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GAMCO Investors, Inc. Reports First Quarter 2019 Earnings

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





















First Quarter













Fourth Quarter








($'s in 000's except AUM and per share data)












2019













2018












2018





















































AUM - average (in millions)












$













36,837


















$













42,499


















$






37,405














AUM - end of period (in millions)
























37,273






























40,854
























34,354














































































































Revenues












$












74,336


















$












87,497


















$






80,977



























































Operating income
























28,613






























41,256
























52,458



























































Income before income taxes
























26,787






























35,201
























30,636














Effective tax rate
























25.7






%
























22.6






%


















23.8






%





















































Net income
























19,892






























27,261
























23,337



























































Net income per fully diluted share (a)













$













0.70




















$













0.94




















$






0.81




























































Weighted average diluted shares outstanding
























28,539






























28,916
























28,636



























































Shares outstanding
























28,853






























28,855
























28,982























(a) CEO waivers of compensation bolstered EPS by $0.36, $0.17 and
$0.40, respectively.















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.
See also:
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