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Raymond James Financial Annual Report, Year Ended Sep 29, 2000

Filing Date
Filed December 22, 2000
Period End
September 29, 2000
Security
RJF
In the record · 2016–202610-K1010-Q338-K266

RJF filed 10 annual reports (10-K), 33 quarterly reports (10-Q) and 266 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · May ’17May ’17
  2. Leadership change8-K · Dec ’19Dec ’19
  3. Leadership change8-K · Dec ’21Dec ’21
  4. FY2025 annual report10-K · Nov ’25Nov ’25

01—Abstract

Summary

Summary of the 10-K filed December 22, 2000. Cited figures are marked; the original filing is the authoritative source.

Raymond James Financial, Inc. (RJF) reported its 10-K for the fiscal year ended September 29, 2000.

Total revenues rose to $1,698,594 thousanda from $1,232,206 thousand in fiscal 1999, an increase of 38% as stated in the filing, and net income reached a record $125,195 thousand, up 47%. The filing describes fiscal 2000 as the company's sixteenth consecutive year of record revenues. Fee-based revenues, including investment advisory fees, interest and asset-based commission alternatives, represented approximately 46% of total revenues, up from 36% five years earlier.

Basic and diluted earnings per share were $2.70b and $2.67, respectively, and results include a $20 million charge to increase legal reserves related to the Corporex judgment; excluding that charge, net income was $136,354 thousand. The company's five segments are retail distribution, institutional distribution, investment banking, asset management and other. Retail distribution produced $1,206,775 thousand of revenue and $162,619 thousand of pre-tax income.

Assets under management reached $17,549,357 thousandc, up 29%. The company had 4,245 retail Financial Advisors at year-end, and net interest income rose to $117,037 thousand. Shareholders' equity grew to $650,518 thousand and total assets to $6,308,816 thousand.

The principal risk disclosed is a June 19, 2000 judgment of $40,675,537d against Raymond James & Associates, Inc. and RJ Mortgage Acceptance Corp. in the Corporex case; the company intends to appeal and has provided for the judgment. The filing also reports an agreement to acquire Goepel McDermid Inc., a Canadian broker-dealer, expected to close in early January 2001 for an estimated total purchase price of $75 to $80 million.

02—Key points

Key Highlights

  1. Total revenues of $1,698,594 thousand, up 38% from $1,232,206 thousand in fiscal 1999.
  2. Record net income of $125,195 thousand, up 47%; diluted EPS of $2.67 versus $1.76 a year earlier.
  3. A $20 million charge to increase legal reserves for the Corporex case reduced results; excluding it, net income was $136,354 thousand.
  4. Assets under management rose 29% to $17,549,357 thousand; investment advisory fees were $122,901 thousand.
  5. Net interest income increased to $117,037 thousand, up 49% as stated in the filing.
  6. Fee-based revenues represented approximately 46% of total revenues, up from 36% five years earlier.
  7. Agreed to acquire Goepel McDermid Inc. for an estimated $75 to $80 million, expected to close in early January 2001.

03—Questions

Frequently Asked Questions

  1. What was the main driver of Raymond James's record fiscal 2000 results?

    The filing attributes earnings to increased commission revenues from more Financial Advisors and high market volume, higher net interest from larger client balances, growth in assets under management, and improved trading profits. Securities commissions and fees rose 37% to $1,037,746 thousand.

  2. What is the Corporex judgment and how did it affect results?

    On June 19, 2000, a federal court in Kentucky entered a judgment of $40,675,537 against Raymond James & Associates and RJ Mortgage Acceptance Corp. The company has provided for the judgment, including a $20 million charge to legal reserves, and intends to appeal to the U.S. Court of Appeals for the Sixth Circuit.

  3. How much cash did the company generate from operations?

    Net cash used in operating activities was $111 million in fiscal 2000, as the company required cash for increased stock borrow balances and client margin balances, among other items.

  4. What acquisition did the company announce after year-end?

    The company agreed to acquire 100% of Goepel McDermid Inc., a Canadian broker-dealer, for CDN $112.5 million plus CDN $17.5 million in deferred compensation. The filing estimates the total purchase price at $75 to $80 million, to be financed initially by available cash and the line of credit, with closing expected at the beginning of January 2001.

  5. How large is the company's asset management business?

    Total financial assets under management were $17,549,357 thousand at September 29, 2000, up 29%. Eagle Asset Management managed approximately $5.9 billion, and Heritage family of mutual funds held $6,019,124 thousand.

04—Continue

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