In a record-breaking month, Legg Mason announced a 25% increase in net revenues compared to last September.
"This was a quarter that truly showIed our strengths," said CEO Raymond A. "Chip" Mason. "Our theme has been 'balance,' which has served us well in declining markets and continues to serve us well in stronger markets."
Excluding a $10.9 million pre-tax gain from the sale of its mortgage operations unit and a $17.5 million litigation award pre-taxes, Legg Masons net earnings would have been up 50% compared to those of last year. As it stands, the earnings are up 47% to $66.6 million, from $45.4 million in September 2002.
The company set a personal record for assets under allocation, as well, jumping 34% to $236.9 billion compared to $176.6 billion last September.