Market Watch – Och-Ziff reported a first-quarter loss of $268.1 million versus a profit of $85.2 million, a year earlier, due to $425.6 million of expenses related to the company’s IPO in November. The New York-based hedge fund firm posted a loss per share of $3.62 for the latest quarter.
Och-Ziff also reports so-called distributable earnings, which measure profit from the company’s main hedge fund business minus adjusted income taxes. The tax adjustment assumes that all special shares held by management and restricted stock granted to employees were converted to regular class A shares, one for one. Och-Ziff reckons this figure is a more accurate gauge of the company’s performance.
