Leucadia National Corporation (NYSE: LUK) today announced its operating
results for the year ended December 31, 2008. Net loss was
$(2,535,425,000) or $(11.00) per diluted common share for the year ended
December 31, 2008 compared to net income of $484,294,000 or $2.10 per
diluted common share for the year ended December 31, 2007. A major
portion of the 2008 loss results from a charge to income tax expense of
$1,672,100,000 and an increase to the deferred tax valuation allowance
to reserve for substantially all of the Company’s net deferred tax asset
(which includes its net operating loss carryforwards). During 2007, the
Company recorded an adjustment that reduced the deferred tax valuation
allowance and credited income tax expense by $542,700,000. Net loss for
2008 also included income of $43,886,000 or $.19 per diluted common
share and net income for 2007 included income of $3,486,000 or $.01 per
diluted common share related to discontinued operations, including gain
and loss on disposals.
The Company also announced today that its Board of Directors has
authorized the Company to make purchases, from time to time, of the
Company’s outstanding indebtedness at such prices as the Company’s
Chairman and its President may deem appropriate.
For more information on the adjustment described above and the Company’s
results of operations for 2008, please see the Company’s Annual Report
on Form 10-K for the year ended December 31, 2008, which was filed with
the Securities and Exchange Commission today.
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SUMMARY FOR LEUCADIA NATIONAL
CORPORATION AND SUBSIDIARIES
(In thousands, except per share amounts)
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For the Three Month
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For the Year
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Period Ended December 31,
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Ended December 31,
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2008
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2007
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2008
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2007
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(Unaudited)
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Revenues and other income
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$
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166,634
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$
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282,557
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$
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1,080,653
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$
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1,154,895
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Net securities gains (losses)
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$
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(106,322
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)
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$
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5,854
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$
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(144,542
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)
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$
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95,641
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Loss from continuing operations before income taxes and losses
related to associated companies
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$
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(189,120
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)
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$
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(74,035
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)
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$
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(366,568
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)
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$
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(57,088
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)
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|
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Income tax provision (benefit)
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1,971,489
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(566,712
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)
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1,673,675
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(559,771
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)
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Income (loss) from continuing operations before income (losses)
related to associated companies
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(2,160,609
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)
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492,677
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|
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(2,040,243
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)
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502,683
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|
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Losses related to associated companies, net of taxes
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(599,118
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)
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(48,132
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)
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(539,068
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)
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(21,875
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)
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Income (loss) from continuing operations
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(2,759,727
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)
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444,545
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(2,579,311
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)
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480,808
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Income from discontinued operations, including gain (loss) on
disposal, net of taxes
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43,886
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1,188
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43,886
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3,486
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Net income (loss)
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$
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(2,715,841
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)
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$
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445,733
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$
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(2,535,425
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)
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$
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484,294
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Basic earnings (loss) per common share:
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Income (loss) from continuing operations
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$
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(11.72
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)
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$
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2.00
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$
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(11.19
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)
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$
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2.20
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Income from discontinued operations, including gain (loss) on
disposal
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.19
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–
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.19
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|
.02
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Net income (loss)
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$
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(11.53
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)
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$
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2.00
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|
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$
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(11.00
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)
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$
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2.22
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|
|
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Number of shares in calculation
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235,521
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|
|
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222,494
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|
|
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230,494
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218,361
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Diluted earnings (loss) per common share:
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|
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Income (loss) from continuing operations
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$
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(11.72
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)
|
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$
|
1.87
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|
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$
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(11.19
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)
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$
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2.09
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Income from discontinued operations, including gain (loss) on
disposal
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|
.19
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|
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–
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|
.19
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|
|
|
.01
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Net income (loss)
|
$
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(11.53
|
)
|
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$
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1.87
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$
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(11.00
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)
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$
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2.10
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|
|
|
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Number of shares in calculation
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235,521
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|
|
|
239,483
|
|
|
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230,494
|
|
|
|
234,653
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Leucadia National Corporation
Laura Ulbrandt, 212-460-1900
