GAMCO Investors, Inc. Reports Second Quarter Results

GAMCO Investors, Inc. (GAMCO) (NYSE: GBL) today announced second quarter 2012 earnings of $15.1 million or $0.57 per fully diluted share versus $20.6 million or $0.77 per fully diluted share in the second quarter 2011.

Revenues were $81.0 million in the second quarter of 2012, down $4.1 million, or 4.8%, from $85.1 million in the prior year quarter. Included in revenues were incentive fees of $1.1 million for the second quarter of 2012, down from the $3.3 million included in the second quarter of 2011. Operating income before management fee was $33.0 million, a 3.3% decrease from the record $34.1 million in the prior year period as operating margin before management fee expands to 40.7% from 40.1%.

For the six months ended June 30, 2012, earnings were $38.9 million or $1.47 per fully diluted share versus $38.3 million or $1.42 per fully diluted share in 2011. Included in the first half of 2011 was $5.6 million, or $0.12 per diluted share, of one-time costs directly related to the launch of a new closed-end fund.

Financial Highlights					Second Quarter												Year-to-date
($'s in 000's except AUM and per share data)					2012				2011				%				2012				2011				%
AUM (in millions)					$ 35,662				$ 36,137				(1.3%)				$ 35,662				$ 36,137				(1.3%)
Revenues					81,024				85,081				(4.8)				162,773				161,986				0.5
Operating income:
before management fee					32,982				34,123				(3.3)				64,178				57,996				10.7
after management fee					30,367				30,497				(0.4)				57,379				51,257				11.9
Operating margin:
before management fee					40.7%				40.1%								39.4%				35.8%
after management fee					37.5%				35.8%								35.3%				31.6%
Other income/(expense), net					(6,818)				2,127				n/m				3,892				9,936				n/m
Net income attributable to GAMCO					15,105				20,647				(26.8)				38,941				38,290				1.7
Net income attributable to GAMCO per share					$ 0.57				$ 0.77				(26.0%)				$ 1.47				$ 1.42				3.5%
Shares outstanding at June 30					26,631				26,790								26,631				26,790

Shareholders’ book value was $426.7 million or $16.02 per share at June 30, 2012. We ended the quarter with cash and investments of approximately $735.8 million and $265.6 million (face value of $285.3 million) of debt. On July 9, 2012, $55.8 million of our own liquidity was used to repurchase $64.1 million aggregate principal of the 0% Subordinated Debentures due 2015.

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