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Leucadia National Corp – ‘8-K’ for 10/26/17 – ‘EX-99.1’

On:  Thursday, 10/26/17, at 4:22pm ET   ·   For:  10/26/17   ·   Accession #:  96223-17-35   ·   File #:  1-05721

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  As Of                Filer                Filing    For·On·As Docs:Size

10/26/17  Leucadia National Corp            8-K:2,9    10/26/17    2:382K

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Leucadia National Corporation 3rd Qtr. 2017 Form    HTML     18K 
                          8K                                                     
 2: EX-99.1     Leucadia National 3rd Qtr. 2017 Press Release       HTML    125K 
                          Exhibit 99.1

EX-99.1   —   Leucadia National 3rd Qtr. 2017 Press Release Exhibit 99.1

This exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]

  Exhibit  


FOR IMMEDIATE RELEASE                                October 26, 2017
Contact: Laura Ulbrandt (212) 460-1900



LEUCADIA NATIONAL CORPORATION
ANNOUNCES THIRD QUARTER 2017 RESULTS

New York, New York, October 26, 2017--Leucadia National Corporation (NYSE: LUK) today announced its financial results for the three and nine month periods ended September 30, 2017. Income before income taxes was $200.0 million and net income attributable to Leucadia National Corporation common shareholders was $99.4 million, or $0.27 per diluted share for the three month period. Income before income taxes was $722.8 million and net income attributable to Leucadia National Corporation common shareholders was $439.0 million, or $1.17 per diluted share for the nine month period. During the third quarter, the stock price of HRG Group reversed substantially all of its earlier 2017 gains, resulting in an unrealized pre-tax mark-to-market decrease in value of $97.9 million in the third quarter, which compares to an unrealized pre-tax mark-to-market gain of $91.8 million in the third quarter of 2016.

Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said: "We are pleased with Leucadia's third quarter results, reflecting an excellent quarter for both Jefferies and National Beef. A quarterly record $476 million in Investment Banking revenues, combined with solid Equities and Fixed Income results, generated more than $800 million in net revenues at Jefferies. National Beef's third quarter pre-tax income of $174.5 million represents an all-time record quarter, as a balanced supply of cattle and robust end market demand supported strong margins. Momentum continued within our other free-cash generating businesses, including Berkadia, Garcadia and Idaho Timber, while we continued to build value across our remaining businesses."

During the third quarter, Leucadia repurchased a total of 2.5 million common shares at an average price of $24.89 per share. Under the current authorization, including share acquisitions this quarter, we have repurchased a total of 12.5 million shares over the past three years at an average price of $20.98 per share. Leucadia currently has 12.5 million remaining shares authorized for repurchase.

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend equal to $0.10 per Leucadia common share payable on December 27, 2017 to record holders of Leucadia common shares on December 13, 2017.

* * * *

More information on the Company’s results of operations for the three and nine months ended September 30, 2017 will be provided upon filing of the Company’s Form 10-Q with the Securities and Exchange Commission.

This press release contains “forward looking statements” within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward looking statements include statements about our future and statements that are not historical facts. These forward looking statements are usually preceded by the words “should,” “expect,” “intend,” “may,” “will,” or similar expressions. Forward looking statements may contain expectations regarding revenues, earnings, operations, and other results, and may include statements of future performance, plans, and objectives. Forward looking statements also include statements pertaining to our strategies for future development of our business and products. Forward looking statements represent only our belief regarding future events, many of which by their nature are inherently uncertain. It is possible that the actual results may differ, possibly materially, from the anticipated results indicated in these forward looking statements. Information regarding important factors, including Risk Factors that could cause actual results to differ, perhaps materially, from those in our forward looking statements is contained in reports we file with the SEC. You should read and interpret any forward looking statement together with reports we file with the SEC.

Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. Therefore, it should not be assumed that future performance of any specific investment or investment strategy will be profitable or equal the corresponding indicated performance level(s).




SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES
(In thousands, except per share amounts)
(Unaudited)


 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
 
 
 
2017
 
2016
 
2017
 
2016
 
 
 
 
 
 
 
 
 
Net revenues
 
$
2,896,522

 
$
2,676,375

 
$
8,496,884

 
$
7,316,839

 
 
 
 
 
 
 
 
 
Income (loss) before income taxes and income (loss) related to associated companies
 
$
169,970

 
$
213,406

 
$
807,219

 
$
(21,037
)
 
 
 
 
 
 
 
 
 
Income (loss) related to associated companies
 
30,057

 
36,503

 
(84,413
)
 
108,445

 
 
 
 
 
 
 
 
 
Income before income taxes
 
200,027

 
249,909

 
722,806

 
87,408

 
 
 
 
 
 
 
 
 
Income tax provision
 
63,260

 
73,703

 
218,054

 
59,192

 
 
 
 
 
 
 
 
 
Net income
 
136,767

 
176,206

 
504,752

 
28,216

 
 
 
 
 
 
 
 
 
Net (income) loss attributable to the noncontrolling interests
 
(28
)
 
1,870

 
1,941

 
3,682

 
 
 
 
 
 
 
 
 
Net income attributable to the redeemable noncontrolling interests
 
(36,216
)
 
(22,702
)
 
(64,538
)
 
(40,084
)
 
 
 
 
 
 
 
 
 
Preferred stock dividends
 
(1,172
)
 
(1,016
)
 
(3,203
)
 
(3,047
)
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to Leucadia National Corporation common shareholders
 
$
99,351

 
$
154,358

 
$
438,952

 
$
(11,233
)
 
 
 
 
 
 
 
 
 
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
0.27

 
$
0.41

 
$
1.19

 
$
(0.03
)
 
 
 
 
 
 
 
 
 
Number of shares in calculation
 
367,828

 
370,404

 
368,736

 
371,814

 
 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
 
 
 
 
 
 
 
 
Net income (loss)
 
$
0.27

 
$
0.41

 
$
1.17

 
$
(0.03
)
 
 
 
 
 
 
 
 
 
Number of shares in calculation
 
370,198

 
374,567

 
375,233

 
371,814





A summary of results for the three months ended September 30, 2017 and 2016 is as follows (in thousands):
 
Jefferies
 
National Beef
 
Other Financial Services Businesses and Investments
 
Other Merchant Banking Businesses and Investments
 
Corporate and Other
 
Parent Company Interest
 
Total
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
802,909

 
$
2,039,299

 
$
37,707

 
$
(5,115
)
 
$
21,722

 
$
—

 
$
2,896,522

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 

 
 
 
 

 
 
 
 
 
 
Cost of sales
—

 
1,816,480

 
—

 
71,596

 
—

 
—

 
1,888,076

Compensation and benefits
462,933

 
10,505

 
15,217

 
4,511

 
11,665

 
—

 
504,831

Floor brokerage and clearing fees
42,852

 
—

 
—

 
—

 
—

 
—

 
42,852

Interest
—

 
1,713

 
9,936

 
939

 
—

 
14,737

 
27,325

Depreciation and amortization
15,928

 
26,664

 
2,439

 
9,528

 
865

 
—

 
55,424

Selling, general and other expenses
153,084

 
9,458

 
20,362

 
19,445

 
5,695

 
—

 
208,044

Total expenses
674,797

 
1,864,820

 
47,954

 
106,019

 
18,225

 
14,737

 
2,726,552

Income (loss) before income taxes and income (loss) related to associated companies
128,112

 
174,479

 
(10,247
)
 
(111,134
)
 
3,497

 
(14,737
)
 
169,970

Income (loss) related to associated companies
—

 
—

 
30,902

 
1,057

 
(1,902
)
 
—

 
30,057

Income (loss) before income taxes
$
128,112

 
$
174,479

 
$
20,655

 
$
(110,077
)
 
$
1,595

 
$
(14,737
)
 
$
200,027


2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
656,496

 
$
1,747,042

 
$
54,742

 
$
217,089

 
$
1,006

 
$
—

 
$
2,676,375

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
1,595,671

 
—

 
93,422

 
—

 
—

 
1,689,093

Compensation and benefits
376,438

 
9,660

 
15,100

 
7,334

 
10,183

 
—

 
418,715

Floor brokerage and clearing fees
40,189

 
—

 
—

 
—

 
—

 
—

 
40,189

Interest
—

 
2,967

 
4,596

 
836

 
—

 
14,722

 
23,121

Depreciation and amortization
16,108

 
23,100

 
3,882

 
8,734

 
867

 
—

 
52,691

Selling, general and other expenses
140,571

 
7,375

 
13,826

 
70,569

 
6,819

 
—

 
239,160

Total expenses
573,306

 
1,638,773

 
37,404

 
180,895

 
17,869

 
14,722

 
2,462,969

Income (loss) before income taxes and income related to associated companies
83,190

 
108,269

 
17,338

 
36,194

 
(16,863
)
 
(14,722
)
 
213,406

Income related to associated companies
—

 
—

 
27,806

 
8,453

 
244

 
—

 
36,503

Income (loss) before income taxes
$
83,190

 
$
108,269

 
$
45,144

 
$
44,647

 
$
(16,619
)
 
$
(14,722
)
 
$
249,909







A summary of results for the nine months ended September 30, 2017 and 2016 is as follows (in thousands):
 
Jefferies
 
National Beef
 
Other Financial Services Businesses and Investments
 
Other Merchant Banking Businesses and Investments
 
Corporate and Other
 
Parent Company Interest
 
Total
2017
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
2,381,967

 
$
5,476,274

 
$
153,270

 
$
453,625

 
$
31,748

 
$
—

 
$
8,496,884

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 

 
 
 
 

 
 
 
 
 
 
Cost of sales
—

 
5,030,887

 
—

 
210,834

 
—

 
—

 
5,241,721

Compensation and benefits
1,374,127

 
29,649

 
45,349

 
13,880

 
37,582

 
—

 
1,500,587

Floor brokerage and clearing fees
133,145

 
—

 
—

 
—

 
—

 
—

 
133,145

Interest
—

 
5,781

 
29,797

 
2,764

 
—

 
44,201

 
82,543

Depreciation and amortization
46,877

 
73,522

 
8,003

 
24,650

 
2,599

 
—

 
155,651

Selling, general and other expenses
444,724

 
26,428

 
47,463

 
36,511

 
20,892

 
—

 
576,018

Total expenses
1,998,873

 
5,166,267

 
130,612

 
288,639

 
61,073

 
44,201

 
7,689,665

Income (loss) before income taxes and income (loss) related to associated companies
383,094

 
310,007

 
22,658

 
164,986

 
(29,325
)
 
(44,201
)
 
807,219

Income (loss) related to associated companies
—

 
—

 
(91,866
)
 
8,295

 
(842
)
 
—

 
(84,413
)
Income (loss) before income taxes
$
383,094

 
$
310,007

 
$
(69,208
)
 
$
173,281

 
$
(30,167
)
 
$
(44,201
)
 
$
722,806


2016
 
 
 
 
 
 
 
 
 
 
 
 
 
Net revenues
$
1,678,212

 
$
5,180,127

 
$
(71,338
)
 
$
451,484

 
$
78,354

 
$
—

 
$
7,316,839

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
4,856,045

 
—

 
257,470

 
—

 
—

 
5,113,515

Compensation and benefits
1,141,873

 
28,628

 
44,292

 
22,083

 
29,337

 
—

 
1,266,213

Floor brokerage and clearing fees
124,259

 
—

 
—

 
—

 
—

 
—

 
124,259

Interest
—

 
10,730

 
10,988

 
2,272

 
—

 
44,155

 
68,145

Depreciation and amortization
45,331

 
68,511

 
9,973

 
26,501

 
2,754

 
—

 
153,070

Selling, general and other expenses
421,876

 
23,680

 
31,806

 
111,898

 
23,414

 
—

 
612,674

Total expenses
1,733,339

 
4,987,594

 
97,059

 
420,224

 
55,505

 
44,155

 
7,337,876

Income (loss) before income taxes and income related to associated companies
(55,127
)
 
192,533

 
(168,397
)
 
31,260

 
22,849

 
(44,155
)
 
(21,037
)
Income related to associated companies
—

 
—

 
86,121

 
21,247

 
1,077

 
—

 
108,445

Income (loss) before income taxes
$
(55,127
)
 
$
192,533

 
$
(82,276
)
 
$
52,507

 
$
23,926

 
$
(44,155
)
 
$
87,408




Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
12/27/17
12/13/17
Filed on / For Period End:10/26/17
9/30/17
9/30/1610-Q,  13F-HR,  4
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