Leucadia National Corporation Announces 2011 Results

Leucadia National Corporation (LUK – NYSE) today announced its operating results for the year ended December 31, 2011. Net income attributable to Leucadia National Corporation common shareholders was $25,231,000 ($.10 per diluted common share) for 2011 compared to net income of $1,939,312,000 ($7.85 per diluted common share) for 2010. Net income for 2010 included an adjustment to reduce income tax expense by $1,157,111,000, resulting from the Company’s conclusion that it is more likely than not that it will have future taxable income sufficient to realize that portion of its net deferred tax asset. Net income attributable to Leucadia National Corporation common shareholders for 2011 and 2010 also included income from discontinued operations, including gain on disposal of $8,262,000 or $.03 per diluted common share and $51,149,000 or $.19 per diluted common share.

For more information on the Company’s results of operations for 2011, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the Securities and Exchange Commission today.

SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES
(In thousands, except per share amounts)
				For the Three Month											For the Year
				Period Ended December 31,											Ended December 31,
				2011					2010						2011						2010
				(Unaudited)
Revenues and other income				$	297,235				$	585,644					$	1,570,768					$	1,320,004
Net securities gains				$	102,261				$	9,078					$	641,476					$	179,494
Income from continuing operations before income taxes
and income (losses) related to associated companies				$	63,436				$	299,553					$	680,988					$	369,003
Income tax provision (benefit)					27,057					(1,150,254	)					270,253						(1,139,318	)
Income from continuing operations before
income (losses) related to associated companies					36,379					1,449,807						410,735						1,508,321
Income (losses) related to associated companies, net of taxes					76,615					226,782						(394,041	)					380,766
Income from continuing operations					112,994					1,676,589						16,694						1,889,087
Income from discontinued operations, including gain
on disposal, net of taxes					6,070					18,450						8,262						51,149
Net income					119,064					1,695,039						24,956						1,940,236
Net (income) loss attributable to the noncontrolling interest					373					183						275						(924	)
Net income attributable to Leucadia National
Corporation common shareholders				$	119,437				$	1,695,222					$	25,231					$	1,939,312
Basic earnings per common share attributable to
Leucadia National Corporation common shareholders:
Income from continuing operations				$	.46				$	6.89					$	.07					$	7.77
Income from discontinued operations, including gain on disposal					.03					.07						.03						.20
Net income				$	.49				$	6.96					$	.10					$	7.97
Number of shares in calculation					244,583					243,546						244,425						243,379
Diluted earnings per common share attributable to
Leucadia National Corporation common shareholders:
Income from continuing operations				$	.46				$	6.77					$	.07					$	7.66
Income from discontinued operations, including gain on disposal					.02					.07						.03						.19
Net income				$	.48				$	6.84					$	.10					$	7.85
Number of shares in calculation					248,874					247,847						244,573						247,672

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