Raymond James Financial (RJF) Q1 2011 Earnings Call January 20, 2011 8:15 am ET Executives Paul Reilly - Chief Executive Officer and Director Jeffrey Julien - Chief Financial Officer, Executive Vice President of Finance and Chairman of Raymond James Bank Steven Raney - Chief Executive Officer of Raymond James Bank and President of Raymond James Bank Analysts Devin Ryan - Sandler O'Neill Steve Stelmach - FBR Capital Markets & Co. Douglas Sipkin - Ticonderoga Securities LLC Joel Jeffrey - Keefe, Bruyette, & Woods, Inc. Daniel Harris - Goldman Sachs Group Inc. Hugh Miller - Sidoti & Company, LLC PresentationOperator
Good morning. My name is Lakesha and I will be your conference operator today. At this time, I would like to welcome everyone to the Quarterly Analyst Conference Call. [Operator Instructions] Mr. Paul Reilly, CEO, you may begin your call. Paul Reilly Thank you, Lakesha, and we're calling here from St. Petersburg. I hope today is reflective of the earnings. We are bright, sunny and 74, as I'm sure most of you are sitting in right now. I have in the room with me Jeff Julien, who will be presenting our CFO; Jennifer Ackert; Steve Raney; and Paul Matecki, and we'll get to your questions. I'm going to start with kind of a brief overview and go through the segments on an overview basis and then turn it over to Jeff who will go into some of the more detailed numbers. Then we'll open it up for questions. I think the overall message is this is a strong quarter even after maybe some one-time adjustments. We had record net revenue and a record net income even without the historic non-bank earnings that our industry has enjoyed. And I think if you really look at it, there's really two factors that are driving that. First is the firm is well-positioned and even in the downturn, we continue to recruit and grow and add to our team. And the second factor is we've had a positive market and because of that growth in positioning, we are able to really take advantage of the market and drive these results. In all the business units really participated, and I'd like to cover kind of the highlights of those, the business units, and then turn it to Jeff.