Lazard Ltd Reports First Quarter Results; M&A Revenue up 59%; Income from Continuing Operations Increased 68%; Net Income Per Share of $0.51.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Lazard Lazard Ltd. (NYSE: LAZ) is the parent company of Lazard LLC, a New York-based, independent investment bank with approximately 2,200 employees in Europe, North America, Asia and Australia. Ltd (NYSE NYSE See: New York Stock Exchange : LAZ LAZ Balkan Bulgarian Airlines (ICAO code) LAZ Lazarett (German; field hospital) LAZ Lvovskiy Avtobusnyi Zavod (Lvov) LAZ Launch Azimuth ): Highlights --Achieved record first quarter operating revenue operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. (a) of $351.1 million, representing an increase of 32% over the first quarter of 2005 --Achieved record first quarter Mergers and Acquisitions ("M&A") revenue of $194.0 million, representing an increase of 59% over the first quarter of 2005 --Achieved record first quarter Asset Management revenue of $124.4 million, representing an increase of 16% over the first quarter of 2005 --Grew assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. to a record $95.1 billion from $88.2 billion at the end of 2005, with net inflows of $863 million during the first quarter --Increased operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. (b) by 108% to $78.1 million --Increased pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net income on a fully exchanged basis by 68% to $52.5 million or $0.51 per common share (diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) --Increased income from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before exchange of outstanding exchangeable interests by 68% to $19.7 million or $0.51 per common share (diluted) Lazard Ltd (NYSE: LAZ) today announced financial results for the first quarter ended March 31, 2006. Pro forma net income, assuming full exchange of outstanding exchangeable interests, increased 68% to $52.5 million, or $0.51 per common share (diluted), from $31.3 million, or $0.31 per common share (diluted), for the first quarter of 2005. Operating revenue(a) increased 32% to $351.1 million compared to $265.5 million for the first quarter of 2005, resulting from growth in both our Financial Advisory and Asset Management businesses. For the first quarter of 2006 compared to the first quarter of 2005, Financial Advisory revenue increased 41%, driven by 59% growth in M&A revenue, and Asset Management revenue increased 16%. Operating income increased 108% to $78.1 million for the first quarter of 2006 compared to pro forma $37.5 million for the first quarter of 2005. Income from continuing operations before exchange of outstanding exchangeable interests increased 68% to $19.7 million, or $0.51 per common share (diluted), compared to pro forma $11.7 million, or $0.31 per common share (diluted), for the first quarter of 2005. "The positive momentum across the firm continues, reflecting the investments we have made. Both our Financial Advisory and Asset Management businesses produced record first quarter revenue," said Bruce Wasserstein Bruce Wasserstein (born December 25, 1947 in Brooklyn, New York)[1] is an American investment banker and businessman. He is a graduate of the University of Michigan, Harvard Business School, and Harvard Law School, and is currently the Chairman and CEO of Lazard LLC. , Chairman and Chief Executive Officer of Lazard Ltd. "These excellent results, once again, demonstrate the depth and breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is of our client relationships. The global reach and scale of the Lazard independent advice model continues to drive strong performance, enhancing shareholder value." Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. J. Golub, Lazard's Vice Chairman, noted, "We are pleased to have announced another strong quarter, building on Lazard's growing track record of solid execution and financial results. The investments we have made in each of our businesses, and across geographies, have strengthened our competitive position. We continue to see opportunities for success in this increasingly robust market environment." Lazard believes that pro forma results assuming full exchange of outstanding exchangeable interests provide the most meaningful basis for comparison among present, historical and future periods. See sections "Historical Results" and "Basis of Historical and Pro Forma Information" later in this release for a discussion of Lazard's historical results and the basis of presentation for Lazard Ltd's historical and pro forma financial information. The Company's quarterly revenue and profits can fluctuate materially depending on the number, size and timing of completed transactions on which it advised, as well as seasonality and other factors. Accordingly, the revenue and profits in any particular quarter may not be indicative indicative: see mood. of future results. As such, Lazard management believes that annual results are the most meaningful. Net Revenue Financial Advisory Lazard's Financial Advisory business encompasses general strategic and transaction-specific advice to public and private companies, governments and other parties, and includes Financial Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). as well as various corporate finance services. Some of our assignments and, therefore, related revenue, are not reflected in publicly available statistical information. This revenue is reflected in our financial statements. Financial Advisory revenue increased 41% to $222.1 million for the first quarter of 2006, a record level for first quarter Financial Advisory revenue, compared to $157.3 million for the first quarter of 2005, driven by strong M&A performance. Corporate Finance and Other revenue also experienced significant growth. M&A M&A revenue was $194.0 million for the first quarter of 2006, representing a 59% increase from $122.3 million in the first quarter of 2005 and a 6% increase from $183.0 million in the fourth quarter of 2005. This strong performance reflects a continuing increase in our productivity and strength in the overall mergers and acquisitions market environment. The first quarter of 2006 represents our best quarterly performance in M&A revenue since the fourth quarter of 2000. Additionally, this is the first time that our first quarter M&A revenue has exceeded the level achieved in the fourth quarter of the previous year, reflecting a large level of completed transactions in the first quarter. Completed M&A transactions in the first quarter of 2006 included the following transactions on which Lazard advised: --ITV in its GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 5.4 billion defense against the approach by a private equity consortium --MCI's $8.8 billion merger with Verizon Communications
Verizon Communications, Inc. --Prentiss Properties' $3.3 billion sale to Brandywine Realty Trust Brandywine Realty Trust (NYSE: BDN) is a real estate development trust (REIT) in the United States that buys, sells, leases and manages approximately 225 commercial properties, no more than 25 industrial parcels of land, mixed-use property, and over 200 acres of undeveloped --Maytag's $2.7 billion sale to Whirlpool whirlpool, revolving current in an ocean, river, or lake. It may be caused by the configuration of the shore, irregularities in the bottom of the body of water, the meeting of opposing currents or tides, or the action of the wind upon the water. --Marconi's GBP 1.2 billion sale of its telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. equipment and international services businesses to Ericsson Er·ics·son , John 1803-1889. American engineer and inventor who built the first ironclad warship, the Monitor (1862), which engaged the Confederate Merrimack in a famous naval battle of the Civil War (March 9, 1862). --CDC IXIS, a member of the CGW CGW Computer Graphics World (magazine) CGW Computer Gaming World CGW Chicago Great Western CGW Corning Glass Works CGW Coated Groundwood (paper) CGW Communication Gateway consortium, in the EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1.6 billion sale of Technical SAS's real estate portfolio to Bail Investissement --The Town & Country Trust's $1.5 billion sale to affiliates of Morgan Stanley  To comply with Wikipedia's , the introduction of this article needs a complete rewrite. Real Estate and Onex Onex may mean:
--Pfizer's $1.3 billion acquisition of the Sanofi-Aventis Sanofi-Aventis (Euronext: SAN, NYSE: SNY), headquartered in Paris, France, is one of the five largest pharmaceutical companies in the world, along with Pfizer, Bristol-Myers Squibb, Novartis, and GlaxoSmithKline. worldwide rights to Exubera --Montagu Private Equity's EUR 1.0 billion acquisition of BSN BSN abbr. Bachelor of Science in Nursing Medical from Smith & Nephew NEPHEW, dom. rel. The son of a person's brother or sister. Amb. 514; 1 Jacob's Ch. R. 207. and Beiersdorf For the municipality in the district Löbau-Zittau, see Beiersdorf, Saxony. Beiersdorf AG (FWB: BEI) is a multinational corporation based in Hamburg, Germany, manufacturing personal care products. --Bon-Ton's $1.1 billion acquisition of the Northern Department Store Group of Saks Saks can refer to several things:
Among the pending M&A transactions announced since the beginning of the year on which Lazard is advising are the following transactions: --Gaz de France's EUR 37.8 billion merger with Suez Suez (s  ĕz`), city (1996 pop. 417,610), NE Egypt, at the northern end of the Gulf of Suez and at the southern terminus of the Suez Canal. --Caisse d'Epargne's exclusive negotiations with Groupe Banque Populaire Groupe Banque Populaire is a French Group of Cooperative banks. It is controlled by 21 regional banks. In 2006, Groupe Banque Populaire has created a new company with another French cooperative banking group, Groupe Caisse d'Epargne in order to create Natixis. for the creation of NATIXIS Natixis is a French bank created in late 2006 by two French cooperative banking groups: Groupe Banque Populaire and Groupe Caisse d'Epargne. They combined into one single entity their Corporate Banking services: Caisse d'Epargne's IXIS Corporate and Investment Bank and Banque --Abertis Infraestructuras' EUR 22.9 billion merger of equals with Autostrade --Cerberus' $14.0 billion consortium acquisition of a controlling stake in GMAC GMAC General Motors Acceptance Corporation GMAC Graduate Management Admission Council GMAC Give Me A Call GMAC Genetic Manipulation Advisory Committee GMAC Genetic Modification Advisory Committee (Singapore) GMAC Give Me A Chance --Fisher Scientific's $12.8 billion merger with Thermo Electron Thermo Electron Corporation (TMO (NYSE)) (incorporated 1956) is a major provider of analytical instruments and services for a variety of domains. Thermo has revenues of over $2 billion, and employs 11,000 people in 30 countries. --KeySpan's $11.8 billion sale to National Grid national grid Noun Brit & NZ 1. a network of high-voltage power lines linking major electric power stations 2. the arrangement of vertical and horizontal lines on an ordnance survey map --International Paper's $6.1 billion sale of 5.1 million acres of U.S. forestlands --Nippon Sheet Glass's GBP 3.4 billion acquisition of Pilkington --Gambro's SEK SEK In currencies, this is the abbreviation for the Swedish Krona. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 32.3 billion sale to Investor AB Investor AB is a Swedish investment company, founded in 1916 and still controlled by the Wallenberg family. The company owns a controlling stake in several large Swedish companies. In 2006 it had a market value of 119 billion kronor (€13 billion). ($16 billion). and EQT EQT Environmental Qualification Test EQT Engine Qualification Test EQT Engineering Qualification Testing EQT Equatorial Crossing Time EQT Emotional Quotient Theory EQT Engineer Qualification Tables IV --Education Management's $3.1 billion sale to Providence Equity Partners Providence Equity Partners is a private equity firm headquartered in Providence, Rhode Island that focuses on investments in media and telecommunications. It is one of the largest private investment firms specializing in equity investments in media and communications companies. and Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. Capital Partners --Thales's EUR 1.7 billion acquisition of Alcatel's activities in satellites and critical security systems --Saint-Gobain's $745 million divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of Saint-Gobain Saint-Gobain is also a commune of the Aisne département, in northern France. Saint-Gobain SA (Euronext: SGO) is a French multinational corporation, founded in 1665 in Paris and headquartered just on the outskirts of Paris at La Défense. Calmar Calmar: see Kalmar, Sweden. to MeadWestvaco MeadWestvaco Corp. NYSE: MWV is an American pulp and paper company based in Richmond, Virginia. It has approximately 24,000 employees. In February 2006, MeadWestvaco moved the corporate headquarters to Richmond, Virginia. Financial Restructuring Financial Restructuring revenue was $13.6 million for the first quarter of 2006, compared to $24.1 million for the first quarter of 2005. Despite several high-profile bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filings, global restructuring activity has been declining, with the global corporate default rate near all-time all-time adj. Exceeding all others up to the present time: an all-time speed skating record. all-time Adjective Informal low levels. Recently announced Restructuring assignments include our retention to assist Eagle Family Foods in the evaluation of financial alternatives. We are continuing our work on a number of Restructuring assignments, including those involving Calpine's Unsecured Creditors Unsecured Creditor An individual or institution that lends money without obtaining specified assets as collateral. This poses a higher risk to the creditor because they have nothing to fall back on should the borrower default on the loan. A debenture holder is an unsecured creditor. Committee, Collins & Aikman Aikman is a surname, and may refer to
Northwest or north west is the ordinal direction halfway between north and west on a compass. It is the opposite of southeast. Airlines Creditors Committee, Olympic O·lym·pic adj. Of or relating to the Olympic Games. Olympic Adjective of the Olympic Games Adj. 1. Olympic - of or relating to the Olympic Games; "Olympic winners" 2. Airlines, SunCom SunCom is a wireless carrier that has operated in the southeastern United States since 1999 and in parts of the Caribbean since 2004. SunCom provides digital wireless communications services to more than 1,000,000 customers, employs more than 1,900 people and offers international, Wireless, Tower Automotive Tower Automotive Pink Sheets: TWRAQ is a manufacturer of automobile frames based in Novi, Michigan. The company is currently the world's largest manufacturer of vehicle frames. and the UAW (spelling) UAW - Misspelling of "IAW"? with regard to alternatives for restructuring Ford Motor Company's post-retirement healthcare obligations to UAW members. Asset Management Asset Management revenue increased 16% to $124.4 million for the first quarter of 2006, a record first quarter level, compared with $106.9 million for the first quarter of 2005. Management fees increased 8% to $103.8 million for the first quarter compared with $95.7 million for first quarter of 2005. The increase was driven by growth in average assets under management. Average assets under management rose 6% for the first quarter of 2006 to $91.7 billion from $86.3 billion for the first quarter of 2005. Assets under management at the end of the first quarter of 2006 were a record $95.1 billion, representing an increase of 8% from year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2005, due principally to market appreciation. The first quarter of 2006 experienced net inflows of $863 million. Incentive fees were $6.5 million for the first quarter of 2006, compared with $4.8 million for the first quarter of 2005. Incentive fees are recorded on the measurement date, which for most of our funds that are subject to incentive fees falls in the fourth quarter. Other Asset Management revenue includes $5.3 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc interests in Lazard Asset Management ("LAM") general partnerships held directly by certain of our managing directors which is also deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. as minority interest expense. Expenses Compensation and Benefits The compensation and benefits expense to operating revenue ratio measured 57.0% for the first quarter of 2006, compared to pro forma 57.5% for the first quarter of 2005. Compensation and benefits expense increased 31% to $200.1 million for the first quarter of 2006, compared with pro forma $152.7 million for the first quarter of 2005, reflecting an increase in operating revenue. The increase in compensation and benefits expense was slightly lower than the increase in operating revenue of 32%. Non-Compensation Non-compensation expenses were $58.0 million or 16.5% of operating revenue for the first quarter of 2006, compared with pro forma $55.9 million or 21.1% of operating revenue for first quarter of 2005. The decrease in the ratio reflects operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. from higher operating revenue. The increase in non-compensation expenses primarily reflects increased costs associated with being a public company. Provision for Income Taxes The provision for income taxes was $15.9 million for the first quarter of 2006, compared with a pro forma provision for income taxes of $7.5 million for the corresponding 2005 period. The effective tax rates for the first quarters of 2006 and 2005 were 20.4% and pro forma 19.9%, respectively. On a fully exchanged basis, the pro forma effective tax rates for each of the first quarters of 2006 and 2005, was 28%. Minority Interest Minority interest expense was $5.3 million in the first quarter of 2006, representing the LAM general partnership interests held by certain of our managing directors, compared to a pro forma benefit of $4.3 million in the first quarter of 2005. During the first quarter of 2006, we reached agreement with Banca Intesa Banca Intesa S.p.A. is a major Italian bank based in Milan. It was born in 1998 from the merger of Cassa di Risparmio delle Provincie Lombarde (aka Cariplo) and Banco Ambroveneto (former Banco Ambrosiano). S.p.A. to end our strategic alliance in Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. , which is expected to close during the second quarter. This outcome is expected to accelerate the integration of Lazard's Italian business within the firm's international network. Pro Forma Non-GAAP Information The unaudited pro forma financial information for the first quarter of 2005 is included for informational purposes only and does not purport To convey, imply, or profess; to have an appearance or effect. The purport of an instrument generally refers to its facial appearance or import, as distinguished from the tenor of an instrument, which means an exact copy or duplicate. PURPORT, pleading. to reflect the results of operations of Lazard Ltd that would have occurred had it operated as a separate, independent company during the periods presented. Actual results might have differed from pro forma results if Lazard Ltd had operated independently. The pro forma consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: financial information should not be relied upon as being indicative of Lazard Ltd's results of operations had the transactions contemplated in connection with the separation and recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. transactions, including the IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. and the additional financing transactions, been completed on the date assumed. The pro forma financial information also does not project the results of operations for any future periods. The pro forma information on a fully exchanged basis is included since Lazard believes it provides the most meaningful basis for comparison among present, historical and future periods. Historical Results Historical net income is reported as a historical partnership until the IPO on May 10, 2005 and for periods prior to the IPO does not include payments for services rendered by managing directors as compensation expense, a provision for U.S. federal income taxes and a charge for the minority interest relating to the outstanding exchangeable interests. Such payments, tax provisions and minority interest expense are included in subsequent periods. Therefore, historical results for periods prior to the IPO on May 10, 2005 and subsequent to the IPO are not comparable. Notwithstanding such lack of comparability, historical income from continuing operations decreased 75.5% to $19.7 million for the first quarter of 2006 from $80.2 million for the first quarter of 2005, reflecting these significant differences in reporting payments for services rendered by managing directors and in tax provisions and minority interest expense. On an historical basis, compensation and benefits increased 89% to $200.1 million for the first quarter of 2006, respectively, compared with $105.9 million for the corresponding 2005 period. As described above, historical compensation and benefits are not on a comparable basis between periods prior to the IPO and subsequent to the IPO. Prior to the IPO, payments for services rendered by all managing directors and by employee members of LAM were not included in compensation and benefits expense whereas for periods subsequent to the IPO they are included. On an historical basis, the provision for income taxes for the first quarter of 2006 was $15.9 million, compared with a tax provision of $7.8 million for the corresponding period in 2005. Additional financial, statistical and business-related information is included in a financial supplement. This earnings release, the financial supplement and selected transaction information will be available today on our website at www.lazard.com. Lazard, one of the world's preeminent pre·em·i·nent or pre-em·i·nent adj. Superior to or notable above all others; outstanding. See Synonyms at dominant, noted. [Middle English, from Latin prae financial advisory and asset management firms This is a list of corporations that provide financial asset management.
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). , Asia, Australia Australia (ôstrāl`yə), smallest continent, between the Indian and Pacific oceans. With the island state of Tasmania to the south, the continent makes up the Commonwealth of Australia, a federal parliamentary state (2005 est. pop. and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. . With origins
dating back to 1848, the firm provides services including mergers and
acquisitions advice, asset management, and restructuring advice to
corporations, partnerships, institutions, governments, and individuals.
For more information on Lazard, please visit www.lazard.com.Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains "forward-looking statements." In some cases, you can identify these statements by forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. words such as "may", "might", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential" or "continue", and the negative of these terms and other comparable terminology The terminology used in the computer and telecommunications field adds tremendous confusion not only for the lay person, but for the technicians themselves. What many do not realize is that terms are made up by anybody and everybody in a nonchalant, casual manner without any regard or . These forward-looking statements are not historical facts but instead represent only our belief regarding future results, many of which, by their nature, are inherently uncertain and outside of our control. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by these forward-looking statements. These factors include, but are not limited to, those discussed in our Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2005 under Item 1A "Risk Factors," and also disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). from time to time in reports on Forms 10-Q and 8-K including the following: --A decline in general economic conditions or the global financial markets; --Losses caused by financial or other problems experienced by third parties; --Losses due to unidentified or unanticipated risks; --A lack of liquidity, i.e., ready access to funds, for use in our businesses; and --Competitive pressure. Basis of Historical and Pro Forma Information In connection with the IPO on May 10, 2005, Lazard Ltd and its subsidiaries entered into a series of separation and recapitalization transactions, including the separation of its Capital Markets and Other activities from Lazard Group LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). limited liability company that holds Lazard Ltd's businesses. As a result of completing the IPO, Lazard Ltd has no material operating assets Operating Assets Another term for working capital. other than its indirect ownership of the common membership interests of Lazard Group and its managing member interest in Lazard Group. As of March 31, 2006, the Lazard Group common membership interests were held 37.6% by Lazard Ltd and 62.4% by LAZ-MD Holdings which are effectively exchangeable over time, on a one-for-one basis, for shares of Lazard Ltd common stock. LAZ-MD Holdings is a holding company owned by current and former managing directors of Lazard Group. Under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ("U.S. GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). "), Lazard's historical consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge reflect the historical results of operations of Lazard Group, including the separated businesses, until May 10, 2005, which was the effective date of the separation. The separated businesses are presented as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. as required under U.S. GAAP. The historical financial statements for the period prior to the IPO do not reflect what the results of operations of Lazard Ltd or Lazard Group would have been had these companies operated as separate, independent public entities for the period prior to the IPO. In addition, the historical results of operations for periods prior to and subsequent to the IPO are not on a comparable basis. Specifically, for periods prior to the IPO the historical results of operations under U.S. GAAP do not give effect to the following matters: --Payments for services rendered by Lazard's managing directors, which, as a result of Lazard operating as a limited liability company, had been accounted for prior to the IPO as distributions from members' capital, or, in some cases, as minority interest, rather than as compensation and benefits expense, and --U.S. corporate federal income taxes, since Lazard has operated in the U.S. as a limited liability company that was treated as a partnership for U.S. federal income tax purposes. For periods subsequent to the IPO, the historical results of operations under U.S. GAAP include: --Payments for services rendered by managing directors within compensation and benefits expense, --Provision for U.S. federal income taxes, and --Allocation of profits to LAZ-MD Holdings' membership interests in Lazard Group as minority interest. The unaudited pro forma condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. consolidated statements of income information contained in this press release present Lazard's historical financial information adjusted to reflect the separation and recapitalization transactions, including the IPO and the additional financing transactions, assuming they had been completed as of January January: see month. 1, 2005. The adjustments also include: --Payments for services rendered by managing directors, --Income taxes Lazard expects to pay as a corporation, and --Minority interest expense reflecting LAZ-MD Holdings' ownership of the Lazard Group common membership interests.
(a) Operating revenue excludes interest expense relating to financing
activities and revenue relating to the consolidation of LAM
General Partnerships, each of which are included in net revenue.
(b) Operating income is after interest expense and before income taxes
and minority interests.
LAZARD LTD
OPERATING REVENUE
Three Months Ended March 31,
-----------------------------------
Pro Forma Increase /
2006 2005 (Decrease)
--------- --------- ---------------
($ in thousands)
Financial Advisory
M&A $193,983 $122,311 $71,672 59%
Financial Restructuring 13,593 24,148 (10,555) (44%)
Corporate Finance and Other 14,555 10,800 3,755 35%
--------- --------- ---------
Total 222,131 157,259 64,872 41%
Asset Management
Management Fees 103,805 95,746 8,059 8%
Incentive Fees 6,483 4,820 1,663 35%
Other Revenue 14,114 6,297 7,817 124%
--------- --------- ---------
Total 124,402 106,863 17,539 16%
Corporate (10,275) (17,966) 7,691 -
--------- --------- ---------
Net Revenue 336,258 246,156 90,102 37%
Less - LAM GP Related Revenue (5,259) - (5,259) -
Add - Non-LFB Interest Expense 20,124 19,373 751 -
--------- --------- ---------
Operating Revenue $351,123 $265,529 $85,594 32%
========= ========= =========
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31,
----------------------------
Pro Forma
2006 2005
------------ ------------
($ in thousands, except
per share data)
Total revenue $354,998 $270,007
LFB interest expense (3,875) (4,478)
------------ ------------
Operating revenue 351,123 265,529
LAM GP related revenue 5,259 -
Other interest expense (20,124) (19,373)
------------ ------------
Net revenue 336,258 246,156
Operating expenses:
Compensation and benefits 200,139 152,679
Premises and occupancy costs 16,591 16,383
Professional fees 14,877 8,858
Travel and entertainment 8,887 8,975
Other 17,648 21,733
------------ ------------
Operating expenses 258,142 208,628
------------ ------------
Operating income from continuing operations 78,116 37,528
Provision for income taxes 15,940 7,458
------------ ------------
Income before minority interest in net
income 62,176 30,070
Minority interest in net income (excluding
LAZ-MD) (a) 5,262 (4,274)
Minority interest in net income (LAZ-MD
only) 37,228 22,609
------------ ------------
Income from continuing operations $19,686 $11,735
============ ============
Income from continuing operations assuming
full exchange of exchangeable interests $52,454 $31,294
============ ============
Weighted average shares outstanding:
Basic 37,502,889 37,500,000
Diluted 41,042,544 100,000,000
Net income per share - income from
continuing operations:
Basic $0.52 $0.31
Diluted $0.51 $0.31
Pro forma weighted average shares
outstanding, assuming full exchange of
exchangeable interests:
Basic 99,621,638 100,000,000
Diluted 103,161,293 100,000,000
Pro forma net income per share - income from
continuing operations, assuming full
exchange of exchangeable interests:
Basic $0.53 $0.31
Diluted $0.51 $0.31
(a) Primarily includes (i) charges related to the consolidation of
LAM related GPs of $5,259 in the three months ended March 31, 2006,
and (ii) credits relating to our strategic alliance in Italy of $4,357
in the three months ended March 31, 2005.
LAZARD LTD
UNAUDITED HISTORICAL CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Historical net income is reported as a historical partnership
until the IPO on May 10, 2005 and does not include payments for
services rendered by managing directors as compensation expense and a
provision for U.S. federal income taxes. In addition, historical net
income for periods prior to the IPO do not include a charge for the
minority interest in net income relating to the outstanding
exchangeable interests. Such payments, tax provisions and minority
interest in net income are included in subsequent periods. Therefore,
historical results for periods prior to the IPO on May 10, 2005 and
subsequent to the IPO are not comparable.
Three Months
Ended March 31,
-----------------------
2006 2005
----------- -----------
($ in thousands, except
per share data)
Total revenue $354,998 $270,007
LFB interest expense (3,875) (4,478)
----------- -----------
Operating revenue 351,123 265,529
LAM GP related revenue 5,259 -
Other interest expense (20,124) (5,430)
----------- -----------
Net revenue 336,258 260,099
Operating expenses:
Compensation and benefits 200,139 105,881
Premises and occupancy costs 16,591 16,383
Professional fees 14,877 8,858
Travel and entertainment 8,887 8,975
Other 17,648 21,733
----------- -----------
Operating expenses 258,142 161,830
----------- -----------
Operating income from continuing operations 78,116 98,269
Provision for income taxes 15,940 7,803
----------- -----------
Income before minority interest in net income 62,176 90,466
Minority interest in net income (excluding
LAZ-MD) (a) 5,262 10,260
Minority interest in net income (LAZ-MD only) 37,228 -
----------- -----------
Income from continuing operations 19,686 80,206
Loss from discontinued operations (net of
income taxes) - (6,850)
----------- -----------
Net Income $19,686 $73,356
=========== ===========
Weighted average shares outstanding:
Basic 37,502,889 -
Diluted 41,042,544 -
Net income per share from continuing
operations:
Basic $0.52 -
Diluted $0.51 -
(a) Primarily includes (i) charges related to the consolidation of
LAM related GPs of $5,259 in the three months ended March 31, 2006,
(ii) credits relating to our strategic alliance in Italy of $4,357 in
the three months ended March 31, 2005, and (iii) payments for services
rendered by our managing directors and employee members of LAM of
$14,534 in the three months ended March 31, 2005.
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Month Period Ended March 31, 2006
-----------------------------------------------
Pro Forma
Pro Forma as
Adjustment Adjusted,
for Full After Full
Historical Exchange Exchange
------------ ------------ ------------
($ in thousands, except per share data)
Total revenue $354,998 $- $354,998
LFB interest expense (3,875) - (3,875)
------------ ------------ ------------
Operating revenue 351,123 - 351,123
LAM GP related revenue 5,259 (a) - 5,259
Other interest expense (20,124) - (20,124)
------------ ------------ ------------
Net revenue 336,258 - 336,258
Operating expenses:
Compensation and
benefits 200,139 - 200,139
Premises and
occupancy costs 16,591 - 16,591
Professional fees 14,877 - 14,877
Travel and
entertainment 8,887 - 8,887
Other 17,648 - 17,648
------------ ------------ ------------
Operating expenses 258,142 - 258,142
------------ ------------ ------------
Operating income from
continuing operations 78,116 - 78,116
Provision for income
taxes 15,940 4,460 (j) 20,400
------------ ------------ ------------
Income before minority
interest in net
income 62,176 (4,460) 57,716
Minority interest in
net income (excluding
LAZ-MD) 5,262 - 5,262
Minority interest in
net income (LAZ-MD
only) 37,228 (37,228)(k) -
------------ ------------ ------------
Net income $19,686 $32,768 $52,454
============ ============ ============
Weighted average
shares outstanding:
Basic 37,502,889 (g) 99,621,638 (l)
Diluted 41,042,544 (h) 103,161,293 (m)
Net income per share:
Basic $0.52 (i) $0.53 (n)
Diluted $0.51 (i) $0.51 (n)
See Notes to Unaudited Condensed Consolidated Statements of Income
LAZARD LTD
UNAUDITED PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF INCOME
Three Month Period Ended March 31, 2005
---------------------------------------------
Pro Forma
as Adjusted,
Prior to
Pro Forma Full
Historical Adjustments Exchange
------------ ------------ ------------
($ in thousands, except per share data)
Total revenue $270,007 $- $270,007
LFB interest expense (4,478) - (4,478)
------------ ------------ ------------
Operating revenue 265,529 - 265,529
LAM GP related revenue - - -
Other interest expense (5,430)(b) (13,943)(c) (19,373)
------------ ------------ ------------
Net revenue 260,099 (13,943) 246,156
Operating expenses:
Compensation and
benefits 105,881 46,798 (d) 152,679
Premises and occupancy
costs 16,383 - 16,383
Professional fees 8,858 - 8,858
Travel and
entertainment 8,975 - 8,975
Other 21,733 - 21,733
------------ ------------ ------------
Operating expenses 161,830 46,798 208,628
------------ ------------ ------------
Operating income from
continuing operations 98,269 (60,741) 37,528
Provision for income
taxes 7,803 (345)(e) 7,458
------------ ------------ ------------
Income before minority
interest in net income 90,466 (60,396) 30,070
Minority interest in net
income (excluding LAZ-
MD) 10,260 (14,534)(d) (4,274)
Minority interest in net
income (LAZ-MD only) - 22,609 (f) 22,609
------------ ------------ ------------
Income from continuing
operations $80,206 ($68,471) $11,735
============ ============ ============
Weighted average shares
outstanding:
Basic 37,500,000 (g)
Diluted 100,000,000 (h)
Net income per share:
Basic $0.31 (i)
Diluted $0.31 (i)
Three Month Period Ended
March 31, 2005
---------------------------
Pro Forma Pro Forma
as
Adjustment Adjusted,
for Full After Full
Exchange Exchange
------------ ------------
($ in thousands, except per
share data)
Total revenue $- $270,007
LFB interest expense - (4,478)
------------ ------------
Operating revenue - 265,529
LAM GP related revenue - -
Other interest expense - (19,373)
------------ ------------
Net revenue - 246,156
Operating expenses:
Compensation and benefits - 152,679
Premises and occupancy costs - 16,383
Professional fees - 8,858
Travel and entertainment - 8,975
Other - 21,733
------------ ------------
Operating expenses - 208,628
------------ ------------
Operating income from continuing
operations - 37,528
Provision for income taxes 3,050 (j) 10,508
------------ ------------
Income before minority interest in net
income (3,050) 27,020
Minority interest in net income
(excluding LAZ-MD) - (4,274)
Minority interest in net income (LAZ-MD
only) (22,609)(k) -
------------ ------------
Income from continuing operations $19,559 $31,294
============ ============
Weighted average shares outstanding:
Basic 100,000,000 (l)
Diluted 100,000,000 (m)
Net income per share:
Basic $0.31 (n)
Diluted $0.31 (n)
See Notes to Unaudited Condensed Consolidated Statements of Income
LAZARD LTD
Notes to Unaudited Condensed Consolidated Statements of Income
(a) LAM GP related revenue relates to interests in LAM general
partnerships held directly by various of our managing directors
which is also deducted in minority interests.
(b) Interest expense includes accrued dividends related to Lazard
Group's mandatorily redeemable preferred stock issued in March
2001, which amounted to $2,000 for the three months ended March
31, 2005.
(c) Reflects net incremental interest expense related to the May 2005
separation and recapitalization transactions, including the
financing transactions and the amortization of capitalized costs
associated with the financing transactions.
(d) Reflects payments for services rendered by our employee members of
LAM and managing directors, which prior to the IPO were accounted
for as either distributions from members' capital or as minority
interest expense. Following the completion of the IPO, our policy
is that our employee compensation and benefits expense, including
that payable to our managing directors, will not exceed 57.5% of
operating revenue each year (although we retain the ability to
change this policy in the future).
(e) Represents (i) a tax benefit related to the reclassification of
LAM minority interest, (ii) the net income tax impact associated
with the separation and recapitalization transactions and (iii) an
adjustment for Lazard Ltd entity-level taxes.
(f) Represents the adjustment for LAZ-MD Holdings' ownership of the
Lazard Group common membership interests.
(g) For basic net income per share, the weighted average shares
outstanding represents primarily the 37,500,000 shares of Class A
common stock outstanding immediately following the equity public
offering.
(h) For diluted net income per share, the three month period ended
March 31, 2006 includes, (i) incremental shares issuable from
non-vested stock unit awards, and (ii) the shares issuable with
respect to the exercise of the purchase contracts associated with
the equity security units offered in the ESU offering and the IXIS
ESU placement. The LAZ-MD Holdings exchangeable interests on an
as-if-exchanged basis have been excluded, because, under the
as-if-exchanged method of accounting, such securities are not
dilutive.
For diluted net income per share for the three months ended March
31, 2005, the weighted average shares outstanding includes LAZ-MD
Holdings exchangeable interests on an as-if-exchanged basis and
excludes the shares issuable with respect to the exercise of the
purchase contracts associated with the equity security units
offered in the ESU offering and the IXIS ESU placement because,
under the treasury stock method of accounting, such securities are
not dilutive.
(i) Calculated after considering the impact of all the pro forma
adjustments described above and based on the weighted average
basic and diluted shares outstanding, as applicable, as described
in notes (g) and (h) above.
(j) Represents an adjustment for Lazard Ltd entity-level taxes to
effect a full exchange of LAZ-MD Holdings' ownership of Lazard
Group common membership interests, as of January 1, 2005.
(k) Represents a reversal of the minority interests related to LAZ-MD
Holdings' ownership of Lazard Group common membership interests to
effect a full exchange of interests as of January 1, 2005.
(l) For basic net income per share, as if the LAZ-MD Holdings
exchangeable interests were fully exchanged as of January 1, 2005,
the weighted average shares outstanding includes shares of Class A
Common Stock outstanding immediately following the equity public
offering and shares issuable to LAZ-MD Holdings' in exchange for
its membership interests in Lazard Group, exchangeable on a
one-for-one basis for Class A Common Stock less, for the three
month period ended March 31, 2006, the impact of the repurchase of
interests in LAZ-MD Holdings on July 26, 2005.
(m) For diluted net income per share, as if the LAZ-MD Holdings
exchangeable interests were fully exchanged as of January 1, 2005,
the weighted average shares outstanding includes shares of Class A
Common Stock outstanding immediately following the equity public
offering, shares issuable to LAZ-MD Holdings' in exchange for its
membership interests in Lazard Group, exchangeable on a
one-for-one basis for Class A Common Stock less, for the three
month period ended March 31, 2006, the impact of the repurchase of
interests in LAZ-MD Holdings on July 26, 2005 and, for the period
ended March 31, 2006, incremental shares issuable from non-vested
stock unit awards and shares issuable with respect to the exercise
of the purchase contracts associated with the equity (m) security
units offered in the ESU offering.
(n) Calculated after considering the impact of all the pro forma
adjustments described above and based on the weighted average
basic and diluted shares outstanding, as applicable, as described
in notes (l) and (m) above.
LAZARD LTD
UNAUDITED CONDENSED CONSOLIDATED
STATEMENT OF FINANCIAL CONDITION
AS OF MARCH 31, 2006
($ in thousands)
ASSETS
------
Cash and cash equivalents $404,172
Cash and securities segregated for regulatory purposes 20,460
Securities owned - at fair value 349,229
Receivables 638,973
Other assets 365,210
-----------
Total assets $1,778,044
===========
LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIENCY)
-----------------------------------------------
Payables $548,129
Accrued compensation and benefits 179,727
Other liabilities 549,887
Senior notes:
Underlying equity security units 437,500
Others 578,017
Subordinated loans 200,000
-----------
Total liabilities 2,493,260
Commitments and contingencies
Minority interest 107,018
STOCKHOLDERS' EQUITY (DEFICIENCY)
Common stock:
Class A, par value $ .01 per share 375
Class B, par value $ .01 per share
Additional paid-in capital (859,877)
Accumulated other comprehensive income (loss), net of tax (27,785)
Retained earnings 65,053
-----------
Total stockholders' equity (deficiency) (822,234)
-----------
Total liabilities and stockholders' equity (deficiency) $1,778,044
===========
LAZARD LTD
RECONCILIATION OF SHARES OUTSTANDING AND NET INCOME FOR BASIC &
DILUTED E.P.S.
BEFORE FULL EXCHANGE
--------------------
Three Month Period Ended
March 31, 2006
---------------------------------
Weighted Net
Average Income
Shares Net Per
Outstanding Income Share
------------ ----------- --------
($ in thousands, except per share
data)
Amounts as reported for basic net
income per share 37,502,889 $19,686 $0.52
========
Equity security units 3,003,074 958 (d)
Restricted stock units 536,581 167 (d)
------------ --------
Amounts as reported for diluted net
income per share (e) 41,042,544 $20,811 $0.51
============ ======== ========
Pro Forma
Three Month Period Ended
March 31, 2005
--------------------------------
Weighted Net
Average Income
Shares Net Per
Outstanding Income(a) Share(a)
------------ ---------- --------
($ in thousands, except per
share data)
Amounts as reported for basic net
income per share 37,500,000 $11,735 $0.31
=======
Amounts applicable to LAZ-MD
exchangeable interests:
Share of Lazard Group net income 22,609 (b)
Additional Corporate tax (3,050)(c)
Shares issuable 62,500,000
Amounts as reported for diluted net
income per share (e) 100,000,000 $31,294 $0.31
============ ======== =======
ASSUMING PRO FORMA FULL EXCHANGE AS OF JANUARY 1, 2005
------------------------------------------------------
Three Month Period Ended March 31, 2006
---------------------------------------
Net
Weighted Income
Average Shares Net Per
Outstanding Income Share
-------------- --------- ---------
($ in thousands, except per share
data)
Amounts as reported for basic net
income per share 99,621,638 $52,454 $0.53
=========
Equity security units 3,003,074
Restricted stock units 536,581
-------------- ---------
Amounts as reported for diluted net
income per share (e) 103,161,293 $52,454 $0.51
============== ========= =========
Three Month Period Ended March 31, 2005
----------------------------------------
Weighted Net
Average Shares Net Income
Outstanding Income (a) Per Share (a)
--------------- ---------- -------------
($ in thousands, except per share data)
Amounts as reported for basic
net income per share 100,000,000 $31,294 $0.31
=============
Amounts as reported for
diluted net income per
share (e) 100,000,000 $31,294 $0.31
=============== ========== =============
(a) For the three month period ended March 31, 2005, net income
excludes loss from discontinued operations.
(b) Approximately 62.5% of the pro forma Lazard Group net income of
$36,174 for the three months ended March 31, 2005.
(c) Based on pro forma Lazard Group operating income of $37,528 for
the three month period ended March 31, 2005.
(d) Change in Lazard Group net income allocable to Lazard Ltd
resulting from incremental shares.
(e) The LAZ-MD exchangeable interests were antidilutive for the three
month period ended March 31, 2006, consequently the effect of
their conversion to shares of Class A Common Stock has been
excluded from diluted earnings per share during such period. The
ESUs were antidilutive for the three month periods ended March 31,
2005.
LAZARD LTD
ASSETS UNDER MANAGEMENT ("AUM")
As of
-------------------------------------------------
March 31, December September June 30, March 31,
2006 31, 2005 30, 2005 2005 2005
--------- --------- --------- --------- ---------
($ in millions)
Equities $77,997 $70,896 $69,154 $66,077 $69,724
Fixed Income 10,884 11,113 11,454 11,211 11,314
Alternative
Investments 3,515 3,394 3,204 3,054 2,921
Merchant Banking 796 826 801 801 523
Cash 1,941 2,005 1,979 1,869 1,775
--------- --------- --------- --------- ---------
Total AUM $95,133 $88,234 $86,592 $83,012 $86,257
========= ========= ========= ========= =========
Three Months Ended Year Ended
March 31, ---------------
------------------ December 31,
2006 2005 2005
--------- -------- ---------------
($ in millions) ($ in millions)
AUM - Beginning of Period $88,234 $86,435 $86,435
Net Flows 863 346 (4,198)
Market Appreciation 5,757 (43) 7,355
Foreign Currency Adjustments 279 (481) (1,358)
--------- -------- ---------------
AUM - End of Period $95,133 $86,257 $88,234
========= ======== ===============
Average AUM (note) $91,684 $86,346 $86,106
========= ======== ===============
Note: Average AUM is based on an average of quarterly ending balances
for the respective periods
LAZARD LTD
SCHEDULE OF PRO FORMA INCOME TAX PROVISION
ALLOCATION OF OPERATING INCOME
------------------------------
Three Months
Ended March 31,
-------------------
Pro Forma
2006 2005
--------- ---------
($ in thousands)
Operating income:
Lazard Group $78,250 $37,528
Lazard Ltd (134) -
--------- ---------
Total $78,116 $37,528
========= =========
Operating income allocable to Lazard Ltd:
Lazard Group (a) $29,458 $14,073
Lazard Ltd (100%) (134) -
--------- ---------
Total $29,324 $14,073
========= =========
Operating income allocable to LAZ-MD Holdings:
Lazard Group (b) $48,792 $23,455
========= =========
PRO FORMA INCOME TAX PROVISION PRIOR TO FULL EXCHANGE
-----------------------------------------------------
Three Months
Ended March 31,
-------------------
2006 2005
--------- ---------
($ in thousands)
Lazard Ltd's entity level taxes (28%) (c) $7,657 $3,940
Flow through provision for Lazard Group income
taxes applicable to LAZ-MD Holdings' ownership
(b) - effective tax rates of 17.0% and 15.0% for
the three month periods ended March 31, 2006 and
2005, respectively 8,283 3,518
--------- ---------
Total pro forma provision for income taxes $15,940 $7,458
========= =========
Lazard Ltd consolidated effective tax rate 20.4% 19.9%
========= =========
(a) Approximately 37.6% and 37.5% for the three months ended March 31,
2006 and 2005, respectively.
(b) Approximately 62.4% and 62.5% for the three months ended March 31,
2006 and 2005, respectively.
(c) Lazard Ltd's entity level taxes is 28% of operating income less
Lazard Ltd's share of LAM GP related revenues which is $1,980 and
$0, for the three months ended March 31, 2006 and 2005,
respectively.
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