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Leucadia National Corporation Announces First Quarter 2016 Results

NEW YORK, May 04, 2016 (BUSINESS WIRE) -- Leucadia National Corporation LUK, -1.52% today announced its financial results for the three month period ended March 31, 2016. Net loss attributable to Leucadia National Corporation common shareholders for the three months ended March 31, 2016 was $222.9 million, or $0.60 per diluted share, reflecting Jefferies' previously reported $245.8 million fiscal first quarter loss, a $53.2 million reduction to the fair value of our FXCM investment (reducing our cumulative gains from our FXCM investment to $438 million), and a difficult investing environment for certain Leucadia Asset Management platforms, offset by solid results from National Beef, continuing strong performance from both Berkadia and Garcadia, and a higher HRG stock price.

Rich Handler, CEO of Leucadia, and Brian Friedman, President of Leucadia, said: "Leucadia's first quarter 2016 results were impacted by the volatile and turbulent period in the capital markets, which primarily impacted Jefferies and our other market sensitive businesses. However, benefiting from improved market conditions, the range of changes we implemented last year and in the first quarter, as well as the continuing hard work of our entire team, Jefferies' performance in March and April has improved significantly. Although we have one month to go, we expect solid results for Jefferies' second fiscal quarter. In addition, we appear to have experienced a meaningful turn in the fortunes of National Beef on the back of the cattle herd rebuilding, and this positive momentum continued throughout April...