Lazard Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Declares Quarterly Dividend, Payable on February 21, 2014
January 29, 2014 at 04:05 pm EST
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Lazard Ltd. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported total revenue of $631.436 million compared to $580.857 million a year ago. Operating income was $73.154 million compared to operating loss of $5.197 million a year ago. Net income was $52.796 million compared to net loss of $4.106 million a year ago. Net income attributable to the company was $53.217 million or $0.40 per diluted share compared to net loss of $5.365 or $0.05 per diluted share million a year ago. Non-GAAP total revenue was $293.173 million compared to $245.207 million a year ago. Non GAAP Earnings from operations was $163.479 million compared to $116.973 million a year ago. Non GAAP net income was $109.838 million or $0.81 per diluted share compared to $81.627 million or $0.61 per diluted share million a year ago. Operating revenue for the period was $620.485 million against $573.647 last year.
For the full year, the company reported total revenue of $2,064.733 million compared to $1,994.013 million a year ago. Operating income was $216.807 million compared to $123.885 million a year ago. Net income was $165.114 million compared to $92.785 million a year ago. Net income attributable to the company was $160.212 million or $1.21 per diluted share compared to $84.309 or $0.65 per diluted share million a year ago. Non-GAAP total revenue was $1,024.047 million compared to $882.175 million a year ago. Non GAAP Earnings from operations was $428.421 million compared to $332.002 million a year ago. Non GAAP net income was $268.615 million or $2.01 per diluted share compared to $194.907 million or $1.44 per diluted share million a year ago. Adjusted operating revenue was $2,034.286 million compared to $1,970.816 million a year ago. Adjusted net income was $268.615 million or $2.01 per diluted share compared to $1,954.907 million or $1.44 per diluted share a year ago.
The company also announced that its Board of Directors has voted to increase the quarterly dividend on its outstanding Class A common stock by 20% to $0.30 per share. The dividend is payable on February 21, 2014, to stockholders of record on February 10, 2014.
Lazard, Inc. is a financial advisory and asset management company. The Financial Advisory segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe an array of financial advisory services regarding strategic and mergers and acquisitions (M&A) advisory, capital markets advisory, shareholder advisory, restructuring and capital solutions, sovereign advisory, geopolitical advisory, and other strategic advisory matters and capital raising and placement. The Asset Management segment offers a range of global investment solutions and investment and wealth management services in equity and fixed income strategies, asset allocation strategies, alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries and private clients. The Company operates in North and South America, Europe, Asia and Australia.
Lazard Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2013; Declares Quarterly Dividend, Payable on February 21, 2014