For the fiscal year ended March 31, Legg Mason generated $297.8 million in net earnings, a 56% increase over last year. Total revenue for the year was $1.941 billion, a 29% uptick from last year, helped mark it the second straight year that Legg Mason set company records.
The quarter ending March 31, 2004, was not a poor period, either. An 89% increase in net earnings to $91.9 million from $48.7 million the year before also set records. The company now possesses $286.4 billion in assets under management.
Said company President and CEO Raymond "Chip" Mason: "During the last several years, we have focused on building the necessary infrastructure to create a sustainable balance in our business and to support future growth. Legg Mason and its shareholders clearly reaped the benefits of this strategy this year."
Mason cited the strong performances by all divisions, including asset management, private client and investment banking, as reasons for the record year and quarter.