Jefferies Announces First Quarter Financial Results
Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for over 40 years. Headquartered in New York with more than 20 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management.
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NEW YORK, April 21, 2008 -- Jefferies Group, Inc. (NYSE: JEF) today announced financial results for our first quarter ended March 31, 2008.
Highlights for the first quarter ended March 31, 2008:
Net revenues were down 52% to $201.2 million, versus $418.8 million in the first quarter of 2007, primarily resulting from a $51 million loss in Jefferies High Yield Trading, a $34 million loss in Jefferies Asset Management, and investment banking revenues of only $99 million. The net loss for the first quarter of 2008 was $60.5 million as compared to net earnings of $62.3 million for the first quarter of 2007. The net loss per share (diluted) was $0.43 as compared to net earnings per share (diluted) of $0.42 for the first quarter of 2007.
"Despite this quarter's brutal market conditions and disappointing results, Jefferies remains in a strong financial and market position with excess liquidity and a solid business base," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "With a platform positioned to perform, we remain confident about executing on our strategy as the markets reach equilibrium."
About Jefferies
Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for 45 years. Headquartered in New York, with more than 25 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefferies.com).
Net revenues were down 52% to $201.2 million, versus $418.8 million in the first quarter of 2007, primarily resulting from a $51 million loss in Jefferies High Yield Trading, a $34 million loss in Jefferies Asset Management, and investment banking revenues of only $99 million. The net loss for the first quarter of 2008 was $60.5 million as compared to net earnings of $62.3 million for the first quarter of 2007. The net loss per share (diluted) was $0.43 as compared to net earnings per share (diluted) of $0.42 for the first quarter of 2007.
"Despite this quarter's brutal market conditions and disappointing results, Jefferies remains in a strong financial and market position with excess liquidity and a solid business base," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "With a platform positioned to perform, we remain confident about executing on our strategy as the markets reach equilibrium."
About Jefferies
Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for 45 years. Headquartered in New York, with more than 25 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefferies.com).
