|
|
|
|
|
|
|
(State or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
|
|
|
|
|
(Address of principal executive offices)
|
|
(Zip code)
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
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Item 2.02
|
|
Results of Operations and
Financial Condition.
|
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|
|
|
|
Item 9.01.
|
Financial Statements and Exhibits.
|
|
Exhibit
|
|
|
|
Number
|
|
Description
|
|
|
GAMCO's Press Release, dated May 5, 2021
|
|
Exhibit
|
|
|
|
Number
|
|
Description
|
|
|
GAMCO's Press Release, dated May 5, 2021
|
|
For Immediate Release:
|
Contact:
|
Howard Green
|
|
|
|
SVP of Corporate Development
(914) 921-7729
|
|
|
|
|
|
|
|
For further information please visit
|
|
|
|
www.gabelli.com
|
|
-
|
March 31, 2021 AUM of $33.4 billion vs. $27.5 billion a year ago
|
|
-
|
Equity AUM were $31.7 billion at March 31, 2021 vs. $24.5 billion at March 31, 2020
|
|
-
|
First quarter net income was $16.0 million vs. $11.2 million a year ago
|
|
-
|
Fully diluted first quarter earnings were $0.59 per share vs. $0.42 per share a year ago
|
|
Financial Highlights (Unaudited)
|
||||||||
|
|
Three Months Ended
|
|||||||
|
(In thousands, except per share data)
|
March 31, 2021
|
March 31, 2020
|
||||||
|
|
||||||||
|
U.S. GAAP Basis
|
||||||||
|
Revenues
|
$
|
67,928
|
$
|
69,567
|
||||
|
Operating income
|
22,454
|
25,320
|
||||||
|
Net income
|
15,950
|
11,245
|
||||||
|
Diluted earnings per common share
|
$
|
0.59
|
$
|
0.42
|
||||
|
Weighted average diluted shares outstanding
|
26,887
|
26,770
|
||||||
|
Shares outstanding
|
27,392
|
27,705
|
||||||
|
|
||||||||
|
Assets Under Management
|
||||||||
|
AUM - end of period (in millions)
|
$
|
33,409
|
$
|
27,505
|
||||
|
AUM - average (in millions)
|
33,380
|
33,589
|
||||||
|
-
|
Total revenues for the first quarter of 2021 were $67.9 million compared with $69.6 million in the first quarter of 2020.
|
|
-
|
Investment advisory fees were $61.5 million in the first quarter of 2021 versus $62.3 million in the first quarter of 2020:
|
|
-
|
Gabelli Funds’ revenues were $42.2 million compared to $40.7 million in the first quarter of 2020.
|
|
-
|
Institutional and Private Wealth Management revenues, which are generally billed on portfolio values at the beginning of the quarter, were $17.6
million compared to $20.0 million in the first quarter of 2020.
|
|
-
|
SICAV revenues were $1.7 million for the first quarter of 2021 as compared to $1.6 million in the year ago quarter.
|
|
-
|
Distribution fees from our equity mutual funds and other income were $6.4 million during the first quarter of 2021 and $7.3 million in the prior
year quarter.
|
|
-
|
On January 4th, GAMCO International SICAV launched GAMCO Convertible Securities. The fund, managed by our Dinsmore team, which marked
the 50th Anniversary of managing the Bancroft Fund in April, leverages the firm’s history of investing in dedicated convertible security portfolios. Multiple share classes are tailored for global institutional investors as well
as select non-U.S. retail investors.
|
|
-
|
We launched our first semi-transparent actively managed ETF, the Love our Planet & People ETF (LOPP), on February 1, 2021, and the second
one, Gabelli Growth Innovators (GGRW), on February 16th.
|
|
-
|
Our 31st Annual Pump, Valve & Water Systems Symposium took place on February 25th. The meeting featured presentations
by senior management of several leading industrial companies with an emphasis on industrial and municipal water use and the role of technology.
|
|
-
|
On March 18th, we hosted our 7th Annual Waste & Environmental Services Symposium via webcast. The timely conference
featured presentations by leading companies.
|
|
|
Fund
|
|||||||||||||||||||||||||||
|
|
Market
|
distributions,
|
||||||||||||||||||||||||||
|
|
December 31,
|
Client
|
Client
|
appreciation/
|
net of
|
March 31,
|
March 31,
|
|||||||||||||||||||||
|
|
2020
|
Inflows
|
Outflows
|
(depreciation)
|
reinvestments
|
2021
|
2020
|
|||||||||||||||||||||
|
Equities:
|
||||||||||||||||||||||||||||
|
Mutual Funds
|
$
|
9,541
|
$
|
296
|
$
|
(563
|
)
|
$
|
555
|
$
|
(4
|
)
|
$
|
9,825
|
$
|
7,798
|
||||||||||||
|
Closed-end Funds
|
7,773
|
-
|
(17
|
)
|
464
|
(120
|
)
|
8,100
|
6,084
|
|||||||||||||||||||
|
Institutional & PWM (a)
|
12,371
|
127
|
(830
|
)
|
1,477
|
-
|
13,145
|
10,185
|
||||||||||||||||||||
|
SICAV
|
474
|
190
|
(78
|
)
|
(4
|
)
|
-
|
582
|
480
|
|||||||||||||||||||
|
Total Equities
|
30,159
|
613
|
(1,488
|
)
|
2,492
|
(124
|
)
|
31,652
|
24,547
|
|||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
100% U.S. Treasury Fund
|
2,370
|
664
|
(1,309
|
)
|
-
|
-
|
1,725
|
2,938
|
||||||||||||||||||||
|
Institutional & PWM Fixed Income
|
32
|
-
|
-
|
-
|
-
|
32
|
20
|
|||||||||||||||||||||
|
Total Treasuries & Fixed Income
|
2,402
|
664
|
(1,309
|
)
|
-
|
-
|
1,757
|
2,958
|
||||||||||||||||||||
|
Total Assets Under Management
|
$
|
32,561
|
$
|
1,277
|
$
|
(2,797
|
)
|
$
|
2,492
|
$
|
(124
|
)
|
$
|
33,409
|
$
|
27,505
|
||||||||||||
|
|
||||||||||||||||||||||||||||
|
(a) Includes $166, $180, and $263 of 100% U.S. Treasury Fund AUM at December 31, 2020, March 31, 2021, and March 31, 2020, respectively.
|
||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||
|
Table II
|
||||||||
|
GAMCO INVESTORS, INC.
|
||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
||||||||
|
(In thousands, except per share data)
|
||||||||
|
|
||||||||
|
|
Three Months Ended
|
|||||||
|
|
March 31
|
|||||||
|
|
2021
|
2020
|
||||||
|
|
||||||||
|
Investment advisory and incentive fees
|
$
|
61,470
|
$
|
62,273
|
||||
|
Distribution fees and other income
|
6,458
|
7,294
|
||||||
|
Total revenues
|
67,928
|
69,567
|
||||||
|
|
||||||||
|
Compensation costs (a)
|
30,682
|
29,250
|
||||||
|
Management fee expense
|
2,517
|
1,665
|
||||||
|
Distribution costs
|
6,971
|
7,630
|
||||||
|
Other operating expenses
|
5,304
|
5,702
|
||||||
|
Total expenses
|
45,474
|
44,247
|
||||||
|
|
||||||||
|
Operating income
|
22,454
|
25,320
|
||||||
|
|
||||||||
|
Investment gain/(loss)
|
865
|
(9,693
|
)
|
|||||
|
Interest expense
|
(662
|
)
|
(647
|
)
|
||||
|
Non-operating gain/(loss)
|
203
|
(10,340
|
)
|
|||||
|
|
||||||||
|
Income before income taxes
|
22,657
|
14,980
|
||||||
|
Provision for income taxes
|
6,707
|
3,735
|
||||||
|
Net income
|
$
|
15,950
|
$
|
11,245
|
||||
|
|
||||||||
|
Net income:
|
||||||||
|
Basic
|
$
|
0.60
|
$
|
0.42
|
||||
|
Diluted
|
$
|
0.59
|
$
|
0.42
|
||||
|
|
||||||||
|
Weighted average shares outstanding:
|
||||||||
|
Basic
|
26,393
|
26,687
|
||||||
|
Diluted
|
26,887
|
26,770
|
||||||
|
|
||||||||
|
Actual shares outstanding (b)
|
27,392
|
27,705
|
||||||
|
|
||||||||
|
(a) For the quarter ended March 31, 2020, compensation costs were reduced by $1,409
|
||||||||
|
due to indexing of deferred compensation to the GBL stock price.
|
||||||||
|
(b) Includes 1,066 and 1,041 RSA shares at March 31, 2021 and 2020, respectively.
|
||||||||
|
GAMCO INVESTORS, INC.
|
||||||||||||
|
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
|
||||||||||||
|
(In thousands, except per share data)
|
||||||||||||
|
|
||||||||||||
|
|
March 31,
|
December 31,
|
March 31,
|
|||||||||
|
|
2021
|
2020
|
2020
|
|||||||||
|
|
||||||||||||
|
ASSETS
|
||||||||||||
|
Cash, cash equivalents, and U.S. Treasury Bills
|
$
|
118,868
|
$
|
98,313
|
$
|
77,834
|
||||||
|
Investments in securities
|
40,429
|
25,845
|
20,817
|
|||||||||
|
Receivable from brokers
|
4,344
|
5,833
|
3,808
|
|||||||||
|
Other receivables
|
27,466
|
34,054
|
24,379
|
|||||||||
|
Deferred tax asset and income tax receivable
|
9,292
|
9,462
|
11,043
|
|||||||||
|
Other assets
|
13,394
|
11,895
|
9,583
|
|||||||||
|
Total assets
|
$
|
213,793
|
$
|
185,402
|
$
|
147,464
|
||||||
|
|
||||||||||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||||||
|
Payable to brokers
|
$
|
132
|
$
|
1
|
$
|
-
|
||||||
|
Securities sold, not yet purchased
|
-
|
799
|
-
|
|||||||||
|
Income taxes payable
|
11,383
|
3,910
|
219
|
|||||||||
|
Compensation payable
|
29,302
|
21,543
|
21,291
|
|||||||||
|
Accrued expenses and other liabilities
|
47,080
|
48,023
|
36,413
|
|||||||||
|
Sub-total
|
87,897
|
74,276
|
57,923
|
|||||||||
|
5.875% Senior Notes (due June 1, 2021)
|
24,221
|
24,215
|
24,197
|
|||||||||
|
Total liabilities
|
112,118
|
98,491
|
82,120
|
|||||||||
|
|
||||||||||||
|
Stockholders' equity (a)
|
101,675
|
86,911
|
65,344
|
|||||||||
|
|
||||||||||||
|
Total liabilities and stockholders' equity
|
$
|
213,793
|
$
|
185,402
|
$
|
147,464
|
||||||
|
|
||||||||||||
|
(a) Shares outstanding of 27,392, 27,503, and 27,705, respectively.
|
||||||||||||
|
|
||||||||||||
|
Management believes the use of non-GAAP measures provides relevant information to allow investors to view operating trends, perform analytical
comparisons and benchmark performance between periods for its core operating results. Management uses non-GAAP measures in its financial, investing and operational decision-making process, for internal reporting and as part of its forecasting
and budgeting processes. GAMCO’s calculation of non-GAAP measures may not be comparable to other companies due to potential differences between companies in the method of calculation. Non-GAAP measures should not be considered a substitute
for related U.S. GAAP measures.
|
|
|
Three Months Ended
|
|||||||
|
(Unaudited)
(In thousands, except per share data) |
March 31, 2021
|
March 31, 2020
|
||||||
|
|
||||||||
|
Net income, U.S. GAAP basis
|
$
|
15,950
|
$
|
11,245
|
||||
|
Impact of DCCAs on expenses and taxes (a):
|
||||||||
|
Compensation costs
|
-
|
(1,409
|
)
|
|||||
|
Provision for income taxes
|
-
|
349
|
||||||
|
Total impact of DCCAs on expenses and taxes
|
-
|
(1,060
|
)
|
|||||
|
Net income, as adjusted
|
$
|
15,950
|
$
|
10,185
|
||||
|
|
||||||||
|
Per fully diluted share:
|
||||||||
|
Net income, U.S. GAAP basis
|
$
|
0.59
|
$
|
0.42
|
||||
|
Impact of DCCAs
|
$
|
-
|
$
|
(0.04
|
)
|
|||
|
Net income, as adjusted
|
$
|
0.59
|
$
|
0.38
|
||||
|
|
||||||||
|
(a) The non-GAAP adjustments relate to one DCCA.
|
||||||||
Document and Entity Information |
May 05, 2021 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | May 05, 2021 |
| Entity Registrant Name | GAMCO INVESTORS, INC. ET AL |
| Entity Incorporation, State or Country Code | DE |
| Entity File Number | 001-14761 |
| Entity Tax Identification Number | 13-4007862 |
| Entity Address, Address Line One | 191 Mason Street |
| Entity Address, City or Town | Greenwich |
| Entity Address, State or Province | CT |
| Entity Address, Postal Zip Code | 06830 |
| City Area Code | 203 |
| Local Phone Number | 629-2726 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Entity Emerging Growth Company | false |
| Entity Central Index Key | 0001060349 |
| Title of 12(b) Security | Class A Common Stock, $0.001 par value |
| Trading Symbol | GBL |
| Security Exchange Name | NYSE |
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