Leucadia National Corporation Announces First Quarter 2016 Results
May 04 2016 - 4:36PM
Business Wire
Leucadia National Corporation (NYSE:LUK) today announced its
financial results for the three month period ended March 31, 2016.
Net loss attributable to Leucadia National Corporation common
shareholders for the three months ended March 31, 2016 was $222.9
million, or $0.60 per diluted share, reflecting Jefferies'
previously reported $245.8 million fiscal first quarter loss, a
$53.2 million reduction to the fair value of our FXCM investment
(reducing our cumulative gains from our FXCM investment to $438
million), and a difficult investing environment for certain
Leucadia Asset Management platforms, offset by solid results from
National Beef, continuing strong performance from both Berkadia and
Garcadia, and a higher HRG stock price.
Rich Handler, CEO of Leucadia, and Brian
Friedman, President of Leucadia, said: "Leucadia's first quarter
2016 results were impacted by the volatile and turbulent period in
the capital markets, which primarily impacted Jefferies and our
other market sensitive businesses. However, benefiting from
improved market conditions, the range of changes we implemented
last year and in the first quarter, as well as the continuing hard
work of our entire team, Jefferies' performance in March and April
has improved significantly. Although we have one month to go, we
expect solid results for Jefferies' second fiscal quarter. In
addition, we appear to have experienced a meaningful turn in the
fortunes of National Beef on the back of the cattle herd
rebuilding, and this positive momentum continued throughout April.
While we expect the environment to continue to be volatile and our
future results may reflect this, we believe Leucadia is currently
very well positioned to resume our course of value creation for our
stakeholders."
For more information on the Company’s results of operations for
the three months ended March 31, 2016, please see the Company’s
Form 10-Q, which will be filed with the Securities and Exchange
Commission today.
This press release contains “forward looking statements” within
the meaning of the safe harbor provisions of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange
Act of 1934. Forward looking statements include statements about
our future and statements that are not historical facts. These
forward looking statements are usually preceded by the words
“should,” “expect,” “intend,” “may,” “will,” or similar
expressions. Forward looking statements may contain expectations
regarding revenues, earnings, operations, and other results, and
may include statements of future performance, plans, and
objectives. Forward looking statements also include statements
pertaining to our strategies for future development of our business
and products. Forward looking statements represent only our belief
regarding future events, many of which by their nature are
inherently uncertain. It is possible that the actual results may
differ, possibly materially, from the anticipated results indicated
in these forward looking statements. Information regarding
important factors, including Risk Factors that could cause actual
results to differ, perhaps materially, from those in our forward
looking statements is contained in reports we file with the SEC.
You should read and interpret any forward looking statement
together with reports we file with the SEC.
SUMMARY FOR LEUCADIA
NATIONAL CORPORATION AND SUBSIDIARIES
(In thousands, except per share
amounts)
(Unaudited)
For the Three Months EndedMarch 31,
2016 2015 Net revenues $ 2,015,106 $
3,184,683 Net realized securities gains $ 728
$ 15,089
Income (loss) before income taxes and
income related to associated companies
$ (322,015 ) $ 546,656 Income related to associated
companies 20,052 40,451 Income (loss) before
income taxes (301,963 ) 587,107 Income tax provision
(benefit) (83,361 ) 212,678 Net income (loss)
(218,602 ) 374,429
Net loss attributable to the
noncontrolling interests
1,052 234
Net (income) loss attributable to the
redeemable noncontrolling interests
(4,314 ) 7,112 Preferred stock dividends (1,016 ) (1,016 )
Net income (loss) attributable to Leucadia
National Corporation common shareholders
$ (222,880 ) $ 380,759
Basic earnings (loss) per common share
attributable to Leucadia National Corporation common
shareholders:
Net income (loss) $ (0.60 ) $ 1.00 Number of
shares in calculation 372,367 373,541
Diluted earnings (loss) per common share
attributable to Leucadia National Corporation common
shareholders:
Net income (loss) $ (0.60 ) $ 0.99 Number of
shares in calculation 372,367 377,713
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Leucadia National CorporationLaura Ulbrandt, 212-460-1900
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