Fortress Investment Group LLC (FIG), a global alternative asset manager, Thursday reported a second quarter net loss that is almost flat with the prior-year quarter.
Net loss for the second quarter was $55.6 million or $0.67 per share, compared to $55.1 million or $0.66 per share in the same period last year.
The New York City-based company recorded a decline in total revenues for the quarter to $188.1 million from $268.1 million in the year-ago period. Analysts polled by First Call/Thomson Financial were expecting $193.15 million for the quarter.
Pre-tax distributable earnings for the quarter decreased to $58 million from $143 million in the year-ago period.
The company generated fund management revenues in the quarter of $165 million, which included management fees of $150 million and incentive income of $15 million.
Private equity funds generated $32 million of pre-tax distributable earnings compared to $28 million for the similar period in the previous year. The Castles generated $4 million of pre-tax distributable earnings compared to $13 million last year.
Liquid hedge fund business revenues were $30 million of pre-tax distributable earnings compared to $75 million in the comparable period a year ago. The hybrid hedge fund business generated $9 million of pre-tax distributable earnings compared to $18 million in the second quarter of 2007.
For the first six months, Fortress reported a net loss of $124.5 million, compared to net income of $7.0 million in the comparable period of the previous year.
Revenues for the period decreased to $389.0 million from $684.4 million in the similar period a year ago.
FIG ended Thursday's regular trade on NYSE at $10.32, down $0.97 or 8.59% on a volume of 668 thousand shares. In after-hours trading, the shares slipped further by $0.07 and were at $10.25.
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