Fifth Street Asset Management Inc. Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2016
Fifth Street Asset Management Inc. reported consolidated earnings results for the first quarter ended March 31, 2016. For the quarter, the company reported total revenues were $19,047,731 compared to $24,958,615 a year ago. The decrease in Revenue was primarily due to elevated litigation-related costs at funds, which resulted in lower management fees earned. Loss before provision for income taxes was $11,365,070 compared to income of $11,667,378 a year ago. Net loss attributable to company was $1,239,385 or $0.24 diluted per share compared to income of $1,296,602 or $0.21 diluted per share a year ago. Pro forma adjusted net income was $6.1 million, or $0.12 per share, for the quarter ended March 31, 2016, which represented a $2.9 million, or 32.2%, decrease as compared to $9.1 million, or $0.18 per share, for the quarter ended March 31, 2015. The decrease in pro forma adjusted net income was primarily due to the revenue decline.