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Jefferies Reports First Quarter 2012 Financial Results

    Jefferies Group, Inc. (NYSE: JEF) announced today financial results for its fiscal first quarter ended February 29, 2012.

    Highlights for the three months ended February 29, 2012, versus the three months ended February 28, 2011:

    • Record net record revenues of $780 million, versus $758 million
    • Net income to common shareholders of $77 million, versus $87 million (after $41 million versus $31 million of aggregate earnings to noncontrolling interests and interest on mandatorily redeemable preferred interests substantially at Jefferies High Yield Trading)
    • Net earnings per common share of $0.33, versus $0.42
    • Investment banking revenues of $286 million, up 20% versus $239 million
    • Fixed income revenues of $339 million, versus $318 million

    "These solid results reflect our continued growth in investment banking and strong performance in fixed income," commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "We believe our firm is unique today in our intense focus on offering an integrated, global capital markets platform to our clients and an entrepreneurial culture to our employee-partners."

    A conference call with management discussion of these financial results will be held today, March 20, 2012, at 9:00 AM Eastern. Investors and securities industry professionals may access the management discussion by calling 877-710-9938 or 702-928-7183. A one-week replay of the call will also be available at 855-859-2056 or 404-537-3406 (conference ID # 58239317). A live audio webcast and delayed replay can also be accessed at Jefferies.com.

    Jefferies Group, Inc. (NYSE: JEF) is the global investment banking firm focused on serving clients for nearly 50 years. The firm is a leader in providing insight, expertise and execution to investors, companies and governments, and provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and commodities, as well as offers select asset and wealth management strategies, in the U.S., Europe and Asia.

     
    JEFFERIES GROUP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF EARNINGS
    (Amounts in Thousands, Except Per Share Amounts)
    (Unaudited)
               
          Three Months Ended
          February 29,
    2012    		   February 28,
    2011
    Revenues:          
    Commissions     $ 117,499     $ 119,921  
    Principal transactions       280,835       290,151  
    Investment banking       285,795       239,059  

    Asset management fees and investment income from managed funds

    		       5,634       23,868  
    Interest       274,708       273,216  
    Other       42,340       20,461  
    Total revenues       1,006,811       966,676  
    Interest expense       226,845       208,294  
    Net revenues       779,966       758,382  

    Interest on mandatorily redeemable preferred interest of consolidated subsidiaries

    		       21,844       16,438  

    Net revenues, less mandatorily redeemable preferred interest

    		       758,122       741,944  
               
    Non-interest expenses:          
    Compensation and benefits       446,462       442,892  
    Floor brokerage and clearing fees       27,838       28,132  
    Technology and communications       61,450       43,675  
    Occupancy and equipment rental       22,565       17,979  
    Business development       22,247       19,938  
    Professional services       13,693       13,276  
    Other       14,998       13,121  
    Total non-interest expenses       609,253       579,013  
                       
    Earnings before income taxes       148,869       162,931  
                       
    Income tax expense       52,152       60,886  
    Net earnings       96,717       102,045  
    Net earnings to noncontrolling interests       19,581       14,704  
    Net earnings to common shareholders     $ 77,136     $ 87,341  
    Earnings per common share:          
                       
    Basic     $ 0.33     $ 0.42  
                       
    Diluted     $ 0.33     $ 0.42  
               
    Weighted average common shares:          
    Basic       218,049       199,141  
    Diluted       222,162       203,257  
               
    Effective tax rate       35.0 %     37.4 %
               

     

     
    JEFFERIES GROUP, INC. AND SUBSIDIARIES
    SELECTED STATISTICAL INFORMATION
    (Amounts in Thousands, Except Per Share Amounts)
    (Unaudited)
                             
        Quarters Ended
       

    February 29,
    2012

    		   November 30,
    2011    		  

    August 31,
    2011

    		  

    May 31,
    2011

    		   February 28,
    2011    		   November 30,
    2010

    Statement of Earnings

    		                        

    Net revenues, less mandatorily redeemable preferred interest

    		   $ 758,122     $ 556,544     $ 523,953     $ 722,750     $ 741,944     $ 664,870  
                             
    Non-interest expenses:                        
    Compensation and benefits     446,462       308,137       299,640       431,936       442,892       405,440  
    Non-compensation expenses     162,791       177,727       169,075       160,330       136,121       135,852  
    Earnings before income taxes     148,869       70,680       55,238       130,484       162,931       123,578  
                                                     
    Income tax expense     52,152       25,066       1,228       45,784       60,886       46,126  
    Net earnings     96,717       45,614       54,010       84,700       102,045       77,452  
    Net earnings (loss) to noncontrolling interests     19,581       (2,772 )     (14,265 )     4,084       14,704       14,735  
                                                     
    Net earnings to common shareholders   $ 77,136     $ 48,386     $ 68,275     $ 80,616     $ 87,341     $ 62,717  
                                                     
    Diluted earnings per common share   $ 0.33     $ 0.21     $ 0.30     $ 0.36     $ 0.42     $ 0.31  
                             

    Financial Ratios

    		                        
    Pretax operating margin     20 %     13 %     11 %     18 %     22 %     19 %
    Compensation and benefits / Net revenues     57 %     56 %     59 %     59 %     58 %     60 %
    Effective tax rate     35.0 %     35.5 %     2.2 %     35.1 %     37.4 %     37.3 %
                                                     

     

         
    JEFFERIES GROUP, INC. AND SUBSIDIARIES
    SELECTED STATISTICAL INFORMATION
    (Amounts in Thousands, Except Per Share Amounts)
    (Unaudited)
                             
        Quarters Ended
        February 29,
    2012    		   November 30,
    2011    		   August 31,
    2011    		  

    May 31,
    2011

    		   February 28,
    2011    		   November 30,
    2010

    Revenues by Source

    		                        
    Equities   $ 136,215     $ 124,305     $ 126,850     $ 165,076   $ 177,358   $ 155,071  
    Fixed Income     339,147       140,651       33,087       223,121     318,097     227,876  
    Other     13,175       21,106       52,509       -     -     -  
    Total     488,537       286,062       212,446       388,197     495,455     382,947  
                             
    Equity     46,187       26,936       58,629       52,039     49,684     48,369  
    Debt     89,695       62,090       128,058       131,806     62,967     86,814  
    Capital markets     135,882       89,026       186,687       183,845     112,651     135,183  
    Advisory     149,913       172,272       107,063       144,576     126,408     156,701  
    Investment banking     285,795       261,298       293,750       328,421     239,059     291,884  
                             

    Asset management fees and investment (loss)/income from managed funds:

    		                    
                         
    Asset management fees     11,888       9,162       3,127       5,019     16,117     6,083  
                                                 
    Investment (loss) / income from managed funds     (6,254 )     (2,539 )     (41 )     5,528     7,751     (1,102 )
    Total     5,634       6,623       3,086       10,547     23,868     4,981  
    Net revenues     779,966       553,983       509,282       727,165     758,382     679,812  
    Interest on mandatorily redeemable preferred interest of consolidated subsidiaries     21,844       (2,561 )     (14,671 )     4,415     16,438     14,942  
    Net revenues, less mandatorily redeemable preferred interest   $ 758,122     $ 556,544     $ 523,953     $ 722,750   $ 741,944   $ 664,870  
                             

    Other Data

    		                        
    Number of trading days     61       63       65       64     61     63  
    Full time employees (end of quarter)     3,851       3,898       3,842       3,222     3,082     3,084  
    Common shares outstanding     205,819       197,160       200,314       202,154     177,068     171,694  
    Weighted average common shares:                        
    Basic     218,049       215,628       218,426       210,751     199,141     194,901  
    Diluted     222,162       215,629       222,541       214,870     203,257     199,017  
                                                 

     

    JEFFERIES GROUP, INC. AND SUBSIDIARIES
    COMMON SHARES OUTSTANDING AND COMMON SHARES FOR BASIC AND DILUTED EPS CALCULATIONS
    (Amounts in Thousands)
    (Unaudited)
           

    February 29, 2012

    		    
                 
    Common shares outstanding      

     

    205,819

    		      
    Outstanding restricted stock units         22,563      
    Adjusted shares outstanding         228,382      
                 

    Note - All share information below for EPS purposes is based upon weighted-average balances for the applicable period.
                 
           

    Three Months Ended
    February 29, 2012

    		    
                 
    Shares outstanding (weighted average)   (1)     201,687      
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