Bear Stearns 1st-quarter profit falls 79 percent

NEW YORK (Reuters) - Bear Stearns Cos BSC.N on Monday said profit fell 79 percent in its fiscal first quarter, ahead of a liquidity crisis that led to the investment bank's purchase by JPMorgan Chase & Co (JPM.N: Quote, Profile, Research).

Net income for the quarter ended Feb 29 fell to $115 million, or 86 cents per share, from $554 million, or $3.82, a year earlier. Net revenue, after interest expense, declined 40 percent to $1.48 billion.

Bear disclosed results in its quarterly report filed with the U.S. Securities and Exchange Commission. It said it missed last week's filing deadline because it needed more time to determine operating results.

(Reporting by Jonathan Stempel; editing by Carol Bishopric)