Fortress Investment Group Q3 Loss Widens On Lower Revenues - Update
Friday November 06, 2009 11:04:00 EST
(RTTNews) - Friday, investment management firm Fortress Investment Group LLC (FIG) reported wider third quarter loss, as revenues dipped from last year.
New York City-based Fortress posted a third-quarter GAAP net loss attributable to Class A Shareholders of $58.6 million, wider than $57.44 million a year ago. The loss, on a per share basis, narrowed to $0.43 from $0.66 a year ago on higher share count.
On average, six analysts polled by Thomson Reuters expected earnings of $0.09 per share for the quarter. Analysts' estimate typically excludes one-time items.
Pre-tax distributable earnings for the third quarter was $57 million or $0.11 per dividend paying share/unit, versus a loss of $20 million for the third quarter of 2008.
Quarterly revenues declined to $143.68 million from $185.14 million in the comparable period. Five analysts estimated revenues of $123.15 million for the quarter.
Management fees from affiliates decreased to $106.93 million from $154.27 million in the prior year quarter.
The private equity segments accounted for approximately 38% of total segment revenues, the liquid hedge funds segment accounted for approximately 23% of total segment revenues and the hybrid funds segments accounted for approximately 39% of total segment revenues.
Segment expenses were $67 million in the quarter down from $90 million a year ago.
The company indicated that it managed $32 billion of assets in private equity funds, liquid hedge funds and hybrid funds as of September 30, 2009.
Year-to-date, the company reported net loss attributable to class A shareholders of $170.35 million or $1.53 per share, narrower than $181.91 million or $1.97 per share in the corresponding period last year. Total revenues declined to $405.07 million from $574.11 million for the year ago nine-month period.
FIG is trading at $4.44, down $0.13 or 2.84%, on a volume of about 768 thousand shares.
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