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Big quarter posted by Raymond James

In spite of the slumping stock market, Raymond James Financial Inc. posted a 27 percent increase in profits last quarter, concluding another record-setting fiscal year, the company reported Tuesday. Raymond James had net income of $5.1-million, or 82 cents per share, for the quarter ended Sept. 28. In the comparable quarter last year, profits were $4.1-million, or 71 cents per share. Revenues were flat _ $66.2-million, compared to $66.1-million.

"Economic uncertainties arising from the Iraqi invasion of Kuwait and the continuing malaise in the U.S. banking system contributed to a flat revenue comparison, but our vibrant investment banking activity and rigorous expense control yielded a 27 percent increase in net income," chairman Thomas A. James said.

For the fiscal year, Raymond James' profits were up 44 percent, to $17.9-million, or $3.07 per share, compared to last year's $12.4-million, or $2.22 per share. Revenues rose 13 percent, to $256.7-million from $226.4-million.

Raymond James is the parent corporation for the brokerage firm Raymond James & Associates Inc. and for other financial-services subsidiaries.

Raymond James' stock closed Tuesday at $15.62{ per share, up 75 cents in trading on the New York Stock Exchange.

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