Jefferies

Press Release

FOR IMMEDIATE RELEASE
Jefferies Reports Quarterly Financial Results

NEW YORK, September 20, 2011 – Jefferies Group, Inc. (NYSE: JEF) today announced financial results for its fiscal third quarter and year-to-date periods ended August 31, 2011.

Highlights for the three months ended August 31, 2011 (which reflect a bargain purchase gain and certain expenses related to the Bache acquisition) versus the three months ended August 31, 2010:
 

  • Net revenues of $509 million ($457 million without the Bache bargain purchase gain) versus $517 million
  • Net income to Common Shareholders of $68 million ($23 million without Bache acquisition related items) versus $45 million
  • Net earnings per common share of $0.30 ($0.10 without Bache acquisition related items) versus $0.22
  • Investment Banking net revenues of $294 million versus $246 million


Highlights for the nine months ended August 31, 2011 (which reflect a bargain purchase gain and certain expenses related to the Bache acquisition) versus the eight months ended August 31, 2010:
 

  • Net revenues of $2.0 billion ($1.9 billion without the Bache bargain purchase gain) versus $1.5 billion
  • Net income to Common Shareholders of $236 million ($194 million without the Bache acquisition related items) versus $161 million
  • Net earnings per common share of $1.07 ($0.88 without the Bache acquisition related items) versus $0.79
  • Investment Banking net revenues of $861 million versus $598 million


"Although our firm has never had a stronger capital base or a more diversified business mix, our core revenues and earnings were directly impacted by the extremely difficult and volatile operating environment, particularly in August,” commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. “We will continue to do our best to navigate this period of exceptional uncertainty with the goal of best serving our clients and shareholders.”

A conference call with management discussion of these financial results will be held today at 9:00 AM Eastern. Investors and securities industry professionals may access the management discussion by calling 877-710-9938 or 702-928-7183. A one-week replay of the call will also be available at 855-859-2056 or 404-537-3406 (conference ID # 96561656). A live audio webcast and delayed replay can also be accessed at Jefferies.com.

Jefferies Group, Inc. (NYSE: JEF) is the global investment banking firm focused on serving clients for nearly 50 years. The firm is a leader in providing insight, expertise and execution to investors, companies and governments, and provides a full range of investment banking, sales, trading, research and strategy across the spectrum of equities, fixed income and commodities, in the U.S., Europe and Asia.

For further information, please contact:

Peregrine C. Broadbent
Chief Financial Officer
Jefferies Group, Inc.
(212) 284-2338
 

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