Leucadia National Corporation (NYSE:LUK) today announced
its operating results for the year ended December 31, 2005. During
2005, the Company recorded an adjustment that reduced the deferred tax
asset valuation allowance and credited income tax expense by
$1,135,100,000. Although this adjustment significantly increases
reported net income for the period and shareholders' equity as of
December 31, 2005, it is not a cash gain, and it does not represent
any immediate income tax savings. The adjustment results from the
Company's conclusion that it is more likely than not that it will have
future taxable income sufficient to realize a portion of the net
deferred tax asset, and is required to be recorded under generally
accepted accounting principles.
Net income was $1,636,041,000 (including the $1,135,100,000 adjustment referred to above) or $14.27 per diluted common share for the year ended December 31, 2005 compared to $145,500,000 or $1.34 per diluted common share for the year ended December 31, 2004. Net income for 2005 included $411,929,000 of income from discontinued operations or $3.56 per diluted common share, including gain on disposal, while net income for 2004 included $63,049,000 of losses from discontinued operations or $.56 per diluted common share, including gain on disposal.
For more information on the adjustment described above and the Company's results of operations for 2005, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2005, which was filed with the Securities and Exchange Commission today. -0- SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES (In thousands, except earnings per share amounts) For the Three Month For the Year Period Ended December 31, Ended December 31, ------------------------- ------------------ 2005 2004 2005 2004 ---- ---- ---- ---- (Unaudited) Revenues and other income $317,922 $138,217 $ 1,041,147 $637,962 ========= ========= ============ ========= Net securities gains $ 76,084 $ 25,501 $ 208,816 $136,564 ========= ========= ============ ========= Income (loss) from continuing operations before income taxes and equity in income (losses) of associated companies $ 36,044 $ (9,928) $ 138,163 $111,878 Income tax (benefit) provision 637 (3,277) (1,131,082) (20,192) --------- --------- ------------ --------- Income (loss) from continuing operations before equity in income (losses) of associated companies 35,407 (6,651) 1,269,245 132,070 Equity in income (losses) of associated companies, net of taxes (57,095) 52,266 (45,133) 76,479 --------- --------- ------------ --------- Income (loss) from continuing operations (21,688) 45,615 1,224,112 208,549 Income (loss) from discontinued operations, including gain on disposal, net of taxes 279,891 3,298 411,929 (63,049) --------- --------- ------------ --------- Net income $258,203 $ 48,913 $ 1,636,041 $145,500 ========= ========= ============ ========= Basic earnings (loss) per common share: Income (loss) from continuing operations $ (.20) $ .43 $ 11.36 $ 1.95 Income (loss) from discontinued operations, including gain on disposal 2.59 .03 3.82 (.59) --------- --------- ------------ --------- Net income $ 2.39 $ .46 $ 15.18 $ 1.36 ========= ========= ============ ========= Number of shares in calculation 107,983 107,404 107,765 106,692 ========= ========= ============ ========= Diluted earnings (loss) per common share: Income (loss) from continuing operations $ (.20) $ .41 $ 10.71 $ 1.90 Income (loss) from discontinued operations, including gain on disposal 2.59 .03 3.56 (.56) --------- --------- ------------ --------- Net income $ 2.39 $ .44 $ 14.27 $ 1.34 ========= ========= ============ ========= Number of shares in calculation 107,983 115,560 115,637 112,746 ========= ========= ============ =========
Net income was $1,636,041,000 (including the $1,135,100,000 adjustment referred to above) or $14.27 per diluted common share for the year ended December 31, 2005 compared to $145,500,000 or $1.34 per diluted common share for the year ended December 31, 2004. Net income for 2005 included $411,929,000 of income from discontinued operations or $3.56 per diluted common share, including gain on disposal, while net income for 2004 included $63,049,000 of losses from discontinued operations or $.56 per diluted common share, including gain on disposal.
For more information on the adjustment described above and the Company's results of operations for 2005, please see the Company's Annual Report on Form 10-K for the year ended December 31, 2005, which was filed with the Securities and Exchange Commission today. -0- SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES (In thousands, except earnings per share amounts) For the Three Month For the Year Period Ended December 31, Ended December 31, ------------------------- ------------------ 2005 2004 2005 2004 ---- ---- ---- ---- (Unaudited) Revenues and other income $317,922 $138,217 $ 1,041,147 $637,962 ========= ========= ============ ========= Net securities gains $ 76,084 $ 25,501 $ 208,816 $136,564 ========= ========= ============ ========= Income (loss) from continuing operations before income taxes and equity in income (losses) of associated companies $ 36,044 $ (9,928) $ 138,163 $111,878 Income tax (benefit) provision 637 (3,277) (1,131,082) (20,192) --------- --------- ------------ --------- Income (loss) from continuing operations before equity in income (losses) of associated companies 35,407 (6,651) 1,269,245 132,070 Equity in income (losses) of associated companies, net of taxes (57,095) 52,266 (45,133) 76,479 --------- --------- ------------ --------- Income (loss) from continuing operations (21,688) 45,615 1,224,112 208,549 Income (loss) from discontinued operations, including gain on disposal, net of taxes 279,891 3,298 411,929 (63,049) --------- --------- ------------ --------- Net income $258,203 $ 48,913 $ 1,636,041 $145,500 ========= ========= ============ ========= Basic earnings (loss) per common share: Income (loss) from continuing operations $ (.20) $ .43 $ 11.36 $ 1.95 Income (loss) from discontinued operations, including gain on disposal 2.59 .03 3.82 (.59) --------- --------- ------------ --------- Net income $ 2.39 $ .46 $ 15.18 $ 1.36 ========= ========= ============ ========= Number of shares in calculation 107,983 107,404 107,765 106,692 ========= ========= ============ ========= Diluted earnings (loss) per common share: Income (loss) from continuing operations $ (.20) $ .41 $ 10.71 $ 1.90 Income (loss) from discontinued operations, including gain on disposal 2.59 .03 3.56 (.56) --------- --------- ------------ --------- Net income $ 2.39 $ .44 $ 14.27 $ 1.34 ========= ========= ============ ========= Number of shares in calculation 107,983 115,560 115,637 112,746 ========= ========= ============ =========