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Non-Tech : CSFB Direct(DIR) -- Ignore unavailable to you. Want to Upgrade?

To: wheninrome who wrote (204)	7/20/1999 11:06:00 AM
From: KS	Respond to of 406

********NEWS!************** July 20, 1999 11:00 Alert: RPT - DLJDIRECT Q2 PROFORMA DILUTED SHARE $0.05 VS $0.01

To: wheninrome who wrote (204)	7/20/1999 3:29:00 PM
From: KS	Respond to of 406

July 20, 1999 15:09 FOCUS- DLJ beats estimates with record profit (adds byline, stock price, analyst's comment) By Jack Reerink NEW YORK, July 20 (Reuters) - U.S. investment bank Donaldson Lufkin & Jenrette on Tuesday posted a 16 percent increase in quarterly profit to a record $165.7 million, beating analysts' estimates as revenues in all its key businesses hit new highs. DLJ earned $1.14 per diluted share in the second quarter. That compared with a $142.3 million profit, or $1.05 a share, in the year-ago quarter and solidly beat analysts' expectations of 84 cents a share. Net revenues rose to a record $1.43 billion, up 21 percent from $1.18 billion a year ago. "These record results underscore the powerful franchises that DLJ has established in serving the needs of corporations, institutions and individual investors in the United States and abroad," said DLJ's chief executive, Joe Roby, in a statement. DLJ's strong results followed a string of record profits posted by Wall Street firms and brokerages in the second quarter. The securities industry is thriving on strong stock markets worldwide and a continued flood of corporate mergers and acquisitions (M&A). "DLJ is clearly running on all cylinders," commented analyst Michael Flanagan of Financial Service Analytics. "The company has proven itself to be one of the best-managed in the industry and chooses its niche markets carefully." The firm's stock price gained $1.25 to $52.69 in mid-morning trading on the new York Stock Exchange. DLJ, which is majority-owned by financial services firm Equitable Cos. , earned a record $332.7 million in M&A fees in the quarter, up 4 percent from $318.4 million a year ago. The firm, which advised Italy's Olivetti in its $35 billion hostile takeover of Telecom Italia , ranked fifth in global deal volume in the first half, up from 10th in the year-ago period. Gains from making markets in stock and bonds hit a record of $218.4 million, up more than five-fold from $39.9 million a year ago. DLJ, however, said the quarters were not comparable because the firm quit trading emerging markets securities after suffering steep losses in the third quarter of last year. DLJ also received a record $409.5 million in quarterly fees from helping companies raise money in capital markets through debt or stock offerings. That was up 19 percent from $343.1 million in fees a year ago. Commission income also hit a high at $291.1 million in the quarter, up 44 percent from $201.9 million a year ago. DLJ's Financial Services Group, which through its Pershing subsidiary provides trade processing for smaller brokerages, posted a 58 percent increase in pretax profits, DLJ said. DLJ's overseas revenues rose to $300 million in the first half, up 77 percent from a year ago and already more than the firm's total revenues from outside the United States last year. The investment bank's online unit, DLJdirect , more than quadrupled its quarterly net income to $5.1 million, as it processed more stock trades and opened more accounts. DLJ in May raised $343 million when it sold investors a special class of a stock in the unit that tracks DLJdirect's performance. ((--Jack Reerink/Financial Services Desk (212) 859-1725--))