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Lazard Ltd Reports Full-Year And Fourth-Quarter 2012 Results

Lazard Ltd (NYSE: LAZ):

Highlights
  • Net income per share, as adjusted 1 , of $1.44 (diluted) for the year ended December 31, 2012, and $0.61 (diluted) for the 2012 fourth quarter, excluding charges in both periods 2 ; compared to $1.31 (diluted) and $0.01 (diluted) for the respective 2011 periods
  • Operating revenue 1 of $1,971 million for 2012, up 5% from full-year 2011; fourth-quarter 2012 operating revenue of $574 million, up 22% from prior-year period
  • Financial Advisory operating revenue of $1,049 million for 2012, up 6% from full-year 2011; Financial Advisory fourth-quarter 2012 operating revenue of $309 million, up 19% from prior-year period
  • M&A and Other Advisory operating revenue of $793 million for 2012, up 13% from full-year 2011; M&A and Other Advisory fourth-quarter 2012 operating revenue of $234 million, up 40% from prior-year period
  • Asset Management operating revenue of $882 million for 2012, effectively matching the record full-year 2011 period; fourth-quarter 2012 operating revenue of $245 million, up 20% from prior-year period and up 11% from third-quarter 2012
  • Assets under management as of December 31, 2012, a record $167 billion, up 18% from year-end 2011 and up 4% from September 30, 2012. Net inflows of $2.7 billion for full-year 2012; net outflows of $47 million for fourth-quarter 2012
  • Implementation of recently announced cost saving initiatives on plan, with related fourth-quarter 2012 charge of $103 million
  • Return of capital to shareholders totaling $540 million 3 in 2012

($ in millions, except

per share data and AUM)
  Year Ended

December 31,
  Fourth Quarter
2012     2011     %’12-’11 2012     2011    

%’12’-11

As Adjusted 1
Operating revenue $1,971 $1,884 5% $574 $469 22%
Financial Advisory $1,049 $992 6% $309 $260 19%
Asset Management $882 $883 - $245 $204 20%
Net income 2 $195 $179 9% $82 $1 n/m *
Diluted net income per share 2 $1.44 $1.31 10% $0.61 $0.01 n/m *

U.S. GAAP
Net income $84 $175 (52)% $(5) $(5) -
Diluted net income per share $0.65 $1.36 (52)% $(0.05) $(0.04) (25)%

Assets Under Management
Ending AUM ($ in billions) $167 $141 18%
Average AUM ($ in billions) $156 $152 2% $164 $140 17%

*not meaningful

Lazard Ltd (NYSE: LAZ) today reported operating revenue 1 of $1,971 million for the year ended December 31, 2012. Net income, as adjusted 1, was $195 million, or $1.44 per share (diluted) for the full year. These results exclude pre-tax charges of $103 million relating to the implementation of recently announced cost saving initiatives in the fourth quarter of 2012 and $25 million relating to staff reductions in the first quarter of 2012.

Fourth-quarter 2012 operating revenue was $574 million. Net income, as adjusted, was $82 million, or $0.61 per share (diluted) for the fourth quarter of 2012. These results exclude pre-tax charges of $103 million relating to recently announced cost saving initiatives in the fourth quarter.

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