FOR IMMEDIATE DISTRIBUTION

JEFFERIES REPORTS FIRST QUARTER FINANCIAL RESULTS

NEW YORK and LONDON, April 20, 2010 -- Jefferies Group, Inc. (NYSE: JEF) today announced financial results for the three-month period ended March 31, 2010. Highlights for the first quarter include:
  • Net revenues increased 71% to $583 million versus $342 million in the prior year.
  • Net income to Common Shareholders increased 93% to $74 million versus $38 million in the prior year.
  • Net earnings per common share (diluted) increased 89% to $0.36 versus $0.19 in the prior year.
"We are pleased with the strength of our first quarter results, particularly the broad balance of revenues from each of our major business lines--Equities, Fixed Income and Investment Banking," commented Richard Handler, Chairman and Chief Executive Officer of Jefferies. "This solid performance is the result of the ongoing commitment of Jefferies' 2,729 employee-partners, who have enabled us to begin 2010 with a great deal of momentum in serving our clients."

The firm also announced plans to change its fiscal year-end from December 31 to November 30. The 2010 fiscal year will be an 11-month period running from January 1 to November 30. The 2010 second quarter will end May 31, and the third quarter will end August 31.

Conference Call

A conference call with management discussion of these financial results will be held today, April 20, 2010, at 9:00 AM Eastern. Securities industry professionals may access the management discussion by calling 877-710-9938 or 702-928-7183. A one-week replay of the call will also be available at 800-642-1687 or 706-645-9291 (conference ID #66254738). A live audio webcast and delayed replay can be accessed at Jefferies.com.

About Jefferies

Jefferies, a major global securities and investment banking firm, has served companies and their investors for more than 45 years. Jefferies & Company, Inc. is the principal US operating subsidiary of Jefferies Group, Inc. (NYSE: JEF: www.jefferies.com), and Jefferies International Limited is the principal UK operating subsidiary. Jefferies International Limited, a UK-incorporated company, is authorised and regulated by the UK Financial Services Authority.

For further information, please contact:

Peregrine C. Broadbent
Chief Financial Officer
(212) 284-2338

Full press release (with all tables) in PDF format