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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