GAMCO Investors, Inc. (“GAMCO”) (NYSE:GBL) today reported its 2014
second quarter results including revenues of $108.3 million, net income
of $29.0 million and earnings of $1.13 per diluted share. On a
comparable basis, revenues were $92.3 million, net income was $27.9
million, and earnings were $1.09 per diluted share in the second quarter
of 2013.
Assets under Management (“AUM”) rose to a record $49.4 billion, up
almost $2 billion from the $47.6 billion at March 31, 2014 and up 22.0%
from $40.5 billion at June 30, 2013.
For the first half of 2014 the Company generated revenues of $212.8
million, net income of $56.9 million and earnings of $2.22 per diluted
share, an increase of 13.3% from earnings of $1.96 per diluted share in
the first half of 2013.
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Financial Highlights
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Q2
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Q2
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YTD
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YTD
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($'s in 000's except AUM and per share data)
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2013
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2014
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% ∆
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2013
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2014
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% ∆
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AUM - end of period (in millions)
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$
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40,478
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$
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49,377
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22.0
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%
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$
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40,478
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$
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49,377
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22.0
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AUM - average (in millions)
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40,331
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48,132
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19.3
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39,389
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47,556
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20.7
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Revenues
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92,290
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108,296
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17.3
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178,471
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212,773
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19.2
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Operating income before management fee (a)
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36,630
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42,681
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16.5
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71,337
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83,908
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17.6
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Operating margin before management fee
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39.7
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%
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39.4
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%
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40.0
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%
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39.4
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%
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Other income/(expense), net
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11,852
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8,921
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17,000
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15,014
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Income before income taxes
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43,636
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46,458
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6.5
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79,511
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89,050
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12.0
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Effective tax rate
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36.0
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%
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36.9
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%
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36.4
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%
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35.7
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%
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Net income
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27,893
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28,950
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3.8
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50,438
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56,904
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12.8
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Net income per share (b)
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$
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1.09
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$
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1.13
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3.7
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%
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$
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1.96
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$
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2.22
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13.3
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%
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Shares outstanding at June 30
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25,630
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25,899
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25,630
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25,899
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(a)
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See GAAP to non-GAAP reconciliation on page 11.
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(b)
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After a $0.11 per fully diluted share charge in the first quarter
2013 for our shareholder-designated charitable contribution
program.
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Assets Under Management
Total firm AUM increased to a record $49.4 billion at June 30, 2014, up
$1.8 billion from the first quarter of 2014 and $8.9 billion from June
30, 2013. Average AUM were $48.1 billion, an increase of 19.3% from
$40.3 billion in the comparable 2013 quarter. Our second quarter 2014
increase was due to market appreciation of $2.0 billion partially offset
by net outflows of $47 million and open- and closed-end fund net
distributions of $150 million.
AUM in the open-end equity funds increased almost $1 billion during the
second quarter to $18.5 billion, 5.6% ahead of the previous quarter end
and 30.4% higher than the year earlier period. Net inflows into our
open-end equity funds totaled $241 million, excluding net distributions
of $32 million. Market appreciation during the second quarter of 2014
added $768 million.
Solid performance enabled our closed-end funds to climb 12.7% to AUM of
$7.2 billion on June 30, 2014 from the $6.4 billion on June 30, 2013 and
3.7% from the $7.0 billion on March 31, 2014. During the twelve month
period ended on June 30, 2014 there were $487 million of distributions
from all closed-end funds. For the second quarter of 2014, market
appreciation was $366 million, offset by $118 million of distributions
from all closed-end funds, net of reinvestments.
Institutional and private wealth management AUM at June 30, 2014 was
$20.9 billion, 3.0% higher than March 31, 2014 AUM of $20.3 billion and
20.8% higher than the comparable 2013 period end. Average AUM in the
institutional and private wealth management accounts were $20.4 billion,
19.3% higher than the prior year quarter.
AUM in our investment partnerships’ rose to $897 million on June 30,
2014 from $865 million on March 31, 2014 from a combination of net
inflows of $15 million and market appreciation of $17 million.
Revenues
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Total revenues for the second quarter of 2014 were $108.3 million, up
17.4% from $92.3 million in the prior year. Year over year revenue
growth was supported by a 22.0% increase in total firm AUM, paced by a
30.4% increase in our open-end equity funds.
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Investment advisory and incentive fees were $90.2 million in the
second quarter of 2014, an increase of $12.8 million or 16.4% from the
comparable 2013 quarter. Revenues were generally driven by growth in
average AUM in our open- and closed-end funds and higher billable
assets in our institutional and private wealth management accounts.
Incentive fees earned during the 2014 quarter totaled $0.5 million
versus $2.1 million in the second quarter of 2013.
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Distribution fees from our open-end funds and other income were $15.8
million for the second quarter 2014, an increase of $3.3 million, or
25.9%, from the prior year quarter of $12.5 million.
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Our institutional research services revenues were $2.4 million in the
second quarter 2014 versus $2.3 million in the prior year period.
Operating Income – Second Quarter
Operating income, which is net of management fee expense, increased
17.9% or $5.7 million to $37.5 million in the second quarter of 2014
versus $31.8 million in the prior year period. The operating margin rose
to 34.7% in the second quarter of 2014 versus 34.4% in the comparable
prior year period. Operating margin improved largely due to the lower
management fee resulting from the decreased non-operating other income
and partially offset by higher stock compensation costs as compared to
the prior year quarter. The Company issued RSAs during the second half
of 2013 resulting in a $1.7 million increase in stock compensation costs
in the 2014 quarter versus the prior year quarter. Management fee
expense, which is incentive based and entirely variable, is based on
pre-tax income and is impacted by changes in both operating and
non-operating income.
Operating income before management fee was $42.7 million in the second
quarter 2014 versus $36.6 million in the second quarter 2013. Operating
margin before management fee declined to 39.4% versus 39.7% in the
second quarter of 2013 due to the higher stock compensation costs in the
current year period. Management believes evaluating operating income
before management fee is an important measure in analyzing the Company’s
operating results. Further information regarding Non-GAAP measures is
included in Notes on Non-GAAP Financial Measures and Table VII included
elsewhere herein.
Other income (expense)
Other income/(expense), net, was $8.9 million in the 2014 quarter versus
$11.9 million in the second quarter of 2013. Gains from investments in
mutual funds, alternative investment products and proprietary accounts
were $9.7 million in the 2014 quarter versus $12.1 million in the second
quarter of 2013. Dividend and interest income totaled $1.3 million, down
from $2.5 million in the prior year period. The decrease in interest
expense to $2.0 million in the 2014 second quarter versus $2.8 million
in the prior year quarter was due to the repayment of the Company’s $99
million 5.5% senior notes on May 15, 2013.
Income Taxes
The second quarter 2014 effective tax rate (“ETR”) was 36.9% compared to
36.0% in the 2013 quarter as the prior year quarter benefitted from the
reversal of certain state tax accruals. We expect the ETR for the
remainder of the year to more closely track our prior year ETR of 36.1%.
Business and Investment Highlights
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On April 15, 2014, the shareholders of The Gabelli Dividend & Income
Trust (NYSE: GDV) approved the spin-off of a $100 million closed-end
investment company, The Gabelli Global Small and Mid Cap Value Trust
(NYSE: GGZ) from GDV. GGZ, our 11th closed-end fund, will
seek long-term growth of capital by investing at least 80% of its
total assets, under normal market conditions, in equity securities of
companies with small or medium-sized market capitalizations and at
least 40% of its total assets in the equity securities of companies
located outside the United States and in at least three countries.
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In May 2014, Gabelli & Company hosted its 8th annual
Omaha research trip in conjunction with the Berkshire Hathaway Annual
Meeting as well as its 6th annual Movie & Entertainment
Conference.
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At our 29th GAMCO client conference held at the Pierre
Hotel in New York City on May 16th we inducted three new
members into our GAMCO Management Hall of Fame. The inductees were:
Carl Icahn of Icahn Enterprises, Colleen Brown of Fisher
Communications and Matthew Shattock of Beam Inc. Additionally, we
named Professor Ravi Jagannathan of the Kellogg School of Management
at Northwestern University and William E. Simon, Jr. Co-Chairman of
William E. Simon & Sons and visiting Professor at the UCLA Anderson
School of Management as the 2014 recipients of the Graham & Dodd,
Murray, Greenwald Prize for Value Investing.
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In the May 26, 2014 issue of Pensions & Investments Report
on the Largest Money Managers-Worldwide Institutional Assets Under
Management, GAMCO was ranked #167 for the year ended December 31, 2013
up from #175 for the year ended December 31, 2012.
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In July 2014, The Gabelli Healthcare & WellnessRx Trust
(NYSE: GRX) and the Gabelli Multimedia Trust (NYSE: GGT) completed
rights offerings raising $44 million and $54 million, respectively, of
new equity. Both offerings were heavily over-subscribed.
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Gabelli Funds was an underwriter of the exhibition of Italian master
portraitist, Parmigianino’s the “Turkish Slave” at the Frick
Collection in New York.
Balance Sheet
We ended the quarter with cash and investments of $681.8 million, debt
of $111.8 million ($113.2 million face value) and equity attributable to
GAMCO shareholders of $494.4 million. We have $400 million available on
our universal shelf registration. Together with earnings from
operations, the shelf provides us with flexibility to do acquisitions,
lift-outs, seed new investment strategies, and co-invest, as well as
fund shareholder compensation including, share repurchases and dividends.
Shareholder Compensation
During the quarter ended June 30, 2014, we returned $9.7 million of our
earnings to shareholders through dividends and stock repurchases. We
repurchased 103,528 shares at an average price of $77.76 per share
through our stock buyback program, for a total investment of $8.1
million. We returned $1.6 million through cash dividends.
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NOTES ON NON-GAAP FINANCIAL MEASURES
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A.
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Operating income before management fee expense is used by management
to evaluate its business operations. We believe this measure is
useful in illustrating the operating results of GAMCO Investors,
Inc. (the “Company”) as management fee expense is based on pre-tax
income before management fee expense, which includes non-operating
items including investment gains and losses from the Company’s
proprietary investment portfolio and interest expense. The
reconciliation of operating income before management fee expense to
operating income is provided in Table VII.
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B.
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Operating income before management fee expense per share and other
income, net per share are used by management for purposes of
evaluating its business operations. We believe these measures are
useful in comparing the operating and non-operating results of the
Company for the purposes of understanding the composition of net
income per fully diluted share. The negative swings in other income,
net of $0.08 and $0.05 per fully diluted share for the quarter and
year to date, respectively, are derived by making certain necessary
adjustments, as shown in the table below, to arrive at a net impact
for each period and then calculating the difference. The
reconciliation of operating income before management fee expense per
share and other income, net per share to net income per fully
diluted share, is provided below.
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2nd Quarter
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YTD June
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2013
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2014
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2013
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2014
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Operating income before management fee
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$
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36,630
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$
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42,681
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$
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71,337
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$
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83,908
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Management fee expense
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(3,667
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(4,252
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(7,126
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(8,371
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Tax expense
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(11,878
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(14,174
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(23,354
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(26,933
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Noncontrolling interest expense
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91
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87
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177
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166
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Operating income (after management fee and taxes)
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21,176
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24,342
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41,034
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48,770
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Per fully diluted share
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$
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0.83
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$
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0.95
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$
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1.59
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$
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1.90
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Other income, net
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$
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11,852
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$
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8,921
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$
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17,000
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$
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15,014
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Management fee expense
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(1,179
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(892
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(1,700
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(1,501
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Tax expense
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(3,846
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(2,961
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(5,565
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(4,818
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Noncontrolling interest (expense)/benefit
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(110
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(460
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(331
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(561
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Other income, net (after management fee and taxes)
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$
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6,717
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$
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4,608
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$
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9,404
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$
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8,134
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Per fully diluted share
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$
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0.26
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$
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0.18
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$
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0.37
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$
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0.32
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Net income per fully diluted share
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$
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1.09
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$
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1.13
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$
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1.96
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$
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2.22
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Diluted weighted average shares outstanding
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25,689
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25,585
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25,723
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25,634
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SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
The financial results set forth in this press release are preliminary.
Our disclosure and analysis in this press release, which do not present
historical information, contain “forward-looking statements” within the
meaning of the U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements convey our current expectations or forecasts
of future events. You can identify these statements because they do not
relate strictly to historical or current facts. They use words such as
“anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” and other words and terms of similar meaning. They also
appear in any discussion of future operating or financial performance.
In particular, these include statements relating to future actions,
future performance of our products, expenses, the outcome of any legal
proceedings, and financial results. Although we believe that we are
basing our expectations and beliefs on reasonable assumptions within the
bounds of what we currently know about our business and operations, the
economy and other conditions, there can be no assurance that our actual
results will not differ materially from what we expect or believe.
Therefore, you should proceed with caution in relying on any of these
forward-looking statements. They are neither statements of historical
fact nor guarantees or assurances of future performance.
Forward-looking statements involve a number of known and unknown risks,
uncertainties and other important factors, some of which are listed
below, that are difficult to predict and could cause actual results and
outcomes to differ materially from any future results or outcomes
expressed or implied by such forward-looking statements. Some of the
factors that could cause our actual results to differ from our
expectations or beliefs include a decline in the securities markets that
adversely affect our assets under management, negative performance of
our products, the failure to perform as required under our investment
management agreements, a general downturn in the economy that negatively
impacts our operations. We also direct your attention to the more
specific discussions of these and other risks, uncertainties and other
important factors contained in our Form 10-K and other public filings.
Other factors that could cause our actual results to differ may emerge
from time to time, and it is not possible for us to predict all of them.
We do not undertake to update publicly any forward-looking statements if
we subsequently learn that we are unlikely to achieve our expectations
whether as a result of new information, future developments or
otherwise, except as may be required by law.
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The Company reported Assets Under Management as follows (in
millions):
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Table I: Fund Flows - 2nd Quarter 2014
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Fund
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Market
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distributions,
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March 31,
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appreciation/
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Net cash
|
|
|
net of
|
|
|
June 30,
|
|
|
|
|
|
|
2014
|
|
|
(depreciation)
|
|
|
flows
|
|
|
reinvestments
|
|
|
2014
|
Equities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-end Funds
|
|
|
|
|
|
$
|
17,531
|
|
|
$
|
768
|
|
|
$
|
241
|
|
|
|
$
|
(32
|
)
|
|
|
$
|
18,508
|
Closed-end Funds
|
|
|
|
|
|
|
6,967
|
|
|
|
366
|
|
|
|
9
|
|
|
|
|
(118
|
)
|
|
|
|
7,224
|
Institutional & PWM - direct
|
|
|
|
|
|
|
16,403
|
|
|
|
735
|
|
|
|
(197
|
)
|
|
|
|
-
|
|
|
|
|
16,941
|
Institutional & PWM - sub-advisory
|
|
|
|
|
|
|
3,822
|
|
|
|
132
|
|
|
|
(71
|
)
|
|
|
|
-
|
|
|
|
|
3,883
|
Investment Partnerships
|
|
|
|
|
|
|
865
|
|
|
|
17
|
|
|
|
15
|
|
|
|
|
-
|
|
|
|
|
897
|
SICAV (a)
|
|
|
|
|
|
|
91
|
|
|
|
1
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
94
|
Total Equities
|
|
|
|
|
|
|
45,679
|
|
|
|
2,019
|
|
|
|
(1
|
)
|
|
|
|
(150
|
)
|
|
|
|
47,547
|
Fixed Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money-Market Fund
|
|
|
|
|
|
|
1,812
|
|
|
|
-
|
|
|
|
(46
|
)
|
|
|
|
-
|
|
|
|
|
1,766
|
Institutional & PWM
|
|
|
|
|
|
|
64
|
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
64
|
Total Fixed Income
|
|
|
|
|
|
|
1,876
|
|
|
|
-
|
|
|
|
(46
|
)
|
|
|
|
-
|
|
|
|
|
1,830
|
Total Assets Under Management
|
|
|
|
|
|
$
|
47,555
|
|
|
$
|
2,019
|
|
|
$
|
(47
|
)
|
|
|
$
|
(150
|
)
|
|
|
$
|
49,377
|
|
|
The Company reported Assets Under Management as follows (in
millions):
|
|
Table II: Fund Flows - Six Months ended June 30, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
Market
|
|
|
|
|
|
distributions,
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
appreciation/
|
|
|
Net cash
|
|
|
net of
|
|
|
June 30,
|
|
|
|
|
|
|
2013
|
|
|
(depreciation)
|
|
|
flows
|
|
|
reinvestments
|
|
|
2014
|
Equities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-end Funds
|
|
|
|
|
|
$
|
17,078
|
|
|
$
|
997
|
|
|
$
|
495
|
|
|
|
$
|
(62
|
)
|
|
|
$
|
18,508
|
Closed-end Funds
|
|
|
|
|
|
|
6,945
|
|
|
|
506
|
|
|
|
4
|
|
|
|
|
(231
|
)
|
|
|
|
7,224
|
Institutional & PWM - direct
|
|
|
|
|
|
|
16,486
|
|
|
|
929
|
|
|
|
(474
|
)
|
|
|
|
-
|
|
|
|
|
16,941
|
Institutional & PWM - sub-advisory
|
|
|
|
|
|
|
3,797
|
|
|
|
184
|
|
|
|
(98
|
)
|
|
|
|
-
|
|
|
|
|
3,883
|
Investment Partnerships
|
|
|
|
|
|
|
811
|
|
|
|
24
|
|
|
|
62
|
|
|
|
|
-
|
|
|
|
|
897
|
SICAV (a)
|
|
|
|
|
|
|
96
|
|
|
|
2
|
|
|
|
(4
|
)
|
|
|
|
-
|
|
|
|
|
94
|
Total Equities
|
|
|
|
|
|
|
45,213
|
|
|
|
2,642
|
|
|
|
(15
|
)
|
|
|
|
(293
|
)
|
|
|
|
47,547
|
Fixed Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money-Market Fund
|
|
|
|
|
|
|
1,735
|
|
|
|
-
|
|
|
|
31
|
|
|
|
|
-
|
|
|
|
|
1,766
|
Institutional & PWM
|
|
|
|
|
|
|
62
|
|
|
|
-
|
|
|
|
2
|
|
|
|
|
-
|
|
|
|
|
64
|
Total Fixed Income
|
|
|
|
|
|
|
1,797
|
|
|
|
-
|
|
|
|
33
|
|
|
|
|
-
|
|
|
|
|
1,830
|
Total Assets Under Management
|
|
|
|
|
|
$
|
47,010
|
|
|
$
|
2,642
|
|
|
$
|
18
|
|
|
|
$
|
(293
|
)
|
|
|
$
|
49,377
|
|
|
Table III: Assets Under Management
|
|
|
|
|
|
|
June 30,
|
|
|
|
June 30,
|
|
|
|
%
|
|
|
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
Inc.(Dec.)
|
Equities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-end Funds
|
|
|
|
|
|
$
|
14,188
|
|
|
|
$
|
18,508
|
|
|
|
30.4
|
%
|
Closed-end Funds
|
|
|
|
|
|
|
6,409
|
|
|
|
|
7,224
|
|
|
|
12.7
|
|
Institutional & PWM - direct
|
|
|
|
|
|
|
14,069
|
|
|
|
|
16,941
|
|
|
|
20.4
|
|
Institutional & PWM - sub-advisory
|
|
|
|
|
|
|
3,185
|
|
|
|
|
3,883
|
|
|
|
21.9
|
|
Investment Partnerships
|
|
|
|
|
|
|
778
|
|
|
|
|
897
|
|
|
|
15.3
|
|
SICAV (a)
|
|
|
|
|
|
|
93
|
|
|
|
|
94
|
|
|
|
1.1
|
|
Total Equities
|
|
|
|
|
|
|
38,722
|
|
|
|
|
47,547
|
|
|
|
22.8
|
|
Fixed Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money-Market Fund
|
|
|
|
|
|
|
1,689
|
|
|
|
|
1,766
|
|
|
|
4.6
|
|
Institutional & PWM
|
|
|
|
|
|
|
67
|
|
|
|
|
64
|
|
|
|
(4.5
|
)
|
Total Fixed Income
|
|
|
|
|
|
|
1,756
|
|
|
|
|
1,830
|
|
|
|
4.2
|
|
Total Assets Under Management
|
|
|
|
|
|
$
|
40,478
|
|
|
|
$
|
49,377
|
|
|
|
22.0
|
%
|
|
Table IV: Assets Under Management by Quarter
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% ∆
|
|
|
|
|
|
|
6/13
|
|
|
|
9/13
|
|
|
|
12/13
|
|
|
|
3/14
|
|
|
|
6/14
|
|
|
|
6/13
|
|
|
|
3/14
|
Equities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Open-end Funds
|
|
|
|
|
|
$
|
14,188
|
|
|
|
$
|
15,581
|
|
|
|
$
|
17,078
|
|
|
|
$
|
17,531
|
|
|
|
$
|
18,508
|
|
|
|
30.4
|
%
|
|
|
|
5.6
|
%
|
Closed-end Funds
|
|
|
|
|
|
|
6,409
|
|
|
|
|
6,721
|
|
|
|
|
6,945
|
|
|
|
|
6,967
|
|
|
|
|
7,224
|
|
|
|
12.7
|
|
|
|
|
3.7
|
|
Institutional & PWM - direct
|
|
|
|
|
|
|
14,069
|
|
|
|
|
15,026
|
|
|
|
|
16,486
|
|
|
|
|
16,403
|
|
|
|
|
16,941
|
|
|
|
20.4
|
|
|
|
|
3.3
|
|
Institutional & PWM - sub-advisory
|
|
|
|
|
|
|
3,185
|
|
|
|
|
3,503
|
|
|
|
|
3,797
|
|
|
|
|
3,822
|
|
|
|
|
3,883
|
|
|
|
21.9
|
|
|
|
|
1.6
|
|
Investment Partnerships
|
|
|
|
|
|
|
778
|
|
|
|
|
805
|
|
|
|
|
811
|
|
|
|
|
865
|
|
|
|
|
897
|
|
|
|
15.3
|
|
|
|
|
3.7
|
|
SICAV (a)
|
|
|
|
|
|
|
93
|
|
|
|
|
94
|
|
|
|
|
96
|
|
|
|
|
91
|
|
|
|
|
94
|
|
|
|
1.1
|
|
|
|
|
3.3
|
|
Total Equities
|
|
|
|
|
|
|
38,722
|
|
|
|
|
41,730
|
|
|
|
|
45,213
|
|
|
|
|
45,679
|
|
|
|
|
47,547
|
|
|
|
22.8
|
|
|
|
|
4.1
|
|
Fixed Income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money-Market Fund
|
|
|
|
|
|
|
1,689
|
|
|
|
|
1,714
|
|
|
|
|
1,735
|
|
|
|
|
1,812
|
|
|
|
|
1,766
|
|
|
|
4.6
|
|
|
|
|
(2.5
|
)
|
Institutional & PWM
|
|
|
|
|
|
|
67
|
|
|
|
|
63
|
|
|
|
|
62
|
|
|
|
|
64
|
|
|
|
|
64
|
|
|
|
(4.5
|
)
|
|
|
|
-
|
|
Total Fixed Income
|
|
|
|
|
|
|
1,756
|
|
|
|
|
1,777
|
|
|
|
|
1,797
|
|
|
|
|
1,876
|
|
|
|
|
1,830
|
|
|
|
4.2
|
|
|
|
|
(2.5
|
)
|
Total Assets Under Management
|
|
|
|
|
|
$
|
40,478
|
|
|
|
$
|
43,507
|
|
|
|
$
|
47,010
|
|
|
|
$
|
47,555
|
|
|
|
$
|
49,377
|
|
|
|
22.0
|
%
|
|
|
|
3.8
|
%
|
|
(a)
|
Includes $90 million, $92 million, $94 million, $88 million and $77
million of proprietary seed capital at June 30, 2013, September 30,
2013, December 31, 2013, March 31, 2014 and June 30, 2014,
respectively.
|
|
Table V
|
|
GAMCO INVESTORS, INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
For the Quarter Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Inc.
|
|
|
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory and incentive fees
|
|
|
|
|
|
$
|
77,443
|
|
|
|
|
$
|
90,156
|
|
|
|
|
16.4
|
%
|
Distribution fees and other income
|
|
|
|
|
|
|
12,522
|
|
|
|
|
|
15,767
|
|
|
|
|
25.9
|
|
Institutional research services
|
|
|
|
|
|
|
2,325
|
|
|
|
|
|
2,373
|
|
|
|
|
2.1
|
|
Total revenues
|
|
|
|
|
|
|
92,290
|
|
|
|
|
|
108,296
|
|
|
|
|
17.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation costs
|
|
|
|
|
|
|
37,759
|
|
|
|
|
|
44,045
|
|
|
|
|
16.6
|
|
Distribution costs
|
|
|
|
|
|
|
11,871
|
|
|
|
|
|
15,023
|
|
|
|
|
26.6
|
|
Other operating expenses
|
|
|
|
|
|
|
6,030
|
|
|
|
|
|
6,547
|
|
|
|
|
8.6
|
|
Total expenses
|
|
|
|
|
|
|
55,660
|
|
|
|
|
|
65,615
|
|
|
|
|
17.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income before management fee
|
|
|
|
|
|
|
36,630
|
|
|
|
|
|
42,681
|
|
|
|
|
16.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
|
|
|
|
14,648
|
|
|
|
|
|
11,076
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
(2,796
|
)
|
|
|
|
|
(2,021
|
)
|
|
|
|
|
Shareholder-designated contribution
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(134
|
)
|
|
|
|
|
Other income, net
|
|
|
|
|
|
|
11,852
|
|
|
|
|
|
8,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before management fee and income taxes
|
|
|
|
|
|
|
48,482
|
|
|
|
|
|
51,602
|
|
|
|
|
6.4
|
|
Management fee expense
|
|
|
|
|
|
|
4,846
|
|
|
|
|
|
5,144
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
|
|
43,636
|
|
|
|
|
|
46,458
|
|
|
|
|
6.5
|
|
Income tax expense
|
|
|
|
|
|
|
15,724
|
|
|
|
|
|
17,135
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
27,912
|
|
|
|
|
|
29,323
|
|
|
|
|
5.1
|
|
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
19
|
|
|
|
|
|
373
|
|
|
|
|
|
Net income attributable to GAMCO Investors, Inc.
|
|
|
|
|
|
$
|
27,893
|
|
|
|
|
$
|
28,950
|
|
|
|
|
3.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to GAMCO Investors, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
1.09
|
|
|
|
|
$
|
1.14
|
|
|
|
|
4.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
$
|
1.09
|
|
|
|
|
$
|
1.13
|
|
|
|
|
3.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
25,679
|
|
|
|
|
|
25,381
|
|
|
|
|
(1.2
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
25,689
|
|
|
|
|
|
25,586
|
|
|
|
|
(0.4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shares outstanding (a)
|
|
|
|
|
|
|
25,630
|
|
|
|
|
|
25,899
|
|
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes 0 and 564,250 of RSAs, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See GAAP to non-GAAP reconciliation on page 11.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table VI
|
|
GAMCO INVESTORS, INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
For the Six Months Ended June 30,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Inc.
|
|
|
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
(Dec.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory and incentive fees
|
|
|
|
|
|
$
|
150,050
|
|
|
|
|
$
|
177,953
|
|
|
|
|
18.6
|
%
|
Distribution fees and other income
|
|
|
|
|
|
|
23,875
|
|
|
|
|
|
30,640
|
|
|
|
|
28.3
|
|
Institutional research services
|
|
|
|
|
|
|
4,546
|
|
|
|
|
|
4,180
|
|
|
|
|
(8.1
|
)
|
Total revenues
|
|
|
|
|
|
|
178,471
|
|
|
|
|
|
212,773
|
|
|
|
|
19.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation costs
|
|
|
|
|
|
|
73,411
|
|
|
|
|
|
87,942
|
|
|
|
|
19.8
|
|
Distribution costs
|
|
|
|
|
|
|
22,881
|
|
|
|
|
|
28,986
|
|
|
|
|
26.7
|
|
Other operating expenses
|
|
|
|
|
|
|
10,842
|
|
|
|
|
|
11,937
|
|
|
|
|
10.1
|
|
Total expenses
|
|
|
|
|
|
|
107,134
|
|
|
|
|
|
128,865
|
|
|
|
|
20.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income before management fee
|
|
|
|
|
|
|
71,337
|
|
|
|
|
|
83,908
|
|
|
|
|
17.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income
|
|
|
|
|
|
|
28,284
|
|
|
|
|
|
19,161
|
|
|
|
|
|
Interest expense
|
|
|
|
|
|
|
(6,284
|
)
|
|
|
|
|
(4,013
|
)
|
|
|
|
|
Shareholder-designated contribution
|
|
|
|
|
|
|
(5,000
|
)
|
|
|
|
|
(134
|
)
|
|
|
|
|
Other income, net
|
|
|
|
|
|
|
17,000
|
|
|
|
|
|
15,014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before management fee and income taxes
|
|
|
|
|
|
|
88,337
|
|
|
|
|
|
98,922
|
|
|
|
|
12.0
|
|
Management fee expense
|
|
|
|
|
|
|
8,826
|
|
|
|
|
|
9,872
|
|
|
|
|
|
Income before income taxes
|
|
|
|
|
|
|
79,511
|
|
|
|
|
|
89,050
|
|
|
|
|
12.0
|
|
Income tax expense
|
|
|
|
|
|
|
28,919
|
|
|
|
|
|
31,751
|
|
|
|
|
|
Net income
|
|
|
|
|
|
|
50,592
|
|
|
|
|
|
57,299
|
|
|
|
|
13.3
|
|
Net income attributable to noncontrolling interests
|
|
|
|
|
|
|
154
|
|
|
|
|
|
395
|
|
|
|
|
|
Net income attributable to GAMCO Investors, Inc.
|
|
|
|
|
|
$
|
50,438
|
|
|
|
|
$
|
56,904
|
|
|
|
|
12.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share attributable to GAMCO Investors, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
1.96
|
|
|
|
|
$
|
2.24
|
|
|
|
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
$
|
1.96
|
|
|
|
|
$
|
2.22
|
|
|
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
25,710
|
|
|
|
|
|
25,431
|
|
|
|
|
(1.1
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
25,723
|
|
|
|
|
|
25,635
|
|
|
|
|
(0.3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual shares outstanding (a)
|
|
|
|
|
|
|
25,630
|
|
|
|
|
|
25,899
|
|
|
|
|
1.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Includes 0 and 564,250 of RSAs, respectively.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See GAAP to non-GAAP reconciliation on page 11.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table VII
|
GAMCO INVESTORS, INC.
|
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
2013
|
|
|
2014
|
|
|
|
|
|
|
1st
|
|
|
2nd
|
|
|
3rd
|
|
|
4th
|
|
|
|
|
|
1st
|
|
|
2nd
|
|
|
|
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Quarter
|
|
|
Full Year
|
|
|
Quarter
|
|
|
Quarter
|
Income Statement Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
|
|
|
$
|
86,181
|
|
|
|
$
|
92,290
|
|
|
|
$
|
96,377
|
|
|
|
$
|
122,714
|
|
|
|
$
|
397,562
|
|
|
|
$
|
104,477
|
|
|
|
$
|
108,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
51,474
|
|
|
|
|
55,660
|
|
|
|
|
58,020
|
|
|
|
|
71,167
|
|
|
|
|
236,321
|
|
|
|
|
63,250
|
|
|
|
|
65,615
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee
|
|
|
|
|
|
|
34,707
|
|
|
|
|
36,630
|
|
|
|
|
38,357
|
|
|
|
|
51,547
|
|
|
|
|
161,241
|
|
|
|
|
41,227
|
|
|
|
|
42,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment income/(loss)
|
|
|
|
|
|
|
13,636
|
|
|
|
|
14,648
|
|
|
|
|
20,468
|
|
|
|
|
13,524
|
|
|
|
|
62,276
|
|
|
|
|
8,085
|
|
|
|
|
11,076
|
|
Interest expense
|
|
|
|
|
|
|
(3,488
|
)
|
|
|
|
(2,796
|
)
|
|
|
|
(2,164
|
)
|
|
|
|
(2,063
|
)
|
|
|
|
(10,511
|
)
|
|
|
|
(1,992
|
)
|
|
|
|
(2,021
|
)
|
Shareholder-designated contribution
|
|
|
|
|
|
|
(5,000
|
)
|
|
|
|
-
|
|
|
|
|
(313
|
)
|
|
|
|
(5,313
|
)
|
|
|
|
(10,626
|
)
|
|
|
|
-
|
|
|
|
|
(134
|
)
|
Other income/(expense), net
|
|
|
|
|
|
|
5,148
|
|
|
|
|
11,852
|
|
|
|
|
17,991
|
|
|
|
|
6,148
|
|
|
|
|
41,139
|
|
|
|
|
6,093
|
|
|
|
|
8,921
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before management
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
fee and income taxes
|
|
|
|
|
|
|
39,855
|
|
|
|
|
48,482
|
|
|
|
|
56,348
|
|
|
|
|
57,695
|
|
|
|
|
202,380
|
|
|
|
|
47,320
|
|
|
|
|
51,602
|
|
Management fee expense
|
|
|
|
|
|
|
3,980
|
|
|
|
|
4,846
|
|
|
|
|
5,629
|
|
|
|
|
4,374
|
|
|
|
|
18,829
|
|
|
|
|
4,728
|
|
|
|
|
5,144
|
|
Income before income taxes
|
|
|
|
|
|
|
35,875
|
|
|
|
|
43,636
|
|
|
|
|
50,719
|
|
|
|
|
53,321
|
|
|
|
|
183,551
|
|
|
|
|
42,592
|
|
|
|
|
46,458
|
|
Income tax expense
|
|
|
|
|
|
|
13,195
|
|
|
|
|
15,724
|
|
|
|
|
17,515
|
|
|
|
|
19,752
|
|
|
|
|
66,186
|
|
|
|
|
14,616
|
|
|
|
|
17,135
|
|
Net income
|
|
|
|
|
|
|
22,680
|
|
|
|
|
27,912
|
|
|
|
|
33,204
|
|
|
|
|
33,569
|
|
|
|
|
117,365
|
|
|
|
|
27,976
|
|
|
|
|
29,323
|
|
Net income/(loss) attributable
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to noncontrolling interests
|
|
|
|
|
|
|
135
|
|
|
|
|
19
|
|
|
|
|
106
|
|
|
|
|
252
|
|
|
|
|
512
|
|
|
|
|
22
|
|
|
|
|
373
|
|
Net income attributable to
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMCO Investors, Inc.
|
|
|
|
|
|
$
|
22,545
|
|
|
|
$
|
27,893
|
|
|
|
$
|
33,098
|
|
|
|
$
|
33,317
|
|
|
|
$
|
116,853
|
|
|
|
$
|
27,954
|
|
|
|
$
|
28,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
attributable to GAMCO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investors, Inc.:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
$
|
0.88
|
|
|
|
$
|
1.09
|
|
|
|
$
|
1.29
|
|
|
|
$
|
1.30
|
|
|
|
$
|
4.56
|
|
|
|
$
|
1.10
|
|
|
|
$
|
1.14
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
$
|
0.88
|
|
|
|
$
|
1.09
|
|
|
|
$
|
1.29
|
|
|
|
$
|
1.29
|
|
|
|
$
|
4.54
|
|
|
|
$
|
1.09
|
|
|
|
$
|
1.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
25,742
|
|
|
|
|
25,679
|
|
|
|
|
25,625
|
|
|
|
|
25,567
|
|
|
|
|
26,283
|
|
|
|
|
25,481
|
|
|
|
|
25,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted
|
|
|
|
|
|
|
25,758
|
|
|
|
|
25,689
|
|
|
|
|
25,700
|
|
|
|
|
25,733
|
|
|
|
|
26,436
|
|
|
|
|
25,684
|
|
|
|
|
25,586
|
|
Reconciliation of non-GAAP
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
financial measures to GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee
|
|
|
|
|
|
$
|
34,707
|
|
|
|
$
|
36,630
|
|
|
|
$
|
38,357
|
|
|
|
$
|
51,547
|
|
|
|
$
|
161,241
|
|
|
|
$
|
41,227
|
|
|
|
$
|
42,681
|
|
Deduct: management fee expense
|
|
|
|
|
|
|
3,980
|
|
|
|
|
4,846
|
|
|
|
|
5,629
|
|
|
|
|
4,374
|
|
|
|
|
18,829
|
|
|
|
|
4,728
|
|
|
|
|
5,144
|
|
Operating income
|
|
|
|
|
|
$
|
30,727
|
|
|
|
$
|
31,784
|
|
|
|
$
|
32,728
|
|
|
|
$
|
47,173
|
|
|
|
$
|
142,412
|
|
|
|
$
|
36,499
|
|
|
|
$
|
37,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating margin before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee
|
|
|
|
|
|
|
40.3
|
%
|
|
|
|
39.7
|
%
|
|
|
|
39.8
|
%
|
|
|
|
42.0
|
%
|
|
|
|
40.6
|
%
|
|
|
|
39.5
|
%
|
|
|
|
39.4
|
%
|
Operating margin after
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
management fee
|
|
|
|
|
|
|
35.7
|
%
|
|
|
|
34.4
|
%
|
|
|
|
34.0
|
%
|
|
|
|
38.4
|
%
|
|
|
|
35.8
|
%
|
|
|
|
34.9
|
%
|
|
|
|
34.7
|
%
|
|
|
Table VIII
|
GAMCO INVESTORS, INC.
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
(Dollars in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
|
|
December 31,
|
|
|
|
June 30,
|
|
|
|
|
|
|
2013
|
|
|
|
2013
|
|
|
|
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
|
|
|
$
|
222,776
|
|
|
|
$
|
210,451
|
|
|
|
$
|
307,490
|
Investments (a)
|
|
|
|
|
|
|
367,315
|
|
|
|
|
371,262
|
|
|
|
|
374,283
|
Receivable from brokers
|
|
|
|
|
|
|
39,669
|
|
|
|
|
49,461
|
|
|
|
|
58,945
|
Other receivables
|
|
|
|
|
|
|
35,722
|
|
|
|
|
60,390
|
|
|
|
|
43,875
|
Income tax receivable
|
|
|
|
|
|
|
413
|
|
|
|
|
445
|
|
|
|
|
1,077
|
Other assets
|
|
|
|
|
|
|
17,606
|
|
|
|
|
17,476
|
|
|
|
|
19,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
|
|
|
$
|
683,501
|
|
|
|
$
|
709,485
|
|
|
|
$
|
804,802
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable to brokers
|
|
|
|
|
|
$
|
14,986
|
|
|
|
$
|
10,765
|
|
|
|
$
|
19,859
|
Income taxes payable and deferred tax liabilities
|
|
|
|
|
|
|
27,864
|
|
|
|
|
39,846
|
|
|
|
|
31,029
|
Compensation payable
|
|
|
|
|
|
|
59,643
|
|
|
|
|
34,663
|
|
|
|
|
68,908
|
Securities sold short, not yet purchased
|
|
|
|
|
|
|
7,598
|
|
|
|
|
6,178
|
|
|
|
|
14,329
|
Accrued expenses and other liabilities
|
|
|
|
|
|
|
38,170
|
|
|
|
|
39,189
|
|
|
|
|
38,823
|
Sub-total
|
|
|
|
|
|
|
148,261
|
|
|
|
|
130,641
|
|
|
|
|
172,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.875% Senior notes (due June 1, 2021)
|
|
|
|
|
|
|
100,000
|
|
|
|
|
100,000
|
|
|
|
|
100,000
|
0% Subordinated Debentures (due December 31, 2015) (b)
|
|
|
|
|
|
|
17,028
|
|
|
|
|
11,911
|
|
|
|
|
11,813
|
Total debt
|
|
|
|
|
|
|
117,028
|
|
|
|
|
111,911
|
|
|
|
|
111,813
|
Total liabilities
|
|
|
|
|
|
|
265,289
|
|
|
|
|
242,552
|
|
|
|
|
284,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Redeemable noncontrolling interests
|
|
|
|
|
|
|
7,021
|
|
|
|
|
6,751
|
|
|
|
|
22,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAMCO Investors, Inc.'s stockholders' equity
|
|
|
|
|
|
|
408,413
|
|
|
|
|
457,331
|
|
|
|
|
494,418
|
Noncontrolling interests
|
|
|
|
|
|
|
2,778
|
|
|
|
|
2,851
|
|
|
|
|
2,817
|
Total equity
|
|
|
|
|
|
|
411,191
|
|
|
|
|
460,182
|
|
|
|
|
497,235
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity
|
|
|
|
|
|
$
|
683,501
|
|
|
|
$
|
709,485
|
|
|
|
$
|
804,802
|
|
(a)
|
|
Includes investments in sponsored registered investment companies of
$52.3 million, $44.0 million and $40.8 million, respectively.
|
(b)
|
|
The 0% Subordinated Debentures due December 31, 2015 have a face
value of $20.5 million, $13.8 million and $13.2 million,
respectively.
|
|
Copyright Business Wire 2014