- Reports Net Income of $489 Million, or $0.81 Earnings Per Share -
NEW YORK, March 18 /PRNewswire-FirstCall/ -- Lehman Brothers Holdings
Inc. (ticker symbol: LEH) today reported net income of $489 million, or
$0.81 per common share (diluted), for the first quarter ended February 29,
2008, representing decreases of 57% and 59%, respectively, from net income
of $1.15 billion, or $1.96 per common share (diluted), reported for the
first quarter of fiscal 2007. Fourth quarter fiscal 2007 net income was
$886 million, or $1.54 per common share (diluted).
First Quarter Business Highlights
-- Experienced record client activity across our Capital Markets
businesses, which was offset, in part, by the effect of the continued
dislocations in the credit markets that significantly impacted the
Firm's results
-- Maintained strong liquidity position, with the Holding Company having a
liquidity pool of $34 billion and unencumbered assets of $64 billion,
with an additional $99 billion at our regulated entities, at quarter
end
-- Reported record net revenues in the Investment Management segment
-- Ranked #2 in announced global M&A transactions for the first two months
of calendar 2008, according to Thomson Financial
Chairman and Chief Executive Officer Richard S. Fuld, Jr. said, "In
what remains a challenging operating environment, our results reflect the
value of our continued commitment to building a diversified platform and
our focus on managing risk and maintaining a strong capital and liquidity
position. This strategy has allowed us to support our clients through these
difficult and volatile markets, while continuing to build and strengthen
our global franchise for our shareholders."
Net Revenues
Net revenues (total revenues less interest expense) for the first
quarter of fiscal 2008 were $3.5 billion, representing decreases of 31% and
20%, respectively, from $5.0 billion reported in the first quarter of
fiscal 2007 and $4.4 billion reported in the fourth quarter of fiscal 2007.
Net revenues for the first quarter of fiscal 2008 reflect negative mark to
market adjustments of $1.8 billion, net of gains on certain risk mitigation
strategies and certain debt liabilities.
Business Segments
Capital Markets reported net revenues of $1.7 billion in the first
quarter of fiscal 2008, a decrease of 52% from $3.5 billion in the first
quarter of fiscal 2007. Fixed Income Capital Markets reported net revenues
of $262 million, a decrease of 88% from $2.2 billion in the first quarter
of fiscal 2007, as strong performances in liquid products such as high
grade corporate debt, foreign exchange and interest rate products were
offset, in part, by continued deterioration in the broader credit markets,
in particular residential mortgages, commercial mortgages and acquisition
finance. Equities Capital Markets reported net revenues of $1.4 billion, an
increase of 6% from $1.3 billion in the first quarter of fiscal 2007,
driven by continued growth in prime brokerage and strong activity in
execution services.
Investment Banking reported net revenues of $867 million, an increase
of 2% from $850 million in the first quarter of fiscal 2007. These revenues
were driven by strong merger and acquisition advisory revenues, which
increased 34% to $330 million from $247 million in the first quarter of
fiscal 2007, and higher equity origination revenues, which increased 23% to
$215 million from $175 million in the first quarter of fiscal 2007,
partially offset by lower revenues in debt origination as compared to the
first quarter of fiscal 2007.
Investment Management reported record net revenues of $968 million, an
increase of 39% from $695 million in the first quarter of fiscal 2007. This
performance was driven by record revenues in both Asset Management, which
increased 49% to $618 million from $416 million in the first quarter of
fiscal 2007, and Private Investment Management, which increased 25% to $350
million from $279 million in the first quarter of fiscal 2007. The Firm
reported assets under management of $277 billion, compared to $282 billion
at November 30, 2007.
Firm Profitability and Liquidity
Non-interest expenses for the first quarter of fiscal 2008 were $2.8
billion, compared to $3.3 billion in the first quarter of fiscal 2007 and
$3.2 billion in the fourth quarter of fiscal 2007. Compensation and
benefits as a percentage of net revenues was 52.5% during the first quarter
of fiscal 2008, compared to 49.3% for both the first and fourth quarters of
fiscal 2007. Non- personnel expenses in the first quarter of fiscal 2008
were $1.0 billion, consistent with the fourth quarter of fiscal 2007 and
compared to $860 million in the first quarter of fiscal 2007, reflecting
continued investments in growing the franchise and costs associated with
the resizing of the Firm's mortgage origination platform.
The Firm's pre-tax margin was 18.9% for the first quarter of fiscal
2008, compared to 33.7% for the first quarter of fiscal 2007. Return on
average common equity was 8.6% for the first quarter of fiscal 2008,
compared to 24.4% for the first quarter of fiscal 2007. Return on average
tangible common equity was 10.6% for the first quarter of fiscal 2008,
compared with 29.9% for the first quarter of fiscal 2007.
As of February 29, 2008, Lehman Brothers' total stockholders' equity
was $24.8 billion, and total long-term capital (stockholders' equity and
long-term borrowings, excluding any borrowings with remaining maturities of
less than twelve months) was $153.2 billion. Book value per common share
was $39.45. The Holding Company had a robust liquidity pool of $34 billion
at quarter end. In addition, the Holding Company had other unencumbered
assets of $64 billion and our regulated entities had unencumbered assets of
$99 billion at quarter end.
Lehman Brothers (ticker symbol: LEH), an innovator in global finance,
serves the financial needs of corporations, governments and municipalities,
institutional clients, and high net worth individuals worldwide. Founded in
1850, Lehman Brothers maintains leadership positions in equity and fixed
income sales, trading and research, investment banking, private investment
management, asset management and private equity. The Firm is headquartered
in New York, with regional headquarters in London and Tokyo, and operates
in a network of offices around the world. For further information about
Lehman Brothers' services, products and recruitment opportunities, visit
the Firm's Web site at http://www.lehman.com. Lehman Brothers Inc. is a member of
SIPC.
Conference Call
A conference call to discuss the Firm's financial results and outlook
will be held today at 10:00 a.m. ET. The call will be open to the public.
Members of the public who would like to access the conference call should
dial, from the U.S., 800-619-3387 or, from outside the U.S., 415-228-4939
at least ten minutes prior to the start of the conference call. The pass
code for all callers is LEHMAN. The conference call will also be accessible
through the "Shareholders" section of the Firm's Web site under the
subcategory "Webcasts." For those unable to listen to the live broadcast, a
replay will be available on the Firm's Web site or by dialing 800-308-3945
(domestic) or 203-369-3240 (international). The replay will be available
approximately one hour after the event and will remain available on the
Lehman Brothers Web site and by phone until 11:59 p.m. ET on April 18,
2008.
Please direct any questions regarding the conference call to Ed Grieb
at 212-526-0588, egrieb@lehman.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain forward-looking statements. These
statements are not historical facts, but instead represent only the Firm's
expectations, estimates and projections regarding future events. These
statements are not guarantees of future performance and involve certain
risks and uncertainties that are difficult to predict, which may include
risks and uncertainties relating to market fluctuations and volatility,
industry competition and changes in the competitive environment, investor
sentiment, liquidity and credit ratings, credit exposures, operational
risks and legal and regulatory matters. The Firm's actual results and
financial condition may differ, perhaps materially, from the anticipated
results and financial condition in any such forward-looking statements and,
accordingly, readers are cautioned not to place undue reliance on such
statements. The Firm undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise. For more information concerning the risks and other factors that
could affect the Firm's future results and financial condition, see "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition
and Results of Operations" in the Firm's most recent Annual Report on Form
10-K.
LEHMAN BROTHERS HOLDINGS INC.
SELECTED STATISTICAL INFORMATION
(Preliminary and Unaudited)
(Dollars in millions, except share data)
At or for the Quarter Ended
Feb 29, Nov 30, Aug 31, May 31, Feb 28,
2008 2007 2007 2007 2007
Income Statement
Net Revenues $3,507 $4,390 $4,308 $5,512 $5,047
Non-Interest Expenses:
Compensation and Benefits 1,841 2,164 2,124 2,718 2,488
Non-personnel Expenses 1,003 996 979 915 860
Net Income 489 886 887 1,273 1,146
Net Income Applicable
to Common Stock 465 870 870 1,256 1,129
Earnings per Common Share:
Basic $0.84 $1.60 $1.61 $2.33 $2.09
Diluted $0.81 $1.54 $1.54 $2.21 $1.96
Financial Ratios (%)
Return on Average Common
Stockholders' Equity
(annualized) (a) 8.6% 16.6% 17.1% 25.8% 24.4%
Return on Average Tangible
Common Stockholders' Equity
(annualized) (b) 10.6% 20.6% 21.1% 31.6% 29.9%
Pre-tax Margin 18.9% 28.0% 28.0% 34.1% 33.7%
Compensation and
Benefits/Net Revenues 52.5% 49.3% 49.3% 49.3% 49.3%
Effective Tax Rate 26.3% 27.9% 26.4% 32.3% 32.5%
Financial Condition
Total Assets $786,000 $691,063 $659,216 $605,861 $562,283
Net Assets (c)(i) 395,888 372,959 357,102 337,667 300,797
Common Stockholders'
Equity (d) 21,839 21,395 20,638 20,034 18,910
Total Stockholders'
Equity (d) 24,832 22,490 21,733 21,129 20,005
Total Stockholders' Equity
Plus Junior Subordinated
Notes (e) 29,808 27,230 26,647 25,650 23,018
Tangible Equity
Capital (e) 25,696 23,103 22,164 21,881 19,487
Total Long-Term
Capital (f) 153,241 145,640 142,064 121,948 110,780
Book Value per Common
Share (g) 39.45 39.44 38.29 37.15 35.15
Leverage Ratio (h) 31.7x 30.7x 30.3x 28.7x 28.1x
Net Leverage Ratio (i) 15.4x 16.1x 16.1x 15.4x 15.4x
Other Data (#s)
Employees 28,088 28,556 28,783 28,323 27,090
Assets Under Management
(in billions) $277 $282 $275 $263 $236
Common Stock Outstanding
(in millions) 551.4 531.9 529.4 530.2 534.9
Weighted Average Shares
(in millions):
Basic 551.5 542.6 540.4 538.2 540.9
Diluted 572.8 563.7 565.8 568.1 575.4
See Footnotes to Selected Statistical Information on page 7.
LEHMAN BROTHERS HOLDINGS INC.
FOOTNOTES TO SELECTED STATISTICAL INFORMATION
(Preliminary and Unaudited)
(a) Return on average common stockholders' equity is computed by dividing
annualized net income applicable to common stock for the period by
average common stockholders' equity. See the reconciliation on page
10.
(b) Return on average tangible common stockholders' equity is computed by
dividing annualized net income applicable to common stock for the
period by average tangible common stockholders' equity. Average
tangible common stockholders' equity equals average common
stockholders' equity less average identifiable intangible assets and
goodwill. See the reconciliation on page 10. Management believes
tangible common stockholders' equity is a meaningful measure because
it reflects the common stockholders' equity deployed in our
businesses.
(c) We calculate net assets by excluding from total assets: (i) cash and
securities segregated and on deposit for regulatory and other
purposes; (ii) collateralized lending agreements; and (iii)
identifiable intangible assets and goodwill. See reconciliation on
page 10. Net assets as presented are not necessarily comparable to
similarly-titled measures provided by other companies in the
securities industry because of different methods of presentation.
(d) Effective December 1, 2007, we adopted Financial Accounting Standards
Board ("FASB") Interpretation ("FIN") No. 48, Accounting for
Uncertainty in Income Taxes-an Interpretation of FASB Statement No.
109. The aggregate impact to opening retained earnings from the
adoption of this standard was a decrease of approximately $178
million. Effective December 1, 2006, we adopted both Statement of
Financial Accounting Standards ("SFAS") No. 157, Fair Value
Measurements ("SFAS No. 157"), and SFAS No. 159, The Fair Value Option
for Financial Assets and Financial Liabilities ("SFAS No. 159"). The
aggregate impact to opening retained earnings from the adoption of
these standards was an after-tax increase of approximately $67 million
(approximately $113 million pre-tax).
(e) We calculate tangible equity capital by including stockholders' equity
and junior subordinated notes and excluding identifiable intangible
assets and goodwill. These measures may not be comparable to
similarly-titled calculations by other companies as a result of
different calculation methodologies. We believe tangible equity
capital to be a more meaningful measure of our equity base as it
includes stockholders' equity and junior subordinated notes (which we
consider to be equity-like instruments due to their subordinated and
long-term nature) and excludes identifiable intangible assets and
goodwill (which are fully supported by equity). Prior to fiscal year
2008, our definition for tangible equity capital limited the amount of
junior subordinated notes and preferred stock included in the
calculation to 25% of tangible equity capital. The amounts excluded
were approximately $237 million, $375 million and $117 million in the
fourth, third and second quarters of 2007, respectively; no amounts
were excluded in periods prior to the second quarter of 2007. See the
reconciliation on page 10.
(f) Total long-term capital includes long-term borrowings (excluding any
borrowings with remaining maturities within one year of the financial
statement date) and total stockholders' equity. We believe total long-
term capital is useful to investors as a measure of our financial
strength.
(g) The book value per common share calculation includes amortized
restricted stock units granted under employee stock award programs,
which have been included in total stockholders' equity.
(h) Leverage ratio is defined as total assets divided by total
stockholders' equity.
(i) Net leverage ratio is defined as net assets (see note (c) above)
divided by tangible equity capital (see note (e) above). We believe
net leverage based on net assets to be a more useful measure of
leverage, because it excludes certain low-risk, non-inventory assets
and utilizes tangible equity capital as a measure of our equity base.
Net leverage as presented is not necessarily comparable to similarly-
titled measures provided by other companies in the securities industry
because of different methods of presentation.
LEHMAN BROTHERS HOLDINGS INC.
CONSOLIDATED STATEMENT OF INCOME
(Preliminary and Unaudited)
(In millions, except per share data)
Quarter Ended % Change from
Feb 29, Nov 30, Feb 28, Nov 30, Feb 28,
2008 2007 2007 2007 2007
Revenues:
Principal transactions $773 $1,776 $2,921
Investment banking 867 831 850
Commissions 658 688 540
Interest and dividends 9,635 11,136 9,089
Asset management and
other 437 459 395
Total revenues 12,370 14,890 13,795
Interest expense 8,863 10,500 8,748
Net revenues 3,507 4,390 5,047 -20% -31%
Non-interest expenses:
Compensation and
benefits 1,841 2,164 2,488
Technology and
communications 302 311 266
Brokerage, clearance
and distribution fees 253 240 194
Occupancy 185 173 146
Professional fees 98 120 98
Business development 89 103 84
Other (a) 76 49 72
Total non-interest
expenses 2,844 3,160 3,348 -10% -15%
Income before provision
for income taxes 663 1,230 1,699
Provision for income
taxes 174 344 553
Net income $489 $886 $1,146 -45% -57%
Net income applicable
to common stock $465 $870 $1,129 -47% -59%
Earnings per common
share:
Basic $0.84 $1.60 $2.09 -48% -60%
Diluted $0.81 $1.54 $1.96 -47% -59%
(a) For the quarters ended February 29, 2008 and November 30, 2007,
approximately $34 million and $18 million, respectively, of costs
associated with the restructuring of the Firm's global residential
mortgage origination business have been included in other expenses.
LEHMAN BROTHERS HOLDINGS INC.
SEGMENT NET REVENUE INFORMATION(a)
(Preliminary and Unaudited)
(In millions)
Quarter Ended % Change from
Feb 29, Nov 30, Feb 28, Nov 30, Feb 28,
2008 2007 2007 2007 2007
Capital Markets:
Fixed Income $262 $727 $2,173
Equities 1,410 2,000 1,329
Total 1,672 2,727 3,502 -39% -52%
Investment Banking:
Global Finance - Debt 322 233 428
Global Finance - Equity 215 210 175
Advisory Services 330 388 247
Total 867 831 850 4% 2%
Investment Management:
Asset Management 618 533 416
Private Investment
Management 350 299 279
Total 968 832 695 16% 39%
Total Net Revenues $3,507 $4,390 $5,047 -20% -31%
(a) Certain prior-period amounts reflect reclassifications to conform to
the presentation in the current period.
LEHMAN BROTHERS HOLDINGS INC.
RECONCILIATION OF AVERAGE STOCKHOLDERS' EQUITY TO
AVERAGE TANGIBLE COMMON STOCKHOLDERS' EQUITY
(Preliminary and Unaudited)
(In millions)
Quarter Ended
Feb 29, Nov 30, Aug 31, May 31, Feb 28,
2008 2007 2007 2007 2007
Annualized net income
applicable to common stock $1,860 $3,479 $3,480 $5,025 $4,517
Average stockholders' equity $23,661 $22,112 $21,431 $20,567 $19,632
Less: average preferred stock (2,044) (1,095) (1,095) (1,095) (1,095)
Average common stockholders'
equity 21,617 21,017 20,336 19,472 18,537
Less: average identifiable
intangible assets and
goodwill (4,120) (4,118) (3,880) (3,592) (3,447)
Average tangible common
stockholders' equity $17,497 $16,899 $16,456 $15,880 $15,090
Return on average
common stockholders' equity 8.6% 16.6% 17.1% 25.8% 24.4%
Return on average tangible
common stockholders' equity 10.6% 20.6% 21.1% 31.6% 29.9%
LEHMAN BROTHERS HOLDINGS INC.
ASSETS UNDER MANAGEMENT
(Preliminary and Unaudited)
(In billions)
At
Feb 29, Nov 30, Feb 28,
Composition of Assets Under Management 2008 2007 2007
Equity $101 $107 $96
Fixed Income 77 75 62
Money Markets 65 66 56
Alternative Investments 34 34 22
Assets Under Management $277 $282 $236
Quarter Ended
Feb 29 Nov 30, Feb 28,
Assets Under Management Rollforward 2008 2007 2007
Opening balance $282 $275 $225
Net additions - 2 8
Net market appreciation/(depreciation) (5) 5 3
Total increase/(decrease) (5) 7 11
Ending balance $277 $282 $236
LEHMAN BROTHERS HOLDINGS INC.
LEVERAGE and NET LEVERAGE CALCULATIONS
(Preliminary and Unaudited)
(In millions)
Feb 29, Nov 30, Aug 31, May 31, Feb 28,
2008 2007 2007 2007 2007
Net assets:
Total assets $786,000 $691,063 $659,216 $605,861 $562,283
Less:
Cash and securities
segregated and on
deposit for regulatory
and other purposes (17,000) (12,743) (10,579) (7,154) (6,293)
Collateralized lending
agreements (369,000) (301,234) (287,427) (257,388) (251,662)
Identifiable intangible
assets and goodwill (4,112) (4,127) (4,108) (3,652) (3,531)
Net assets $395,888 $372,959 $357,102 $337,667 $300,797
Tangible equity capital:
Total stockholders'
equity $24,832 $22,490 $21,733 $21,129 $20,005
Junior subordinated
notes (a) 4,976 4,740 4,539 4,404 3,013
Less: Identifiable
intangible assets
and goodwill (4,112) (4,127) (4,108) (3,652) (3,531)
Tangible equity
capital (a) $25,696 $23,103 $22,164 $21,881 $19,487
Leverage
(total assets / total
stockholders' equity) 31.7x 30.7x 30.3x 28.7x 28.1x
Net leverage (net assets /
tangible equity capital) 15.4x 16.1x 16.1x 15.4x 15.4x
(a) Prior to fiscal year 2008, our definition for tangible equity capital
limited the amount of junior subordinated notes and preferred stock
included in the calculation to 25% of tangible equity capital. The
amounts excluded were approximately $237 million, $375 million and
$117 million in the fourth, third and second quarters of 2007,
respectively; no amounts were excluded in prior periods.
LEHMAN BROTHERS HOLDINGS INC.
MARK TO MARKET ADJUSTMENTS AND GROSS BALANCES (a)
(Preliminary and Unaudited)
(In billions)
For the quarter ended
Feb 29, 2008
Mark to market Gross balances
adjustments as of (b)
- Gain/(Loss)(b) Feb 29, Nov 30,
Gross Net 2008 2007
Residential mortgages:(c), (d)
Securities $18.2 $16.7
Whole loans 11.9 14.2
Servicing and other 1.7 1.2
($3.0) ($0.8) $31.8 $32.1
Other asset-backed
(non-residential) ($0.2) ($0.1) $6.5 $6.2
Commercial mortgages:(c), (e)
Whole loans $24.9 $26.2
Securities and other 11.2 12.7
($1.1) ($0.7) $36.1 $38.9
Real estate - related
investments (f) ($0.3) ($0.3) $12.9 $12.8
Acquisition Finance
Facilities: (g)
High Grade
Contingent Commitments $7.2 $10.2
Unfunded Commitments 0.8 -
Funded Loans 2.9 1.7
10.9 11.9
High Yield
Contingent Commitments $3.7 $9.7
Unfunded Commitments 2.2 2.7
Funded Loans 11.9 11.5
$17.8 $23.9
($0.7) ($0.5) $28.7 $35.8
Debt liabilities measured
at fair value (h) $0.6 $0.6 $37.2 $36.2
Total ($4.7) ($1.8)
(a) The table presents certain components of negative mark to market
adjustments incurred during the first quarter of fiscal year 2008.
Caution should be utilized when evaluating the amounts in the table as
they represent only certain components of revenue associated with the
Company's general business activities. The mark to market adjustments
presented in the table are reflected within the revenues associated
with the Company's Capital Markets business segment.
(b) The net impact represents the remaining impact from the components
after deducting the impact of certain economic risk mitigation
strategies. Balances shown do not reflect the impact of economic
hedges.
(c) Balances shown exclude those for which the Company transferred
mortgage-related loans to securitization vehicles where such transfers
were accounted for as secured financings rather than sales under SFAS
No. 140, Accounting for Transfers and Servicing of Financial Assets
and Extinguishments of Liabilities-a replacement of FASB Statement No.
125. The securitization vehicles issued securities that were
distributed to investors. The Company does not consider itself to have
economic exposure to the underlying assets in those securitization
vehicles.
(d) The Company's aggregate residential mortgage inventory at February 29,
2008 and November 30, 2007 can be classified into the following
product categories:
In billions Feb. 29, 2008 Nov. 30, 2007
Prime and Alt-A(1) $14.6 $12.7
Europe 9.5 10.2
Subprime/Second Lien(2) 4.0 5.3
ABS-CDO 0.9 1.1
Asia-Pacific 0.7 0.5
Other U.S. 2.1 2.3
$31.8 $32.1
(e) The Company's commercial mortgage inventory at February 29, 2008 and
November 30, 2007 was:
In billions Feb. 29, 2008 Nov. 30, 2007
Americas $17.4 $20.6
Europe 10.0 10.4
Asia-Pacific 8.7 7.9
$36.1 $38.9
(f) These positions are reflected within Real estate held for sale and are
accounted for at the lower of its carrying amount or fair value less
cost to sell. The Company makes equity and debt investments in
entities whose underlying assets are real estate held for sale. The
Company consolidates those entities in which we are the primary
beneficiary in accordance with FIN No. 46-R, Consolidation of Variable
Interest Entities (revised December 2003)-an interpretation of ARB No.
51. The Company does not consider itself to have economic exposure to
the total underlying assets in those entities. The amounts presented
are the Company's net investment and therefore exclude the amounts
that have been consolidated but for which the Company does not
consider itself to have economic exposure.
(g) For purposes of this presentation, high yield amounts are defined as
commitments to or loans to companies rated BB+ or lower or equivalent
ratings by recognized credit rating agencies, as well as non-rated
securities or loans that in the Company's management's opinion are
non-investment grade.
(h) Represents the amount of gains on debt liabilities for which the
Company elected to fair value under SFAS No. 157 and SFAS No. 159.
These gains represent the effect of changes in the Company's credit
spread and exclude any Interest income or expense as well as any gain
or loss from the embedded derivative components of these instruments.
Changes in valuations are allocated to the businesses within the
Company's Capital Markets business segment in relation to funding
requirements of the underlying positions.
(1) For purposes of this presentation, the Company has categorized U.S.
residential mortgages frequently referred to as Alt-A within Prime.
The Company generally defines U.S. Alt-A residential mortgage loans
as those associated with borrowers who may have creditworthiness of
"prime" quality but may have traits that prevent the loans from
qualifying as "prime." Those traits could include documentation
deficiencies related to the borrowers' income disclosure, referred to
as partial or no documentation; or the underlying property may not be
owner occupied despite full or lower documentation of the borrowers'
income levels.
(2) The Company generally defines U.S. subprime residential mortgage loans
as those associated with borrowers having a credit score in the range
of 620 or lower using the Fair Isaac Corporation's statistical model,
or having other negative factors within their credit profiles. We also
include residential mortgage loans that were originated through BNC
Mortgage LLC ("BNC") prior to its closure in the third quarter of the
Company's 2007 fiscal year. BNC served borrowers with subprime
qualifying credit profiles but also served borrowers with stronger
credit history as a result of broker relationships or product
offerings and such loans are also included in our subprime business
activity.
SOURCE Lehman Brothers Holdings Inc.
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Related links:
http://www.lehman.com
CONTACT:
Media, Kerrie Cohen, 212-526-4092; Investor,
Ed Grieb, +1-212-526-0588
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