The company has reported that the net revenues for the period decreased to $5.9 billion, from $9.2 billion in the prior fiscal year. The company has realized a fall in the earnings per share of $1.52, compared to the earnings per share of $14.27 for the same period a year ago. Bear Stearns has recorded $854 million net loss for the fourth quarter of 2007, as compared with net income of $563 million for comparable period in 2006.
James Cayne, chairman and CEO of Bear Stearns, said: We are obviously upset with our 2007 results, particularly in light of the fact that weakness in fixed income more than offset strong and, in some areas, record-setting performance in other businesses.
We are taking appropriate measures to position Bear Stearns for renewed profitability in 2008 by focusing our resources on the businesses with growth potential in the current environment, while streamlining our operations in areas with lower expected activity levels. We are confident that these efforts will ensure Bear Stearns remains a strong and profitable competitor in the global marketplace in the years to come.
