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Lazard Ltd Reports Third-Quarter And Nine-Month 2012 Results

Lazard Ltd (NYSE: LAZ):

Highlights

  • Net income per share, as adjusted 1 , was $0.26 (diluted), for the quarter ended September 30, 2012, compared to $0.39 for the 2011 third quarter
  • Nine-month operating revenue of $1,397 million, 1% below record prior-year period; third-quarter operating revenue of $443 million, down 5% from prior-year period
  • Financial Advisory nine-month operating revenue of $740 million, up 1% from prior-year period; M&A and Strategic Advisory nine-month operating revenue up 5% while completed transactions in the global M&A market declined 26% 2 . Financial Advisory third-quarter operating revenue down 13% from prior-year period
  • Asset Management third-quarter operating revenue of $220 million, up 7% from second quarter of 2012, and up 2% from prior-year period
  • Assets under management (AUM) of $160 billion, up 8% from June 30, 2012 and up 18% from September 30, 2011; average AUM of $157 billion in the third quarter of 2012
  • Net inflows of $1.8 billion in the third quarter of 2012
  • Return of capital to shareholders totaling $432 million 3 year to date, including $200 million in surplus cash 4 one year ahead of target
  • Cost saving initiatives to result in approximately $125 million in annual savings from our existing expense base. Implementation expenses of $110 million to $130 million, expected to be incurred primarily in the fourth quarter of 2012
 

($ in millions, except

per share data and AUM)

 

Quarter Ended September 30,

 

Nine Months Ended September 30,

2012

 

2011

 

%’12-’11

2012

 

2011

 

%’12-’11

As Adjusted 1

Operating revenue $443 $467 (5)% $1,397 $1,415 (1)%
Financial Advisory $220 $254 (13)% $740 $732 1%
Asset Management $220 $217 2% $637 $678 (6)%
Net income $35 $53 (33)% $113 $177 (36)%
Diluted net income per share $0.26 $0.39 (33)% $0.84 $1.30 (35)%
 

U.S. GAAP

Net income $33 $63 (47)% $90 $180 (50)%
Diluted net income per share $0.26 $0.49 (47)% $0.70 $1.39 (50)%
 

Supplemental Data

Quarter-end AUM ($ in billions) $160 $136 18%
Average AUM ($ in billions)   $157   $149   5%   $153   $153   0%

Lazard Ltd (NYSE: LAZ) today reported operating revenue 1 of $443 million for the quarter ended September 30, 2012. Net income, as adjusted 1, was $35 million, or $0.26 per share (diluted).

First nine-month 2012 operating revenue 1 was $1,397 million. Net income, as adjusted 1, was $113 million, or $0.84 per share (diluted).

Third-quarter 2012 net income on a U.S. GAAP basis was $33 million, or $0.26 per share (diluted). First nine-month 2012 net income on a U.S. GAAP basis was $90 million, or $0.70 per share (diluted). A reconciliation of our U.S. GAAP results to the adjusted results is presented on page 18 of this press release.

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