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Och-Ziff Q4 Earnings

Och-Ziff Q4 Earnings

Och-Ziff Beats Analysts Predictions with Q4 2009 Earnings

One of the largest hedge funds in the world, Och-Ziff Capital Management Group, has reported better quarterly earnings than expected.  The public hedge fund firm had struggled in the financial crisis and is now looking to be back on track.  Och-Ziff reported a less than expected net loss of $47.2 million and quarter distributable earnings of $281.4 million in the fourth quarter of 2009.  The news beat analysts expectations and boosted shares by 2.5% in midday trading.
The firm 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.
Fourth-quarter distributable earnings were $281.4 million, or 69 cents per adjusted class A share, versus $28.9 million, or 7 cents per adjusted class A share, in the same period a year earlier.
Och-Ziff was expected to make 33 cents a share, according to the average estimate of nine analysts in a Thomson Reuters survey.  Source

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