Leucadia National Corporation Announces 2008 Results
Friday February 27, 5:34 pm ET
NEW YORK--(BUSINESS WIRE)--Leucadia National Corporation (NYSE: LUK - News) today announced its operating results for the year ended December 31, 2008. Net loss was $(2,535,425,000) or $(11.00) per diluted common share for the year ended December 31, 2008 compared to net income of $484,294,000 or $2.10 per diluted common share for the year ended December 31, 2007. A major portion of the 2008 loss results from a charge to income tax expense of $1,672,100,000 and an increase to the deferred tax valuation allowance to reserve for substantially all of the Company’s net deferred tax asset (which includes its net operating loss carryforwards). During 2007, the Company recorded an adjustment that reduced the deferred tax valuation allowance and credited income tax expense by $542,700,000. Net loss for 2008 also included income of $43,886,000 or $.19 per diluted common share and net income for 2007 included income of $3,486,000 or $.01 per diluted common share related to discontinued operations, including gain and loss on disposals.
The Company also announced today that its Board of Directors has authorized the Company to make purchases, from time to time, of the Company’s outstanding indebtedness at such prices as the Company’s Chairman and its President may deem appropriate.
