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Jefferies Reports Fourth Quarter And 2012 Fiscal Year Financial Results

Stocks in this article: JEF

Jefferies Group, Inc. (NYSE: JEF) announced today financial results for its fiscal fourth quarter and year ended November 30, 2012.

Highlights for the three months ended November 30, 2012, versus the three months ended November 30, 2011:

  • Net revenues of $769 million, versus $554 million
  • Net earnings to common shareholders of $72 million ($81 million on a non-GAAP basis after excluding Hurricane Sandy relief donation, Leucadia merger costs and certain historical-related items [1]), versus $48 million ($39 million on a non-GAAP basis after excluding certain items [2])
  • Net earnings per common share of $0.31 ($0.35 on a non-GAAP basis after excluding Hurricane Sandy relief donation, Leucadia merger costs and certain historical-related items [1]), versus $0.21 ($0.17 on a non-GAAP basis after excluding certain items [2])
  • Investment Banking net revenues of $283 million, up 8%, versus $261 million
  • Fixed Income net revenues more than doubled to $293 million, versus $141 million

Highlights for the year ended November 30, 2012, versus the year ended November 30, 2011:

  • Record fiscal year net revenues of $2,999 million, up 18%, versus $2,549 million
  • Net earnings to common shareholders of $282 million ($302 million on a non-GAAP basis after excluding certain items [1][3]), versus $285 million ($232 million on a non-GAAP basis after excluding certain items [2][4])
  • Net earnings per common share of $1.22 ($1.31 on a non-GAAP basis after excluding certain items [1][3]), versus $1.28 ($1.04 on a non-GAAP basis after excluding certain items [2][4])
  • Fixed Income net revenues of $1,190 million, up 66%, versus $715 million
  • Investment Banking net revenues of $1,126 million versus $1,123 million

“2013 will mark the beginning of a new era for Jefferies. We believe our imminent merger with Leucadia will result in an even stronger Jefferies, as well as making us even more distinguished from our bank holding company competitors. The traditional, entrepreneurial Wall Street model has served us well historically and we believe this will continue to be an advantage into the future. Combining our company with an extremely well-capitalized parent will allow us to continue to aggressively add value to our clients. Our 3,804 employee partners look forward to working our hardest on behalf of Leucadia shareholders while protecting both of our collective bondholders.”

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