GAMCO Investors, Inc. Reports Record Second Quarter Results

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    

% ∆
  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
 
Revenues 92,290 81,024 13.9 178,471 162,773 9.6
 
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 27,893 15,105 84.7 50,438 38,941 29.5
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
contribution program.

Assets Under Management

Our 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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