A.G. Edwards ( AGE) reported a lower first-quarter profit and revenue fell, but the broker's earnings results still topped analysts' estimates.

The company earned $28 million, or 35 cents a share, in the quarter ended May 31, compared with $39 million, or 48 cents a share, in the year-ago quarter. Analysts expected 30 cents a share.

Total sales were $552 million, down from $598 million a year ago. The company said commission sales fell 4% from last year's quarter to $10 million. Investment banking revenue increased 13% to $8 million. A.G. Edwards said it underwrote several closed-end fund products.

Total client assets were $248 billion, up 9% from the fourth quarter, the St. Louis-based company said. Asset management and service fee revenue, however, decreased 12% due to lower distribution fees received from some money funds.

Shares of A.G. Edwards closed at $33.89 Wednesday on the New York Stock Exchange.

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