Blackstone loss widens in 2Q on acquisition charge
Private equity firm Blackstone Group LP posted a wider second-quarter loss Thursday, in part because of acquisition-related charges.
For the three months ended June 30, the company lost $164.3 million, or 60 cents per share. That compared with a loss of $156.5 million, or 60 cents per share, a year earlier.
Quarterly revenue was $406.4 million, up from $353.9 million for the same time last year.
The results include one-time acquisition and IPO-related charges of $196 million. Excluding those charges, Blackstone said it earned 16 cents per share, which beat Wall Street's forecast of 9 cents per share. Analysts typically do not include one-time charges.
Revenue from performance fees and allocations rose to $71.2 million, compared with a loss of $13.7 million a year earlier. Investment income lost $10.9 million, compared with a gain of $22.8 million a year ago.
Blackstone, which buys distressed companies then sells them for a profit, noted in a release that global equity and debt markets recovered much of their previous losses in the second quarter. However, it also noted the broader economic landscape remains challenged.
Blackstone said it had $784.6 million in available cash at the end of the quarter.
Shares of Blackstone fell 64 cents, or 4 percent, to $14.30.
(This version CORRECTS Corrects per share loss in second graf)
Copyright 2009 AP News
