GAMCO Investors, Inc. (“GAMCO”) (NYSE:GBL) today reported its 2013 third quarter results including revenues of $96.4 million, net income of $33.1 million and earnings per diluted share of $1.29. On a comparable basis, revenues were $82.2 million, net income was $19.0 million, and earnings per diluted share were $0.72 in the third quarter of 2012.
Assets Under Management (“AUM”) rose to a record $43.5 billion, up 7.5% from $40.5 billion at June 30, 2013 and up 17.8% from $36.9 billion at September 30, 2012.
Results for the first nine months of 2013 include revenues of $274.8 million, net income of $83.5 million and earnings per diluted share of $3.25, an increase of 48.4% from earnings of $2.19 in the first nine months of 2012.
|Financial Highlights||Third Quarter||Year-to-date|
|($'s in 000's except AUM and per share data)||2012||2013||% ∆||2012||2013||% ∆|
|AUM - end of period (in millions)||$||36,945||$||43,507||17.8||%||$||36,945||$||43,507||17.8||%|
|AUM - average (in millions)||36,351||42,620||17.2||35,971||40,478||12.5|
|Operating income before management fee||32,068||38,357||19.6||96,246||109,694||14.0|
|Operating margin before management fee||39.0||%||39.8||%||39.3||%||39.9||%|
|Operating income after management fee||29,012||32,728||12.8||86,391||95,239||10.2|
|Operating margin after management fee||35.3||%||34.0||%||35.3||%||34.7||%|
|Extinguishment of Debt||(6,305||)||-||(6,307||)||(137||)|
|Other income/(expense), net||(1,446||)||17,991||2,446||34,991|
|Income before income taxes||27,566||50,719||84.0||88,837||130,230||46.6|
|Effective tax rate||30.7||%||34.5||%||34.8||%||35.7||%|
|Net income per share||$||0.72||(a)||$||1.29||(b)||79.2||%||$||2.19||(a)||$||3.25||(b)||48.4||%|
|Shares outstanding at September 30||26,606||26,017||26,606||26,017|
|(a)||After a $0.08 per fully diluted share charge for the three and nine months ended September 30, 2012 related to the extinguishment of debt from the Dutch Auction of the 0% Subordinated Debentures.|
|(b)||After a $0.01 per fully diluted share charge in the third quarter of 2013 for shareholder-designated charitable contribution program and $0.12 per fully diluted share charge for the nine months ended September 30, 2013.|
Assets Under ManagementTotal firm AUM increased to a record $43.5 billion at September 30, 2013, up $3.0 billion from the second quarter and $6.6 billion higher than the third quarter of 2012. Our third quarter 2013 net inflows were $618 million, market appreciation totaled $2.6 billion and net open- and closed-end fund distributions were $146 million.
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