Och-Ziff Capital Management (OZM) Reports Q2 Non-GAAP EPS of $0.06

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August 2, 2016 7:36 AM EDT

Och-Ziff Capital Management (NYSE: OZM) reported Q2 non-GAAP EPS of $0.06, versus $0.18 reported last year.

Och-Ziff recorded an additional $214.3 million reserve accrual in the 2016 second quarter in connection with its ongoing FCPA investigation, bringing the total reserve to $414.3 million.
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Certain of Och-Ziff’s executive managing directors are in discussions to commit up to $500 million to the Company through the purchase of perpetual preferred units. The proceeds of the potential financing transaction would be used to fund the investigation-related monetary settlement and for general corporate purposes. The units are expected to have a dividend rate of 0% initially for three years, which would increase over time, and are not convertible into Class A Shares.
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William Barr, the 77th Attorney General of the United States and former General Counsel of Verizon Communications, has been elected to the Company’s Board of Directors.
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Distributable Earnings in the 2016 second quarter were a loss of $184.3 million, or $0.35 per Adjusted Class A Share, which includes the investigation-related reserve of $214.3 million, or $0.41 per Adjusted Class A Share.
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Distributable Earnings in the 2016 first half were a loss of $326.8 million, or $0.63 per Adjusted Class A Share, which includes investigation related reserve of $414.3 million, or $0.80 per Adjusted Class A Share.
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Assets under management totaled $42.0 billion as of June 30, 2016, declining 12% year-over-year, primarily due to net outflows from the Company’s multi-strategy funds.
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Assets under management in the Company’s dedicated credit, real estate and other single-strategy funds were $15.9 billion, comprising 38% of assets under management as of June 30, 2016,increasing 6% year-over-year.
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Estimated assets under management totaled $39.1 billion as of August 1, 2016.

For earnings history and earnings-related data on Och-Ziff Capital Management (OZM) click here.


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