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Lazard Ltd Reports First-Quarter 2012 Results

Lazard Ltd (NYSE: LAZ):
                   
             

($ in millions, except

per share data and AUM)
Quarter Ended

March 31,

Quarter Ended

December 31,

2012
   

2011
   

%’12-’11

2011
   

% 1Q-4Q

As Adjusted 1
Operating revenue $499 $457 9% $469 6%
Financial Advisory $277 $229 21% $260 6%
Asset Management $210 $224 (6)% $204 3%
Net income $45 $59 (23)% $1
Diluted net income per share $0.33 $0.43 $0.01
 

U.S. GAAP
Net income (loss) $26 $55 $(5)
Diluted net income (loss) per share $0.20 $0.43 $(0.04)
 

Supplemental Data
Quarter-end AUM ($ in billions) $157 $160 (2)% $141 11%
Average AUM ($ in billions) $150 $158 (5)% $140 7%
                                     
 

Lazard Ltd (NYSE: LAZ) today reported operating revenue 1 of $499 million for the quarter ended March 31, 2012. Net income, as adjusted 1, was $45 million, or $0.33 per share (diluted). These results exclude the pre-tax charge of $25 million related to previously disclosed staff reductions.

Net income on a U.S. GAAP basis, which includes the costs related to staff reductions, was $26 million, or $0.20 per share (diluted), for the quarter ended March 31, 2012. A reconciliation of our U.S. GAAP results to the adjusted results is presented on page 14 of this press release.

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