fortress investment grp-cl a (FIG) Key Developments
Fortress Investment Group LLC Presents at Wolfe Research 6th Annual Global Transportation Conference, May-23-2013 09:40 AM
May 17 13
Fortress Investment Group LLC Presents at Wolfe Research 6th Annual Global Transportation Conference, May-23-2013 09:40 AM. Venue: Fordham University School of Law at Lincoln Center, 140 West 62nd Street, New York, New York, United States. Speakers: Joseph P. Adams, Managing Director of Private Equity business.
Bankia Reportedly To Receive Bids For Bankia Habitat
May 10 13
Bankia, SA. (CATS:BKIA) (Bankia) is expecting to receive binding bids for Bankia Habitat S.L.U. (Bankia Habitat) next week, daily Expansion quoted unnamed sources as saying. The buyer will acquire Bankia Habitat’s offices in Madrid and Valencia, the technology platform and 500 employees. The real estate assets and loan portfolio will remain in the hands of Bankia. The potential buyers include Morgan Stanley (NYSE:MS), Cerebrus Capital Management, L.P., Fortress Investment Group LLC (NYSE:FIG), Apollo Group Inc. (NasdaqGS:APOL), Oaktree Capital Group, LLC (NYSE:OAK) and TPG Capital, L.P.
Eight Companies Reportedly Interested In Acquiring CX Inmobiliaria
May 10 13
Catalunya Banc, S.A. has put CatalunyaCaixa Inmobiliaria up for sale and attracted interest from eight international companies, Expansión reported on May 7, 2013. Fortress Investment Group LLC (NYSE:FIG), Apollo Global Management, LLC (NYSE:APO) and Cerberus Capital Management, L.P. have signaled an interest in purchasing CX Inmobiliaria, the news source said. The process is said to be at an early stage.
Fortress Investment Group LLC Declares First Quarter Dividend for 2013 Payable on May 17, 2013; Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2013; Provides Earnings Guidance for the Fiscal 2013
May 2 13
Fortress Investment Group LLC declared a first quarter 2013 dividend of $0.06 per dividend paying share. The dividend is payable on May 17, 2013 to Class A shareholders of record as of the close of business on May 14, 2013.
The company reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported revenues of $244,355,000 compared to $171,658,000 a year ago. Operating income was $41,275,000 compared to $24,622,000 a year ago. Income before income taxes was $93,582,000 compared to $3,695,000 a year ago. Net income attributable to Class A shareholders was $14,329,000 or $0.05 Class A share, diluted compared to net loss attributable to Class A shareholders of $29,540,000 or $0.16 diluted Class A share a year ago. Pre-tax distributable earnings were over $100 million up from $57 million in the first quarter of 2012. The year-over-year increase was primarily due to higher incentive income and management fees earned from funds, partially offset by higher compensation related expenses. That's an increase of 75% over the first quarter last year. Key drivers of business, investment performance, capital raising and AUM growth, put in a strong position going forward.
The company expects full year rate to be 6% to 10%, as equity-based deductions will continue to keep tax rate low through the end of 2013. The company feels optimistic about prospects for earnings growth and value creation in 2013 and beyond.
Fortress And Other Lenders May Acquire CODA
May 1 13
A group of lenders led by Fortress Investment Group LLC (NYSE:FIG) is seeking to acquire CODA Automotive, Inc. through a bankruptcy process. It plan to extend debtor-in-possession financing and will seek to acquire the company for $25 million through the bankruptcy process, Coda said.