Lazard Ltd Reports First-Quarter 2012 Results

Lazard Ltd (NYSE: LAZ):
                   
             

($ in millions, except

per share data and AUM)
Quarter Ended

March 31,

Quarter Ended

December 31,

2012
   

2011
   

%’12-’11

2011
   

% 1Q-4Q

As Adjusted 1
Operating revenue $499 $457 9% $469 6%
Financial Advisory $277 $229 21% $260 6%
Asset Management $210 $224 (6)% $204 3%
Net income $45 $59 (23)% $1
Diluted net income per share $0.33 $0.43 $0.01
 

U.S. GAAP
Net income (loss) $26 $55 $(5)
Diluted net income (loss) per share $0.20 $0.43 $(0.04)
 

Supplemental Data
Quarter-end AUM ($ in billions) $157 $160 (2)% $141 11%
Average AUM ($ in billions) $150 $158 (5)% $140 7%
                                     
 

Lazard Ltd (NYSE: LAZ) today reported operating revenue 1 of $499 million for the quarter ended March 31, 2012. Net income, as adjusted 1, was $45 million, or $0.33 per share (diluted). These results exclude the pre-tax charge of $25 million related to previously disclosed staff reductions.

Net income on a U.S. GAAP basis, which includes the costs related to staff reductions, was $26 million, or $0.20 per share (diluted), for the quarter ended March 31, 2012. A reconciliation of our U.S. GAAP results to the adjusted results is presented on page 14 of this press release.

If you liked this article you might like

Neiman Marcus Says It No Longer Plans to Sell Itself

Morgan Stanley, Kirkland Two Busiest Dealmakers in First Quarter

Neiman Marcus Exploring 'Strategic Alternatives'

Neiman Marcus Said to Hired Investment Bank for Debt Relief

Trump Cabinet Picks Could Upend Corporate Boards