GAMCO Investors, Inc. Reports First Quarter 2019 Earnings
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GAMCO Investors, Inc. ("GAMCOa??) (NYSE:GBL) today reported first quarter
2019 revenues of $74.3 million, net income of $19.9 million, and
earnings of $0.70 per diluted share.
AUM of $37.3 billion at March 31, 2019 versus $34.4 billion at December
31, 2018 and $40.9 billion at March 31, 2018.
Financial Highlights
A
First Quarter
A
Fourth Quarter
($'s in 000's except AUM and per share data)
2019
A
2018
2018
A
AUM - average (in millions)
$
A
36,837
$
A
42,499
$
37,405
AUM - end of period (in millions)
37,273
40,854
34,354
A
A
A
A
A
A
A
A
Revenues
$
74,336
$
87,497
$
80,977
A
Operating income
28,613
41,256
52,458
A
Income before income taxes
26,787
35,201
30,636
Effective tax rate
25.7
%
22.6
%
23.8
%
A
Net income
19,892
27,261
23,337
A
Net income per fully diluted share (a)
A
$
A
0.70
A
A
$
A
0.94
A
A
$
0.81
A
A
Weighted average diluted shares outstanding
28,539
28,916
28,636
A
Shares outstanding
28,853
28,855
28,982
A
(a) CEO waivers of compensation bolstered EPS by $0.36, $0.17 and
$0.40, respectively.
A
Revenues
Total revenues for the first quarter of 2019 were $74.3 million
compared with $87.5 million in the prior year.
Investment advisory fees were $65.9 million in the first quarter of
2019 versus $77.3 million in the first quarter of 2018. Open-end and
closed-end fund revenues were $43.6 million compared to $50.1 million
in the first quarter of 2018. Institutional and Private Wealth
Management revenues, which are generally billed on portfolio values at
the beginning of the quarter, were $20.8 million compared to $25.9
million in 2018. SICAV revenues were $1.5 million in the first quarter
of 2019 versus $1.3 million in the first quarter of 2018.
Distribution fees from our open-end equity funds and other income were
$8.4 million for the first quarter of 2019 versus $10.1 million in the
prior-year quarter.
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