We achieved solid results this quarter, despite more volatile market conditions and declining trading volumes, predominantly in the fixed-income markets. Furthermore, weakness in the Nasdaq, particularly technology shares, led to a decline in equity new issue activity.

The fixed-income franchise continued to show extremely strong results at a time when most other major sectors in the industry were experiencing persistent weakness, ... The steps taken during fiscal 2001 to reduce operating costs and increase margins have had a positive effect on the current period's earnings.

Our equity underwriting activities were at record levels as robust equity markets contributed to an abundant deal flow.

Despite the Asian economic crisis, we continued to find opportunities in the Far East. We attribute the record results for the quarter and the fiscal year to strength in all of the firm's core businesses.

The world is changing, and we recognize that a synergistic combination might be in the best interest of shareholders,

Despite the Asian economic crisis, we continued to find opportunities in the Far East, ... We attribute the record results for the quarter and the fiscal year to strength in all of the firm's core businesses.