Legg Mason Inc. reported sharply lower earnings for the final three months of last year as worried investors, shying away from Wall Street with the Middle East crisis looming, caused brokerage fees at the company to fall nearly 25 percent.
The Baltimore-based brokerage house and financial-services company said income for its third fiscal quarter, which ended Dec. 31, fell 32.4 percent, to $2.5 million, or 29 cents a share fully diluted, from $3.7 million, or 40 cents a share, a year earlier.
Revenue for the three-month period decreased 11 percent, to $56.6 million from $63.6 million in 1989.
"I am pleased with Legg Mason's results in the latest quarter, which was a very difficult period for the securities industry generally," said Raymond A. Mason, chairman and chief executive of the company, in a prepared statement. "Although our net earnings were lower than in the corresponding quarter a year ago, net earnings in last year's quarter were a record for any quarter in the company's history."