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 REPORTS THIRD-QUARTER AND NINE-MONTH 2013 RESULTS

Lazard Ltd (NYSE:LAZ):

Highlights
  • 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%

U.S. GAAP
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.

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