Leucadia National Corporation Announces 2011 Results

Leucadia National Corporation (LUK – NYSE) today announced its operating results for the year ended December 31, 2011. Net income attributable to Leucadia National Corporation common shareholders was $25,231,000 ($.10 per diluted common share) for 2011 compared to net income of $1,939,312,000 ($7.85 per diluted common share) for 2010. Net income for 2010 included an adjustment to reduce income tax expense by $1,157,111,000, resulting from the Company’s conclusion that it is more likely than not that it will have future taxable income sufficient to realize that portion of its net deferred tax asset. Net income attributable to Leucadia National Corporation common shareholders for 2011 and 2010 also included income from discontinued operations, including gain on disposal of $8,262,000 or $.03 per diluted common share and $51,149,000 or $.19 per diluted common share.

For more information on the Company’s results of operations for 2011, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2011, which was filed with the Securities and Exchange Commission today.

           

SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES
(In thousands, except per share amounts)
 
For the Three Month For the Year

Period Ended December 31,

Ended December 31,

2011
     

2010

2011
     

2010
(Unaudited)
 
Revenues and other income $ 297,235 $ 585,644   $ 1,570,768   $ 1,320,004  
 
Net securities gains $ 102,261 $ 9,078   $ 641,476   $ 179,494  
 
Income from continuing operations before income taxes
and income (losses) related to associated companies $ 63,436 $ 299,553 $ 680,988 $ 369,003
 
Income tax provision (benefit)   27,057   (1,150,254 )   270,253     (1,139,318 )
 
Income from continuing operations before
income (losses) related to associated companies 36,379 1,449,807 410,735 1,508,321
 
Income (losses) related to associated companies, net of taxes   76,615   226,782     (394,041 )   380,766  
 
Income from continuing operations 112,994 1,676,589 16,694 1,889,087
 
Income from discontinued operations, including gain
on disposal, net of taxes   6,070   18,450     8,262     51,149  
 
Net income 119,064 1,695,039 24,956 1,940,236
 
Net (income) loss attributable to the noncontrolling interest   373   183     275     (924 )
 
Net income attributable to Leucadia National
Corporation common shareholders $ 119,437 $ 1,695,222   $ 25,231   $ 1,939,312  
 
Basic earnings per common share attributable to
Leucadia National Corporation common shareholders:
Income from continuing operations $ .46 $ 6.89 $ .07 $ 7.77
Income from discontinued operations, including gain on disposal   .03   .07     .03     .20  
Net income $ .49 $ 6.96   $ .10   $ 7.97  
Number of shares in calculation   244,583   243,546     244,425     243,379  
 
Diluted earnings per common share attributable to
Leucadia National Corporation common shareholders:
Income from continuing operations $ .46 $ 6.77 $ .07 $ 7.66
Income from discontinued operations, including gain on disposal   .02   .07     .03     .19  
Net income $ .48 $ 6.84   $ .10   $ 7.85  
Number of shares in calculation   248,874   247,847     244,573     247,672  

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