PART I
ITEM 1. BUSINESS.
(a) General Development of
Business
A.G. Edwards, Inc., a Delaware corporation, is a
holding company incorporated in 1983 whose principal subsidiary, A.G. Edwards & Sons, Inc. (“Edwards”), is successor to a partnership
founded in 1887. A.G. Edwards, Inc. and its directly-owned and indirectly-owned subsidiaries (collectively referred to as the “Company”)
provide securities and commodities brokerage, investment banking, trust, asset management, financial and retirement planning, insurance products, and
other related financial services to individual, corporate, governmental, municipal and institutional clients through one of the industry’s largest
retail branch distribution systems. At February 29, 2004, the Company had more than 700 locations in 49 states, the District of Columbia, London,
England, and Geneva, Switzerland and more than 15,900 full-time employees, including approximately 7,000 financial consultants providing services for
approximately 3,600,000 clients.
Edwards is a broker-dealer whose business, primarily
with individual clients, is conducted through one of the largest retail branch office networks (based upon number of offices and financial consultants)
in the United States. No single client accounts for a significant portion of Edwards’ business. Edwards is a member of all major securities
exchanges in the United States, the National Association of Securities Dealers, Inc. (“NASD”) and the Securities Investor Protection
Corporation (“SIPC”). In addition, Edwards has memberships on several domestic commodity exchanges and is registered with the Commodity
Futures Trading Commission (“CFTC”) as a futures commission merchant (“FCM”).
A.G. Edwards Trust Company FSB (“Trust
Company”) is a federally chartered savings bank that provides investment advisory, portfolio management and trust services. A.G. Edwards &
Sons (U.K.) Limited is a securities broker-dealer located in London, England, with an office located in Geneva, Switzerland. A.G. Edwards Capital, Inc.
serves as general partner to four private equity partnerships formed to invest in portfolios of venture capital and buy-out funds and direct
investments. A.G. Edwards Technology Group, Inc. provides information technology services to the Company. Beaumont Insurance Company is a Vermont
captive insurance company that centralizes certain risk management functions and provides access to reinsurance markets.
(b) |
|
Financial Information About Industry Segments |
The Company operates and is managed as a single
business segment providing investment services to its clients. These services are provided using the same sales and distribution personnel, support
services and facilities, and all are provided to meet the needs of its clients. The Company does not identify or manage assets, revenues or expenses
resulting from any service, or class of services, as a separate business segment.
(c) |
|
Narrative Description of Business |
The total amount of revenue by class of products or
services that accounted for 10% or more of consolidated net revenues are set forth under Item 6 of this Form 10-K under the caption “Consolidated
Five-Year Summary.”
Commissions
Commission revenue represents the most significant
source of revenue for the Company, accounting for more than 40% of total revenue during the last five years. The following briefly describes the
Company’s sources of commission revenue.
Listed and Over-the-Counter
Securities. A significant portion of the Company’s revenue is derived from commissions generated on securities transactions
executed by Edwards, as a broker, in common and preferred stocks and debt instruments on exchanges or in the over-the-counter markets. Edwards’
brokerage clients are primarily individual investors; however, resources continue to be directed to further the development of its institutional
business. Edwards’ commission rates for brokerage transactions vary with the size and complexity of the transactions, among other
factors.
3
Options. Edwards acts as broker in
the purchase and sale of option contracts to buy or sell securities, primarily common stocks and stock indexes. Edwards holds memberships for trading
on the principal option exchanges.
Mutual Funds. Edwards distributes
mutual fund shares in continuous offerings of open-end funds. Income from the sale of mutual funds is derived significantly from the standard
dealer’s discount, which varies as a percentage of the client’s purchase price depending on the size of the transaction and terms of the
selling agreement. Revenues derived from mutual fund sales continue to be a significant portion of overall revenues. Edwards does not sponsor its own
mutual fund products.
Commodities and Financial
Futures. Edwards acts as broker in the purchase and sale of commodity futures contracts, financial futures contracts, and options on
commodity and financial futures contracts. These contracts cover agricultural products, precious metals, currency, interest rate and stock index
futures.
Insurance. As agent for several
unaffiliated life insurance companies, Edwards distributes life insurance and tax-deferred annuities.
Asset Management and Service Fees
Asset management and service fees consist primarily
of revenues earned for providing support and services in connection with assets under third-party management, including mutual funds, and revenues from
assets under management by Edwards. These revenues include fees based on the amount of client assets under management and transaction-related fees, as
well as fees related to the administration of custodial and other specialty accounts.
Edwards, through the Trust Company, provides its
clients with personal trust, employee benefit trust and custodial trust services.
Clients desiring professional money management are
offered various types of account portfolio services. Edwards, acting as investment manager, offers portfolio management strategies based on the
client’s investment objectives. Private Advisor Service and Select Advisor provide clients third-party investment management, performance
measurement, management search and related consulting services. Edwards offers the PathwaysSM, AGE Professional Fund Advisor, AGE Mutual
Fund Marketplace and AGE Allocation Advisor discretionary advisory programs and Portfolio Advisor, which is a non-discretionary advisory program. These
fee-based advisory programs allow clients to select from recommended established asset allocation models or customize their own in certain programs,
based on their investment objectives, risk tolerance and investment time horizon, after consultation with a qualified Edwards financial consultant.
Periodic portfolio reviews are conducted, and clients are provided quarterly portfolio reports comparing their current versus targeted asset allocation
as well as market commentary. In addition, under the Client Choice program, clients can execute transactions subject to certain limitations and receive
ongoing personalized service from their financial consultants for an annual fee based on the value of their assets held at Edwards.
Edwards offers the UltraAsset Account, Total Asset
Account® and the Cash Convenience Account, which combine a full-service brokerage account with a money market fund. These programs provide for the
automatic investment of customer free credit balances in one of several money market funds. Interest is not paid on uninvested credit balances held in
client accounts. In addition, the UltraAsset and Total Asset Accounts allow clients access to their margin and money market accounts through the use of
debit cards and checking account services provided by a major bank. The UltraAsset Account offers additional advanced features and special investment
portfolio reports. Beginning in fiscal 2005, clients will be provided the opportunity to apply for an A.G. Edwards credit card issued through a
third-party provider.
Edwards provides custodial services to its clients
for the various types of self-directed individual retirement accounts as provided under the Internal Revenue Code of 1986, as amended (the
“Internal Revenue Code”).
Principal Transactions
Client transactions in the equity and fixed-income
over-the-counter markets may be effected by Edwards acting as principal as well as agent. Principal transactions, including market making, require
maintaining inventories of securities to satisfy customer order flow. These securities are valued in the Company’s consolidated financial
statements at fair value and unrealized gains or losses are included in the Company’s results of operations.
4
Investment Banking
Edwards is an underwriter for public offerings of
corporate and municipal securities as well as corporate and municipal unit investment trusts and closed-end investment companies. Edwards’ public
finance activities include areas of specialization for municipal and governmental entities in primary and secondary schools, sports and entertainment,
municipal finance, housing, higher education, health care, and public utilities. Corporate finance activities are focused on three industry groups:
financial institutions and real estate, energy, and emerging growth. As an underwriter, usually in conjunction with other broker-dealers, Edwards
purchases securities for resale to its clients. Edwards acts as an advisor to corporations and municipal entities in reviewing capital needs and
determining the most advantageous means for raising capital. It also advises clients in merger and acquisition activities and acts as agent in private
placements.
Margin Financing
Securities transactions are executed on a cash or
margin basis. In margin transactions, Edwards extends credit to its clients for a portion of the purchase price, and the clients’ securities are
held as collateral. The amount of credit is limited by the initial margin regulations issued by the Board of Governors of the Federal Reserve System.
The current prescribed minimum initial margin for equity securities is equal to 50% of the value of equity securities purchased. The regulations of the
various exchanges require minimum maintenance margins, which are below the initial margin. Edwards’ maintenance requirements generally exceed the
exchanges’ requirements. Such requirements are intended to reduce the risk that a market decline will reduce the value of the collateral below
that of the client’s indebtedness before the collateral can be liquidated.
Edwards utilizes a variety of sources to finance
client margin accounts, including its stockholders’ equity, customer free credit balances and, to the extent permitted by regulations, cash
received from loans of the clients’ collateral securities to other brokers and borrowings from banks, either unsecured or secured by the
clients’ collateral securities.
Private Client Services
Edwards’ Private Client Services group assists
individuals and businesses with a wide range of financial and investment needs. Individual investors can receive tailored asset allocation, tax- and
risk-reduction strategies, portfolio reviews of stocks, bonds and mutual funds (including concentrated equity strategies) and comprehensive estate
planning recommendations. Closely-held and publicly-traded business clients can access services for risk management, employee benefit programs
(retirement plans and key employee compensation), capital formation, and management and ownership succession.
Investment Activities
The Company’s investment activities primarily
include investing in equity and equity-related securities in connection with private investment transactions, either for the accounts of
Company-sponsored private equity partnerships or for its own account. These activities include mutual fund investments, including those made in
connection with its deferred compensation plan, venture capital investments, and investments in portfolio and operating companies. A.G. Edwards
Capital, Inc. is general partner to the Company-sponsored private equity partnerships and provides them with investment advisory and administrative
services. The fair value of these investments is subject to a higher degree of volatility and may include significant risks of loss while attempting to
obtain higher returns than those available from publicly-traded securities.
Research
Edwards provides both technical market and
fundamental analysis of numerous industries and individual securities for use by its financial consultants and clients. In addition, review and
analysis of general economic conditions, along with asset allocation recommendations, are available. These services are provided by Edwards’
research analysts, economists and market strategists.
5
Competition
All aspects of the Company’s business are
highly competitive. In addition to continued competition from firms traditionally engaged in the financial services business, there has been increased
competition in recent years from other sources such as commercial banks, insurance companies, online service providers, mutual fund sponsors and other
companies offering financial services both in the United States and globally for a similar client base, including the client base served by the
Company.
Regulation
Edwards, as a broker-dealer and FCM, is subject to
various federal and state laws that specifically regulate its activities as a broker-dealer in securities and commodities, as an investment advisor,
and as an insurance agent. Edwards is also subject to various regulatory requirements imposed by the securities and commodities exchanges and the NASD.
The primary purpose of these requirements is to enhance the protection of customer assets. Under certain circumstances, these rules may limit the
ability of the Company to make withdrawals of capital from Edwards. These laws and regulatory requirements generally subject Edwards to standards of
solvency with respect to capital requirements, financial reporting requirements, approval of qualifications of personnel engaged in various aspects of
its business, record keeping and business practices, the handling of its clients’ funds resulting from securities and commodities transactions,
and the extension of credit to clients on margin transactions. Infractions of these rules and regulations may include suspension or monetary penalties
against individual employees or their supervisors, termination of employees and limitations on certain aspects of Edwards’ regulated businesses,
as well as censures and fines or proceedings of a civil or criminal nature that could result in a temporary or permanent suspension of a part or all of
Edwards’ activities.
As a registered broker-dealer, Edwards is subject to
net capital rules administered by the SEC and the New York Stock Exchange (“NYSE”). Under such rules, this subsidiary must maintain net
capital of not less than 2 percent of aggregate debit items, as defined, arising from customer transactions and would be restricted from expanding its
business or paying cash dividends or advancing loans to affiliates if its net capital were less than 5 percent of such items. These rules also require
Edwards to notify and sometimes obtain approval of the SEC and other regulatory organizations for substantial withdrawals of capital or loans to
affiliates. At February 29, 2004, the subsidiary’s net capital of $614 million was 27 percent of aggregate debit items and $569 million in excess
of the minimum required.
Certain other subsidiaries are also subject to
minimum capital requirements that may restrict the payment of cash dividends and advances to the Company. The only restriction with regard to the
payment of cash dividends by the Company is its ability to obtain cash through dividends and advances from its subsidiaries or borrowings, if needed.
See Note 7 — (Net Capital Requirements) of the Notes to Consolidated Financial Statements.
A.G. Edwards & Sons (U.K.) Limited is registered
under the laws of the United Kingdom and is regulated as a securities broker-dealer by the Financial Services Authority. The Trust Company, a federally
chartered savings bank, is regulated by the Office of Thrift Supervision, the Federal Deposit Insurance Corporation and by the SEC as an investment
advisor. A.G. Edwards Capital, Inc. is registered with the SEC as an investment advisor. Beaumont Insurance Company is regulated by the Vermont
Department of Banking, Insurance, Securities and Health Care Administration.
(d) Financial information
about geographic areas
Revenues from the Company’s non-U.S. operations
are currently not material. See Note 13 (Enterprise Wide Disclosure) of the Notes to Consolidated Financial Statements.
(e) Available
information
The Company files annual, quarterly and current
reports, proxy statements and other information with the SEC.
The public may read and copy the Company’s
annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to these reports filed with the SEC at the
SEC’s Public Reference Room at 450 Fifth Street, NW., Washington, DC 20549. The public may obtain information on the operation of
6
the Public Reference Room by calling the SEC at 1-800-SEC-0330. This information
may also be obtained from the SEC’s Website at www.sec.gov.
The Company makes available free of charge its most
recent annual report on Form 10-K, its quarterly reports on Form 10-Q for the current fiscal year, current reports on Form 8-K and amendments to these
reports, its most recent proxy statement, and its most recent summary annual report to shareholders at www.agedwards.com. In some cases these
documents may not be available on the Company’s Website as soon as they are available on the SEC’s Website.
ITEM 2. PROPERTIES.
The Company’s headquarters are located at One
North Jefferson Avenue, St. Louis, Missouri, 63103. It consists of several buildings owned by the Company, which contain approximately 2,600,000 square
feet of general office space as well as underground and surface parking and two parking garages. In addition, the Company owns one additional office
building in the St. Louis area, which is used for information technology and contingency planning facilities. The Company’s branch offices total
approximately 700 and, with a few exceptions, occupy leased premises throughout the United States as well as leased offices in London, England, and
Geneva, Switzerland.
ITEM 3. LEGAL PROCEEDINGS.
The Company is a defendant in a number of lawsuits,
in some of which plaintiffs claim substantial amounts, relating primarily to its securities and commodities business. Management has determined that it
is likely that ultimate resolution in favor of the plaintiffs will result in losses to the Company on certain of these claims. Factors considered by
management in estimating the Company’s liability are the loss and damages sought by the plaintiffs, the merits of the claims, the total cost of
defending the litigation, the likelihood of a successful defense against the claims, and the potential for fines and penalties from regulatory
agencies. Management, based on its understanding of the facts, reasonably estimates a range of loss and accrues what it considers appropriate to
reserve against probable loss for certain claims. The Company also is involved, from time to time, in investigations and proceedings by governmental
and self-regulatory agencies, certain of which may result in adverse judgments, fines or penalties. While results of litigation and investigations and
proceedings by governmental and self-regulatory agencies or the results of judgments, fines or penalties cannot be predicted with certainty,
management, after consultation with counsel, believes that resolution of all such matters are not expected to have a material adverse effect on the
consolidated balance sheets, statements of earnings or statements of cash flows of the Company.
(b) |
|
Proceedings Terminated During the Fourth Quarter of the Fiscal
Year Covered by This Report |
Not applicable.
7
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY
HOLDERS.
There were no matters submitted to a vote of
security holders during the fourth quarter of the fiscal year ended February 29, 2004.
EXECUTIVE OFFICERS OF THE COMPANY
The following table sets forth the executive
officers of the Company as of May 1, 2004. Executive officers are appointed by the Board of Directors to hold office until their successors are
appointed and qualified.
Name
|
|
|
|
Age
|
|
Office and Title
|
|
Year First
Appointed Executive
Officer of the
Company
|
Robert L.
Bagby |
|
|
|
|
60 |
|
|
Chairman of the Board and Chief Executive Officer of the Company and Edwards since 2001. Vice Chairman of the Board, Executive Vice President
and Director of the Branch Division of Edwards prior to 2001. Employee of Edwards for 29 years. Director of Edwards since 1979. |
|
|
1991 |
|
Ronald J.
Kessler |
|
|
|
|
56 |
|
|
Vice
Chairman of the Board of the Company and Edwards since 2001. Executive Vice President of Edwards. Director of the Operations Division. Employee of
Edwards for 36 years. Director of Edwards since 1989. |
|
|
1996 |
|
Mary V.
Atkin |
|
|
|
|
49 |
|
|
Executive Vice President of Edwards since 2001. Director of Corporate Strategy since November 2003. President of A.G. Edwards Technology
Group, Inc. from 2001 to 2003. Director of A.G. Edwards Technology Group Inc. since 1999. Employee of Edwards for 26 years. Director of Edwards since
1993. |
|
|
1999 |
|
Donnis L.
Casey |
|
|
|
|
56 |
|
|
Executive Vice President of Edwards. Director of the Staff Division of Edwards. Employee of Edwards for 37 years. Director of Edwards since
1993. |
|
|
1996 |
|
Charles J.
Galli |
|
|
|
|
63 |
|
|
Senior Vice President of Edwards. Regional Manager. Employee of Edwards for 25 years. Director of Edwards since 1990. |
|
|
2001 |
|
Alfred E.
Goldman |
|
|
|
|
70 |
|
|
Corporate Vice President, Director of Market Analysis of Edwards. Employee of Edwards for 44 years. Director of Edwards since
1967. |
|
|
1991 |
|
Richard F.
Grabish |
|
|
|
|
55 |
|
|
Chairman and Chief Executive Officer of A.G. Edwards Trust Company since 2001. President of A.G. Edwards Trust Company from 1987 to 2001.
Senior Vice President of Edwards. Assistant Director of Sales and Marketing Division of Edwards. Employee of Edwards for 23 years. Director of Edwards
since 1988. |
|
|
2001 |
|
8
Name
|
|
|
|
Age
|
|
Office and Title
|
|
Year First
Appointed Executive
Officer of the
Company
|
Douglas L.
Kelly |
|
|
|
|
55 |
|
|
Vice
President, Secretary of the Company, Chief Financial Officer and Treasurer of the Company since 2001. Executive Vice President, Secretary, Director of
Law and Compliance of Edwards, Chief Financial Officer, Treasurer and Director of Administration of Edwards since 2001. Employee of Edwards for 10
years. Director of Edwards since 1994. |
|
|
1994 |
|
Thomas H.
Martin Jr. |
|
|
|
|
44 |
|
|
Assistant Treasurer of the Company since 1999. Vice President of the Company since 2002. Controller of the Company and Edwards since 1999.
Vice President of Edwards. Employee of Edwards for 23 years. |
|
|
1999 |
|
Peter M.
Miller |
|
|
|
|
46 |
|
|
Executive Vice President and Director of Sales and Marketing of Edwards since 2002. Regional Manager from 1995 to 2002. Employee of Edwards
for 15 years. Director of Edwards since 1997. |
|
|
2002 |
|
John C.
Parker |
|
|
|
|
44 |
|
|
Executive Vice President of Edwards. Director and President of the A.G. Edwards Technology Group, Inc. since November 2003. Senior Vice
President of A.G. Edwards Technology Group, Inc. from 2001 to 2003. Employee of Edwards for 2 years. Employed as Vice President of Information Services
for Northwest Airlines from 1999 to 2001 and with Delta Airlines for 17 years in various positions. Director of Edwards since 2002. |
|
|
2003 |
|
Paul F.
Pautler |
|
|
|
|
58 |
|
|
Executive Vice President and Director of Capital Markets of Edwards since 2000. Director of Corporate Finance of Edwards from 1999 to 2001.
Managing Director of Mergers and Acquisitions from 1997 to 1999. Employee of Edwards for 6 years. Director of Edwards since 2000. |
|
|
2000 |
|
Robert A.
Pietroburgo |
|
|
|
|
47 |
|
|
Executive Vice President and Director of the Branch Division of Edwards since 2001. Regional Manager of Edwards from 2000 to 2001. Branch
Manager of Edwards prior to 2000. Employee of Edwards for 17 years. Director of Edwards since 2001. |
|
|
2001 |
|
Joseph G.
Porter |
|
|
|
|
43 |
|
|
Assistant Treasurer of the Company. Vice President of the Company since 2002. Principal Accounting Officer of the Company and Edwards since
1999. Senior Vice President and Assistant Director of Administration of Edwards since 2000. Employee of Edwards for 21 years. Director of Edwards since
2001. |
|
|
1999 |
|
9
PART II
| ITEM 5. |
|
MARKET FOR THE REGISTRANT’S COMMON EQUITY AND RELATED
STOCKHOLDER MATTERS. |
Quarterly Financial Information
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings
per Share
|
|
|
|
|
|
Dividends
Declared
per Share
|
|
Stock Price
Trading Range
High – Low
|
|
Net
Revenues
(in millions)
|
|
Earnings
Before Tax
(in millions)
|
|
Net
Earnings
(in millions)
|
|
Diluted
|
|
Basic
|
Fiscal 2004
by Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First |
|
|
|
$ |
0.16 |
|
|
|
$33.00 – $23.00 |
|
|
$ |
552.1 |
|
|
|
$43.3 |
|
|
|
$27.9 |
|
|
$ |
0.35 |
|
|
$ |
0.35 |
|
Second |
|
|
|
$ |
0.16 |
|
|
|
$38.99 – $32.51 |
|
|
$ |
632.4 |
|
|
|
$57.4 |
|
|
|
$37.5 |
|
|
$ |
0.46 |
|
|
$ |
0.47 |
|
Third |
|
|
|
$ |
0.16 |
|
|
|
$41.80 – $34.72 |
|
|
$ |
622.5 |
|
|
|
$60.8 |
|
|
|
$39.7 |
|
|
$ |
0.49 |
|
|
$ |
0.49 |
|
Fourth |
|
|
|
$ |
0.16 |
|
|
|
$40.21 – $33.74 |
|
|
$ |
689.3 |
|
|
|
$83.7 |
|
|
|
$54.4 |
|
|
$ |
0.67 |
|
|
$ |
0.68 |
|
|
Fiscal 2003
by Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
First |
|
|
|
$ |
0.16 |
|
|
|
$47.75 – $38.85 |
|
|
$ |
598.2 |
|
|
|
$61.0 |
|
|
|
$39.1 |
|
|
$ |
0.48 |
|
|
$ |
0.48 |
|
Second |
|
|
|
$ |
0.16 |
|
|
|
$39.75 – $28.80 |
|
|
$ |
569.1 |
|
|
|
$41.3 |
|
|
|
$26.6 |
|
|
$ |
0.33 |
|
|
$ |
0.34 |
|
Third |
|
|
|
$ |
0.16 |
|
|
|
$38.20 – $26.50 |
|
|
$ |
513.0 |
|
|
|
$36.3 |
|
|
|
$32.0 |
|
|
$ |
0.39 |
|
|
$ |
0.40 |
|
Fourth |
|
|
|
$ |
0.16 |
|
|
|
$37.04 – $25.50 |
|
|
$ |
513.7 |
|
|
|
$32.8 |
|
|
|
$21.2 |
|
|
$ |
0.26 |
|
|
$ |
0.26 |
|
Annual Meeting
The 2004 Annual Meeting of Stockholders (the
“Annual Meeting”) will be held at the Company’s headquarters, One North Jefferson, St. Louis, Missouri, on Thursday, June 24, 2004, at
10 a.m. CDT. The Notice of Annual Meeting, Proxy Statement and Proxy Voting Card are mailed on or around May 13, 2004, to each stockholder of record at
the close of business on May 3, 2004. The Proxy Statement describes the items of business to be voted on at the Annual Meeting and provides information
on the Board of Directors’ nominees for director and their principal affiliations with other organizations as well as other information about the
Company.
Dividend Payment Dates
The next four anticipated dividend payment dates are
July 1 and October 1, 2004, and January 3 and April 1, 2005.
Stock Exchange Listing
The Company’s stock is traded on the NYSE under
the symbol AGE. The approximate number of stockholders on February 29, 2004, was 24,100. The approximate number of equity security holders of record
includes customers who hold the Company’s stock in their accounts on the books of Edwards.
Registrar/Transfer Agent
The Bank of New York
Shareholder Relations
Department — 11E
P.O. Box 11258
Church Street Station
New York, New York 10286-1258
(800) 524-4458
10
| ITEM 6. |
|
SELECTED FINANCIAL DATA. |
Consolidated Five-Year Summary
Year Ended
|
|
|
|
February 29,
2004
|
|
February 28,
2003
|
|
February 28,
2002
|
|
February 28,
2001
|
|
February 29,
2000
|
| |
(In thousands, except per share amounts) |
Revenues
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Listed
securities |
|
|
|
$ |
448,035 |
|
|
$ |
387,483 |
|
|
$ |
403,921 |
|
|
$ |
482,136 |
|
|
$ |
537,005 |
|
Options |
|
|
|
|
23,669 |
|
|
|
23,485 |
|
|
|
28,453 |
|
|
|
55,883 |
|
|
|
62,708 |
|
Over-the-counter securities |
|
|
|
|
115,425 |
