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  <p align="center"><font size="2" face="Arial">SECURITIES AND EXCHANGE COMMISSION<br />
  Washington, D. C. 20549</font></p>
  
  <p align="center"><font size="2" face="Arial">FORM 8-K</font></p>
  
  <p align="center"><font size="2" face="Arial">CURRENT REPORT<br />
  PURSUANT TO SECTION 13 OR 15(d) OF<br />
  THE SECURITIES EXCHANGE ACT OF 1934</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0">
  <tr>
  <td valign="top">
  <p><font size="2" face="Arial">Date of Report (Date of earliest event reported)&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign="top"></td>
  <td valign="top">
  <p><font size="2" face="Arial">January 14, 2004</font></p>
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  <p align="center"><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC.<br />
  (Exact name of registrant as specified in its charter)</font></p>
  
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  <tr>
  <td valign="top">
  <p><font size="2" face="Arial">Florida</font></p>
  </td>
  <td valign="top">
  <p><font size="6" face="Arial">&nbsp;</font></p>
  </td>
  <td valign="top">
  <p align="center"><font size="2" face="Arial">1-9109</font></p>
  </td>
  <td valign="top">
  <p><font size="6" face="Arial">&nbsp;</font></p>
  </td>
  <td valign="top">
  <p align="center"><font size="2" face="Arial">No. 59-1517485</font></p>
  </td>
  </tr>
  
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  <p><font size="2" face="Arial">(State or other jurisdiction of incorporation&nbsp;or&nbsp;organization)</font></p>
  </td>
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  <td valign="top">
  <p><font size="2" face="Arial">(Commission File&nbsp;Number)</font></p>
  </td>
  <td valign="top"></td>
  <td valign="top">
  <p><font size="2" face="Arial">(I.R.S. Employer Identification&nbsp;No.)</font></p>
  </td>
  </tr>
  </table>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
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  <td valign="top">
  <p><font size="2" face="Arial">880 Carillon Parkway, St. Petersburg, Florida&nbsp;</font></p>
  </td>
  <td valign="top">
  <p><font size="2" face="Arial">&nbsp; 33716</font></p>
  </td>
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  <td valign="top">
  <p><font size="2" face="Arial">(Address of principal executive offices)&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
  </td>
  <td valign="top">
  <p><font size="2" face="Arial">&nbsp;&nbsp;(Zip Code)</font></p>
  </td>
  </tr>
  
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  <td valign="top">
  <p><font size="2" face="Arial">Registrant's telephone number, including area code</font></p>
  </td>
  <td valign="top">
  <p><font size="2" face="Arial">&nbsp; (727) 567-1000</font></p>
  </td>
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  <p><font size="2" face="Arial"></font></p>
  
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  <td valign="top">
  <p><font size="2" face="Arial">(Former name or former address, if changed since last report.</font></p>
  </td>
  </tr>
  </table>
  
  <p><font size="2" face="Arial">ITEM 7. EXHIBITS</font></p>
  
  <p><font size="2" face="Arial">(c) exhibits</font></p>
  
  <p><font size="2" face="Arial">99.1 Raymond James Financial Inc.'s Press Release dated January 14, 2004</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">Item 9.&nbsp;&nbsp;REGULATION FD DISCLOSURE</font></p>
  
  <p><font size="2" face="Arial">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 Exhibit 99.1 to this report, which is hereby incorporated herein by reference. Exhibit 99.1 is
  Raymond James Financial Inc.'s first quarter 2004 financial press release issued on January 14, 2004.</font></p>
  
  <p><font size="2" face="Arial">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.</font></p>
  
  <p><font size="2" face="Arial">The press release also includes instructions as to how and when to access a complementary interview with the Company's Chief Executive Officer that will be publicly broadcast on CNBC Morning Call at 10:20 a.m. Eastern time, and
  Bloomberg at 3:39 p.m. Eastern time, on Wednesday, January 14, 2004.</font></p>
  
  <p><font size="2" face="Arial">SIGNATURES</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">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.</font></p>
  
  <p><font size="2" face="Arial">________<u>January 14, 2004&nbsp;&nbsp;&nbsp;&nbsp;</u><br />
   &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Date)</font></p>
  
  <p><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC.</font></p>
  
  <p><font size="2" face="Arial">BY:&nbsp;/s/ <u>Thomas A. James</u><br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Thomas A. James<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chairman and Chief<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executive Officer</font></p>
  
  <p><font size="2" face="Arial">&nbsp;</font></p>
  
  <p><font size="2" face="Arial">BY:&nbsp;/s/ <u>Jeffrey P. Julien</u><br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeffrey P. Julien<br />
  &nbsp;&nbsp;&nbsp;&nbsp;Senior Vice President - Finance<br />
  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;and Chief Financial Officer</font></p>
  
  <p><font size="2" face="Arial">Jan. 14, 2004&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FOR IMMEDIATE RELEASE</font></p>
  
  <p><font size="2" face="Arial">Release No. 0104-03</font></p>
  
  <p><font size="2" face="Arial">RAYMOND JAMES FINANCIAL, INC.</font></p>
  
  <p><font size="2" face="Arial">REPORTS FIRST QUARTER RESULTS</font></p>
  
  <p><a name="OLE_LINK1"><font size="2" face="Arial">ST. PETERSBURG, Fla.</font></a> &minus;- Raymond James Financial, Inc. today reported unaudited earnings and revenues for the first quarter ended Dec. 26, 2003.</p>
  
  <p><font size="2" face="Arial">For the first quarter, net income increased 68% percent to $24,230,000 from $14,428,000, while revenues were $424,660,000, up 23% from first quarter 2003 revenues of $344,608,000. Earnings per diluted share increased 69% to $0.49 from
  $0.29.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;Although the holiday season in the December quarter traditionally inhibits investor decision-making, as well as corporate and municipal financing activity, business activity continued to improve in all of Raymond James&rsquo;
  major business sectors,&rdquo; states Thomas A. James, chairman and CEO. &ldquo;Retail and institutional commission activity extended its robust resurgence in our first fiscal quarter as favorable corporate earnings results and strong domestic GDP growth reinforced
  investor confidence. Consequently, commissions increased 28% over last year&rsquo;s comparable period and even surpassed the impressive levels attained in the immediately preceding quarter by 8%.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;Dramatic increases in investment banking revenues and trading profits, which increased 76% and 83% respectively, were generated by continued low interest rates and an active IPO market, in which we managed or co-managed 23
  transactions,&rdquo; he continues. &ldquo;Positive net sales and improved market values increased assets under management, resulting in a 22% increase in investment advisory fees. Thus, Raymond James&rsquo; total net revenues ascended 25% over last year&rsquo;s first
  quarter results.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;As expenses only grew 22%,&rdquo; James adds, &ldquo;the positive operative leverage produced a 68% increase in net income to $24.2 million or $0.49 per diluted share, in spite of the fact we increased reserves for our estimates
  of voluntarily reimbursing affected clients for mutual fund breakpoint discounts relating to activity in 1999 and 2000 and accrued for estimated penalties now expected to be imposed by the Securities Exchange Commission. The combined impact of these additional
  adjustments diminished earnings per share by approximately $0.08 in the quarter.</font></p>
  
  <p><font size="2" face="Arial">&ldquo;Although the stock market&rsquo;s recovery over the last nine months suggests that the risk of a correction is present and interest rates have probably already established their lows for the cycle, a strong U.S. economy and
  vibrant prospects for future growth in corporate earnings augur well for our industry and firm in 2004,&rdquo; he concludes.</font></p>
  
  <p><font size="2" face="Arial">Today, James will appear on CNBC&rsquo;s &ldquo;Morning Call&rdquo; at 10:20 a.m. EST, as well as on Bloomberg at 3:39 p.m. EST, to discuss these results.</font></p>
  
  <p><font size="2" face="Arial">In addition, the company will conduct its quarterly conference call January 15 at 4:15 p.m. The telephone number is 800-773-5520. The call will also be available on demand on the company&rsquo;s Web site, www.RaymondJames.com, under
  About Our Company, Financial Results and SEC Filings.</font></p>
  
  <p><font size="2" face="Arial">Raymond James Financial, Inc. (NYSE - RJF) provides financial services to individuals, corporations and municipalities through its three wholly-owned investment firms, Raymond James &amp; Associates, Raymond James Financial Services and
  Raymond James Ltd., which have more than 5,000 financial advisors in 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage $20.1 billion.</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="114%">
  <tr>
  <td colspan="6" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Raymond James Financial, Inc.</font></b><a name="OLE_LINK2"></a></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="6" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Unaudited Report</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="6" valign="bottom">
  <p align="center"><font size="2" face="Arial">For the first quarter ended Dec. 26, 2003</font></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="6" valign="bottom">
  <p align="center"><font size="2" face="Arial">(all data in thousands, except per share earnings)</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom">
  <p align="center"><font size="2" face="Arial">First quarter</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="5" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
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  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2004</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">%<br />
   change</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Total revenues</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; $424,660</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; $344,608</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">23%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Net revenues</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 413,987</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 331,395</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">25%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Net income</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; 24,230</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; 14,428</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">68%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Earnings per</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp; Share &ndash; diluted</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp; 0.49</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp; 0.29</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">69%</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Average shares</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp; Outstanding &ndash; diluted</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; 49,407</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp; 49,566</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
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  <td valign="bottom"></td>
  </tr>
  </table>
  
  <p align="center"><font size="2" face="Arial"></font></p>
  
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  <table border="0" cellspacing="0" cellpadding="0">
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  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="3" valign="bottom">
  <h1 align="center"><b><font size="2" face="Arial">Balance Sheet Data</font></b></h1>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Dec. 2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Sept. 2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
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  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Total assets</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$6.9 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$6.9 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Shareholders' equity</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$956 mil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$925 mil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Book value per share</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$19.60</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$19.06</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
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  <td valign="bottom"></td>
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  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td colspan="3" valign="bottom">
  <h1 align="center"><b><font size="2" face="Arial">Management Data</font></b></h1>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
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  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Dec. 2003</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Dec. 2002</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="center"><font size="2" face="Arial">Sept. 2003</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td colspan="2" valign="bottom">
  <p><font size="2" face="Arial">No. financial advisors:</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; United States</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; 4,785</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; 4,947</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; 4,770</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp; Canada</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 236</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 249</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">No. managed/co-managed<br />
   &nbsp;&nbsp;&nbsp;U.S. public equity offerings</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 23</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 9</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp; 27</font></p>
  </td>
  </tr>
  
  <tr>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  <td valign="bottom"></td>
  </tr>
  
  <tr>
  <td valign="bottom">
  <p><font size="2" face="Arial">Assets under management &ndash; U.S.</font></p>
  </td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$20.1 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$16.0 bil.</font></p>
  </td>
  <td valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">$18.8 bil.</font></p>
  </td>
  </tr>
  </table>
  </div>
  
  <p align="center"><font size="2" face="Arial">For additional information, contact<br />
  Mike White at 727-567-2824.<br />
  Please visit the Raymond James Press Center at www.RaymondJames.com/media.htm.</font></p>
  
  <table border="0" cellspacing="0" cellpadding="0" width="100%">
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Raymond James Financial, Inc.</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Consolidated Business Segments</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap colspan="8" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="7" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">REVENUES</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="3" valign="bottom">
  <p><i><font size="2" face="Arial">Three months ended</font></i><b>&nbsp;</b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="7" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Dec. 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Dec. 27,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">$</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2002</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Private Client Group</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 286,803</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 228,481</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp; 58,322&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">26%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Capital Markets</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">91,607</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">69,257</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp; 22,350&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">32%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Asset Management</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">33,911</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">29,211</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp; 4,700&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">RJ Bank</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">6,558</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">7,994</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp; (1,436)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(18%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Other</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5,781</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">9,665</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp;&nbsp; (3,884)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(40%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$ 424,660</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$ 344,608</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp; 80,052</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">23%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="7" valign="bottom">
  <p align="center"><b><font size="2" face="Arial">PRE-TAX INCOME</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="3" valign="bottom">
  <p><i><font size="2" face="Arial">Three months ended</font></i><b>&nbsp;</b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">&nbsp;</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap colspan="7" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Dec. 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Dec. 27,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">$</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2002</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Private Client Group</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$27,259</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 8,868</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 18,391&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">207%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Capital Markets</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">6,015</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">3,083</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp; 2,932&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">95%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Asset Management</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">4,922</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5,364</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp; &nbsp;&nbsp;&nbsp; (442)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp; (8%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">RJ Bank</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">1,897</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">3,100</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp; (1,203)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(39)%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">Other</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(1,138)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">2,950</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$&nbsp; (4,088)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(139)%</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><b><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$ 38,955</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$ 23,365</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp; 15,590</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">67%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  </table>
  
  <p align="center"><font size="2" face="Arial"></font></p>
  
  <div align="center">
  <table border="0" cellspacing="0" cellpadding="0" width="122%">
  <tr>
  <td colspan="10">
  <p align="center"><font size="2" face="Arial">&nbsp;<b>RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES</b></font></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="10">
  <p align="center"><b><font size="2" face="Arial">CONSOLIDATED STATEMENT OF OPERATIONS</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="10">
  <p align="center"><b><font size="2" face="Arial">(UNAUDITED)</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="10">
  <p align="center"><b><font size="2" face="Arial">Quarter-to-Date</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td colspan="10">
  <p><font size="2" face="Arial">(in 000s, except per share amounts)</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;</font></p>
  </td>
  <td nowrap colspan="9" valign="bottom">
  <p><i><font size="2" face="Arial">Three months ended</font></i>&nbsp;</p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap colspan="9" valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Dec. 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Dec. 27,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Sept. 26,</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">%</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2002</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">change</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">2003</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="center"><b><font size="2" face="Arial">Change</font></b></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">Revenues:</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Securities commissions and fees</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 303,291</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 237,848</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">28%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">$ 279,737</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">8%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Investment banking</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,726</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">11,208</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">76%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">34,146</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">(42%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Investment advisory fees</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,958</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">26,283</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">22%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">30,782</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">4%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Interest</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">31,156</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">34,646</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(10%)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">29,697</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">5%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Net trading profits</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">6,779</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">3,707</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">83%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">2,960</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">129%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Financial service fees</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">18,702</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,506</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">21%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,537</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">(4%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;&nbsp;Other</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">13,048</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,410</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(15%)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,840</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td valign="bottom">
  <p align="right"><font size="2" face="Arial">(18%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><b><font size="2" face="Arial">TOTAL REVENUES</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">424,660</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">344,608</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">23%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">412,699</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">3%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">10,673</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">13,213</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(19%)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">9,943</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">7%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><b><font size="2" face="Arial">NET REVENUES</font></b></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">413,987</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">331,395</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">25%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">402,756</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">3%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">Non-interest expenses</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Compensation, commissions and benefits</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">300,660</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">234,866</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">28%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">280,551</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">7%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Communications and information<br />
   &nbsp;&nbsp;&nbsp;&nbsp;processing</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,196</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">18,966</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">1%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,012</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">1%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Occupancy and equipment costs</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,293</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,648</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(2%)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">16,119</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(5%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Clearance and floor brokerage</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5,052</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">3,531</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">43%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">4,865</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">4%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Business development</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">12,943</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">12,277</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">5%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">14,446</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(10%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Other</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">21,888</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">22,742</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(4%)</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">15,268</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">43%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>TOTAL NON-INTEREST EXPENSES</b></font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">375,032</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">308,030</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">22%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">350,261</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">7%&nbsp;</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Income before provision for income taxes</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">38,955</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">23,365</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">67%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">52,495</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(26%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;&nbsp;Provision for income taxes</font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">14,725</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">8,937</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">65%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">19,361</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(24%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="1" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>Net income</b></font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp; 24,230</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp; 14,428</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">68%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp; 33,134</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(27%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>Net income per share basic</b></font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.50</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">66%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(26%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>Net income per share diluted</b></font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">69%&nbsp;</font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><font size="2" face="Arial">(27%)</font></p>
  </td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>Weighted average common shares</b></font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>&nbsp;&nbsp;&nbsp; outstanding &ndash; basic</b></font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">48,587</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">48,762</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">48,440</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>Weighted average common and common</b></font></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td>
  <p><font size="2" face="Arial">&nbsp;<b>&nbsp;&nbsp;&nbsp; equivalent shares outstanding - diluted</b></font></p>
  </td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">49,407</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">49,566</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <p align="right"><b><font size="2" face="Arial">49,133</font></b></p>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  
  <tr>
  <td></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom">
  <div align="center"><font size="2" face="Arial"></font>
  <hr size="4" width="100%" noshade color="gray" align="center" />
  </div>
  </td>
  <td nowrap valign="bottom"></td>
  <td nowrap valign="bottom"></td>
  </tr>
  </table>
  </div>
  
  <p><font size="2" face="Arial"></font></p>
  </div>
  </body>
  </html>
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metadata_filer: {"company-data": {"conformed-name": "RAYMOND JAMES FINANCIAL INC", "cik": "0000720005", "assigned-sic": "6211", "irs-number": "591517485", "state-of-incorporation": "FL", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-09109", "film-number": "04524709"}, "business-address": {"street1": "880 CARILLON PKWY", "street2": "P O BOX 12749", "city": "ST PETERSBURG", "state": "FL", "zip": "33716", "phone": "727-567-1000"}, "mail-address": {"street1": "P O BOX 12749", "city": "ST. PETERSBURG", "state": "FL", "zip": "33716"}, "former-company": {"former-conformed-name": "RJ FINANCIAL CORP/FL", "date-changed": "19870303"}}
text: 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)
  January 14, 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 incorporation or organization)
  (Commission File Number)
  (I.R.S. Employer 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 January 14, 2004
  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 Exhibit 99.1 to this report, which is hereby incorporated herein by reference. Exhibit 99.1 is
  Raymond James Financial Inc.'s first quarter 2004 financial press release issued on January 14, 2004.
  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.
  The press release also includes instructions as to how and when to access a complementary interview with the Company's Chief Executive Officer that will be publicly broadcast on CNBC Morning Call at 10:20 a.m. Eastern time, and
  Bloomberg at 3:39 p.m. Eastern time, on Wednesday, January 14, 2004.
  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.
  ________
  January 14, 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
  Jan. 14, 2004                         FOR IMMEDIATE RELEASE
  Release No. 0104-03
  RAYMOND JAMES FINANCIAL, INC.
  REPORTS FIRST QUARTER RESULTS
  ST. PETERSBURG, Fla.
  −- Raymond James Financial, Inc. today reported unaudited earnings and revenues for the first quarter ended Dec. 26, 2003.
  For the first quarter, net income increased 68% percent to $24,230,000 from $14,428,000, while revenues were $424,660,000, up 23% from first quarter 2003 revenues of $344,608,000. Earnings per diluted share increased 69% to $0.49 from
  $0.29.
  "Although the holiday season in the December quarter traditionally inhibits investor decision-making, as well as corporate and municipal financing activity, business activity continued to improve in all of Raymond James'
  major business sectors," states Thomas A. James, chairman and CEO. "Retail and institutional commission activity extended its robust resurgence in our first fiscal quarter as favorable corporate earnings results and strong domestic GDP growth reinforced
  investor confidence. Consequently, commissions increased 28% over last year's comparable period and even surpassed the impressive levels attained in the immediately preceding quarter by 8%.
  "Dramatic increases in investment banking revenues and trading profits, which increased 76% and 83% respectively, were generated by continued low interest rates and an active IPO market, in which we managed or co-managed 23
  transactions," he continues. "Positive net sales and improved market values increased assets under management, resulting in a 22% increase in investment advisory fees. Thus, Raymond James' total net revenues ascended 25% over last year's first
  quarter results.
  "As expenses only grew 22%," James adds, "the positive operative leverage produced a 68% increase in net income to $24.2 million or $0.49 per diluted share, in spite of the fact we increased reserves for our estimates
  of voluntarily reimbursing affected clients for mutual fund breakpoint discounts relating to activity in 1999 and 2000 and accrued for estimated penalties now expected to be imposed by the Securities Exchange Commission. The combined impact of these additional
  adjustments diminished earnings per share by approximately $0.08 in the quarter.
  "Although the stock market's recovery over the last nine months suggests that the risk of a correction is present and interest rates have probably already established their lows for the cycle, a strong U.S. economy and
  vibrant prospects for future growth in corporate earnings augur well for our industry and firm in 2004," he concludes.
  Today, James will appear on CNBC's "Morning Call" at 10:20 a.m. EST, as well as on Bloomberg at 3:39 p.m. EST, to discuss these results.
  In addition, the company will conduct its quarterly conference call January 15 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 more than 5,000 financial advisors in 2,100 locations throughout the United States, Canada and internationally, as well as through its asset management subsidiaries, which currently manage $20.1 billion.
  Raymond James Financial, Inc.
  Unaudited Report
  For the first quarter ended Dec. 26, 2003
  (all data in thousands, except per share earnings)
  First quarter
  2004
  2003
  %
  change
  Total revenues
  $424,660
  $344,608
  23%
  Net revenues
  413,987
  331,395
  25%
  Net income
  24,230
  14,428
  68%
  Earnings per
  Share – diluted
  0.49
  0.29
  69%
  Average shares
  Outstanding – diluted
  49,407
  49,566
  Balance Sheet Data
  Dec. 2003
  Sept. 2003
  Total assets
  $6.9 bil.
  $6.9 bil.
  Shareholders' equity
  $956 mil.
  $925 mil.
  Book value per share
  $19.60
  $19.06
  Management Data
  Dec. 2003
  Dec. 2002
  Sept. 2003
  No. financial advisors:
  United States
  4,785
  4,947
  4,770
  Canada
  236
  249
  226
  No. managed/co-managed
  U.S. public equity offerings
  23
  9
  27
  Assets under management – U.S.
  $20.1 bil.
  $16.0 bil.
  $18.8 bil.
  For additional information, contact
  Mike White at 727-567-2824.
  Please visit the Raymond James Press Center at www.RaymondJames.com/media.htm.
  Raymond James Financial, Inc.
  Consolidated Business Segments
  REVENUES
  Three months ended
  Dec. 26,
  Dec. 27,
  $
  %
  2003
  2002
  change
  change
  Private Client Group
  $ 286,803
  $ 228,481
  $  58,322
  26%
  Capital Markets
  91,607
  69,257
  $  22,350
  32%
  Asset Management
  33,911
  29,211
  $    4,700
  16%
  RJ Bank
  6,558
  7,994
  $   (1,436)
  (18%)
  Other
  5,781
  9,665
  $   (3,884)
  (40%)
  Total
  $ 424,660
  $ 344,608
  $    80,052
  23%
  PRE-TAX INCOME
  Three months ended
  Dec. 26,
  Dec. 27,
  $
  %
  2003
  2002
  change
  change
  Private Client Group
  $27,259
  $ 8,868
  $ 18,391
  207%
  Capital Markets
  6,015
  3,083
  $  2,932
  95%
  Asset Management
  4,922
  5,364
  $      (442)
  (8%)
  RJ Bank
  1,897
  3,100
  $  (1,203)
  (39)%
  Other
  (1,138)
  2,950
  $  (4,088)
  (139)%
  Total operating
  $ 38,955
  $ 23,365
  $   15,590
  67%
  RAYMOND JAMES FINANCIAL, INC. AND SUBSIDIARIES
  CONSOLIDATED STATEMENT OF OPERATIONS
  (UNAUDITED)
  Quarter-to-Date
  (in 000s, except per share amounts)
  Three months ended
  Dec. 26,
  Dec. 27,
  %
  Sept. 26,
  %
  2003
  2002
  change
  2003
  Change
  Revenues:
  Securities commissions and fees
  $ 303,291
  $ 237,848
  28%
  $ 279,737
  8%
  Investment banking
  19,726
  11,208
  76%
  34,146
  (42%)
  Investment advisory fees
  31,958
  26,283
  22%
  30,782
  4%
  Interest
  31,156
  34,646
  (10%)
  29,697
  5%
  Net trading profits
  6,779
  3,707
  83%
  2,960
  129%
  Financial service fees
  18,702
  15,506
  21%
  19,537
  (4%)
  Other
  13,048
  15,410
  (15%)
  15,840
  (18%)
  TOTAL REVENUES
  424,660
  344,608
  23%
  412,699
  3%
  Interest expense
  10,673
  13,213
  (19%)
  9,943
  7%
  NET REVENUES
  413,987
  331,395
  25%
  402,756
  3%
  Non-interest expenses
  Compensation, commissions and benefits
  300,660
  234,866
  28%
  280,551
  7%
  Communications and information
  processing
  19,196
  18,966
  1%
  19,012
  1%
  Occupancy and equipment costs
  15,293
  15,648
  (2%)
  16,119
  (5%)
  Clearance and floor brokerage
  5,052
  3,531
  43%
  4,865
  4%
  Business development
  12,943
  12,277
  5%
  14,446
  (10%)
  Other
  21,888
  22,742
  (4%)
  15,268
  43%
  TOTAL NON-INTEREST EXPENSES
  375,032
  308,030
  22%
  350,261
  7%
  Income before provision for income taxes
  38,955
  23,365
  67%
  52,495
  (26%)
  Provision for income taxes
  14,725
  8,937
  65%
  19,361
  (24%)
  Net income
  $  24,230
  $  14,428
  68%
  $  33,134
  (27%)
  Net income per share basic
  $      0.50
  $      0.30
  66%
  $      0.68
  (26%)
  Net income per share diluted
  $      0.49
  $      0.29
  69%
  $      0.67
  (27%)
  Weighted average common shares
  outstanding – basic
  48,587
  48,762
  48,440
  Weighted average common and common
  equivalent shares outstanding - diluted
  49,407
  49,566
  49,133