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Raymond James' profits up ninefold from 'bleak' year-ago quarter

Raymond James Financial's longtime CEO Tom James is stepping down this month on a high note, with the St. Petersburg financial services company Wednesday posting a ninefold jump in second-quarter profits.

Its net income of $55.6 million, or 45 cents per share, far outstripped net income of $6.1 million, or 5 cents a share, in the year-ago period. Revenue rose 26 percent to $734.4 million.

In a statement, James said the profit surge was gratifying but not surprising given the year-ago quarter "occurred during the bleakest days of the financial meltdown."

"The more striking comparison is to the immediately proceeding quarter," James said, noting that net revenue is up 7 percent and net income up 30 percent.

Results were released after the close of market Wednesday.

James, who has run the St. Petersburg brokerage co-founded by his father for 40 years, is relinquishing the CEO post effective April 30 to his hand-picked successor, Paul Reilly.

Raymond James' profits up ninefold from 'bleak' year-ago quarter 04/21/10 [Last modified: Wednesday, April 21, 2010 7:31pm]
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