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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Gamco Investors Inc | NYSE:GBL | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 14.78 | 0 | 00:00:00 |
From Feb 2022 to Feb 2025
GAMCO Investors, Inc. (“GAMCO”) (OTCQX: GAMI) today reported its operating results for the quarter ended September 30, 2022.
Giving Back to Society
Since the inception of GAMCO’s shareholder designated charitable contribution program in 2013, shareholders have designated charitable gifts of $48 million to approximately 350 charitable organizations, including $11.3 million in 2021. Since our initial public offering in February 1999, our firm’s combined charitable donations total approximately $74 million.
Sustainability Initiatives
To demonstrate our commitment to being good environmental stewards, we have waived the fees and absorbed all costs on the initial $100 million in assets in Love Our Planet & People (“LOPP”). LOPP, the first in a series of semi-transparent exchange traded funds (“ETFs”), invests in sustainability-focused companies including those engaged in renewable power generation and transmission, water purification and conservation, and the reduction of long-lived wastes. In addition, we have taken steps to offset our own carbon footprint by installing solar panels and charging stations at our offices.
Results for the Third Quarter
In the third quarter, the Company took several steps to position the Company for future growth, including redeeming the remaining $34 million of subordinated notes issued to shareholders, accelerated the vesting of 253,700 restricted stock awards (“RSAs”), and commencing the process of voluntarily moving the trading of its shares to the OTCQX which will free up resources for implementing growth strategies, with a focus on technology, client service, and marketing.
Financial Highlights (Unaudited) U.S. GAAP Basis Three Months Ended (In thousands, except per share data) September 30,2022 September 30,2021 Revenues$
61,918
$
75,907
Operating income
18,001
40,676
Net income
9,427
29,161
Diluted earnings per common share$
0.36
$
1.09
Weighted average diluted shares outstanding
26,370
26,832
Shares outstanding
25,904
27,096
Assets Under Management AUM - end of period (in millions)$
27,633
$
33,539
AUM - average (in millions)
29,999
34,625
On October 6, 2022, GAMCO filed Form 15, which suspended the requirement to file Forms 10-Q, 10-K, and 8-K with the SEC, we will continue to file PCAOB audited statements and reports similar to Forms 10-Q, 10-K, and 8-K with the OTC Markets as well as post them to our website.
On October 7, 2022, the Company’s shares started trading on the OTCQX under the symbol “GAMI”.
Revenues
Operating Income
Operating income was $18.0 million versus $40.7 million in the third quarter of 2021. We note, on a comparable basis, the acceleration of RSAs during the third quarter of 2022 resulted in an additional $1.5 million of compensation expense.
Non-Operating Income
Mark-to-market investment losses were $1.8 million in the third quarter of 2022 versus losses of $1.2 million in the third quarter of 2021. Interest expense was $0.6 million in the third quarter of 2022 versus $0.8 million in the third quarter of 2021.
Income Taxes
GAMCO’s effective tax rate (“ETR”) for the quarter ended September 30, 2022 was 39.4% versus 24.5% for the quarter ended September 30, 2021.
Balance Sheet
GAMCO ended the quarter with cash and investments of $158.5 million.
Business Highlights
Subsequent to the end of the 3rd quarter:
Return to Shareholders
During the quarter, GAMCO paid a dividend of $0.04 per share for a total of $1.1 million and purchased 491,093 shares for $8.8 million at an average price of $17.81 per share. From October 1, 2022 to November 7, 2022, the Company has purchased 75,697 shares at an average price of $14.62 per share.
On November 7, 2022, GAMCO’s board of directors declared a regular quarterly dividend of $0.04 per share, which is payable on December 27, 2022 to class A and class B shareholders of record on December 13, 2022.
About GAMCO Investors, Inc.
GAMCO is known for its research-driven value approach to equity investing (known in the trade as PMV with a CatalystTM). GAMCO conducts its investment advisory business principally through two subsidiaries: GAMCO Asset Management Inc. (approximately 1,400 institutional and private wealth separate accounts, principally in the U.S.) and Gabelli Funds, LLC (24 open-end funds, 14 closed-end funds, 4 actively managed semi-transparent ETFs, and a SICAV). GAMCO serves a broad client base including institutions, intermediaries, offshore investors, private wealth, and direct retail investors. In recent years, GAMCO has successfully integrated new teams of RIAs by providing attractive compensation arrangements and extensive research capabilities.
GAMCO offers a wide range of solutions for clients across Value and Growth Equity, ESG, Convertibles, sector-focused strategies including Gold and Utilities, Merger Arbitrage, and U.S. Treasury Money Market Fixed Income. In 1977, GAMCO launched its flagship All Cap Value strategy, Gabelli Value, and in 1986 entered the mutual fund business.
Table I: Assets Under Management and Fund Flows - 3rd Quarter 2022 (in millions) Fund Market distributions, June 30, appreciation/ net of September 30, September 30,2022
Inflows
Outflows
(depreciation)
reinvestments
2022
2021
Equities: Mutual Funds$
8,354
$
189
$
(367
)
$
(482
)
$
(5
)
$
7,689
$
9,856
Closed-end Funds
7,036
25
(43
)
(312
)
(126
)
6,580
8,238
Institutional & PWM (a)
10,569
64
(426
)
(375
)
-
9,832
13,051
SICAV
886
78
(146
)
(33
)
-
785
728
Total Equities
26,845
356
(982
)
(1,202
)
(131
)
24,886
31,873
100% U.S. Treasury Money Market Fund
1,836
1,705
(838
)
12
-
2,715
1,634
Institutional & PWM Fixed Income
32
-
-
-
-
32
32
Total Treasuries & Fixed Income
1,868
1,705
(838
)
12
-
2,747
1,666
Total Assets Under Management$
28,713
$
2,061
$
(1,820
)
$
(1,190
)
$
(131
)
$
27,633
$
33,539
(a) Includes $184, $173, and $178 of 100% U.S. Treasury Fund AUM at June 30, 2022, September 30, 2022, and September 30, 2021, respectively. Table II GAMCO INVESTORS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30,
2022
2021
2022
2021
Investment advisory and incentive fees
$
56,215
$
69,147
$
180,225
$
199,502
Distribution fees and other income
5,703
6,760
16,919
19,957
Total revenues
61,918
75,907
197,144
219,459
Compensation costs (a)
29,539
21,965
82,812
83,945
Management fee expense (a)
1,730
-
3,407
5,552
Distribution costs
6,599
7,781
20,416
22,523
Other operating expenses
6,049
5,485
18,282
19,460
Total expenses
43,917
35,231
124,917
131,480
Operating income
18,001
40,676
72,227
87,979
Investment gain/(loss), net
(1,793
)
(1,218
)
(8,354
)
2,735
Interest expense
(648
)
(814
)
(2,235
)
(2,101
)
Non-operating gain/(loss)
(2,441
)
(2,032
)
(10,589
)
634
Income before income taxes
15,560
38,644
61,638
88,613
Provision for income taxes
6,133
9,483
17,471
26,401
Net income
$
9,427
$
29,161
$
44,167
$
62,212
Net income: Basic
$
0.36
$
1.11
$
1.68
$
2.36
Diluted
$
0.36
$
1.09
$
1.66
$
2.32
Weighted average shares outstanding: Basic
26,152
26,222
26,319
26,310
Diluted
26,370
26,832
26,604
26,863
Actual shares outstanding (b)
25,904
27,096
25,904
27,096
(a) The CEO waiver reduced compensation costs by $0, $10,063, $9,909 and $10,063, respectively, and management fee expense by $0, $2,858, $2,108 and $2,858, respectively. (b) Includes 149 and 909 RSA shares at September 30, 2022 and 2021, respectively. Table III GAMCO INVESTORS, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands) September 30, December 31, September 30,
2022
2021
2021
ASSETS Cash, cash equivalents, and U.S. Treasury Bills$
112,274
$
142,027
$
152,615
Investments in securities
28,744
20,259
17,737
Seed capital investments
17,464
12,085
11,824
Receivable from brokers
3,241
3,930
4,629
Other receivables
22,569
34,943
28,137
Deferred tax asset and income tax receivable
10,216
6,707
9,058
Other assets
10,718
11,721
12,330
Total assets$
205,226
$
231,672
$
236,330
LIABILITIES AND STOCKHOLDERS' EQUITY Payable for investments purchased$
-
$
14,990
$
75
Income taxes payable
750
315
2,414
Compensation payable
37,932
21,049
47,767
Accrued expenses and other liabilities
45,094
50,448
45,787
Sub-total
83,776
86,802
96,043
Subordinated Notes (due June 15, 2023)
-
50,990
52,102
Total liabilities
83,776
137,792
148,145
Stockholders' equity (a)
121,450
93,880
88,185
Total liabilities and stockholders' equity$
205,226
$
231,672
$
236,330
(a) Shares outstanding of 25,904, 26,728, and 27,096, respectively.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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, the effects of the Tax Cuts and Jobs Act, 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 may cause our actual results to differ from our expectations include risks associated with the duration and scope of the ongoing coronavirus pandemic resulting in volatile market conditions, 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, and the ongoing impacts of the Tax Cuts and Jobs Act with respect to tax rates and the non-deductibility of certain portions of named executive officer compensation. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Annual Report on 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.
Gabelli Funds, LLC is a registered investment adviser with the Securities and Exchange Commission and is a wholly owned subsidiary of GAMCO Investors, Inc. (OTCQX: GAMI).
Investors should carefully consider the investment objectives, risks, charges and expenses of the Fund before investing. The prospectus, which contains more complete information about this and other matters, should be read carefully before investing. To obtain a prospectus, please call 800 GABELLI or visit www.gabelli.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20221104005593/en/
Kieran Caterina Chief Accounting Officer (914) 921-5149 For further information please visit www.gabelli.com
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