Leucadia National Corporation Announces 2013 Results

Leucadia National Corporation (NYSE:LUK) today announced its operating results for the year ended December 31, 2013. Net income attributable to Leucadia National Corporation common shareholders was $369.2 million ($1.06 per diluted common share) for 2013 compared to $854.5 million ($3.44 per diluted common share) for 2012. These results reflect the inclusion of the operations of Jefferies Group LLC and its subsidiaries since its acquisition on March 1, 2013. In addition, during 2013, operating results include realized and unrealized gains of $410.3 million, excluding investments held by Jefferies, comprised of an unrealized gain on Jefferies shares prior to the acquisition and a realized gain related to the sale of Inmet Mining Corporation. During 2012, operating results include realized gains and income recognized of $1,179.8 million related to securities of Fortescue Metals Group Ltd.

For more information on the Company’s results of operations for 2013, please see the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission today.

In addition, the Company announced today that its Board of Directors has declared a quarterly cash dividend equal to $0.0625 per Leucadia common share payable on March 28, 2014 to record holders of Leucadia common shares on March 17, 2014.

SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES

(In thousands, except per share amounts)

(Unaudited)

        
        
        
      
      
        
        
        
           
        
        
           
        
        
        
        
           
        
        
        
        
        
      
      
        
        
        
        
        
        
        
          For the Three Month
        
        
        
        
          For the Year
        
        
        
      
      
        
        
        
        
        
        
        
          

Period Ended December 31,

Ended December 31,

2013

2012

2013

2012

        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net revenues
        
        
        
        
        
        
          

$

2,921,918

$

2,775,446

$

10,429,491

$

9,405,332

        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net realized securities gains (losses)
        
        
        
        
        
        
          

$

(421

        
        
          )
        
        
        
        
          

$

8,912

$

243,957

$

590,581

Income (loss) from continuing operations before income taxes and income related to associated companies

        
        
        
        
        
        
          $
        
        
          (23,730
        
        
          )
        
        
        
        
          $
        
        
          692,234
        
        
        
        
        
        
          $
        
        
          353,002
        
        
        
        
        
        
          $
        
        
          1,329,633
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income related to associated companies
        
        
        
        
        
        
           
        
        
          

29,481

22,847

119,041

88,649

        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income from continuing operations before income taxes
        
        
        
        
        
        
        
        
          5,751
        
        
        
        
        
        
        
        
          715,081
        
        
        
        
        
        
        
        
          472,043
        
        
        
        
        
        
        
        
          1,418,282
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income tax provision
        
        
        
        
        
        
           
        
        
          

20,841

258,980

110,741

531,153

        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Income from continuing operations
        
        
        
        
        
        
        
        
          (15,090
        
        
          )
        
        
        
        
        
        
          456,101
        
        
        
        
        
        
        
        
          361,302
        
        
        
        
        
        
        
        
          887,129
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          

Income (loss) from discontinued operations, including gain (loss) on disposal, net of taxes

4,075

(5,261

        
        
          )
        
        
        
        
           
        
        
          

891

(22,488

        
        
          )
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net income (loss)
        
        
        
        
        
        
        
        
          (11,015
        
        
          )
        
        
        
        
        
        
          450,840
        
        
        
        
        
        
        
        
          362,193
        
        
        
        
        
        
        
        
          864,641
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net loss attributable to the noncontrolling interest
        
        
        
        
        
        
        
        
          64
        
        
        
        
        
        
        
        
          993
        
        
        
        
        
        
        
        
          1,162
        
        
        
        
        
        
        
        
          2,060
        
        
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          

Net (income) loss attributable to the redeemable noncontrolling interests

        
        
        
        
        
        
        
        
          20,521
        
        
        
        
        
        
        
        
          2,333
        
        
        
        
        
        
        
        
          9,282
        
        
        
        
        
        
        
        
          (12,235
        
        
          )
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Preferred stock dividends
        
        
        
        
        
        
           
        
        
          

(1,016

        
        
          )
        
        
        
        
           
        
        
          

–

(3,397

        
        
          )
        
        
        
        
           
        
        
          

–

Net income attributable to Leucadia National Corporation common shareholders

$

8,554

$

454,166

$

369,240

$

854,466

Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
          $
        
        
          .01
        
        
        
        
        
        
          $
        
        
          1.88
        
        
        
        
        
        
          $
        
        
          1.06
        
        
        
        
        
        
          $
        
        
          3.58
        
        
        
        
        
      
      
        
          

Income (loss) from discontinued operations, including gain (loss) on disposal

.01

(.02

        
        
          )
        
        
        
        
           
        
        
          

.01

(.09

        
        
          )
        
        
        
      
      
        
          Net income
        
        
        
        
        
        
          

$

.02

$

1.86

$

1.07

$

3.49

        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Number of shares in calculation
        
        
        
        
        
        
           
        
        
          

368,146

244,583

339,673

244,583

Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:

        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
          $
        
        
          .01
        
        
        
        
        
        
          $
        
        
          1.85
        
        
        
        
        
        
          $
        
        
          1.06
        
        
        
        
        
        
          $
        
        
          3.53
        
        
        
        
        
      
      
        
          

Income (loss) from discontinued operations, including gain (loss) on disposal

.01

(.02

        
        
          )
        
        
        
        
           
        
        
          

–

(.09

        
        
          )
        
        
        
      
      
        
          Net income
        
        
        
        
        
        
          

$

.02

$

1.83

$

1.06

$

3.44

        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Number of shares in calculation
        
        
        
        
        
        
           
        
        
          

368,262

248,922

347,734

248,914

Leucadia National CorporationLaura Ulbrandt, 212-460-1900