Leucadia National Corporation Announces Six Month 2008 Results

Leucadia National Corporation (LUK – NYSE) today announced its operating results for the six month period ended June 30, 2008. During 2008, the Company recorded an adjustment that reduced the deferred tax valuation allowance and credited income tax expense by $222,200,000. 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 that portion of the net deferred tax asset. Net income was $90,954,000 or $.39 per diluted common share for the six month period ended June 30, 2008 compared to net income of $34,673,000 or $.16 per diluted common share for the six month period ended June 30, 2007. For more information on the Company’s results of operations for the first half of 2008, please see the Company’s Form 10-Q for the six months ended June 30, 2008, which was filed with the Securities and Exchange Commission today. SUMMARY FOR LEUCADIA NATIONAL CORPORATION AND SUBSIDIARIES (In thousands, except earnings per share amounts) (Unaudited)     For the Three Month For the Six Month Period Ended June 30, Period Ended June 30, 2008   2007 2008   2007   Revenues and other income $ 337,554   $ 344,004   $ 662,403   $ 541,189   Net securities gains $ 19,045   $ 50,240   $ 27,327   $ 66,161   Income (loss) from continuing operations before income taxes and income (loss) related to associated companies $ (35,698 ) $ 36,611 $ (68,491 ) $ 27,815   Income taxes   (247,711 )   14,850     (259,061 )   11,118   Income from continuing operations before income (loss) related to associated companies 212,013 21,761 190,570 16,697   Income (loss) related to associated companies, net of taxes   (25,235 )   4,554     (99,616 )   17,479   Income from continuing operations 186,778 26,315 90,954 34,176   Income (loss) from discontinued operations, including gain (loss) on disposal, net of taxes   -     (16 )   -     497   Net income $ 186,778   $ 26,299   $ 90,954   $ 34,673   Basic earnings (loss) per common share: Income from continuing operations $ .81 $ .12 $ .40 $ .16 Income (loss) from discontinued operations, including gain (loss) on disposal   -     -     -     - Net income $ .81   $ .12   $ .40   $ .16   Number of shares in calculation   230,235     216,596     226,952     216,491   Diluted earnings (loss) per common share: Income from continuing operations $ .76 $ .12 $ .39 $ .16 Income (loss) from discontinued operations, including gain (loss) on disposal   -     -     -     - Net income $ .76   $ .12   $ .39   $ .16   Number of shares in calculation   247,234     217,229     243,827     216,912