* 1st qtr EPS of 20 cents vs 43 cents year-ago
* One-time charge of $25 million for severance pay
* Weaker asset management revenue, higher costs
April 27 (Reuters) – Lazard Ltd’s first-quarter
earnings declined 54 percent due to weaker asset-management
revenue and high costs, including a previously announced charge
of $25 million for severance pay.
The boutique investment bank reported on Friday a profit of
$26 million, or 20 cents per share, down from $55 million, or 43
cents per share, in the year-ago period.
Adjusting for the one-time charge, Lazard’s earnings fell 23
percent, to $44.8 million, or 33 cents per share.
Although Lazard’s operating revenue rose during the period,
helped by increases in its financial advisory business, the
company’s asset-management division reported a 6 percent drop in
revenue. Operating expenses also rose sharply, due to higher
compensation costs and higher spending on items like office
space, equipment and marketing, hurting Lazard’s bottom line.
