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The Associated Press September 22, 2010, 11:16AM ET

Jefferies 3Q net income falls by 46 percent

Investment bank Jefferies Group Inc. said Wednesday its fiscal third-quarter net income fell by almost half from the previous year due to lower trading volumes.

The results missed Wall Street's expectations.

Net income dropped 46 percent to $46.3 million, or 23 cents a share, in the three months ended Aug. 30., from $86.3 million, or 42 cents a share, in the year-ago period.

Revenue declined by 22 percent to $609.3 million from $777.2 million in the prior year due to a sharp decline in principal transactions. Those fell by 78 percent to $74.3 million from $338.6 million.

"Trading volumes across the board were painfully slow during the months of June, July and August," said company chairman and CEO Richard B. Handler. "The normal seasonal slowdown was exacerbated by continued concerns over the state of the global economy."

On average, analysts polled by Thomson Reuters expected net income of 31 cents per share on $571.6 million in revenue.

Company shares fell 78 cents, or 2.1 percent, to $36.53 in morning trading.

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