Leucadia announced Fourth Quarter 2015 Results
Leucadia National Corporation (NYSE: LUK) announced its financial results for the three and twelve month periods ended December 31, 2015. Adjusted net income attributable to Leucadia National Corporation common shareholders, which excludes the operating results of Jefferies’ Bache business, was income of $67.8 million, or $0.18 per diluted share, for the fourth quarter. Adjusted net income was $369.2 million, or $0.97 per diluted share, for the year ended December 31, 2015. Including the results of the Bache business, net income attributable to Leucadia National Corporation common shareholders was income of $55.6 million, or $0.15 per diluted share, for the fourth quarter, and $279.6 million, or $0.74 per diluted share, for the year ended December 31, 2015.
Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said: “Leucadia’s fourth quarter 2015 results were impacted by a $40.7 million non-cash pension settlement charge related to a voluntary lump sum offer to participants of the legacy WilTel Pension Plan and a $20.0 million impairment charge for the write down to fair value of an oil field at Juneau Energy. As previously discussed, both Jefferies and National Beef are working through challenging conditions for their respective businesses. Jefferies is continuing to face a turbulent market environment, with extreme volatility and lower prices in almost every asset class. Jefferies’ balance sheet, capital allocations and risk levels remain consistent with the actions we took toward the end of last year, and Jefferies’ fixed income business, while far from robust, is thus far performing better. New issue capital markets are barely open and Investment Banking deal flow is sparse, as many transactions are being delayed due to market mconditions. Similar to most market participants, we are experiencing some meaningful markdowns in equity positions held in inventory. Despite these short-term challenges, we believe Jefferies is poised for much better results when the market conditions eventually stabilize. Following a difficult fourth quarter for National Beef, we are starting to see a positive impact from cattle-herd rebuilding. We anticipate continued volatility in the fair value adjustments for our investments in KCG (held at Jefferies), FXCM and HRG, which are all currently down from year-end. Berkadia, Garcadia, Conwed and Idaho Timber continue to generate solid results and returns on equity.”
In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend equal to $.0625 per Leucadia common share payable on March 28, 2016 to record holders of Leucadia common shares on March 14, 2016.
Source: Leucadia – Leucadia announced Fourth Quarter 2015 Results
