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Lazard Ltd Reports Second-Quarter and First-Half 2009 Results - Lazard Ltd (NYSE: LAZ) today announced financial results for the second quarter and first half ended June 30
Lazard Ltd Reports Second-Quarter and First-Half 2009 Results

 

PRZOOM - /newswire/ - New York, NJ, United States, 2009/07/29 - Lazard Ltd (NYSE: LAZ) today announced financial results for the second quarter and first half ended June 30. NYSE: LAZ

   
 
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Highlights:
• Net income per share of $0.34, on a fully exchanged basis(a), for the second quarter of 2009; net income per share of $0.11 for the first half of 2009(b), on a fully exchanged basis.

• Operating revenue of $399 million in the second quarter of 2009, compared to $273 million in the first quarter of 2009 and $494 million in the second quarter of 2008.
• M&A and Strategic Advisory, Restructuring and Asset Management all contributed to the 46% sequential improvement in operating revenue from first-quarter to second-quarter 2009; M&A revenue up 40% sequentially from the first quarter of 2009.

• Restructuring group operating revenue was a quarterly record of $93.2 million, compared to $60.9 million in the first quarter of 2009 and $32.7 million in the second quarter of 2008; and was a firsthalf record of $154.2 million vs. $48.2 million in the first half of 2008.

• Assets Under Management increased to $98.0 billion as of June 30, 2009, vs. $81.1 billion as of March 31, 2009; net inflows of $353 million in the second quarter of 2009; management fees up 15% sequentially over the first quarter of 2009.

• Increased quarterly dividend by 25% to $0.125 per share NEW YORK, July 29, 2009.

Lazard Ltd (NYSE: LAZ) today announced financial results for the second quarter and first half ended June 30, 2009. Net income(c) on a fully exchanged basis was $43.1 million, or $0.34 per share (diluted), for the second quarter of 2009, compared to $64.6 million, or $0.54 per share (diluted), for the second quarter of 2008, and compared to a net loss of $(29.7) million, or $(0.26) per share (diluted), for the first quarter of 2009. Net income on a fully exchanged basis was $13.5 million, or $0.11 per share (diluted), for the first half of 2009, excluding a $62.6 million pre-tax charge during the first quarter of 2009, compared to $80.5 million, or $0.71 per share (diluted) for the first half of 2008.

On a U.S. GAAP basis, which is before exchange of exchangeable interests, net income was $28.2 million, or $0.34 per share, for the second quarter of 2009, compared to $34.3 million, or $0.54 per share, for the second quarter of 2008. Net loss was $(25.3) million, or $(0.36) per share (diluted), for the first half of 2009, including:

(a) Refers to the full conversion of all outstanding exchangeable interests held by the members of LAZ-MD Holdings and is a non-GAAP measure.
(b) Excludes a $62.6 million pre-tax charge during the first quarter of 2009 as a result of staff reductions and realignments.
(c) Refers to net income or loss attributable to Lazard Ltd.

Investor contacts:
Michael J. Castellano, Chief Financial Officer / P: +1 212 632 8262
Jean Greene / P: +1 212 632 1905 / E: investorrelations[.]lazard.com.

Media contacts:
Richard Creswell / P: +44 207 187 2305 / E: richard.creswell[.]lazard.com.

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Agency / Source: Lazard Asset Management, LLC

 
 

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Lazard Ltd Reports Second-Quarter and First-Half 2009 Results

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Contact: Judi Frost Mackey - Lazard.com 
212-632-1428 judi.mackey[.]lazard.com
 
PRZOOM / PRTODAY - Newswire Today disclaims any content contained in this article. If you need/wish to contact the company who published the current release, you will need to contact them - NOT us. Issuers of articles are solely responsible for the accuracy of their content. Our complete disclaimer appears here.
IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Lazard Asset Management, LLC securities in any jurisdiction including any other companies listed or named in this release.

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