5 f03-09_23ex993.txt EXHIBIT 99.3 CONSOLIDATED STATEMENT OF INCOME EXHIBIT 99.3 LEHMAN BROTHERS HOLDINGS INC. CONSOLIDATED STATEMENT OF INCOME (Preliminary and Unaudited) (In millions, except per share data)
Three Months Ended % Change from ------------------------------------- ----------------------------- Aug 31 May 31 Aug 31 May 31 Aug 31 2003 2003 2002 2003 2002 ----------- -- --------- -- --------- ------------ -------------- Revenues: Principal transactions $1,203 $1,275 $ 234 Investment banking 458 432 427 Commissions 314 299 357 Interest and dividends 2,467 2,445 3,048 Other 21 19 9 ----------- --------- --------- Total revenues 4,463 4,470 4,075 Interest expense 2,116 2,179 2,728 ----------- --------- --------- Net revenues 2,347 2,291 1,347 2% 74% ----------- --------- --------- Non-interest expenses: Compensation and benefits 1,174 1,168 687 Technology and communications 150 147 140 Brokerage and clearance fees 96 90 87 Occupancy 76 73 73 Business development 36 37 37 Professional fees 35 41 36 Other 31 30 18 Global real estate reconfiguration - 77 - ----------- --------- --------- Total non-interest expenses 1,598 1,663 1,078 (4)% 48% Income before taxes and dividends on trust issued securities 749 628 269 Provision for income taxes 250 173 61 Dividends on trust issued securities 19 18 14 ----------- --------- --------- Net income $480 $437 $194 10% 147% =========== ========= ========= Net income applicable to common stock $469 $426 $183 10% 156% =========== ========= ========= Earnings per common share Basic $1.92 $1.76 $0.74 =========== ========= ========= Diluted $1.81 $1.67 $0.70 =========== ========= =========