Form 8-K LEUCADIA NATIONAL CORP For: May 04
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of report (Date of earliest event reported): May 4, 2016
LEUCADIA NATIONAL CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
NEW YORK
(State or Other Jurisdiction of Incorporation)
1-5721 (Commission File Number) | 13-2615557 (IRS Employer Identification No.) |
520 Madison Avenue NEW YORK, NEW YORK (Address of Principal Executive Offices) | 10022 (Zip Code) |
212-460-1900
(Registrant's Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
The information set forth in the press release issued by Leucadia National Corporation on May 4, 2016, attached hereto as Exhibit 99.1, is incorporated herein by reference.
Item 9.01(d). Exhibits.
Exhibit No. Description
99.1 Press Release issued by Leucadia National Corporation on May 4, 2016
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 4, 2016
LEUCADIA NATIONAL CORPORATION | |
By: | /s/ Teresa S. Gendron |
Name: | Teresa S. Gendron |
Title: | Vice President and Chief Financial Officer |
EXHIBIT INDEX
Exhibit No. Exhibit
99.1 Press Release, dated May 4, 2016
May 4, 2016
FOR IMMEDIATE RELEASE
Contact: Laura Ulbrandt (212) 460-1900
LEUCADIA NATIONAL CORPORATION
ANNOUNCES FIRST QUARTER 2016 RESULTS
New York, New York, May 4, 2016--Leucadia National Corporation (NYSE: LUK) today announced its financial results for the three month period ended March 31, 2016. Net loss attributable to Leucadia National Corporation common shareholders for the three months ended March 31, 2016 was $222.9 million, or $0.60 per diluted share, reflecting Jefferies' previously reported $245.8 million fiscal first quarter loss, a $53.2 million reduction to the fair value of our FXCM investment (reducing our cumulative gains from our FXCM investment to $438 million), and a difficult investing environment for certain Leucadia Asset Management platforms, offset by solid results from National Beef, continuing strong performance from both Berkadia and Garcadia, and a higher HRG stock price.
Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said: "Leucadia's first quarter 2016 results were impacted by the volatile and turbulent period in the capital markets, which primarily impacted Jefferies and our other market sensitive businesses. However, benefiting from improved market conditions, the range of changes we implemented last year and in the first quarter, as well as the continuing hard work of our entire team, Jefferies' performance in March and April has improved significantly. Although we have one month to go, we expect solid results for Jefferies' second fiscal quarter. In addition, we appear to have experienced a meaningful turn in the fortunes of National Beef on the back of the cattle herd rebuilding, and this positive momentum continued throughout April. While we expect the environment to continue to be volatile and our future results may reflect this, we believe Leucadia is currently very well positioned to resume our course of value creation for our stakeholders."
* * * *
For more information on the Company’s results of operations for the three months ended March 31, 2016, please see the Company’s Form 10-Q, which will be filed with the Securities and Exchange Commission today.
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.
SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES
(In thousands, except per share amounts)
(Unaudited)
For the Three Months Ended March 31, | ||||||||
2016 | 2015 | |||||||
Net revenues | $ | 2,015,106 | $ | 3,184,683 | ||||
Net realized securities gains | $ | 728 | $ | 15,089 | ||||
Income (loss) before income taxes and income | ||||||||
related to associated companies | $ | (322,015 | ) | $ | 546,656 | |||
Income related to associated companies | 20,052 | 40,451 | ||||||
Income (loss) before income taxes | (301,963 | ) | 587,107 | |||||
Income tax provision (benefit) | (83,361 | ) | 212,678 | |||||
Net income (loss) | (218,602 | ) | 374,429 | |||||
Net loss attributable to the noncontrolling interests | 1,052 | 234 | ||||||
Net (income) loss attributable to the redeemable | ||||||||
noncontrolling interests | (4,314 | ) | 7,112 | |||||
Preferred stock dividends | (1,016 | ) | (1,016 | ) | ||||
Net income (loss) attributable to Leucadia National | ||||||||
Corporation common shareholders | $ | (222,880 | ) | $ | 380,759 | |||
Basic earnings (loss) per common share attributable to | ||||||||
Leucadia National Corporation common shareholders: | ||||||||
Net income (loss) | $ | (0.60 | ) | $ | 1.00 | |||
Number of shares in calculation | 372,367 | 373,541 | ||||||
Diluted earnings (loss) per common share attributable to | ||||||||
Leucadia National Corporation common shareholders: | ||||||||
Net income (loss) | $ | (0.60 | ) | $ | 0.99 | |||
Number of shares in calculation | 372,367 | 377,713 | ||||||
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