-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Q2xlAegSeQ1TdWacCgPORk7pBCI+zOLwAWv0R3hWS/d/XpeJho1HdqWdmYdUgUMD CcUop6rjTmm5Jxe3C/dFaA== 0000096223-03-000036.txt : 20030512 0000096223-03-000036.hdr.sgml : 20030512 20030512140655 ACCESSION NUMBER: 0000096223-03-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030512 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20030512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LEUCADIA NATIONAL CORP CENTRAL INDEX KEY: 0000096223 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 132615557 STATE OF INCORPORATION: NY FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05721 FILM NUMBER: 03692387 BUSINESS ADDRESS: STREET 1: 315 PARK AVE S CITY: NEW YORK STATE: NY ZIP: 10010 BUSINESS PHONE: 2124601900 MAIL ADDRESS: STREET 1: 315 PARK AVENUE SOUTH CITY: NEW YORK STATE: NY ZIP: 10010 FORMER COMPANY: FORMER CONFORMED NAME: TALCOTT NATIONAL CORP DATE OF NAME CHANGE: 19800603 8-K 1 lnc1stq8k.txt LEUCADIA 1ST QTR. 2003 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 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 12, 2003 Commission File Number 1-5721 LEUCADIA NATIONAL CORPORATION (Exact name of registrant as specified in its Charter) New York 13-2615557 (State or other jurisdiction (I.R.S. Employer Identification Number) of incorporation) 315 Park Avenue South, New York, New York 10010-3607 (Address of principal executive offices) (Zip Code) (212) 460-1900 (Registrant's telephone number, including area code) N/A (Former name or former address, if changed since last report) ______________________ Item 5. Other Events. The information set forth in the press release issued by Leucadia National Corporation, attached hereto as Exhibit 99.1, is incorporated herein by reference. Item 7. Financial Statements and Exhibits. (c) Exhibits 99.1 Press release of Leucadia National Corporation dated May 12, 2003. 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 thereunto duly authorized. LEUCADIA NATIONAL CORPORATION Date: May 12, 2003 By: /s/ Joseph A. Orlando ------------------------- Joseph A. Orlando Vice President and Chief Financial Officer EX-99 3 lnc1stpress.txt LEUCADIA 1ST QTR. 2003 PRESS RELEASE Exhibit 99.1 May 12, 2003 FOR IMMEDIATE RELEASE Contact: Laura Ulbrandt (212) 460-1900 LEUCADIA NATIONAL CORPORATION ANNOUNCES FIRST QUARTER 2003 RESULTS Leucadia National Corporation (LUK - NYSE and PCX) today announced its operating results for the three month period ended March 31, 2003. Net loss was $13,786,000 or $.23 per diluted common share for the three month period ended March 31, 2003 compared to net income of $12,743,000 or $.23 per diluted common share for the three month period ended March 31, 2002. Net income for the 2002 period included income from discontinued operations of $.03 per diluted common share. For the first quarter of 2003, the Company recognized a loss of $34,800,000 for its share of WilTel Communications Group, Inc.'s losses under the equity method of accounting, an investment the Company acquired in the fourth quarter of 2002. A substantial portion (over 90%) of WilTel's reported loss in 2003 results from depreciation and amortization expenses. The Company did not record a deferred tax benefit for its share of the WilTel loss because the Company's ability to use the capital loss in the future is uncertain. The Company's share of the income of other investments in associated companies under the equity method of accounting, net of taxes, was $ 25,100,000 in 2003 and $19,800,000 in 2002. The increase in 2003 was primarily attributable to the Company's investment in Olympus Re Holdings, Ltd. Finance revenues, which reflect the level and mix of consumer instalment loans, decreased in 2003 due to fewer average loans outstanding, primarily resulting from the Company's decisions in September 2001 to stop originating subprime automobile loans and in January 2003 to stop originating all consumer loans. Pre-tax results increased however, primarily due to a reduction in interest expense, a decline in the provision for loan losses, and lower salaries expense and operating and other costs resulting from restructuring efforts. The Company is considering its alternatives for its banking and lending operations, which could include selling or liquidating some or all of its loan portfolios, and outsourcing certain functions. Manufacturing revenues were largely unchanged for the first quarter of 2003 as compared to the same period in 2002 as declines principally in the carpet padding and agricultural markets were largely offset by increases in the construction and consumer products markets. Gross profit and pre-tax results for the first quarter of 2003 declined as compared to the same period in 2002 primarily due to higher raw material costs. Investment and other income declined in the first quarter of 2003 as compared to the same period in 2002 principally due to a reduction in investment income resulting from a decline in interest rates and a lower amount of invested assets, a reduction in rent income from domestic real estate operations and reduced income related to accounting for the market values of derivative financial instruments. These decreases were partially offset by gains from domestic property sales and increased revenues from the Company's Hawaiian hotel. Operating results include net securities gains of $2,300,000 and net securities losses of $9,000,000 for the three months ended March 31, 2003 and 2002, respectively. Included in such amounts are provisions of $2,700,000 and $5,000,000 for 2003 and 2002, respectively, to write down certain of the Company's investments. Leucadia National Corporation is a holding company engaged in a variety of businesses, including telecommunications (principally through its 47.4% interest in WilTel), banking and lending (principally through American Investment Bank, N.A.), manufacturing (through its Plastics Division), real estate activities, winery operations, development of a copper mine (through its 72.8% interest in MK Gold Company) and property and casualty reinsurance. The Company also currently has equity interests of more than 5% in the following domestic public companies: AmeriKing, Inc. (6.8%), Carmike Cinemas, Inc. (11.1%), GFSI Holdings, Inc. (6.9%), The FINOVA Group, Inc. (indirectly 25% through its interest in Berkadia), HomeFed Corporation (30.3%), Jackson Products, Inc. (8.8%), Jordan Industries, Inc. (10.1%), ParkerVision, Inc. (7.4%) and WilTel Communications Group, Inc. (47.4%). SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES (In thousands, except earnings per share amounts) (unaudited)
For the Three Month Period Ended March 31, ---------------------- 2003 2002 ---- ---- Revenues $ 56,899 $ 57,567 ======== ======== Net securities gains (losses) $ 2,305 (9,006) ======== ======== Loss from continuing operations before income taxes, minority expense of trust preferred securities and equity in income (losses) of associated companies $ (4,201) $(10,780) Income tax benefit 1,486 3,619 -------- -------- Loss from continuing operations before minority expense of trust preferred securities and equity in income (losses) of associated companies $ (2,715) $ (7,161) ======== ======== Equity in income (losses) of associated companies, net of taxes $ (9,690) $ 19,845 ======== ======== Income (loss) from continuing operations $(13,786) $ 11,303 ======== ======== Income from discontinued operations, net of taxes $ -- $ 1,440 ======== ======== Net income (loss) $(13,786) $ 12,743 ======== ======== Basic earnings (loss) per common share: Income (loss) from continuing operations $ (.23) $ .20 Income from discontinued operations -- .03 -------- -------- Net income (loss) $ (.23) $ .23 ======== ======== Number of shares in calculation 59,618 55,320 ======== ======== Diluted earnings (loss) per common share: Income (loss) from continuing operations $ (.23) $ .20 Income from discontinued operations -- .03 -------- -------- Net income (loss) $ (.23) $ .23 ======== ======== Number of shares in calculation 59,618 55,588 ======== ========
-----END PRIVACY-ENHANCED MESSAGE-----