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GAMCO Investors, Inc. Reports Record Second Quarter Results

·	Assets under Management Record $40.5 Billion

·	Earnings Per Share increase to $1.09 per share from $0.57 per share, up 91%,    Bolstered by a $0.40 Per Share Swing in Other Income

·	$99 million Debt Repaid May 15, 2013

Rye, New York, August 6, 2013 – GAMCO Investors, Inc. ("GAMCO") (NYSE: GBL) today reported its 2013 second quarter results including revenues of $92.3 million, net income of $27.9 million and earnings per diluted share of $1.09. On a comparable basis, revenues were $81.0 million, net income was $15.1 million, and earnings per diluted share were $0.57 in the second quarter of 2012.

Assets Under Management ("AUM") rose to a record $40.5 billion, up 1.0% from $40.1 billion at March 31, 2013 and up 13.5% from $35.7 billion at June 30, 2012.

Results for the first half of 2013 include revenues of $178.5 million, net income of $50.4 million and earnings per diluted share of $1.96, an increase of 33.3% from earnings of $1.47 in the first half of 2012.

 

Financial Highlights		Second Quarter												Year-to-date
($'s in 000's except AUM and per share data)		2013				2012				%D					2013					2012			%D
AUM - end of period (in millions)		$	40,478			$	35,662				13.5	%		$	40,478				$	35,662				13.5	%
AUM - average (in millions)			40,331				35,640				13.2				39,389					35,977				9.5
Revenues			92,290				81,024				13.9				178,471					162,773				9.6
Operating income before management fee			36,630				32,982				11.1				71,337					64,178				11.2
Operating margin before management fee			39.7	%			40.7	%							40.0	%				39.4	%
Operating income after management fee			31,784				30,367				4.7				62,511					57,379				8.9
Operating margin after management fee			34.4	%			37.5	%							35.0	%				35.3	%
Other income/(expense), net			11,852				(6,818	)							17,000		(a)			3,892
Net income			27,893				15,105				84.7				50,438					38,941				29.5
Net income per share		$	1.09			$	0.57				91.2	%		$	1.96		(a)		$	1.47				33.3	%
Shares outstanding at June 30			25,630				26,631								25,630					26,631

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Assets Under Management

Our second quarter 2013 net inflows were $240 million, market appreciation totaled $293 million and Fund distributions (net of reinvestments) were $145 million.  This compares with net inflows of $498 million, market appreciation of $3.3 billion and Fund distributions of $145 million in the first quarter and net inflows of $111 million, market depreciation of $1.0 billion and Fund distributions of $109 million in the second quarter of 2012.

During the quarter total firm AUM increased $388 million to a record $40.5 billion at June 30, 2013 driven largely by net inflows of $417 million into our open-end equity funds. Open-end equity funds totaled $14.2 billion, 2.7% ahead of the previous quarter end AUM and 13.5% higher than the year ago period end.

Institutional and private wealth management business ended the quarter with $17.3 billion in AUM, 1.6% ahead of the March 2013 quarter end and 19.4% above the comparable 2012 quarter end.

Net inflows during the first six months of 2013 were $738 million, market appreciation totaled $3.6 billion and Fund distributions, net of reinvestments, were $290 million.  This compares with net inflows of $466 million, market appreciation of $1.3 billion and Fund distributions of $217 million in the first half of 2012.

Revenues

Investment advisory and incentive fees were $77.4 million in the second quarter of 2013, an increase of $10.2 million or 15.2% from the comparable 2012 quarter. Revenues were generally driven by growth in average AUM in our open- and closed-end funds, higher billable assets in our institutional and private wealth management accounts and an increase in incentive fees earned.  Average AUM in the open-end equity funds were $14.1 billion, an increase of 12.8% from $12.5 billion in the comparable 2012 quarter.  Average AUM in the institutional and private wealth management accounts were $17.1 billion, 17.7% higher than the prior year period.  Incentive fees earned during the 2013 quarter totaled $2.1 million versus $1.1 million in the second quarter of 2012.

Revenues from the distribution of our open-end funds and other income were $12.5 million for the second quarter 2013, an increase of $1.5 million or 13.8% from the prior year quarter of $11.0 million.

Our institutional research services generated revenues of $2.3 million in the second quarter 2013, down 17.2% from the $2.8 million in the prior year period.

Operating Income

Operating income before management fee was $36.6 million in the second quarter 2013 versus $33.0 million in the second quarter 2012.  For the second quarter 2013, the operating margin before management fee was 39.7% versus 40.7% in the second quarter of 2012.  Management believes evaluating operating income before management fee is an important measure in analyzing the Company's operating results.  Further information regarding Non-GAAP measures is included in Notes on Non-GAAP Financial Measures and Table VII included elsewhere herein.

 

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Operating income, which is net of management fee expense, was $31.8 million in the second quarter of 2013 versus $30.4 million in the prior year period, an increase of $1.4 million, or 4.6%.  The operating margin was 34.4% in the second quarter of 2013 versus 37.5% in the comparable prior year period.  Higher distribution costs related to increased sales through third party brokers and higher client services expense and regulatory costs impacted the 2013 quarter, partially offset by lower stock compensation costs and lower expense reimbursements for certain mutual funds resulting from increased levels of AUM.

Other income (expense)

Other income/(expense), net, was $11.9 million, or $0.26 per diluted share, in the 2013 quarter versus an expense of ($6.8) million, or ($0.14) per diluted share, in the second quarter of 2012.  Gains from investments in mutual funds, alternative products and proprietary accounts were $12.1 million in the 2013 quarter versus losses of ($4.2) million in the second quarter of 2012. Included in the 2013 trading profits is $9.6 million, or $0.21 per diluted share, of gains from the sale of available for sale securities. Dividend and interest income totaled $2.5 million up from $1.8 million in the prior year period.  Interest expense was $2.8 million in the 2013 second quarter, $1.6 million lower than the prior year quarter due to the third quarter 2012 repurchase of $64.1 million (face value) in 0% debentures through a tender offer as well as the $99 million of 5.5% senior notes which matured on May 15, 2013.

Income Taxes

The effective tax rate for the quarter ended June 30, 2013 was 36.0% compared to the 2012 quarter effective tax rate of 36.9%.

Business and Investment Highlights

-

In June 2013, the Gabelli Global Utility & Income Trust completed a rights offering in which the fund issued 1 million shares of common stock and 1 million shares of Series A Cumulative Puttable and Callable Preferred Shares totaling approximately $70 million.  In the offering, the fund's existing common shareholders received one transferrable right (the "Right") for each share of common stock held on the record date.  The Rights entitled holders to purchase one common share and one share of Series A Preferred by submitting three Rights plus $68.50.  The offering was greatly over-subscribed.

-	The Gabelli Healthcare & WellnessRx Trust commenced a rights offering of $33 million which was completed in July and heavily oversubscribed.

-	In the May 27, 2013 issue of Pensions & Investments Report on the Largest Money Managers-Worldwide Institutional Assets Under Management GAMCO was ranked #175 for the year ended December 31, 2012 and #182 for the year ended December 31, 2011.

 

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-

Our "In the News" and "On the Air" section of our website features interviews with Portfolio Managers including Barbara Marcin, Howard Ward, Chris Marangi, Jeff Jonas, Kevin Dreyer, and Caesar Bryan as they address world markets, industries, and specific stocks.  Please visit the Gabelli website at www.gabelli.com/inthenews.html.

-	In May 2013, the GAMCO Global Gold, Natural Resources & Income Trust completed an offering of 4 million 5.0% Series B Cumulative Preferred Shares valued at $100 million.  The Series B Preferred is a perpetual preferred rated "A1" by Moody's Investor Service, Inc. and is non-callable for five years.

-	In May 2013, G.research, Inc. hosted its 7th annual Omaha research trip in conjunction with the Berkshire Hathaway Annual Meeting as well as its 5th annual Movie & Entertainment Conference.

 

-	On May 15, 2013 we repaid the remaining $99 million of outstanding 5.5% senior notes originally issued in May 2003.

 

 

Balance Sheet - $590.1 million of Cash and Investments at Quarter End

We ended the quarter with cash and investments of $590.1 million, debt of $117.0 million ($120.5 million face value) and equity attributable to GAMCO shareholders of $408.4 million.  We have $400 million available on our universal shelf registration which provides us with the flexibility to issue any combination of senior and subordinated debt securities, convertible debt securities and common and preferred equity.  Together with earnings from operations, the shelf provides us with opportunities to do acquisitions, lift-outs, seed new investment strategies, co-invest as well as shareholder compensation including share repurchase and dividends.

Shareholder Compensation

During the first half of 2013 we returned $8.9 million of our earnings to shareholders through dividends and stock repurchases.  We repurchased 118,402 shares at an average price of $52.99 per share through our stock buyback program, for a total investment of $6.3 million. We also returned $2.6 million in regular quarterly cash dividends of $0.10 per share.

On August 6, 2013 GAMCO's Board of Directors increased its quarterly dividend by 20% to $0.06 per share payable on September 24, 2013 to its Class A and Class B shareholders of record on September 10, 2013.

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NOTES ON NON-GAAP FINANCIAL MEASURES

 

 

		2nd Quarter								YTD June
		2013				2012				2013				2012
Operating income before management fee		$	36,630			$	32,982			$	71,337			$	64,178
Management fee expense			(3,667	)			(3,297	)			(7,126	)			(6,410	)
Tax expense			(11,878	)			(10,949	)			(23,354	)			(21,159	)
Noncontrolling interest expense			91				77				177				185
Operating income (after management fee and taxes)			21,176				18,813				41,034				36,794
Per fully diluted share		$	0.83			$	0.71			$	1.59			$	1.39
Other income/(expense), net		$	11,852			$	(6,818	)		$	17,000			$	3,892
Management fee (expense)/benefit			(1,179	)			682				(1,700	)			(389	)
Tax (expense)/benefit			(3,846	)			2,263				(5,565	)			(1,283	)
Noncontrolling interest (expense)/benefit			(110	)			165				(331	)			(73	)
Other income/(expense), net (after management fee and taxes)		$	6,717			$	(3,708	)		$	9,404			$	2,147
Per fully diluted share		$	0.26			$	(0.14	)		$	0.37			$	0.08
Net income per fully diluted share		$	1.09			$	0.57			$	1.96			$	1.47
Diluted weighted average shares outstanding			25,689				26,426				25,723				26,501

 

 

		YTD
(in thousands, except per share data)		2013
Shareholder-designated charitable contribution program		$	5,000
Management fee and tax benefit			2,156
Net loss		$	2,844
Shareholder-designated charitable contribution program charge per share		$	0.11
Diluted weighted average shares outstanding			25,723

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		2nd Quarter				YTD
(in thousands, except per share data)		2013				2013
Realized gains from sales of available for sale securities		$	9,576			$	9,576
Management fee and tax benefit			4,146				4,146
Net gain		$	5,430			$	5,430
Realized gains from sales of available for sale securities per share		$	0.21			$	0.21
Diluted weighted average shares outstanding			25,689				25,723

 

SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press release contain some forward-looking statements.  Forward-looking statements give 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, there can be no assurance that our actual results will not differ materially from what we expect or believe.  Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation: the adverse effect from a decline in the securities markets; a decline in the performance of our products; a general downturn in the economy; changes in government policy or regulation; changes in our ability to attract or retain key employees; and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.  We also direct your attention to any more specific discussions of risk contained in our Form 10-K and other public filings.  We are providing these statements as permitted by the Private Litigation Reform Act of 1995.  We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations or if we receive any additional information relating to the subject matters of our forward-looking statements.

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The Company reported Assets Under Management as follows (in millions):
Table I: Fund Flows - 2nd Quarter 2013
														Fund
						Market								distributions,
		March 31,				appreciation/				Net cash				net of				June 30,
		2013				(depreciation)				flows				reinvestments				2013
Equities:
Open-end Funds		$	13,813			$	(11	)		$	417			$	(31	)		$	14,188
Closed-end Funds			6,557				(128	)			94				(114	)			6,409
Institutional & PWM - direct			13,690				358				21				-				14,069
Institutional & PWM - sub-advisory			3,299				69				(183	)			-				3,185
Investment Partnerships			796				5				(23	)			-				778
SICAV (a)			113				-				(20	)			-				93
Total Equities			38,268				293				306				(145	)			38,722
Fixed Income:
Money-Market Fund			1,758				-				(69	)			-				1,689
Institutional & PWM			64				-				3				-				67
Total Fixed Income			1,822				-				(66	)			-				1,756
Total Assets Under Management		$	40,090			$	293			$	240			$	(145	)		$	40,478

 

 

The Company reported Assets Under Management as follows (in millions):
Table II: Fund Flows - Six months ended June 30, 2013
														Fund
						Market								distributions,
		December 31,				appreciation/				Net cash				net of				June 30,
		2012				(depreciation)				flows				reinvestments				2013
Equities:
Open-end Funds		$	12,502			$	1,129			$	619			$	(62	)		$	14,188
Closed-end Funds			6,288				253				96				(228	)			6,409
Institutional & PWM - direct			12,030				1,843				196				-				14,069
Institutional & PWM - sub-advisory			2,924				385				(124	)			-				3,185
Investment Partnerships			801				13				(36	)			-				778
SICAV (a)			119				2				(28	)			-				93
Total Equities			34,664				3,625				723				(290	)			38,722
Fixed Income:
Money-Market Fund			1,681				-				8				-				1,689
Institutional & PWM			60				-				7				-				67
Total Fixed Income			1,741				-				15				-				1,756
Total Assets Under Management		$	36,405			$	3,625			$	738			$	(290	)		$	40,478

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Table III: Assets Under Management
		June 30,				June 30,				%
		2012				2013				Inc.(Dec.)
Equities:
Open-end Funds		$	12,496			$	14,188				13.5	%
Closed-end Funds			5,860				6,409				9.4
Institutional & PWM - direct			11,655				14,069				20.7
Institutional & PWM - sub-advisory			2,788				3,185				14.2
Investment Partnerships			781				778				(0.4	)
SICAV (a)			126				93				(26.2	)
Total Equities			33,706				38,722				14.9
Fixed Income:
Money-Market Fund			1,893				1,689				(10.8	)
Institutional & PWM			63				67				6.3
Total Fixed Income			1,956				1,756				(10.2	)
Total Assets Under Management		$	35,662			$	40,478				13.5	%

Table IV: Assets Under Management by Quarter
																						% Increase/
																						(decrease) from
			6/12				9/12				12/12				3/13				6/13				6/12				3/13
Equities:
Open-end Funds		$	12,496			$	12,758			$	12,502			$	13,813			$	14,188				13.5	%			2.7	%
Closed-end Funds			5,860				6,365				6,288				6,557				6,409				9.4				(2.3	)
Institutional & PWM - direct			11,655				12,189				12,030				13,690				14,069				20.7				2.8
Institutional & PWM - sub-advisory			2,788				2,912				2,924				3,299				3,185				14.2				(3.5	)
Investment Partnerships			781				785				801				796				778				(0.4	)			(2.3	)
SICAV (a)			126				121				119				113				93				(26.2	)			(17.7	)
Total Equities			33,706				35,130				34,664				38,268				38,722				14.9				1.2
Fixed Income:
Money-Market Fund			1,893				1,752				1,681				1,758				1,689				(10.8	)			(3.9	)
Institutional & PWM			63				63				60				64				67				6.3				4.7
Total Fixed Income			1,956				1,815				1,741				1,822				1,756				(10.2	)			(3.6	)
Total Assets Under Management		$	35,662			$	36,945			$	36,405			$	40,090			$	40,478				13.5	%			1.0	%
(a) Includes $101 million, $102 million, $104 million, $99 million and $90 million of proprietary seed capital at June 30, 2012,
September 30, 2012, December 31, 2012, March 31, 2013 and June 30, 2013, respectively.

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Table V
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		For the Three Months Ended June 30,
										% Inc.
		2013				2012				(Dec.)
Investment advisory and incentive fees		$	77,443			$	67,210				15.2	%
Distribution fees and other income			12,522				11,006				13.8
Institutional research services			2,325				2,808				(17.2	)
Total revenues			92,290				81,024				13.9
Compensation costs			37,759				32,921				14.7
Distribution costs			11,871				10,012				18.6
Other operating expenses			6,030				5,109				18.0
Total expenses			55,660				48,042				15.9
Operating income before management fee			36,630				32,982				11.1
Investment income/(loss)			14,648				(2,389	)
Interest expense			(2,796	)			(4,429	)
Other income/(expense), net			11,852				(6,818	)
Income before management fee and income taxes			48,482				26,164				85.3
Management fee expense			4,846				2,615
Income before income taxes			43,636				23,549				85.3
Income tax expense			15,724				8,686
Net income			27,912				14,863				87.8
Net income/(loss) attributable to noncontrolling interests			19				(242	)
Net income attributable to GAMCO Investors, Inc.		$	27,893			$	15,105				84.7
Net income per share attributable to GAMCO Investors, Inc.:
Basic		$	1.09			$	0.58				87.9
Diluted		$	1.09			$	0.57				91.2
Weighted average shares outstanding:
Basic			25,679				26,258				(2.2	)
Diluted			25,689				26,426				(2.8	)
Actual shares outstanding (a)			25,630				26,631				(3.8	%)
Notes:
(a) Includes 0 and 373,500 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 11.

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Table VI
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		For the Six Months Ended June 30,
										% Inc.
		2013				2012				(Dec.)
Investment advisory and incentive fees		$	150,050			$	134,993				11.2	%
Distribution fees and other income			23,875				22,629				5.5
Institutional research services			4,546				5,151				(11.7	)
Total revenues			178,471				162,773				9.6
Compensation costs			73,411				67,475				8.8
Distribution costs			22,881				20,189				13.3
Other operating expenses			10,842				10,931				(0.8	)
Total expenses			107,134				98,595				8.7
Operating income before management fee			71,337				64,178				11.2
Investment income			28,284				12,725
Interest expense			(6,284	)			(8,833	)
Shareholder-designated contribution			(5,000	)			-
Other income, net			17,000				3,892
Income before management fee and income taxes			88,337				68,070				29.8
Management fee expense			8,826				6,799
Income before income taxes			79,511				61,271				29.8
Income tax expense			28,919				22,442
Net income			50,592				38,829				30.3
Net income attributable to noncontrolling interests			154				(112	)
Net income attributable to GAMCO Investors, Inc.		$	50,438			$	38,941				29.5
Net income per share attributable to GAMCO Investors, Inc.:
Basic		$	1.96			$	1.48				32.4
Diluted		$	1.96			$	1.47				33.3
Weighted average shares outstanding:
Basic			25,710				26,338				(2.4	)
Diluted			25,723				26,501				(2.9	)
Actual shares outstanding (a)			25,630				26,631				(3.8	%)
Notes:
(a) Includes 0 and 373,500 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 11.

 

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Table VII
GAMCO INVESTORS, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		2013												2012
		1st				2nd				YTD				1st				2nd				YTD				3rd					4th
		Quarter				Quarter				2013				Quarter				Quarter				2012				Quarter					Quarter					Full Year
Income Statement Data:
Revenues		$	86,181			$	92,290			$	178,471			$	81,749			$	81,024			$	162,773			$	82,231				$	99,277				$	344,281
Expenses			51,474				55,660				107,134				50,553				48,042				98,595				50,163					71,375		(a)			220,133
Operating income before
management fee			34,707				36,630				71,337				31,196				32,982				64,178				32,068					27,902					124,148
Investment income/(loss)			13,636				14,648				28,284				15,114				(2,389	)			12,725				2,140		(b)			7,220					22,085
Interest expense			(3,488	)			(2,796	)			(6,284	)			(4,404	)			(4,429	)			(8,833	)			(3,586	)				(3,480	)				(15,899	)
Shareholder-designated contribution			(5,000	)			-				(5,000	)			-				-				-				-					-					-
Other income/(expense), net			5,148				11,852				17,000				10,710				(6,818	)			3,892				(1,446	)				3,740					6,186
Income before management
fee and income taxes			39,855				48,482				88,337				41,906				26,164				68,070				30,622					31,642					130,334
Management fee expense			3,980				4,846				8,826				4,184				2,615				6,799				3,056					3,163					13,018
Income before income taxes			35,875				43,636				79,511				37,722				23,549				61,271				27,566					28,479					117,316
Income tax expense			13,195				15,724				28,919				13,756				8,686				22,442				8,467					10,812					41,721
Net income			22,680				27,912				50,592				23,966				14,863				38,829				19,099					17,667					75,595
Net income/(loss) attributable
to noncontrolling interests			135				19				154				130				(242	)			(112	)			95					73					56
Net income attributable to
GAMCO Investors, Inc.		$	22,545			$	27,893			$	50,438			$	23,836			$	15,105			$	38,941			$	19,004				$	17,594				$	75,539
Net income per share
attributable to GAMCO
Investors, Inc.:
Basic		$	0.88			$	1.09			$	1.96			$	0.90			$	0.58			$	1.48			$	0.72				$	0.67				$	2.87
Diluted		$	0.88			$	1.09			$	1.96			$	0.90			$	0.57			$	1.47			$	0.72				$	0.67				$	2.86
Weighted average shares outstanding:
Basic			25,742				25,679				25,710				26,415				26,258				26,338				26,250					26,208					26,283
Diluted			25,758				25,689				25,723				26,533				26,426				26,501				26,439					26,305					26,436
Reconciliation of non-GAAP
financial measures to GAAP:
Operating income before
management fee		$	34,707			$	36,630			$	71,337			$	31,196			$	32,982			$	64,178			$	32,068				$	27,902				$	124,148
Deduct: management fee expense			3,980				4,846				8,826				4,184				2,615				6,799				3,056					3,163					13,018
Operating income		$	30,727			$	31,784			$	62,511			$	27,012			$	30,367			$	57,379			$	29,012				$	24,739				$	111,130
Operating margin before
management fee			40.3	%			39.7	%			40.0	%			38.2	%			40.7	%			39.4	%			39.0	%				28.1	%				36.1	%
Operating margin after
management fee			35.7	%			34.4	%			35.0	%			33.0	%			37.5	%			35.3	%			35.3	%				24.9	%				32.3	%
(a) Includes $10.1 million in expenses from the acceleration of RSAs.
(b) Includes $6.3 million loss on extinguishment of $64.6 million (face value) of 0% Subordinated Debentures.

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Table VIII
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share data)
		June 30,				December 31,				June 30,
		2013				2012				2012
ASSETS
Cash and cash equivalents		$	222,776			$	190,608			$	324,440
Investments (a)			367,315				378,263				411,310
Receivable from brokers			39,669				50,655				41,513
Other receivables			35,722				52,600				32,847
Income tax receivable			413				1,014				402
Other assets			17,606				17,589				16,218
Total assets		$	683,501			$	690,729			$	826,730
LIABILITIES AND EQUITY
Payable to brokers		$	14,986			$	14,346			$	20,113
Income taxes payable and deferred tax liabilities			27,864				25,394				12,846
Compensation payable			59,643				10,535				28,985
Securities sold short, not yet purchased			7,598				3,136				7,010
Accrued expenses and other liabilities			38,170				32,656				36,006
Sub-total			148,261				86,067				104,960
5.5% Senior notes (repaid May 15, 2013)			-				99,000				99,000
5.875% Senior notes (due June 1, 2021)			100,000				100,000				100,000
0% Subordinated Debentures (due December 31, 2015) (b)			17,028				17,366				66,598
Total debt			117,028				216,366				265,598
Total liabilities			265,289				302,433				370,558
Redeemable noncontrolling interests			7,021				17,362				26,162
GAMCO Investors, Inc.'s stockholders' equity			408,413				367,608				426,659
Noncontrolling interests			2,778				3,326				3,351
Total equity			411,191				370,934				430,010
Total liabilities and equity		$	683,501			$	690,729			$	826,730
(a) Includes investments in sponsored registered investment companies of $52.3 million, $61.9 million and $59.6 million, respectively.
(b) The 0% Subordinated Debentures due December 31, 2015 have a face value of $20.5 million, $86.3 million and $86.3 million,
respectively.