SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) April 13, 2004
                                                 ..............

RAYMOND JAMES FINANCIAL, INC.
(Exact name of registrant as specified in its charter)

 

Florida                   1-9109               No. 59-1517485
.................................     ............          ....................
 (State or other jurisdiction of     (Commission           (I.R.S. Employer
  incorporation or organization)      File Number)          Identification No.)

 

880 Carillon Parkway, St. Petersburg, Florida  33716
.........................................................
(Address of principal executive offices)      (Zip Code)

Registrant's telephone number, including area code (727) 567-1000
                                                   ..............

_____________________________________________________________

(Former name or former address, if changed since last report.

ITEM 7. EXHIBITS

(c) exhibits

99.1 Raymond James Financial Inc.'s Press Release dated April 13, 2004

99.2 Supplemental segment information with respect to the financial information reflected in Exhibit 99.1

Item 9.  REGULATION FD DISCLOSURE

Pursuant to Item 12, Raymond James Financial, Inc. is furnishing under Item 9 of this Current Report on Form 8-K the information included as Exhibits 99.1 and 99.2 to this report, which are hereby incorporated herein by reference.

The press release includes instructions as to how and when to access the Company's complementary quarterly conference call that will be available to all interested persons telephonically and by webcast through the Company's website.

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

________April 13, 2004 
        (Date)

RAYMOND JAMES FINANCIAL, INC.

 

 

 

 

BY: /s/ Thomas A. James
        Thomas A. James
       Chairman and Chief
       Executive Officer

 

 

 

BY: /s/ Jeffrey P. Julien
        Jeffrey P. Julien
    Senior Vice President - Finance
      and Chief Financial Officer

Exhibit 99.1

Release No. 0404-04

April 13, 2004                       FOR IMMEDIATE RELEASE

RAYMOND JAMES FINANCIAL, INC.

REPORTS RECORD SECOND QUARTER RESULTS

ST. PETERSBURG, Fla. –Raymond James Financial, Inc. today reported unaudited net income of $43,068,000, or $0.58 per diluted share, for the second quarter ended March 26 on net revenues of $480,448,000 compared to net income of $15,194,000, or $0.21 per diluted share, on net revenues of $339,819,000, for fiscal 2003’s second quarter.

Unaudited net income for the first half of fiscal 2004 was reported at $67,298,000, up from 2003’s $29,622,000, while net revenues for the period increased to $894,435,000 from $671,214,000 the previous year.  Diluted earnings per share were $0.91 versus $0.40 for last year’s comparable period.

All per share amounts have been restated to reflect the effect of the March 2004 three–for-two stock split.

“After a year of recovery, the market has infused investors with renewed confidence,” stated Thomas A. James, chairman and CEO. “As a result, commissions surged 42 percent over last year’s anemic levels in the March quarter.  The same forces increased investment banking revenues by 133 percent and investment advisory fees by 27 percent.

“Conjoined with restricted expense growth, the expansion in revenues has increased margins and generated a 183 percent increment in unaudited net income over last year’s second quarter.  As a result of these factors, both revenues and net income vaulted to new historic quarterly records,” he continued.

“While it is unclear whether these factors can stay in alignment for the rest of the year, the domestic economy remains strong and corporate earnings are rising rapidly.  Later this year, interest rates will probably begin to increase, dampening the robust growth in the economy, but the intermediate-term outlook is still benign as the rate of increase probably will be gradual,” he concluded.

The company will conduct its quarterly conference call April 13 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company’s Web site, www.RaymondJames.com, under About Our Company, Financial Results and SEC Filings.

Raymond James Financial, Inc. (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly owned investment firms, Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd., which have over 5,000 financial advisors in more than 2,200 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage in excess of $21.0 billion.

Raymond James Financial, Inc.
Unaudited Report
For the second quarter ended March 26, 2004
(all data in thousands, except per share earnings)
	Second Quarter						Six Months
	2004		2003		Percent Change		2004		2003		Percent Change
Revenues	$491,373		$350,497		40%		$916,033		$695,105		32%
Net Revenues	480,448		339,819		41%		894,435		671,214		33%
Net Income	43,068		15,194		183%		67,298		29,622		127%
Earnings Per
Share – Diluted	0.58		0.21		176%		0.91		0.40		128%
Average Shares
Outstanding - Diluted	74,395		73,127				74,254		73,517

	March		Dec.		Sept.		March
	2004		2003		2003		2003
Client Assets	$107 bil.		$103 bil.		$96 bil.		$84 bil.
Client Margin Balances	$1,074 mil.		$1,014 mil.		955 mil.		$913 mil.
Client Trade Volume	1,995,000		1,729,000		1,587,000		1,466,000
# of Client Accounts	1,314,000		1,299,000		1,210,000		1,272,000

For additional information, contact

Mike White at 727-567-5171.

Please visit the Raymond James Press Center at http://www.RaymondJames.com/media.htm.

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Quarter-to-Date
(in thousands, except per share amounts)
			Three Months Ended
			March 26,		March 28,		%		December 26,		%
			2004		2003		change		2003		change
Revenues:
	Securities commissions and fees		$             352,039		$   247,557		42%		$   303,291		16%
	Investment  banking		32,065		13,740		133%		19,726		63%
	Investment advisory fees		34,460		27,232		27%		31,958		8%
	Interest		31,575		31,000		2%		31,156		1%
	Net trading profits		4,512		5,456		-17%		6,779		-33%
	Financial service fees		21,571		15,583		38%		18,702		15%
	Other		15,151		9,929		53%		13,048		16%
TOTAL REVENUES			491,373		350,497		40%		424,660		16%
	Interest Expense		10,925		10,678		2%		10,673		2%
NET REVENUES			480,448		339,819		41%		413,987		16%
Non-Interest Expenses
	Compensation, commissions and benefits		341,370		248,951		37%		300,660		14%
	Communications and information processing		21,354		19,842		8%		19,196		11%
	Occupancy and equipment costs		15,229		14,942		2%		15,293		0%
	Clearance and floor brokerage		5,320		4,147		28%		5,052		5%
	Business development		13,854		11,184		24%		12,943		7%
	Other		16,414		16,482		0%		21,888		-25%
TOTAL NON-INTEREST EXPENSES			413,541		315,548		31%		375,032		10%
	Income before provision for income taxes		66,907		24,271		176%		38,955		72%
Provision for income taxes			23,839		9,077		163%		14,725		62%
Net Income			$              43,068		$     15,194		183%		$     24,230		78%
Net Income per share basic			$                 0.59		$        0.21		181%		$        0.33		79%
Net Income per share diluted			$                 0.58		$        0.21		176%		$        0.33		76%
Weighted average common shares
outstanding-basic			73,352		72,702				72,881
Weighted average common and common
equivalent shares outstanding-diluted			74,395		73,127				74,111

RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
Year-to-Date
(in thousands, except per share amounts)
			Six Months Ended
			March 26,		March 28,		%
			2004		2003		change
Revenues:
	Securities commissions and fees		$       655,330		$     485,405		35%
	Investment  banking		51,791		24,948		108%
	Investment advisory fees		66,418		53,515		24%
	Interest		62,731		65,646		-4%
	Net trading profits		11,291		9,163		23%
	Financial service fees		40,273		31,089		30%
	Other		28,199		25,339		11%
TOTAL REVENUES			916,033		695,105		32%
	Interest Expense		21,598		23,891		-10%
NET REVENUES			894,435		671,214		33%
Non-Interest Expenses
	Compensation, commissions and benefits		642,030		483,817		33%
	Communications and information processing		40,550		38,808		4%
	Occupancy and equipment costs		30,522		30,590		0%
	Clearance and floor brokerage		10,372		7,678		35%
	Business development		26,797		23,461		14%
	Other		38,302		39,224		-2%
TOTAL NON-INTEREST EXPENSES			788,573		623,578		26%
	Income before provision for income taxes		105,862		47,636		122%
Provision for income taxes			38,564		18,014		114%
Net Income			$        67,298		$       29,622		127%
Net Income per share basic			$           0.92		$          0.41		124%
Net Income per share diluted			$           0.91		$          0.40		128%
Weighted average common shares
outstanding-basic			73,117		72,923
Weighted average common and common
equivalent shares outstanding-diluted			74,254		73,517

Exhibit 99.2

The Company modified the method used to allocate certain corporate compensation costs to the segments consistent with the approach used internally by management in evaluating the segments. Prior years results have been adjusted to reflect the current management allocation methodology.