Fortress Investment Posts Wider 3rd-qtr Loss

NEW YORK (AP) — Alternative asset manager Fortress Investment Group LLC said Friday its third-quarter loss deepened as it cut expenses and recorded a big gain on affiliate investments.

For the three months ended Sept. 30, the company posted a loss of $58.6 million, or 43 cents per share, compared with a loss of $57.4 million, or 66 cents per share in the year-ago period. The latest quarter's results reflect 12 percent more shares outstanding.

Pretax distributable earnings, which exclude charges such as a special compensation agreement for principals of the firm, totaled $57 million, or 11 cents per share.

Fortress allotted $240 million in the second quarter as part of the compensation agreement.

Analysts polled by Thomson Reuters, on average, expected profit of 9 cents per share. Analysts do not always include special charges in their estimates.

Revenue slid 22 percent to $143.7 million from $185.1 million last year. Wall Street had forecast revenue of $123.2 million.