GAMCO Investors (GAMI) 8-K GAMCO Investors, Inc. Reports Fourth Quarter Results

Exhibit 99.1

For Immediate Release:	Contact:	Douglas R. Jamieson
		President and Chief Operating Officer
		(914) 921-5020
		For further information please visit
		www.gabelli.com

GAMCO Investors, Inc. Reports Fourth Quarter Results

·   Fourth Quarter Earnings of $0.67 per diluted share from continuing operations

·   Average AUM at $40.3 billion

·   Completed Spin-off of Associated Capital Group, Inc.

Rye, New York, February 18, 2016 – GAMCO Investors, Inc. (“GAMCO” or the “Company”) (NYSE: GBL) today reported financial results for the fourth quarter and full year ended December 31, 2015.  These results reflect, on a continuing operations basis, the operations of our Funds and Institutional and Private Wealth Management businesses and, on a discontinued basis, the operations of the alternative asset management and institutional research services businesses, which were spun-off on November 30, 2015 as part of Associated Capital Group, Inc. (“AC”).

Financial Highlights									As reported										As reported
		Q4				Q4				Q4		Full Year				Full Year			Full Year
($'s in 000's except AUM and per share data)		2015				2014				2014			2015				2014			2014
AUM - end of period (in millions)	$	38,659			$	46,447			$	47,487		$	38,659			$	46,447		$	47,487
AUM - average (in millions)		40,324				46,289				47,315			43,246				46,726			47,708
Revenues before incentive fees		86,661				101,766				106,013			376,561				413,009			428,751
Incentive fee revenues		3,656				8,048				10,738			4,415				8,927			11,631
Total revenues		90,317				109,814				116,751			380,976				421,936			440,382
Operating income before management fee (a)		36,220		(b)		48,928				46,903			163,452		(c)		188,115			178,153
Operating margin before management fee		40.1	%			44.6	%			40.2	%		42.9	%			44.6	%		40.5	%
Operating income		33,102		(b)		44,158				41,904			147,949		(c)		169,452			159,526
Operating margin		36.7	%			40.2	%			35.9	%		38.8	%			40.2	%		36.2	%
Other income/(expense), net		1,243				(1,228	)			3,070			(2,528	)			(1,301	)		8,229
Shareholder-designated contribution		(6,396	)			-				-			(6,396	)			(134	)		(134	)
Income before income taxes		27,949				42,930				44,974			139,025				168,017			167,621
Effective tax rate		35.9	%			38.3	%			39.4	%		37.2	%			36.7	%		37.3	%
Income from continuing operations		17,925				26,479							87,299				106,283
Income per share - continuing operations	$	0.67			$	1.04						$	3.40			$	4.16
Gain/(loss) from discontinued operations		1,642				2,342							(3,887	)			3,107
Discontinued operations per share	$	0.06			$	0.09							(0.15	)		$	0.12
Net income		19,567				28,821				28,821			83,412				109,390			109,390
Net income per share	$	0.73			$	1.13			$	1.13		$	3.24			$	4.28		$	4.28
Shares outstanding at December 31		29,821		(d)		25,855		(d)					29,821				25,855
(a) See GAAP to non-GAAP reconciliation on page 10.
(b) Fourth quarter 2015 included $3.5 million of incremental RSA expense as compared to fourth quarter 2014.
(c) Full year 2015 included $5.6 million of incremental costs as compared to full year 2014:
$4.6 million in RSA expense and $1.0 million for the launch of a new closed-end fund.
(d) Shares outstanding consist of 29,268 non-RSA shares and 553 RSA shares at December 31, 2015 and 25,144 non-RSA shares and 711 RSA shares at
December 31, 2014.

Fourth quarter 2015 results from continuing operations included revenues of $90.3 million, income of $17.9 million and earnings of $0.67 per diluted share.  On a comparable basis, revenues were $109.8 million, income was $26.5 million, and earnings were $1.04 per diluted share in the fourth quarter of 2014.

Average AUM were $40.3 billion for the fourth quarter of 2015 versus $41.6 billion for the third quarter of 2015 and $46.3 billion for the fourth quarter of 2014.

Associated Capital - Spin-off

AC was spun-off effective November 30, 2015.  In connection with the spin-off, GAMCO, simply stated, issued a $250 million five year 4% promissory note (the “GAMCO Note”) to AC.  Also as part of the spin-off, AC now owns 4.4 million shares of GAMCO Class A common stock through its majority-owned subsidiary, Gabelli Securities, Inc.

The historical Assets under Management (“AUM”) within this release exclude the AUM that are now managed by AC.

Assets Under Management

							% Change From
	December 31,		September 30,		December 31,		September 30,			December 31,
	2015		2015		2014		2015			2014
Equities:
Open-end Funds	$	13,811	$	14,075	$	17,684		(1.9	%)		(21.9	%)
Closed-end Funds		6,492		6,205		6,949		4.6			(6.6	)
Institutional & PWM - direct		13,366		13,190		16,597		1.3			(19.5	)
Institutional & PWM - sub-advisory		3,401		3,302		3,704		3.0			(8.2	)
SICAV		37		36		-		2.8			n/	m
Total Equities		37,107		36,808		44,934		0.8			(17.4	)
Fixed Income:
Money-Market Fund		1,514		1,637		1,455		(7.5	)		4.1
Institutional & PWM		38		45		58		(15.6	)		(34.5	)
Total Fixed Income		1,552		1,682		1,513		(7.7	)		2.6
Total Assets Under Management	$	38,659	$	38,490	$	46,447		0.4			(16.8	)

Our fourth quarter 2015 increase in AUM versus September 30, 2015 was due to market appreciation of $1.1 billion and the initial inclusion of the Dinsmore Group’s two closed-end funds of $0.2 billion partially offset by net outflows of $1.0 billion and net distributions of $0.2 billion.

Revenues

- Total revenues for the fourth quarter of 2015 were $90.3 million, compared with $109.8 million in the prior year, reflecting fees earned in investment advisory services on reduced assets and a decline in distribution and other income.

- Investment advisory fees, excluding incentive fees, were $75.0 million in the fourth quarter of 2015 versus $86.9 million in the final quarter of 2014.  Revenues from our open-end and closed-end funds and Institutional and Private Wealth Management accounts tracked our decline of average AUM in the open-end and closed-end funds as well as lower billable assets in our Institutional and Private Wealth Management accounts.

2

- Incentive fees earned were $3.7 million and $8.0 million during the fourth quarters ending December 31, 2015 and December 31, 2014, respectively.

- Distribution fees from our open-end equity funds and other income were $11.6 million for the fourth quarter 2015, down from $14.9 million in the prior year quarter.

Operating Income – Fourth Quarter – Adjusted operating margin 44.0% vs. 44.6%

Operating income, which is net of management fee expense, decreased 25.1% or $11.1 million, to $33.1 million in the fourth quarter of 2015 versus $44.2 million in the prior year period.  The fourth quarter of 2015 was impacted by lower revenues and $3.5 million of incremental non-cash expenses related to RSAs (primarily due to the acceleration of vesting of 130,650 shares during the fourth quarter of 2015).  Excluding those incremental costs identified above, adjusted operating income was $36.6 million in the fourth quarter of 2015, a decline of $7.6 million, from the $44.2 million in the fourth quarter of 2014.

Operating income before management fee was $36.2 million in the fourth quarter 2015 versus $48.9 million in the fourth quarter 2014.  Operating margin before management fee was 40.1% versus 44.6% in the fourth quarter of 2014.  Excluding the incremental $3.5 million of RSA expense, adjusted operating income before management fee was $39.7 million in the fourth quarter of 2015 as compared to $48.9 million in the fourth quarter of 2014.  Adjusted operating margins, before management fee, was 44.0% in the 2015 quarter as compared to 44.6% in the 2014 quarter.  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 V included elsewhere herein.

Other income (expense)

We recognized net other expense of $5.2 million in the 2015 quarter versus an expense of $1.2 million in the fourth quarter of 2014.  This is comprised of investment gains of $3.7 million in the 2015 quarter versus $0.2 million in the 2014 quarter, dividend and interest income of $0.6 million in the 2015 quarter versus $0.5 million in the 2014 quarter, and interest expense of $3.1 million in the 2015 quarter versus $2.0 million in the 2014 quarter.

Other items in the fourth quarter 2015 included:

(a) $6.4 million related to our 501(c)(3) program,

(b) $0.4 million from the repurchase of $75.8 million of the 5.875% Senior Note debt, and

(c) $0.8 million of non-cash interest expense for one month related to the GAMCO Note.

3

Income Taxes

The Company’s effective tax rate (“ETR”) for the quarter ended December 31, 2015 was 35.9% versus 38.3% for the quarter ended December 31, 2014.  The current quarter’s ETR benefitted from the donation of securities to fund the Shareholder Designated Charitable Contribution Program.  On a full year basis, the ETR for 2015 was 37.2% versus 36.7% for 2014.

Business and Investment Highlights

- On October 13, 2015, GAMCO announced that its Board of Directors had again adopted a $0.25 per share contribution under its existing Shareholder Designated Charitable Contribution Program created in 2013 for all registered shareholders.  As a result of our shareholders participation in the 2015 program, GAMCO will donate $6.4 million. Under the two previous programs, GAMCO donated $10.8 million to eligible 501(c)(3) organizations on behalf of its shareholders.

- On November 1, 2015, Gabelli Funds, LLC became the advisor to the Bancroft and Ellsworth Growth and Income Funds.  Tom Dinsmore, Jane O’Keeffe, and James Dinsmore will continue to manage the Bancroft and Ellsworth Growth and Income closed-end funds as well as join our convertible team.

- On December 21, 2015, GAMCO announced that the Compensation Committee of the Board of Directors had unanimously approved a deferred compensation agreement with Mario J. Gabelli, Chief Executive Officer of GAMCO.  Mr. Gabelli’s variable compensation for 2016 will be in the form of Restricted Stock Units (“RSUs”) determined by the volume-weighted average price of the Company’s Class A stock during 2016.  The RSU will vest 100% on January 1, 2020.  As a result, in 2016, Mr. Gabelli will not be paid any cash compensation that he is entitled to under the Employment Agreement approved by shareholders on May 5, 2015, and consistent with Mr. Gabelli’s agreement since 1977.  The Board decided that deferring Mr. Gabelli’s 2016 variable compensation will provide the Company with greater financial flexibility.  For GAAP reporting, the Company will recognize the RSU expense ratably over the four-year vesting period, and accordingly, this reduced compensation expense will materially enhance 2016 earnings and cash flows, and reduce earnings in 2017 - 2019

- In connection with the spin-off of AC, GAMCO entered into a tender offer for up to all of its $100 million 5.875% Senior Notes due June 1, 2021.  Approximately $75.8 million of the Notes were tendered pursuant to the Offer.  In connection with the Offer, GAMCO borrowed $35 million from an affiliate.  The loan has a term of one year and bears interest at 90 day-LIBOR plus 3.25%, reset quarterly.

Balance Sheet

We ended the year with cash and investments of $46.7 million and debt of $309.2 million.  We have $500 million available on our universal shelf registration.  Together with earnings from operations, the shelf provides us with flexibility to do acquisitions, lift-outs, seed new investment strategies, and co-invest, as well as to fund shareholder compensation, including share repurchases and dividends.

4

Shareholder Compensation

During the quarter ended December 31, 2015, we returned $7.8 million of our earnings to shareholders through dividends and stock repurchases.  We repurchased 105,140 shares, 91,740 shares at an average price of $57.53 per share prior to the spin-off of AC and 13,400 shares at an average price of $32.56 subsequent to the spin-off of AC, for a total investment of $5.7 million and distributed $2.1 million in dividends.   Since our IPO, in February 1999, we have returned $914 million in total to shareholders comprised of $486 million in the form of dividends and $428 million through stock buybacks of 9,552,653.

On February 17, 2016, GAMCO’s Board of Directors declared a regular quarterly dividend of $0.02 per share payable on March 29, 2016 to its Class A and Class B shareholders of record on March 15, 2016.

About GAMCO Investors, Inc.

GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.) and open-end funds and closed-end funds (Gabelli Funds, LLC).

5

NOTES ON NON-GAAP FINANCIAL MEASURES

A.   Operating income before management fee expense is used by management to evaluate its business operations.  We believe this measure is useful in illustrating the operating results of GAMCO Investors, Inc. (the “Company”) as management fee expense is based on pre-tax income before management fee expense, which includes non-operating items including investment gains and losses from the Company’s proprietary investment portfolio and interest expense.  The reconciliation of operating income before management fee expense to operating income is provided in Table V.  

B.   Adjusted operating income and adjusted operating income before management fee expense are used by management to evaluate its ongoing business operations.  We believe these measures are useful in evaluating the ongoing operating results of the Company absent any of these adjustments.

		4th Quarter						Full Year
		2015			2014			2015			2014
Operating income before management fee		$	36,220		$	48,928		$	163,452		$	188,115
Adjustments:
Add back:	Incremental RSA expense		3,478			-			4,591			-
Costs to launch Closed-end fund			-			-			1,000			-
Deduct:	Reimbursement of prior year expense		-			-			-			(1,286	)
Adjusted operating income before management fee			39,698			48,928			169,043			186,829
Adjusted operating margin before management fee			44.0	%		44.6	%		44.4	%		44.3	%

		4th Quarter						Full Year
		2015			2014			2015			2014
Operating income		$	33,102		$	44,158		$	147,949		$	169,452
Adjustments:
Add back:	Incremental RSA expense		3,478			-			4,591			-
Costs to launch Closed-end fund			-			-			1,000			-
Deduct:	Reimbursement of prior year expense		-			-			-			(1,286	)
Adjusted operating income			36,580			44,158			153,540			168,166
Adjusted operating margin			40.5	%		40.2	%		40.3	%		39.9	%

6

The Company reported Assets Under Management as follows (in millions):
Table I: Fund Flows - 4th Quarter 2015
									Fund
			Market						distributions,
	September 30,		appreciation/		Net cash				net of			December 31,
	2015		(depreciation)		flows				reinvestments			2015
Equities:
Open-end Funds	$	14,075	$	385	$	(597	)		$	(52	)	$	13,811
Closed-end Funds		6,205		171		236		(a)		(120	)		6,492
Institutional & PWM - direct		13,190		415		(239	)			-			13,366
Institutional & PWM - sub-advisory		3,302		136		(37	)			-			3,401
SICAV		36		1		-				-			37
Total Equities		36,808		1,108		(637	)			(172	)		37,107
Fixed Income:
Money-Market Fund		1,637		-		(123	)			-			1,514
Institutional & PWM		45		-		(7	)			-			38
Total Fixed Income		1,682		-		(130	)			-			1,552
Total Assets Under Management	$	38,490	$	1,108	$	(767	)		$	(172	)	$	38,659
(a) Includes assets from Dinsmore Group from November 1, 2015.

Table II: Fund Flows - Full Year 2015
										Fund
			Market							distributions,
	December 31,		appreciation/			Net cash				net of			December 31,
	2014		(depreciation)			flows				reinvestments			2015
Equities:
Open-end Funds	$	17,684	$	(820	)	$	(2,940	)		$	(113	)	$	13,811
Closed-end Funds		6,949		(370	)		374		(a)		(461	)		6,492
Institutional & PWM - direct		16,597		(957	)		(2,274	)			-			13,366
Institutional & PWM - sub-advisory		3,704		(66	)		(237	)			-			3,401
SICAV		-		(2	)		39				-			37
Total Equities		44,934		(2,215	)		(5,038	)			(574	)		37,107
Fixed Income:
Money-Market Fund		1,455		-			59				-			1,514
Institutional & PWM		58		-			(20	)			-			38
Total Fixed Income		1,513		-			39				-			1,552
Total Assets Under Management	$	46,447	$	(2,215	)	$	(4,999	)		$	(574	)	$	38,659
(a) Includes assets from Dinsmore Group from November 1, 2015.

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Table III
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	For the Quarter Ended December 31,
	2015			2014
Investment advisory and incentive fees	$	78,696		$	94,903
Distribution fees and other income		11,621			14,911
Total revenues		90,317			109,814
Compensation costs		37,195			41,021
Distribution costs		11,897			15,144
Other operating expenses		5,005			4,721
Total expenses		54,097			60,886
Operating income before management fee		36,220			48,928
Investment income		4,304			686
Interest expense		(3,061	)		(1,914	)
Shareholder-designated contribution		(6,396	)		-
Other income/(expense), net		(5,153	)		(1,228	)
Income before management fee and income taxes		31,067			47,700
Management fee expense		3,118			4,770
Income before income taxes		27,949			42,930
Income tax expense		10,024			16,451
Income from continuing operations		17,925			26,479
Gain from discontinued operations, net of taxes		1,642			2,342
Net income attributable to GAMCO Investors, Inc.	$	19,567		$	28,821
Net income per share attributable to GAMCO Investors, Inc.:
Basic - Continuing operations	$	0.68		$	1.05
Basic - Discontinued operations		0.06			0.09
Basic - Total	$	0.74		$	1.14
Diluted - Continuing operations	$	0.67		$	1.04
Diluted - Discontinued operations		0.06			0.09
Diluted - Total	$	0.73		$	1.13
Weighted average shares outstanding:
Basic		26,547			25,184
Diluted		26,813			25,449
Actual shares outstanding (a)		29,821			25,855
Notes:
(a) Includes 553,100 and 710,750 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 10.

8

Table IV
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	For the Year Ended December 31,
	2015			2014
Investment advisory and incentive fees	$	329,965		$	360,498
Distribution fees and other income		51,011			61,438
Total revenues		380,976			421,936
Compensation costs		146,371			156,533
Distribution costs		51,990			59,746
Other operating expenses		19,163			17,542
Total expenses		217,524			233,821
Operating income before management fee		163,452			188,115
Investment income		6,108			6,352
Interest expense		(8,636	)		(7,653	)
Shareholder-designated contribution		(6,396	)		(134	)
Other income/(expense), net		(8,924	)		(1,435	)
Income before management fee and income taxes		154,528			186,680
Management fee expense		15,503			18,663
Income before income taxes		139,025			168,017
Income tax expense		51,726			61,734
Income from continuing operations		87,299			106,283
Gain/(Loss) from discontinued operations, net of taxes		(3,887	)		3,107
Net income attributable to GAMCO Investors, Inc.	$	83,412		$	109,390
Net income per share attributable to GAMCO Investors, Inc.:
Basic - Continuing operations	$	3.43		$	4.20
Basic - Discontinued operations		(0.15	)		0.12
Basic - Total	$	3.28		$	4.32
Diluted - Continuing operations	$	3.40		$	4.16
Diluted - Discontinued operations		(0.15	)		0.12
Diluted - Total	$	3.24		$	4.28
Weighted average shares outstanding:
Basic		25,425			25,335
Diluted		25,711			25,558
Actual shares outstanding (a)		29,821			25,855
Notes:
(a) Includes 553,100 and 710,750 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 10.

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Table V
GAMCO INVESTORS, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	2015															2014
	1st			2nd			3rd			4th						1st			2nd			3rd			4th
	Quarter			Quarter			Quarter			Quarter			YTD			Quarter			Quarter			Quarter			Quarter			Full Year
Income Statement Data:
Revenues	$	99,806		$	98,693		$	92,160		$	90,317		$	380,976		$	101,150		$	104,345		$	106,627		$	109,814		$	421,936
Expenses		57,081			55,518			50,828			54,097			217,524			56,697			58,739			57,499			60,886			233,821
Operating income before
management fee		42,725			43,175			41,332			36,220			163,452			44,453			45,606			49,128			48,928			188,115
Investment income		541			638			625			4,304			6,108			4,280			833			553			686			6,352
Interest expense		(1,905	)		(1,855	)		(1,815	)		(3,061	)		(8,636	)		(1,915	)		(1,912	)		(1,912	)		(1,914	)		(7,653	)
Shareholder-designated contribution		-			-						(6,396	)		(6,396	)		-			(134	)		-			-			(134	)
Other income/(expense), net		(1,364	)		(1,217	)		(1,190	)		(5,153	)		(8,924	)		2,365			(1,213	)		(1,359	)		(1,228	)		(1,435	)
Income before management
fee and income taxes		41,361			41,958			40,142			31,067			154,528			46,818			44,393			47,769			47,700			186,680
Management fee expense		4,135			4,194			4,056			3,118			15,503			4,676			4,423			4,794			4,770			18,663
Income before income taxes		37,226			37,764			36,086			27,949			139,025			42,142			39,970			42,975			42,930			168,017
Income tax expense		14,078			13,989			13,635			10,024			51,726			14,650			15,028			15,605			16,451			61,734
Income from continuing operations		23,148			23,775			22,451			17,925			87,299			27,492			24,942			27,370			26,479			106,283
Gain/(Loss) from discontinued
operations, net of taxes		1,628			326			(7,483	)		1,642			(3,887	)		462			4,008			(3,705	)		2,342			3,107
Net income attributable to
GAMCO Investors, Inc.	$	24,776		$	24,101		$	14,968		$	19,567		$	83,412		$	27,954		$	28,950		$	23,665		$	28,821		$	109,390
Net income per share
attributable to GAMCO
Investors, Inc.:
Basic - Continuing operations	$	0.92		$	0.95		$	0.90		$	0.68		$	3.43		$	1.08		$	0.98		$	1.08		$	1.05		$	4.20
Basic - Discontinued operations		0.07			0.01			(0.30	)		0.06			(0.15	)		0.02			0.16			(0.14	)		0.09			0.12
Basic - Total	$	0.99		$	0.96		$	0.60		$	0.74		$	3.28		$	1.10		$	1.14		$	0.94		$	1.14		$	4.32
Diluted - Continuing operations	$	0.91		$	0.94		$	0.89		$	0.67		$	3.40		$	1.07		$	0.97		$	1.07		$	1.04		$	4.16
Diluted - Discontinued operations		0.06			0.01			(0.30	)		0.06			(0.15	)		0.02			0.16			(0.14	)		0.09			0.12
Diluted - Total	$	0.97		$	0.95		$	0.59		$	0.73		$	3.24		$	1.09		$	1.13		$	0.93		$	1.13		$	4.28
Weighted average shares outstanding:
Basic		25,132			25,065			24,947			26,547			25,425			25,481			25,381			25,296			25,184			25,335
Diluted		25,414			25,358			25,241			26,813			25,711			25,684			25,586			25,517			25,449			25,558
Reconciliation of non-GAAP
financial measures to GAAP:
Operating income before
management fee		42,725			43,175			41,332			36,220			163,452			44,453			45,606			49,128			48,928			188,115
Deduct: management fee expense		4,135			4,194			4,056			3,118			15,503			4,676			4,423			4,794			4,770			18,663
Operating income	$	38,590		$	38,981		$	37,276		$	33,102		$	147,949		$	39,777		$	41,183		$	44,334		$	44,158		$	169,452
Operating margin before
management fee		42.8	%		43.7	%		44.8	%		40.1	%		42.9	%		43.9	%		43.7	%		46.1	%		44.6	%		44.6	%
Operating margin after
management fee		38.7	%		39.5	%		40.4	%		36.7	%		38.8	%		39.3	%		39.5	%		41.6	%		40.2	%		40.2	%

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Table VI
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share data)
	December 31,			December 31,
	2015			2014
ASSETS
Cash and cash equivalents	$	13,719		$	12,694
Investments		32,979			38,945
Receivable from brokers		1,091			1,683
Other receivables		37,252			64,947
Income tax receivable		6,787			2,477
Other assets		12,199			12,046
Assets of discontinued operations		-			733,638
Total assets	$	104,027		$	866,430
LIABILITIES AND EQUITY
Payable to brokers	$	12		$	12
Income taxes payable and deferred tax liabilities		4,823			17,980
Compensation payable		24,426			30,803
Securities sold short, not yet purchased		129			-
Accrued expenses and other liabilities		41,739			33,413
Liabilities of discontinued operations		-			75,930
Sub-total		71,129			158,138
5.875% Senior notes (due June 1, 2021)		24,225			100,000
4% PIK note (due November 30, 2020)		250,000			-
Loan from GGCP (due December 28, 2016)		35,000			-
0% Subordinated Debentures (due December 31, 2015) (b)		-			12,163
Total debt		309,225			112,163
Total liabilities		380,354			270,301
Redeemable noncontrolling interests of discontinued operations		-			68,334
GAMCO Investors, Inc.'s stockholders' equity		(276,327	)		525,061
Noncontrolling interests		-			2,734
Total equity		(276,327	)		527,795
Total liabilities and equity	$	104,027		$	866,430
(b) The 0% Subordinated Debentures due December 31, 2015 have a face value of $0.0 million and $13.1 million,
respectively.

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SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION

The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995.  Forward-looking statements convey 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, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe.  Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.

Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements.  Some of the factors that could cause our actual results to differ from our expectations or beliefs include a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors  contained in our Form 10-K and other public filings.  Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.

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