FOR IMMEDIATE DISTRIBUTION
Highlights for the first quarter ended March 31, 2008:
•Net revenues were down 52% to $201.2 million, versus $418.8 million in the first quarter of 2007, primarily resulting from a $51 million loss in Jefferies High Yield Trading, a $34 million loss in Jefferies Asset Management, and investment banking revenues of only $99 million.
•The net loss for the first quarter of 2008 was $60.5 million as compared to net earnings of $62.3 million for the first quarter of 2007.
•The net loss per share (diluted) was $0.43 as compared to net earnings per share (diluted) of $0.42 for the first quarter of 2007.
“Despite this quarter’s brutal market conditions and disappointing results, Jefferies remains in a strong financial and market position with excess liquidity and a solid business base,” commented Richard B. Handler, Chairman and Chief Executive Officer of Jefferies. "With a platform positioned to perform, we remain confident about executing on our strategy as the markets reach equilibrium.”
Conference Call
A conference call with management discussion of financial results for the first quarter will be held on April 21, 2008 at 11:00 AM Eastern and can be accessed at (706) 634-9290. A replay of the call will be available two hours post-call at (402) 977-9140 (code: 21379617). A live audio webcast and delayed replay will also be available under “Investor Relations” at www.jefferies.com. Questions for consideration by management can be submitted in advance through “Contact Us” at www.jefferies.com or by calling 203-708-5975 by 10:00 AM Eastern on April 21, 2008.
About Jefferies
Jefferies, a global investment bank and institutional securities firm, has served growing and mid-sized companies and their investors for 45 years. Headquartered in New York, with more than 25 offices around the world, Jefferies provides clients with capital markets and financial advisory services, institutional brokerage, securities research and asset management. The firm is a leading provider of trade execution in equity, high yield, convertible and international securities for institutional investors and high net worth individuals. Jefferies & Company, Inc. is the principal operating subsidiary of Jefferies Group, Inc. (NYSE: JEF; www.jefferies.com).
For further information, please contact:
Press Release in PDF format (financials included)
Peregrine C. Broadbent
Chief Financial Officer
(212) 284-2338
