US investment bank Lazard has announced a 100% increase in net income per share to $1.72 for its first year since it went public in May 2005.
The bank said that net income increased 54% to $0.57 in the fourth quarter and operating income rose 83% to $248.9 million for the full year, above market expectations. However, revenues from financial restructuring dropped from $43.6 million last year to $23 million which the company blamed on the timing of completed transactions.
The company has benefited from its position as advisor to several high profile mergers and acquisitions over the year, and CEO Steven Golub said that the firm would continue to capitalize on the robust M&A market. During the fourth quarter Lazard advised Mitsubishi Tokyo Financial in its $41.4 billion acquisition of UFJ Holdings and Viacom on its $36.9 billion spin-off of its cable network business. M&A transactions during the period earned the company $183 million, an increase of 9% from last year.
Lazard is currently advising Ichan Group on various strategic alternatives to maximize the value of Time Warner’s shareholders; SuperValu on its $17.4 billion acquisition by SuperValu, CVS and Cerberus of Albertson’s; and Disney in its merger of ABC radio with Citadel Broadcasting.