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Form 8-K LEUCADIA NATIONAL CORP For: Nov 02

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November 2, 2016 4:26 PM EDT


    
UNITED 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): November 2, 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
(I.R.S. 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 November 2, 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 November 2, 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: November 2, 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 November 2, 2016








November 2, 2016
FOR IMMEDIATE RELEASE

Contact: Laura Ulbrandt (212) 460-1900


LEUCADIA NATIONAL CORPORATION
ANNOUNCES THIRD QUARTER 2016 RESULTS

New York, New York, November 2, 2016--Leucadia National Corporation (NYSE: LUK) today announced its financial results for the three and nine month periods ended September 30, 2016. Income before income taxes and net income attributable to Leucadia National Corporation common shareholders were $249.9 million and $154.4 million, or $0.41 per diluted share, respectively, for the three month period.

Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said: "We are pleased with our overall momentum, including better results at Jefferies and a record quarter for National Beef. Jefferies’ net revenues, which were well above the same period last year and consistent with last quarter, reflect the continued development and strengthening of the Jefferies team, as well as solid trading market conditions for much of the quarter. National Beef has performed strongly, as we have returned to a more normal operating environment due to the greater availability of cattle. Our other free-cash generating businesses showed steady performance during the quarter, while we continued to make progress in value creation for the remainder of our portfolio.

"Our third quarter 2016 results were impacted by a $55 million non-cash impairment charge related to decisions at Juneau Energy to curtail development of its southern acreage in the Eagle Ford and its Houston County acreage. We continue to believe in the aggregate upside potential of our investments in Vitesse Energy and Juneau Energy, and are encouraged by recent developments in the oil and gas market.

"During the quarter we also completed the previously announced restructuring of our investment in FXCM, in which we converted our participation rights to a direct equity interest in the operating business, modified the loan terms to allow more time to optimize remaining asset sales, adopted a long-term incentive plan for senior management, and agreed to shared board oversight. This affirms our long-term commitment and investment in FXCM, and we are excited about our prospects for success."

During the third quarter, Leucadia repurchased an additional 0.7 million common shares at an average price of $18.91 per share. 16.8 million shares remain authorized for repurchase.


* * * *

For more information on the Company’s results of operations for the three and nine months ended September 30, 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 September 30,
 
For the Nine Months Ended September 30,
 
 
 
2016
 
2015
 
2016
 
2015
 
 
 
 
 
 
 
 
Net revenues
$
2,676,375

 
$
2,366,096

 
$
7,316,839

 
$
8,390,242

 
 
 
 
 
 
 
 
Net realized securities gains
$
60

 
$
236

 
$
8,202

 
$
24,418

 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes and income related to associated companies
$
213,406

 
$
(296,428
)
 
$
(21,037
)
 
$
220,884

 
 
 
 
 
 
 
 
Income related to associated companies
36,503

 
24,243

 
108,445

 
94,501

 
 
 
 
 
 
 
 
Income (loss) from continuing operations before income taxes
249,909

 
(272,185
)
 
87,408

 
315,385

 
 
 
 
 
 
 
 
Income tax provision (benefit)
73,703

 
(90,273
)
 
59,192

 
107,834

 
 
 
 
 
 
 
 
Income (loss) from continuing operations
176,206

 
(181,912
)
 
28,216

 
207,551

 
 
 
 
 
 
 
 
Income from discontinued operations, including gain on disposal, net of taxes
—

 
1,729

 
—

 
1,729

 
 
 
 
 
 
 
 
Net income (loss)
176,206

 
(180,183
)
 
28,216

 
209,280

 
 
 
 
 
 
 
 
Net loss attributable to the noncontrolling interests
1,870

 
1,238

 
3,682

 
1,828

 
 
 
 
 
 
 
 
Net (income) loss attributable to the redeemable noncontrolling interests
(22,702
)
 
6,788

 
(40,084
)
 
15,931

 
 
 
 
 
 
 
 
Preferred stock dividends
(1,016
)
 
(1,016
)
 
(3,047
)
 
(3,047
)
 
 
 
 
 
 
 
 
Net income (loss) attributable to Leucadia National Corporation common shareholders
$
154,358

 
$
(173,173
)
 
$
(11,233
)
 
$
223,992

 
 
 
 
 
 
 
 
Basic earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.41

 
$
(0.47
)
 
$
(0.03
)
 
$
0.59

Income from discontinued operations, including gain on disposal
—

 
—

 
—

 
—

Net income (loss)
$
0.41

 
$
(0.47
)
 
$
(0.03
)
 
$
0.59

 
 
 
 
 
 
 
 
Number of shares in calculation
370,404

 
372,547

 
371,814

 
373,181

 
 
 
 
 
 
 
 
Diluted earnings (loss) per common share attributable to Leucadia National Corporation common shareholders:
 
 
 
 
 
 
 
Income (loss) from continuing operations
$
0.41

 
$
(0.47
)
 
$
(0.03
)
 
$
0.59

Income from discontinued operations, including gain on disposal
—

 
—

 
—

 
—

Net income (loss)
$
0.41

 
$
(0.47
)
 
$
(0.03
)
 
$
0.59

 
 
 
 
 
 
 
 
Number of shares in calculation
374,567

 
372,547

 
371,814

 
373,187





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