Lazard Ltd Reports Second-Quarter And First-Half 2012 Results

Lazard Ltd (NYSE: LAZ):

Highlights
  • Net income per share, as adjusted 1 , was $0.25 (diluted) for the quarter ended June 30, 2012, compared to $0.48 for the 2011 second quarter
  • Record first-half 2012 operating revenue of $954 million; second-quarter operating revenue of $455 million
  • Record first-half Financial Advisory operating revenue of $520 million; second-quarter operating revenue of $243 million
  • M&A and strategic advisory operating revenue up 16% for the first half and 15% for the second quarter of 2012, compared to the prior year periods
  • Asset Management operating revenue of $207 million for the second quarter of 2012, compared to $210 million for the first quarter of 2012
  • Assets under management (AUM) of $148 billion as of June 30, 2012, compared to $141 billion at the end of 2011; average AUM for the 2012 second quarter essentially unchanged from the 2011 full-year and 2012 first-quarter averages
  • Asset Management net inflows of $1.1 billion in the second quarter of 2012
  • Return of capital totaling $243 million to Lazard shareholders, year to date 2

($ in millions, except

per share data and AUM)
 

Quarter Ended June 30,
     

Six Months Ended June 30,

2012
 

2011
 

%’12-’11

2012
 

2011
 

%’12-’11

As Adjusted 1

 
Operating revenue $455 $492 (7)% $954 $949 1%
Financial Advisory $243 $249 (3)% $520 $478 9%
Asset Management $207 $238 (13)% $417 $462 (10)%
Net income $33 $66 (50)% $78 $124 (37)%
Diluted net income per share $0.25 $0.48 $0.57 $0.91
 

U.S. GAAP
Net income $31 $62 (50)% $56 $117 (52)%
Diluted net income per share $0.24 $0.48 $0.44 $0.91
 

Supplemental Data
Quarter-end AUM ($ in billions) $148 $162 (8)%
Average AUM ($ in billions) $151 $161 (6)% $149 $159 (6)%

Lazard Ltd (NYSE: LAZ) today reported operating revenue 1 of $455 million for the quarter ended June 30, 2012. Net income, as adjusted 1, was $33 million, or $0.25 per share (diluted).

First-half 2012 operating revenue 1 was $954 million. Net income, as adjusted 1, was $78 million, or $0.57 per share (diluted). The first-half results exclude a first-quarter 2012 charge of $25 million related to staff reductions.

Second-quarter 2012 net income on a U.S. GAAP basis was $31 million, or $0.24 per share (diluted). First-half 2012 net income on a U.S. GAAP basis was $56 million, or $0.44 per share (diluted). A reconciliation of our U.S. GAAP results to the adjusted results is presented on page 17 of this press release.

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