We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | 01:00:00 |
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
GAMCO INVESTORS, INC.
|
(Exact name of Registrant as specified in its charter)
|
Delaware
|
13-4007862
|
|
(State of other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
|
One Corporate Center, Rye, NY
|
10580-1422
|
|
(Address of principle executive offices)
|
(Zip Code)
|
(914) 921-3700
|
Registrant's telephone number, including area code
|
Large accelerated filer
☐
|
Accelerated filer
☒
|
|
|
Non-accelerated filer
☐
|
Smaller reporting company
o
Emerging growth company
☐
|
Class
|
Outstanding at October 31, 2017
|
|
Class A Common Stock, .001 par value
|
(Including 164,050 restricted stock awards)
|
10,089,844
|
Class B Common Stock, .001 par value
|
|
19,062,168
|
INDEX
|
|
GAMCO INVESTORS, INC. AND SUBSIDIARIES
|
|
PART I.
|
FINANCIAL INFORMATION
|
Item 1.
|
Unaudited Condensed Consolidated Financial Statements
|
Condensed Consolidated Statements of Income:
|
|
- Three months ended September 30, 2017 and 2016
|
|
- Nine months ended September 30, 2017 and 2016
|
|
Condensed Consolidated Statements of Comprehensive Income:
|
|
- Three months ended September 30, 2017 and 2016
|
|
- Nine months ended September 30, 2017 and 2016
|
|
Condensed Consolidated Statements of Financial Condition:
|
|
- September 30, 2017
|
|
- December 31, 2016
|
|
- September 30, 2016
|
|
Condensed Consolidated Statements of Equity:
|
|
- Nine months ended September 30, 2017 and 2016
|
|
Condensed Consolidated Statements of Cash Flows:
|
|
- Nine months ended September 30, 2017 and 2016
|
|
Notes to Unaudited Condensed Consolidated Financial Statements
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk (Included in Item 2)
|
Item 4.
|
Controls and Procedures
|
PART II.
|
OTHER INFORMATION
|
Item 1.
|
Legal Proceedings
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
Item 6.
|
Exhibits
|
SIGNATURES
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Revenues
|
||||||||||||||||
Investment advisory and incentive fees
|
$
|
77,328
|
$
|
75,952
|
$
|
228,942
|
$
|
219,594
|
||||||||
Distribution fees and other income
|
11,013
|
11,769
|
32,916
|
33,456
|
||||||||||||
Total revenues
|
88,341
|
87,721
|
261,858
|
253,050
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation
|
42,919
|
21,233
|
97,634
|
62,130
|
||||||||||||
Management fee
|
4,935
|
1,163
|
9,455
|
3,376
|
||||||||||||
Distribution costs
|
11,665
|
11,568
|
33,373
|
32,786
|
||||||||||||
Other operating expenses
|
5,429
|
5,681
|
15,900
|
14,993
|
||||||||||||
Total expenses
|
64,948
|
39,645
|
156,362
|
113,285
|
||||||||||||
Operating income
|
23,393
|
48,076
|
105,496
|
139,765
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Net gain from investments
|
2,841
|
55
|
2,867
|
518
|
||||||||||||
Interest and dividend income
|
745
|
371
|
1,765
|
1,104
|
||||||||||||
Interest expense
|
(2,688
|
)
|
(3,155
|
)
|
(8,269
|
)
|
(9,729
|
)
|
||||||||
Shareholder-designated contribution
|
(3,857
|
)
|
-
|
(3,857
|
)
|
-
|
||||||||||
Total other expense, net
|
(2,959
|
)
|
(2,729
|
)
|
(7,494
|
)
|
(8,107
|
)
|
||||||||
Income before income taxes
|
20,434
|
45,347
|
98,002
|
131,658
|
||||||||||||
Income tax provision
|
3,834
|
14,486
|
33,688
|
47,229
|
||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
16,600
|
$
|
30,861
|
$
|
64,314
|
$
|
84,429
|
||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
||||||||||||||||
per share:
|
||||||||||||||||
Basic
|
$
|
0.57
|
$
|
1.06
|
$
|
2.22
|
$
|
2.89
|
||||||||
Diluted
|
$
|
0.55
|
$
|
1.03
|
$
|
2.14
|
$
|
2.85
|
||||||||
Weighted average shares outstanding:
|
||||||||||||||||
Basic
|
28,926
|
29,185
|
28,930
|
29,222
|
||||||||||||
Diluted
|
31,173
|
30,406
|
31,144
|
29,811
|
||||||||||||
Dividends declared:
|
$
|
0.02
|
$
|
0.02
|
$
|
0.06
|
$
|
0.06
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net income
|
$
|
16,600
|
$
|
30,861
|
$
|
64,314
|
$
|
84,429
|
||||||||
Other comprehensive gain/(loss), net of tax:
|
||||||||||||||||
Foreign currency translation
|
28
|
(28
|
)
|
75
|
(121
|
)
|
||||||||||
Net unrealized gains on securities available for sale (a)
|
2,321
|
506
|
1,019
|
323
|
||||||||||||
Other comprehensive gain
|
2,349
|
478
|
1,094
|
202
|
||||||||||||
Comprehensive income attributable to GAMCO Investors, Inc.
|
$
|
18,949
|
$
|
31,339
|
$
|
65,408
|
$
|
84,631
|
September 30,
|
December 31,
|
September 30,
|
||||||||||
2017
|
2016
|
2016
|
||||||||||
ASSETS
|
||||||||||||
Cash and cash equivalents, including restricted cash of $95, $0 and $0, respectively
|
$
|
61,097
|
$
|
39,812
|
$
|
33,852
|
||||||
Investments in securities, including restricted investments in securities | ||||||||||||
of $59,954, $0 and $0, respectively
|
101,425
|
37,285
|
32,889
|
|||||||||
Receivable from brokers
|
1,342
|
453
|
344
|
|||||||||
Investment advisory fees receivable
|
25,549
|
43,736
|
26,606
|
|||||||||
Receivable from affiliates
|
4,784
|
5,960
|
4,745
|
|||||||||
Income tax receivable and deferred tax asset
|
24,941
|
9,349
|
10,634
|
|||||||||
Other assets
|
11,888
|
12,634
|
12,198
|
|||||||||
Total assets
|
$
|
231,026
|
$
|
149,229
|
$
|
121,268
|
||||||
LIABILITIES AND EQUITY
|
||||||||||||
Payable to brokers
|
$
|
13,311
|
$
|
66
|
$
|
10,203
|
||||||
Income taxes payable and deferred tax liabilities
|
3,215
|
3,815
|
164
|
|||||||||
Capital lease obligation
|
4,976
|
5,066
|
5,094
|
|||||||||
Compensation payable
|
82,896
|
42,384
|
31,469
|
|||||||||
Payable to affiliates
|
2,981
|
1,412
|
7,679
|
|||||||||
Accrued expenses and other liabilities
|
24,134
|
29,178
|
31,801
|
|||||||||
Sub-total
|
131,513
|
81,921
|
86,410
|
|||||||||
4.5% Convertible note (net of issuance costs of $138, $165 and $174, respectively)
|
||||||||||||
(due August 15, 2021) (Note F)
|
109,862
|
109,835
|
109,826
|
|||||||||
AC 4% PIK Note (due November 30, 2020) (Note F)
|
70,000
|
100,000
|
100,000
|
|||||||||
5.875% Senior notes (net of issuance costs of $87, $105 and $110, respectively)
|
||||||||||||
(due June 1, 2021) (Note F)
|
24,138
|
24,120
|
24,115
|
|||||||||
Total liabilities
|
335,513
|
315,876
|
320,351
|
|||||||||
Commitments and contingencies (Note I)
|
-
|
-
|
-
|
|||||||||
Equity
|
||||||||||||
GAMCO Investors, Inc. stockholders' equity
|
||||||||||||
Preferred stock, $.001 par value;10,000,000 shares authorized;
|
||||||||||||
none issued and outstanding
|
-
|
-
|
-
|
|||||||||
Class A Common Stock, $0.001 par value; 100,000,000 shares authorized;
|
||||||||||||
15,473,725, 15,477,082 and 15,480,032 issued, respectively;10,075,944,
|
||||||||||||
10,369,601 and 10,454,392 outstanding, respectively
|
14
|
14
|
14
|
|||||||||
Class B Common Stock, $0.001 par value; 100,000,000 shares authorized;
|
||||||||||||
24,000,000 shares issued; 19,092,168, 19,093,311 and 19,093,311 shares
|
||||||||||||
outstanding, respectively
|
19
|
19
|
19
|
|||||||||
Additional paid-in capital
|
11,084
|
3,903
|
3,135
|
|||||||||
Retained earnings
|
143,026
|
80,515
|
48,412
|
|||||||||
Accumulated other comprehensive income
|
12,365
|
11,271
|
9,317
|
|||||||||
Treasury stock, at cost (5,397,781, 5,107,481 and 5,025,640 shares, respectively)
|
(270,995
|
)
|
(262,369
|
)
|
(259,980
|
)
|
||||||
Total GAMCO Investors, Inc. stockholders' equity (deficit)
|
(104,487
|
)
|
(166,647
|
)
|
(199,083
|
)
|
||||||
Total liabilities and equity
|
$
|
231,026
|
$
|
149,229
|
$
|
121,268
|
GAMCO Investors, Inc. stockholders
|
||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
|||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
Income
|
Stock
|
Total
|
|||||||||||||||||||
Balance at December 31, 2016
|
$
|
33
|
$
|
3,903
|
$
|
80,515
|
$
|
11,271
|
$
|
(262,369
|
)
|
$
|
(166,647
|
)
|
||||||||||
Net income
|
-
|
-
|
64,314
|
-
|
-
|
64,314
|
||||||||||||||||||
Net unrealized gains on
|
||||||||||||||||||||||||
securities available for sale,
|
||||||||||||||||||||||||
net of income tax expense ($1,663)
|
-
|
-
|
-
|
2,830
|
-
|
2,830
|
||||||||||||||||||
Amounts reclassified from
|
||||||||||||||||||||||||
accumulated other
|
||||||||||||||||||||||||
comprehensive income,
|
||||||||||||||||||||||||
net of income tax benefit ($1,064)
|
-
|
-
|
-
|
(1,811
|
)
|
-
|
(1,811
|
)
|
||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
75
|
-
|
75
|
||||||||||||||||||
Dividends declared ($0.06 per
|
||||||||||||||||||||||||
share)
|
-
|
-
|
(1,803
|
)
|
-
|
-
|
(1,803
|
)
|
||||||||||||||||
Stock based compensation
|
||||||||||||||||||||||||
expense
|
-
|
7,181
|
-
|
-
|
-
|
7,181
|
||||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
-
|
(8,626
|
)
|
(8,626
|
)
|
||||||||||||||||
Balance at September 30, 2017
|
$
|
33
|
$
|
11,084
|
$
|
143,026
|
$
|
12,365
|
$
|
(270,995
|
)
|
$
|
(104,487
|
)
|
GAMCO Investors, Inc. stockholders
|
||||||||||||||||||||||||
Accumulated
|
||||||||||||||||||||||||
Additional
|
Retained
|
Other
|
||||||||||||||||||||||
Common
|
Paid-in
|
Earnings
|
Comprehensive
|
Treasury
|
||||||||||||||||||||
Stock
|
Capital
|
(Deficit)
|
Income
|
Stock
|
Total
|
|||||||||||||||||||
Balance at December 31, 2015
|
$
|
33
|
$
|
345
|
$
|
(34,224
|
)
|
$
|
9,115
|
$
|
(251,596
|
)
|
$
|
(276,327
|
)
|
|||||||||
Net income
|
-
|
-
|
84,429
|
-
|
-
|
84,429
|
||||||||||||||||||
Net unrealized gains on
|
||||||||||||||||||||||||
securities available for sale,
|
||||||||||||||||||||||||
net of income tax expense ($129)
|
-
|
-
|
-
|
221
|
-
|
221
|
||||||||||||||||||
Amounts reclassified from
|
||||||||||||||||||||||||
accumulated other
|
||||||||||||||||||||||||
comprehensive income,
|
||||||||||||||||||||||||
net of income tax expense ($61)
|
-
|
-
|
-
|
102
|
-
|
102
|
||||||||||||||||||
Foreign currency translation
|
-
|
-
|
-
|
(121
|
)
|
-
|
(121
|
)
|
||||||||||||||||
Dividends declared ($0.06 per
|
||||||||||||||||||||||||
share)
|
-
|
-
|
(1,793
|
)
|
-
|
-
|
(1,793
|
)
|
||||||||||||||||
Stock based compensation
|
||||||||||||||||||||||||
expense
|
-
|
3,258
|
-
|
-
|
-
|
3,258
|
||||||||||||||||||
Reduction of deferred tax asset
|
||||||||||||||||||||||||
for excess of recorded RSA tax
|
||||||||||||||||||||||||
benefit over actual tax benefit
|
-
|
(468
|
)
|
-
|
-
|
-
|
(468
|
)
|
||||||||||||||||
Purchase of treasury stock
|
-
|
-
|
-
|
-
|
(8,384
|
)
|
(8,384
|
)
|
||||||||||||||||
Balance at September 30, 2016
|
$
|
33
|
$
|
3,135
|
$
|
48,412
|
$
|
9,317
|
$
|
(259,980
|
)
|
$
|
(199,083
|
)
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2017
|
2016
|
|||||||
Operating activities
|
||||||||
Net income
|
$
|
64,314
|
$
|
84,429
|
||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
439
|
470
|
||||||
Stock based compensation expense
|
7,181
|
3,258
|
||||||
Deferred income taxes
|
(9,229
|
)
|
(3,930
|
)
|
||||
Foreign currency translation loss
|
75
|
(121
|
)
|
|||||
Cost basis of donated securities
|
1,051
|
68
|
||||||
Net gains on sales of available for sale securities
|
(20
|
)
|
(4
|
)
|
||||
(Increase) decrease in assets:
|
||||||||
Investments in trading securities
|
(59,943
|
)
|
223
|
|||||
Receivable from affiliates
|
1,179
|
290
|
||||||
Receivable from brokers
|
(889
|
)
|
747
|
|||||
Investment advisory fees receivable
|
18,188
|
4,442
|
||||||
Income taxes receivable and deferred tax assets
|
(15,592
|
)
|
(3,847
|
)
|
||||
Other assets
|
325
|
534
|
||||||
Increase (decrease) in liabilities:
|
||||||||
Payable to affiliates
|
1,569
|
(8
|
)
|
|||||
Payable to brokers
|
13,245
|
10,190
|
||||||
Income taxes payable and deferred tax liabilities
|
8,029
|
(1,384
|
)
|
|||||
Compensation payable
|
40,506
|
7,051
|
||||||
Accrued expenses and other liabilities
|
(5,199
|
)
|
2,804
|
|||||
Total adjustments
|
915
|
20,783
|
||||||
Net cash provided by operating activities
|
$
|
65,229
|
$
|
105,212
|
Nine Months Ended
|
||||||||
September 30,
|
||||||||
2017
|
2016
|
|||||||
Investing activities
|
||||||||
Purchases of available for sale securities
|
$
|
(3,932
|
)
|
$
|
(223
|
)
|
||
Proceeds from sales of available for sale securities
|
321
|
408
|
||||||
Net cash (used in) provided by investing activities
|
(3,611
|
)
|
185
|
|||||
Financing activities
|
||||||||
Issuance of 4.5% Convertible note
|
-
|
109,826
|
||||||
Dividends paid
|
(1,737
|
)
|
(1,752
|
)
|
||||
Purchase of treasury stock
|
(8,626
|
)
|
(8,384
|
)
|
||||
Repayment of AC 4% PIK Note
|
(30,000
|
)
|
(150,000
|
)
|
||||
Repayment of loan from GGCP
|
-
|
(35,000
|
)
|
|||||
Amortization of debt issuance costs
|
45
|
18
|
||||||
Net cash used in financing activities
|
(40,318
|
)
|
(85,292
|
)
|
||||
Effect of exchange rates on cash and cash equivalents
|
(15
|
)
|
28
|
|||||
Net increase in cash and cash equivalents
|
21,285
|
20,133
|
||||||
Cash and cash equivalents at beginning of period
|
39,812
|
13,719
|
||||||
Cash and cash equivalents at end of period
|
$
|
61,097
|
$
|
33,852
|
||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
6,621
|
$
|
4,561
|
||||
Cash paid for taxes
|
$
|
52,628
|
$
|
55,216
|
- |
For the nine months ended September 30, 2017 and September 30, 2016, the Company accrued dividends on restricted stock awards of $66 and $41, respectively.
|
- |
For the nine months ended September 30, 2016, the Company recorded $468 as a reduction to its deferred tax asset and additional paid-in capital for the excess of the recorded restricted stock award tax benefit over the actual tax benefit.
|
September 30, 2017
|
December 31, 2016
|
September 30, 2016
|
||||||||||||||||||||||
Cost
|
Fair Value
|
Cost
|
Fair Value
|
Cost
|
Fair Value
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
Trading securities:
|
||||||||||||||||||||||||
US Government Obligations
|
$
|
59,905
|
$
|
59,954
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Common stocks
|
24
|
31
|
51
|
54
|
16
|
16
|
||||||||||||||||||
Mutual Funds
|
11
|
11
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total trading securities
|
59,940
|
59,996
|
51
|
54
|
16
|
16
|
||||||||||||||||||
Available for sale securities:
|
||||||||||||||||||||||||
Common stocks
|
21,319
|
41,315
|
18,739
|
37,131
|
17,649
|
32,873
|
||||||||||||||||||
Closed-end funds
|
99
|
114
|
99
|
100
|
-
|
-
|
||||||||||||||||||
Total available for sale securities
|
21,418
|
41,429
|
18,838
|
37,231
|
17,649
|
32,873
|
||||||||||||||||||
Total investments in securities
|
$
|
81,358
|
$
|
101,425
|
$
|
18,889
|
$
|
37,285
|
$
|
17,665
|
$
|
32,889
|
Amount
|
Affected Line Items
|
Reason for
|
||||||||
Reclassified
|
in the Statements
|
Reclassification
|
||||||||
from AOCI
|
Of Income
|
from AOCI
|
||||||||
Three Months Ended September 30,
|
||||||||||
2017
|
2016
|
|||||||||
$
|
20
|
$
|
-
|
Net gain from investments
|
Realized gain on sale of AFS securities
|
|||||
2,821
|
7
|
Other operating expenses/net gains from investments
|
Realized gain on donations of AFS securities
|
|||||||
2,841
|
7
|
Income before income taxes
|
||||||||
(1,051
|
)
|
(3
|
)
|
Income tax provision
|
||||||
$
|
1,790
|
$
|
4
|
Net income
|
Amount
|
Affected Line Items
|
Reason for
|
||||||||
Reclassified
|
in the Statements
|
Reclassification
|
||||||||
from AOCI
|
Of Income
|
from AOCI
|
||||||||
Nine Months Ended September 30,
|
||||||||||
2017
|
2016
|
|||||||||
$
|
20
|
$
|
4
|
Net gain from investments
|
Realized gain on sale of AFS securities
|
|||||
2,855
|
159
|
Other operating expenses/net gains from investments
|
Realized gain on donations of AFS securities
|
|||||||
2,875
|
163
|
Income before income taxes
|
||||||||
(1,064
|
)
|
(61
|
)
|
Income tax provision
|
||||||
$
|
1,811
|
$
|
102
|
Net income
|
September 30, 2017
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Unrealized
|
|||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Common stocks
|
$
|
21,319
|
$
|
19,996
|
$
|
-
|
$
|
41,315
|
||||||||
Closed-end funds
|
99
|
15
|
-
|
114
|
||||||||||||
Total available for sale securities
|
$
|
21,418
|
$
|
20,011
|
$
|
-
|
$
|
41,429
|
December 31, 2016
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Unrealized
|
|||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Common stocks
|
$
|
18,739
|
$
|
18,392
|
$
|
-
|
$
|
37,131
|
||||||||
Closed-end funds
|
99
|
1
|
-
|
100
|
||||||||||||
Total available for sale securities
|
$
|
18,838
|
$
|
18,393
|
$
|
-
|
$
|
37,231
|
September 30, 2016
|
||||||||||||||||
Gross
|
Gross
|
|||||||||||||||
Unrealized
|
Unrealized
|
|||||||||||||||
Cost
|
Gains
|
Losses
|
Fair Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Common stocks
|
$
|
17,649
|
$
|
15,224
|
$
|
-
|
$
|
32,873
|
||||||||
Total available for sale securities
|
$
|
17,649
|
$
|
15,224
|
$
|
-
|
$
|
32,873
|
Quoted Prices in Active
|
Significant Other
|
Significant
|
Balance as of
|
|||||||||||||
Markets for Identical
|
Observable
|
Unobservable
|
September 30,
|
|||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
2017
|
||||||||||||
Cash equivalents
|
$
|
60,702
|
$
|
-
|
$
|
-
|
$
|
60,702
|
||||||||
Investments in securities:
|
||||||||||||||||
AFS - Common stocks
|
41,315
|
-
|
-
|
41,315
|
||||||||||||
AFS - Closed-end Funds
|
114
|
-
|
-
|
114
|
||||||||||||
US Government Obligations
|
59,954
|
-
|
-
|
59,954
|
||||||||||||
Trading - Common stocks
|
31
|
-
|
-
|
31
|
||||||||||||
Trading - Mutual Funds
|
11
|
-
|
-
|
11
|
||||||||||||
Total investments in securities
|
101,425
|
-
|
-
|
101,425
|
||||||||||||
Total assets at fair value
|
$
|
162,127
|
$
|
-
|
$
|
-
|
$
|
162,127
|
Quoted Prices in Active
|
Significant Other
|
Significant
|
Balance as of
|
|||||||||||||
Markets for Identical
|
Observable
|
Unobservable
|
December 31,
|
|||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
2016
|
||||||||||||
Cash equivalents
|
$
|
39,638
|
$
|
-
|
$
|
-
|
$
|
39,638
|
||||||||
Investments in securities:
|
||||||||||||||||
AFS - Common stocks
|
37,131
|
-
|
-
|
37,131
|
||||||||||||
AFS - Closed-end Funds
|
100
|
-
|
-
|
100
|
||||||||||||
Trading - Common stocks
|
54
|
-
|
-
|
54
|
||||||||||||
Total investments in securities
|
37,285
|
-
|
-
|
37,285
|
||||||||||||
Total assets at fair value
|
$
|
76,923
|
$
|
-
|
$
|
-
|
$
|
76,923
|
Quoted Prices in Active
|
Significant Other
|
Significant
|
Balance as of
|
|||||||||||||
Markets for Identical
|
Observable
|
Unobservable
|
September 30,
|
|||||||||||||
Assets
|
Assets (Level 1)
|
Inputs (Level 2)
|
Inputs (Level 3)
|
2016
|
||||||||||||
Cash equivalents
|
$
|
33,576
|
$
|
-
|
$
|
-
|
$
|
33,576
|
||||||||
Investments in securities:
|
||||||||||||||||
AFS - Common stocks
|
32,873
|
-
|
-
|
32,873
|
||||||||||||
Trading - Common stocks
|
16
|
-
|
-
|
16
|
||||||||||||
Total investments in securities
|
32,889
|
-
|
-
|
32,889
|
||||||||||||
Total assets at fair value
|
$
|
66,465
|
$
|
-
|
$
|
-
|
$
|
66,465
|
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
(in thousands, except per share amounts)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Basic:
|
||||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s
|
||||||||||||||||
shareholders
|
$
|
16,600
|
$
|
30,861
|
$
|
64,314
|
$
|
84,429
|
||||||||
Weighted average shares outstanding
|
28,926
|
29,185
|
28,930
|
29,222
|
||||||||||||
Basic net income per share attributable to GAMCO
|
||||||||||||||||
Investors, Inc.'s shareholders
|
$
|
0.57
|
$
|
1.06
|
$
|
2.22
|
$
|
2.89
|
||||||||
Diluted:
|
||||||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
16,600
|
$
|
30,861
|
$
|
64,314
|
$
|
84,429
|
||||||||
Add interest on convertible note, net of management fee and taxes
|
696
|
387
|
2,192
|
387
|
||||||||||||
Total income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
17,296
|
$
|
31,248
|
$
|
66,506
|
$
|
84,816
|
||||||||
Weighted average share outstanding
|
28,926
|
29,185
|
28,930
|
29,222
|
||||||||||||
Restricted stock awards
|
247
|
221
|
214
|
253
|
||||||||||||
Assumed conversion of convertible note
|
2,000
|
1,000
|
2,000
|
336
|
||||||||||||
Total
|
31,173
|
30,406
|
31,144
|
29,811
|
||||||||||||
Diluted net income per share attributable to GAMCO
|
||||||||||||||||
Investors, Inc.'s shareholders
|
$
|
0.55
|
$
|
1.03
|
$
|
2.14
|
$
|
2.85
|
September 30, 2017
|
December 31, 2016
|
September 30, 2016
|
||||||||||||||||||||||
Carrying
|
Fair Value
|
Carrying
|
Fair Value
|
Carrying
|
Fair Value
|
|||||||||||||||||||
Value
|
Level 2
|
Value
|
Level 2
|
Value
|
Level 2
|
|||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||
4.5 % Convertible note
|
$
|
109,862
|
111,574
|
$
|
109,835
|
$
|
111,525
|
$
|
109,826
|
$
|
112,172
|
|||||||||||||
AC 4% PIK Note
|
70,000
|
71,755
|
100,000
|
100,930
|
100,000
|
101,347
|
||||||||||||||||||
5.875% Senior notes
|
24,138
|
24,748
|
24,120
|
24,558
|
24,115
|
25,073
|
||||||||||||||||||
Total
|
$
|
204,000
|
$
|
208,077
|
$
|
233,955
|
$
|
237,013
|
$
|
233,941
|
$
|
238,592
|
|
Record |
Payment
|
||||||
|
Date |
Date
|
Amount
|
|||||
Three months ended March 31, 2017
|
March 14, 2017
|
March 28, 2017
|
$
|
0.02
|
||||
Three months ended June 30, 2017
|
June 27, 2017
|
July 11, 2017
|
0.02
|
|||||
Three months ended September 30, 2017
|
September 12, 2017
|
September 26, 2017
|
0.02
|
|||||
Nine months ended September 30, 2017
|
$
|
0.06
|
|
Record
|
Payment
|
||||||
|
Date |
Date
|
Amount
|
|||||
Three months ended March 31, 2016
|
March 15, 2016
|
March 29, 2016
|
$
|
0.02
|
||||
Three months ended June 30, 2016
|
June 14, 2016
|
June 28, 2016
|
0.02
|
|||||
Three months ended September 30, 2016
|
September 13, 2016
|
September 27, 2016
|
0.02
|
|||||
Nine months ended September 30, 2016
|
$
|
0.06
|
2016
|
2017
|
2018
|
2019
|
2020
|
2021
|
2022
|
2023
|
2024
|
||||||||||||||||||||||||||||||
Q1
|
$
|
1,037
|
$
|
699
|
$
|
144
|
$
|
113
|
$
|
72
|
$
|
49
|
$
|
32
|
$
|
17
|
$
|
4
|
||||||||||||||||||||
Q2
|
1,036
|
4,381
|
141
|
113
|
68
|
49
|
32
|
17
|
4
|
|||||||||||||||||||||||||||||
Q3
|
1,186
|
2,103
|
126
|
101
|
57
|
39
|
24
|
10
|
2
|
|||||||||||||||||||||||||||||
Q4
|
691
|
157
|
113
|
90
|
49
|
32
|
17
|
4
|
-
|
|||||||||||||||||||||||||||||
Full Year
|
$
|
3,950
|
$
|
7,340
|
$
|
524
|
$
|
417
|
$
|
246
|
$
|
169
|
$
|
105
|
$
|
48
|
$
|
10
|
Fund
|
||||||||||||||||||||
Market
|
distributions,
|
|||||||||||||||||||
June 30,
|
appreciation/
|
Net cash
|
net of
|
September 30,
|
||||||||||||||||
2017
|
(depreciation)
|
flows
|
reinvestments
|
2017
|
||||||||||||||||
Equities:
|
||||||||||||||||||||
Open-end Funds
|
$
|
13,574
|
$
|
517
|
$
|
(305
|
)
|
$
|
(24
|
)
|
$
|
13,762
|
||||||||
Closed-end Funds
|
7,359
|
249
|
176
|
(116
|
)
|
7,668
|
||||||||||||||
Institutional & PWM - direct
|
13,437
|
613
|
(157
|
)
|
-
|
13,893
|
||||||||||||||
Institutional & PWM - sub-advisory
|
5,048
|
368
|
(70
|
)
|
-
|
5,346
|
||||||||||||||
SICAV (a)
|
421
|
10
|
73
|
-
|
504
|
|||||||||||||||
Total Equities
|
39,839
|
1,757
|
(283
|
)
|
(140
|
)
|
41,173
|
|||||||||||||
Fixed Income:
|
||||||||||||||||||||
Money-Market Fund
|
1,813
|
4
|
73
|
-
|
1,890
|
|||||||||||||||
Institutional & PWM
|
29
|
-
|
(3
|
)
|
-
|
26
|
||||||||||||||
Total Fixed Income
|
1,842
|
4
|
70
|
-
|
1,916
|
|||||||||||||||
Total Assets Under Management
|
$
|
41,681
|
$
|
1,761
|
$
|
(213
|
)
|
$
|
(140
|
)
|
$
|
43,089
|
Fund
|
|||||||||||||||||||||
Market
|
distributions,
|
||||||||||||||||||||
December 31,
|
appreciation/
|
Net cash
|
net of
|
September 30,
|
|||||||||||||||||
2016
|
(depreciation)
|
flows
|
reinvestments
|
2017
|
|||||||||||||||||
Equities:
|
|||||||||||||||||||||
Open-end Funds
|
$
|
13,462
|
$
|
1,354
|
$
|
(1,009
|
)
|
$
|
(45
|
)
|
$
|
13,762
|
|||||||||
Closed-end Funds
|
7,150
|
712
|
162
|
(356
|
)
|
7,668
|
|||||||||||||||
Institutional & PWM - direct
|
13,441
|
1,523
|
(1,071
|
)
|
-
|
13,893
|
|||||||||||||||
Institutional & PWM - sub-advisory
|
3,783
|
522
|
1,041
|
(b)
|
-
|
5,346
|
|||||||||||||||
SICAV (a)
|
320
|
29
|
155
|
-
|
504
|
||||||||||||||||
Total Equities
|
38,156
|
4,140
|
(722
|
)
|
(401
|
)
|
41,173
|
||||||||||||||
Fixed Income:
|
|||||||||||||||||||||
Money-Market Fund
|
1,767
|
9
|
114
|
-
|
1,890
|
||||||||||||||||
Institutional & PWM
|
31
|
-
|
(5
|
)
|
-
|
26
|
|||||||||||||||
Total Fixed Income
|
1,798
|
9
|
109
|
-
|
1,916
|
||||||||||||||||
Total Assets Under Management
|
$
|
39,954
|
$
|
4,149
|
$
|
(613
|
)
|
$
|
(401
|
)
|
$
|
43,089
|
% Change From
|
||||||||||||||||||||
September 30,
|
June 30,
|
September 30,
|
June 30,
|
September 30,
|
||||||||||||||||
2017
|
2017
|
2016
|
2017
|
2016
|
||||||||||||||||
Equities:
|
||||||||||||||||||||
Open-end Funds
|
$
|
13,762
|
$
|
13,574
|
$
|
13,799
|
1.4
|
%
|
(0.3
|
%)
|
||||||||||
Closed-end Funds
|
7,669
|
7,359
|
7,178
|
4.2
|
6.8
|
|||||||||||||||
Institutional & PWM - direct
|
13,893
|
13,437
|
13,245
|
3.4
|
4.9
|
|||||||||||||||
Institutional & PWM - sub-advisory
|
5,346
|
5,048
|
3,542
|
5.9
|
50.9
|
|||||||||||||||
SICAV (a)
|
504
|
50
|
42
|
908.0
|
1,100.0
|
|||||||||||||||
Total Equities
|
41,174
|
39,468
|
37,806
|
4.3
|
8.9
|
|||||||||||||||
Fixed Income:
|
||||||||||||||||||||
Money-Market Fund
|
1,890
|
1,813
|
1,738
|
4.2
|
8.7
|
|||||||||||||||
Institutional & PWM
|
26
|
29
|
37
|
(10.3
|
)
|
(29.7
|
)
|
|||||||||||||
Total Fixed Income
|
1,916
|
1,842
|
1,775
|
4.0
|
7.9
|
|||||||||||||||
Total Assets Under Management
|
$
|
43,090
|
$
|
41,310
|
$
|
39,581
|
4.3
|
%
|
8.9
|
%
|
|
Three Months Ended September 30, 2017
|
|||||||||||||||
Impact of
|
||||||||||||||||
Reported
|
First Half
|
Impact of
|
||||||||||||||
|
GAAP
|
2017 DCCA
|
2016 DCCA
|
Non-GAAP
|
||||||||||||
Revenues
|
||||||||||||||||
Investment advisory and incentive fees
|
$
|
77,328
|
$
|
-
|
$
|
-
|
$
|
77,328
|
||||||||
Distribution fees and other income
|
11,013
|
-
|
-
|
11,013
|
||||||||||||
Total revenues
|
88,341
|
-
|
-
|
88,341
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation
|
42,919
|
(4,816
|
)
|
(3,415
|
)
|
34,688
|
||||||||||
Management fee
|
4,935
|
(886
|
)
|
(688
|
)
|
3,361
|
||||||||||
Distribution costs
|
11,665
|
-
|
-
|
11,665
|
||||||||||||
Other operating expenses
|
5,429
|
-
|
-
|
5,429
|
||||||||||||
Total expenses
|
64,948
|
(5,702
|
)
|
(4,103
|
)
|
55,143
|
||||||||||
|
||||||||||||||||
Operating income
|
23,393
|
5,702
|
4,103
|
33,198
|
||||||||||||
Other income (expense)
|
||||||||||||||||
Net gain (loss) from investments
|
2,841
|
-
|
-
|
2,841
|
||||||||||||
Interest and dividend income
|
745
|
-
|
-
|
745
|
||||||||||||
Interest expense
|
(2,688
|
)
|
-
|
-
|
(2,688
|
)
|
||||||||||
Shareholder-designated contribution
|
(3,857
|
)
|
-
|
-
|
(3,857
|
)
|
||||||||||
Total other expense, net
|
(2,959
|
)
|
-
|
-
|
(2,959
|
)
|
||||||||||
Income before income taxes
|
20,434
|
5,702
|
4,103
|
30,239
|
||||||||||||
Income tax provision
|
3,834
|
2,167
|
1,559
|
7,560
|
||||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
16,600
|
$
|
3,535
|
$
|
2,544
|
$
|
22,679
|
||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
||||||||||||||||
per share:
|
||||||||||||||||
Basic
|
$
|
0.57
|
$
|
0.12
|
$
|
0.09
|
$
|
0.78
|
||||||||
Diluted
|
$
|
0.55
|
$
|
0.11
|
$
|
0.08
|
$
|
0.75
|
|
Nine Months Ended September 30, 2017
|
|||||||||||||||
Impact of
|
||||||||||||||||
Reported
|
First Half
|
Impact of
|
||||||||||||||
|
GAAP
|
2017 DCCA
|
2016 DCCA
|
Non-GAAP
|
||||||||||||
Revenues
|
||||||||||||||||
Investment advisory and incentive fees
|
$
|
228,942
|
$
|
-
|
$
|
-
|
$
|
228,942
|
||||||||
Distribution fees and other income
|
32,916
|
-
|
-
|
32,916
|
||||||||||||
Total revenues
|
261,858
|
-
|
-
|
261,858
|
||||||||||||
Expenses
|
||||||||||||||||
Compensation
|
97,634
|
14,390
|
(9,174
|
)
|
102,850
|
|||||||||||
Management fee
|
9,455
|
2,666
|
(2,172
|
)
|
9,949
|
|||||||||||
Distribution costs
|
33,373
|
-
|
-
|
33,373
|
||||||||||||
Other operating expenses
|
15,900
|
-
|
-
|
15,900
|
||||||||||||
Total expenses
|
156,362
|
17,056
|
(11,346
|
)
|
162,072
|
|||||||||||
|
||||||||||||||||
Operating income
|
105,496
|
(17,056
|
)
|
11,346
|
99,786
|
|||||||||||
Other income (expense)
|
||||||||||||||||
Net gain (loss) from investments
|
2,867
|
-
|
-
|
2,867
|
||||||||||||
Interest and dividend income
|
1,765
|
-
|
-
|
1,765
|
||||||||||||
Interest expense
|
(8,269
|
)
|
-
|
-
|
(8,269
|
)
|
||||||||||
Shareholder-designated contribution
|
(3,857
|
)
|
-
|
-
|
(3,857
|
)
|
||||||||||
Total other expense, net
|
(7,494
|
)
|
-
|
-
|
(7,494
|
)
|
||||||||||
Income before income taxes
|
98,002
|
(17,056
|
)
|
11,346
|
92,292
|
|||||||||||
Income tax provision
|
33,688
|
(6,594
|
)
|
4,350
|
31,444
|
|||||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
64,314
|
$
|
(10,462
|
)
|
$
|
6,996
|
$
|
60,848
|
|||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
||||||||||||||||
per share:
|
||||||||||||||||
Basic
|
$
|
2.22
|
$
|
(0.36
|
)
|
$
|
0.24
|
$
|
2.10
|
|||||||
Diluted
|
$
|
2.14
|
$
|
(0.34
|
)
|
$
|
0.22
|
$
|
2.02
|
Three Months Ended September 30, 2016
|
||||||||||||
Reported
|
Impact of
|
|||||||||||
GAAP
|
2016 DCCA
|
Non-GAAP
|
||||||||||
Revenues
|
||||||||||||
Investment advisory and incentive fees
|
$
|
75,952
|
$
|
-
|
$
|
75,952
|
||||||
Distribution fees and other income
|
11,769
|
-
|
11,769
|
|||||||||
Total revenues
|
87,721
|
-
|
87,721
|
|||||||||
Expenses
|
||||||||||||
Compensation
|
21,233
|
10,885
|
32,118
|
|||||||||
Management fee
|
1,163
|
2,400
|
3,563
|
|||||||||
Distribution costs
|
11,568
|
-
|
11,568
|
|||||||||
Other operating expenses
|
5,681
|
-
|
5,681
|
|||||||||
Total expenses
|
39,645
|
13,285
|
52,930
|
|||||||||
Operating income
|
48,076
|
(13,285
|
)
|
34,791
|
||||||||
Other income (expense)
|
||||||||||||
Net gain from investments
|
55
|
-
|
55
|
|||||||||
Interest and dividend income
|
371
|
-
|
371
|
|||||||||
Interest expense
|
(3,155
|
)
|
-
|
(3,155
|
)
|
|||||||
Total other expense, net
|
(2,729
|
)
|
-
|
(2,729
|
)
|
|||||||
Income before income taxes
|
45,347
|
(13,285
|
)
|
32,062
|
||||||||
Income tax provision
|
14,486
|
(5,075
|
)
|
9,411
|
||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
30,861
|
$
|
(8,210
|
)
|
$
|
22,651
|
|||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
||||||||||||
per share:
|
||||||||||||
Basic
|
$
|
1.06
|
$
|
(0.28
|
)
|
$
|
0.78
|
|||||
Diluted
|
$
|
1.03
|
$
|
(0.27
|
)
|
$
|
0.76
|
Nine Months Ended September 30, 2016
|
||||||||||||
Reported
|
Impact of
|
|||||||||||
GAAP
|
2016 DCCA
|
Non-GAAP
|
||||||||||
Revenues
|
||||||||||||
Investment advisory and incentive fees
|
$
|
219,594
|
$
|
-
|
$
|
219,594
|
||||||
Distribution fees and other income
|
33,456
|
-
|
33,456
|
|||||||||
Total revenues
|
253,050
|
-
|
253,050
|
|||||||||
Expenses
|
||||||||||||
Compensation
|
62,130
|
32,016
|
94,146
|
|||||||||
Management fee
|
3,376
|
6,926
|
10,302
|
|||||||||
Distribution costs
|
32,786
|
-
|
32,786
|
|||||||||
Other operating expenses
|
14,993
|
-
|
14,993
|
|||||||||
Total expenses
|
113,285
|
38,942
|
152,227
|
|||||||||
Operating income
|
139,765
|
(38,942
|
)
|
100,823
|
||||||||
Other income (expense)
|
||||||||||||
Net gain from investments
|
518
|
-
|
518
|
|||||||||
Interest and dividend income
|
1,104
|
-
|
1,104
|
|||||||||
Interest expense
|
(9,729
|
)
|
-
|
(9,729
|
)
|
|||||||
Total other expense, net
|
(8,107
|
)
|
-
|
(8,107
|
)
|
|||||||
Income before income taxes
|
131,658
|
(38,942
|
)
|
92,716
|
||||||||
Income tax provision
|
47,229
|
(14,811
|
)
|
32,418
|
||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
84,429
|
$
|
(24,131
|
)
|
$
|
60,298
|
|||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
||||||||||||
per share:
|
||||||||||||
Basic
|
$
|
2.89
|
$
|
(0.83
|
)
|
$
|
2.06
|
|||||
Diluted
|
$
|
2.85
|
$
|
(0.81
|
)
|
$
|
2.04
|
|
September 30, 2017
|
|||||||||||||||
Impact of
|
||||||||||||||||
Reported
|
Impact of
|
First Half
|
||||||||||||||
|
GAAP
|
2016 DCCA
|
2017 DCCA
|
Non-GAAP
|
||||||||||||
ASSETS
|
||||||||||||||||
Cash and cash equivalents
|
$
|
61,097
|
$
|
-
|
$
|
-
|
$
|
61,097
|
||||||||
Investments in securities
|
101,425
|
-
|
-
|
101,425
|
||||||||||||
Receivable from brokers
|
1,342
|
-
|
-
|
1,342
|
||||||||||||
Investment advisory fees receivable
|
25,549
|
-
|
-
|
25,549
|
||||||||||||
Receivable from affiliates
|
4,784
|
-
|
-
|
4,784
|
||||||||||||
Income tax receivable
|
24,941
|
14,724
|
7,017
|
46,682
|
||||||||||||
Other assets
|
11,888 |
-
|
-
|
11,888
|
||||||||||||
Total assets
|
$
|
231,026
|
$
|
14,724
|
$
|
7,017
|
$
|
252,767
|
||||||||
|
||||||||||||||||
LIABILITIES AND EQUITY
|
||||||||||||||||
Payable to brokers
|
13,311
|
-
|
-
|
13,311
|
||||||||||||
Income taxes payable and deferred tax liabilities
|
3,215
|
-
|
-
|
3,215
|
||||||||||||
Capital lease obligation
|
4,976
|
-
|
-
|
4,976
|
||||||||||||
Compensation payable
|
82,896
|
38,748
|
18,467
|
140,111
|
||||||||||||
Payable to affiliates
|
2,981
|
-
|
-
|
2,981
|
||||||||||||
Accrued expenses and other liabilities
|
24,134
|
-
|
-
|
24,134
|
||||||||||||
Sub-total
|
131,513
|
38,748
|
18,467
|
188,728
|
||||||||||||
|
||||||||||||||||
4.5% Convertible note (due August 15, 2021)
|
109,862
|
-
|
-
|
109,862
|
||||||||||||
AC 4% PIK Note (due November 30, 2020)
|
70,000
|
-
|
-
|
70,000
|
||||||||||||
5.875% Senior notes (due June 1, 2021)
|
24,138
|
-
|
-
|
24,138
|
||||||||||||
Total liabilities
|
335,513
|
38,748
|
18,467
|
392,728
|
||||||||||||
|
||||||||||||||||
Equity
|
||||||||||||||||
GAMCO Investors, Inc. stockholders' equity
|
||||||||||||||||
Class A Common Stock
|
14
|
-
|
-
|
14
|
||||||||||||
Class B Common Stock
|
19
|
-
|
-
|
19
|
||||||||||||
Additional paid-in capital
|
11,084
|
-
|
-
|
11,084
|
||||||||||||
Retained earnings (deficit)
|
143,026
|
(24,024
|
)
|
(11,450
|
)
|
107,552
|
||||||||||
Accumulated other comprehensive income
|
12,365
|
-
|
-
|
12,365
|
||||||||||||
Treasury stock, at cost
|
(270,995
|
)
|
-
|
-
|
(270,995
|
)
|
||||||||||
Total GAMCO Investors, Inc. stockholders' equity (deficit)
|
(104,487
|
)
|
(24,024
|
)
|
(11,450
|
)
|
(139,961
|
)
|
||||||||
Total liabilities and equity (deficit)
|
$
|
231,026
|
$
|
14,724
|
$
|
7,017
|
$
|
252,767
|
(Unaudited; in thousands, except per share data)
|
||||||||
|
2017
|
2016
|
||||||
Revenues
|
||||||||
Investment advisory and incentive fees
|
$
|
77,328
|
$
|
75,952
|
||||
Distribution fees and other income
|
11,013
|
11,769
|
||||||
Total revenues
|
88,341
|
87,721
|
||||||
Expenses
|
||||||||
Compensation
|
42,919
|
21,233
|
||||||
Management fee
|
4,935
|
1,163
|
||||||
Distribution costs
|
11,665
|
11,568
|
||||||
Other operating expenses
|
5,429
|
5,681
|
||||||
Total expenses
|
64,948
|
39,645
|
||||||
Operating income
|
23,393
|
48,076
|
||||||
Other income (expense)
|
||||||||
Net gain from trading securities
|
2,841
|
55
|
||||||
Interest and dividend income
|
745
|
371
|
||||||
Interest expense
|
(2,688
|
)
|
(3,155
|
)
|
||||
Shareholder-designated contribution
|
(3,857
|
)
|
-
|
|||||
Total other expense, net
|
(2,959
|
)
|
(2,729
|
)
|
||||
Income before income taxes
|
20,434
|
45,347
|
||||||
Income tax provision
|
3,834
|
14,486
|
||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
16,600
|
$
|
30,861
|
||||
|
||||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
|
||||||||
Basic
|
$
|
0.57
|
$
|
1.06
|
||||
Diluted
|
$
|
0.55
|
$
|
1.03
|
(Unaudited; in thousands, except per share data)
|
||||||||
2017
|
2016
|
|||||||
Revenues
|
||||||||
Investment advisory and incentive fees
|
$
|
228,942
|
$
|
219,594
|
||||
Distribution fees and other income
|
32,916
|
33,456
|
||||||
Total revenues
|
261,858
|
253,050
|
||||||
Expenses
|
||||||||
Compensation
|
97,634
|
62,130
|
||||||
Management fee
|
9,455
|
3,376
|
||||||
Distribution costs
|
33,373
|
32,786
|
||||||
Other operating expenses
|
15,900
|
14,993
|
||||||
Total expenses
|
156,362
|
113,285
|
||||||
Operating income
|
105,496
|
139,765
|
||||||
Other income (expense)
|
||||||||
Net gain from trading securities
|
2,867
|
518
|
||||||
Interest and dividend income
|
1,765
|
1,104
|
||||||
Interest expense
|
(8,269
|
)
|
(9,729
|
)
|
||||
Shareholder-designated contribution
|
(3,857
|
)
|
-
|
|||||
Total other expense, net
|
(7,494
|
)
|
(8,107
|
)
|
||||
Income before income taxes
|
98,002
|
131,658
|
||||||
Income tax provision
|
33,688
|
47,229
|
||||||
Net income attributable to GAMCO Investors, Inc.'s shareholders
|
$
|
64,314
|
$
|
84,429
|
||||
Net income attributable to GAMCO Investors, Inc.'s shareholders per share:
|
||||||||
Basic
|
$
|
2.22
|
$
|
2.89
|
||||
Diluted
|
$
|
2.14
|
$
|
2.85
|
Nine months ended
|
||||||||
|
September 30,
|
|||||||
|
2017
|
2016
|
||||||
Cash flows provided by / (used in) operations :
|
(in thousands)
|
|||||||
Operating activities
|
$
|
65,229
|
$
|
105,212
|
||||
Investing activities
|
(3,611
|
)
|
185
|
|||||
Financing activities
|
(40,318
|
)
|
(85,292
|
)
|
||||
Increase in cash and cash equivalents from operations
|
21,300
|
20,105
|
||||||
Effect of exchange rates on cash and cash equivalents
|
(15
|
)
|
28
|
|||||
Net increase
|
21,285
|
20,133
|
||||||
Cash and cash equivalents at beginning of period
|
39,812
|
13,719
|
||||||
Cash and cash equivalents at end of period
|
$
|
61,097
|
$
|
33,852
|
Fair Value
|
Fair Value
|
|||||||||||
assuming
|
assuming
|
|||||||||||
10% decrease in
|
10% increase in
|
|||||||||||
(unaudited)
|
Fair Value
|
equity prices
|
equity prices
|
|||||||||
At September 30, 2017:
|
||||||||||||
Equity price sensitive investments, at fair value
|
$
|
101,425
|
$
|
91,282
|
$
|
111,567
|
||||||
At December 31, 2016:
|
||||||||||||
Equity price sensitive investments, at fair value
|
$
|
37,285
|
$
|
33,557
|
$
|
41,014
|
Item 1. |
Legal Proceedings
|
(c) Total Number of
|
(d) Maximum
|
|||||||||||||||
(a) Total
|
(b) Average
|
Shares Repurchased as
|
Number of Shares
|
|||||||||||||
Number of
|
Price Paid Per
|
Part of Publicly
|
That May Yet Be
|
|||||||||||||
Shares
|
Share, net of
|
Announced Plans
|
Purchased Under
|
|||||||||||||
Period
|
Repurchased
|
Commissions
|
or Programs
|
the Plans or Programs
|
||||||||||||
7/01/17 - 7/31/17
|
-
|
$
|
-
|
-
|
574,648
|
|||||||||||
8/01/17 - 8/31/17
|
113,121
|
29.53
|
113,121
|
886,879
|
||||||||||||
9/01/17 - 9/30/17
|
18,359
|
28.74
|
18,359
|
868,520
|
||||||||||||
Totals
|
131,480
|
$
|
29.42
|
131,480
|
|
10.20
|
Restricted Stock Unit Agreement, dated September 30, 2017, by and between GAMCO Investors, Inc. and Mario J. Gabelli.
(Incorporated by reference to Exhibit 99.1 to the Company’s Report on Form 8-K dated September 30, 2017 filed with the Securities and Exchange Commission on October 5, 2017).
|
|
31.1
|
|
31.2
|
|
31.3
|
|
32.1
|
|
32.2
|
101.INS
|
||
|
|
|
101.SCH
|
|
|
|
|
|
101.CAL
|
|
|
|
|
|
101.DEF
|
|
|
|
|
|
101.LAB
|
|
|
|
|
|
101.PRE
|
|
By: /s/ Kieran Caterina
|
By: /s/ Diane M. LaPointe
|
||
Name: Kieran Caterina
|
Name: Diane M. LaPointe
|
||
Title: Co-Chief Accounting Officer
|
Title: Co-Chief Accounting Officer
|
||
|
|
||
Date: November 7, 2017
|
Date: November 7, 2017
|
1 Year Gamco Investors Chart |
1 Month Gamco Investors Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions