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Lehman Brothers Q1 net income down 57%

Lehman Brothers Holdings has reported a 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 the net income of $1.15 billion, or $1.96 per common share diluted, recorded in the same quarter of fiscal 2007.

The net revenues for the first quarter were $3.5 billion, a decrease of 31% from $5 billion reported in the corresponding quarter of fiscal 2007.

According to the company, the 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.

Richard Fuld, chairman and CEO of Lehman Brothers, 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.