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Lazard Ltd Reports Third-Quarter And Nine-Month 2013 Results

Please replace the release with the following corrected version due to revisions in conference call section.

The corrected release reads:


Lazard Ltd (NYSE:LAZ):


  • Net income per share, as adjusted 1 , was $0.46 (diluted) for the quarter ended September 30, 2013, compared to $0.26 for the 2012 third quarter
  • Third-quarter operating revenue 1 of $489 million, up 10% from third-quarter 2012; nine-month operating revenue of $1,414 million, up 1% from prior-year period
  • Financial Advisory third-quarter operating revenue of $234 million, up 6% from third-quarter 2012; $666 million for first nine months of 2013, down 10% from prior-year period
  • M&A and Other Advisory third-quarter operating revenue of $176 million, up 3% from third-quarter 2012; $516 million for first nine months of 2013, down 8% from prior-year period
  • Record third-quarter Asset Management operating revenue of $248 million, up 13% from third-quarter 2012; record $731 million for first nine months of 2013, up 15% from prior-year period
  • Record assets under management of $176 billion as of September 30, 2013, up 10% from September 30, 2012 and up 8% from June 30, 2013; net inflows of $1.7 billion for third-quarter 2013
  • Return of capital to shareholders totaling $294 million 3 year to date. Share repurchases have offset potential dilution from 2012 year-end equity-based compensation awards

($ in millions, except

per share data and AUM)

        Quarter Ended

September 30

      Nine Months Ended

September 30

2013     2012     %’13-’12 2013     2012     %’13-’12

As Adjusted 1,2

Operating revenue $489 $443 10% $1,414 $1,397 1%
Financial Advisory $234 $220 6% $666 $740 (10)%
Asset Management $248 $220 13% $731 $637 15%
Net income $62 $35 75% $159 $113 40%
Diluted net income per share $0.46 $0.26 77% $1.19 $0.84 42%


Net income $60 $33 81% $107 $90 19%
Diluted net income per share $0.45 $0.26 73% $0.81 $0.70 16%

Supplemental Data

Quarter-end AUM ($ in billions) $176 $160 10%
Average AUM ($ in billions)         $171     $157     9%       $170     $153     11%

Note: Endnotes are on page 13 of this release. A reconciliation of adjusted GAAP to U.S. GAAP is on page 20.

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