GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) today reported its 2013 second quarter results including revenues of $92.3 million, net income of $27.9 million and earnings per diluted share of $1.09. On a comparable basis, revenues were $81.0 million, net income was $15.1 million, and earnings per diluted share were $0.57 in the second quarter of 2012.
Assets Under Management (“AUM”) rose to a record $40.5 billion, up 1.0% from $40.1 billion at March 31, 2013 and up 13.5% from $35.7 billion at June 30, 2012.
Results for the first half of 2013 include revenues of $178.5 million, net income of $50.4 million and earnings per diluted share of $1.96, an increase of 33.3% from earnings of $1.47 in the first half of 2012.
|Financial Highlights||Second Quarter||Year-to-date|
|($'s in 000's except AUM and per share data)||2013||2012||
|AUM - end of period (in millions)||$||40,478||$||35,662||13.5||%||$||40,478||$||35,662||13.5||%|
|AUM - average (in millions)||40,331||35,640||13.2||39,389||35,977||9.5|
|Operating income before management fee||36,630||32,982||11.1||71,337||64,178||11.2|
|Operating margin before management fee||39.7||%||40.7||%||40.0||%||39.4||%|
|Operating income after management fee||31,784||30,367||4.7||62,511||57,379||8.9|
|Operating margin after management fee||34.4||%||37.5||%||35.0||%||35.3||%|
|Other income/(expense), net||11,852||(6,818||)||17,000||(a)||3,892|
|Net income per share||$||1.09||$||0.57||91.2||%||$||1.96||(a)||$||1.47||33.3||%|
|Shares outstanding at June 30||25,630||26,631||25,630||26,631|
|(a) Includes $5.0 million pre-tax or $0.11 per fully diluted share charge in the first quarter for shareholder-designated charitable|
Assets Under ManagementOur second quarter 2013 net inflows were $240 million, market appreciation totaled $293 million and Fund distributions (net of reinvestments) were $145 million. This compares with net inflows of $498 million, market appreciation of $3.3 billion and Fund distributions of $145 million in the first quarter and net inflows of $111 million, market depreciation of $1.0 billion and Fund distributions of $109 million in the second quarter of 2012.
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