GAMCO Investors (GAMI) 10-K2015 FY Annual report

Filed: 15 Mar 16, 12:00am

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New words: AC, anniversary, attempting, Bancroft, BCV, conflict, confronted, Counsel, deficiency, demand, Dinsmore, dual, earliest, ECF, Ellsworth, Ellswoth, explanatory, fell, floating, Footnote, fourteen, furniture, GVP, Indemnity, Jersey, joined, kind, LIBOR, lieu, owed, paragraph, payroll, permanent, PIK, Plc, point, prepay, President, pro, procurement, promissory, rata, ratably, recordkeeping, repay, reset, similarly, sooner, split, steady, thirteen, twelve, unamortized, unpaid, vigilant

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Exhibit 99.1

Schedule I

GAMCO INVESTORS, INC.

CONDENSED STATEMENTS OF INCOME

(Parent company only)

(In thousands, except per share data)

	Year Ended December 31,
	2015			2014			2013
Revenues
Distribution fees and other income	$	26,860		$	29,611		$	26,785
Total revenues		26,860			29,611			26,785
Expenses
Compensation		3,550			4,005			4,126
Stock based compensation		9,868			5,278			1,562
Management fee benefit		(2,209	)		(1,076	)		(3,690	)
Other operating expenses		9,243			8,990			10,961
Total expenses		20,452			17,197			12,959
Operating income		6,408			12,414			13,826
Other income (expense)
Equity earnings from subsidiaries		87,206			97,234			89,142
Net gain from investments		4,635			4,272			5,154
Extinguishment of debt		(1,067	)		(84	)		(998	)
Interest and dividend income		2,246			2,175			2,682
Interest expense		(7,886	)		(6,919	)		(9,356	)
Shareholder-designated contributions		(6,396	)		(134	)		(10,626	)
Total other income (expense), net		78,738			96,544			75,998
Income before income taxes		85,146			108,958			89,824
Income tax provision/(benefit)		(2,204	)		1,605			(2,154	)
Income from continuing operations		87,350			107,353			91,978
Income/(loss) from discontinued operations, net of taxes		(3,938	)		2,037			24,875
Net income	$	83,412		$	109,390		$	116,853

GAMCO INVESTORS, INC.

CONDENSED STATEMENTS OF FINANCIAL CONDITION

(Parent company only)

(In thousands, except per share data)

	December 31,			December 31,
	2015			2014
ASSETS

Cash and cash equivalents	$	3,982		$	-
Investments in securities		32,735			38,942
Receivable from brokers		635			1,611
Receivable from affiliates		20,445			43,700
Capital lease		2,723			2,933
Income tax receivable		11,991			41,260
Other assets		4,346			4,253
Assets of discontinued operations		-			700,958
Total assets	$	76,857		$	833,657

LIABILITIES AND EQUITY

Payable to brokers	$	12		$	12
Capital lease obligation		5,170			5,253
Compensation payable		11,144			14,464
Securities sold, not yet purchased		129			-
Payable to affiliates		31,029			55,011
Accrued expenses and other liabilities		5,579			5,914
Liabilities of discontinued operations		-			52,438
Sub-total		53,063			133,092

AC 4% PIK Note (due November 30, 2020)		250,000			-
Loan from GGCP (due December 28, 2016)		35,000			-
5.875% Senior notes (due June 1, 2021)		24,225			100,000
Zero coupon subordinated debentures, Face value: $0.0 million at December 31, 2015 and
$13.1 million at December 31, 2014 (matured on December 31, 2015)		-			12,163
Total liabilities		362,288			245,255

Redeemable noncontrolling interests from discontinued operations		-			63,632

Equity:
Preferred stock, $.001 par value; 10,000,000 shares authorized; none issued and outstanding
Class A Common Stock, $0.001 par value; 100,000,000 shares authorized; 15,422,901 and 15,341,433
shares issued, respectively; 10,664,107 and 6,616,212 shares outstanding, respectively		14			14
Class B Common Stock, $0.001 par value; 100,000,000 shares authorized; 24,000,000 shares issued
and 19,156,792 and 19,239,260 shares outstanding, respectively		19			19
Additional paid-in capital		345			292,250
Retained earnings (deficit)		(43,480	)		603,032
Accumulated comprehensive income		9,267			24,072
Treasury stock, at cost (4,758,794 and 8,725,221 shares, respectively)		(251,596	)		(394,617	)
Total equity		(285,431	)		524,770
Total liabilities and equity	$	76,857		$	833,657

GAMCO INVESTORS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Parent company only)

(In thousands)

	Year Ended December 31,
	2015			2014			2013
Operating activities
Net income	$	83,412		$	109,390		$	116,853
Loss/(income) from discontinued operations, net of taxes		3,938			(2,037	)		(24,875	)
Income from continuing operations		87,350			107,353			91,978
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization		595			589			669
Stock based compensation expense		9,868			5,278			1,562
Tax benefit from exercise of stock options		102			349			16
Donated securities		1,945			1,486			1,893
Gains on sales of available for sale securities		(6	)		(587	)		(1,324	)
Accretion of zero coupon debentures		628			885			1,253
Loss on extinguishment of debt		1,067			84			998
(Increase) decrease in assets:
Investment in subsidiaries		(69,963	)		19,448			4,908
Receivable from affiliates		38,758			4,310			(6,672	)
Receivable from brokers		976			(983	)		(628	)
Income tax receivable and deferred tax assets		29,164			(7,544	)		(1,394	)
Other assets		(478	)		345			189
Increase (decrease) in liabilities:
Payable to affiliates		31,017			(228	)		770
Payable to brokers		(539	)		(752	)		763
Income taxes payable and deferred tax liabilities		3,920			1,611			(4,040	)
Compensation payable		(3,319	)		11,541			10,902
Accrued expenses and other liabilities		(424	)		(5,581	)		5,894
Total adjustments		43,311			30,251			15,759
Net cash provided by operating activities from continuing operations	$	130,661		$	137,604		$	107,737

GAMCO INVESTORS, INC.

CONDENSED STATEMENTS OF CASH FLOWS

(Parent company only)

(In thousands)

	Year Ended December 31,
	2015			2014			2013
Investing activities
Purchases of available for sale securities	$	(6,279	)	$	(5,024	)	$	(4,398	)
Proceeds from sales of available for sale securities		81			3,877			5,262
Net cash provided by/(used in) investing activities from continuing operations		(6,198	)		(1,147	)		864

Financing activities
Repayment of 5.5% senior note due May 15, 2013		-			-			(99,000	)
Repurchase of Zero coupon subordinated debentures due December 31, 2015		(13,101	)		(716	)		(7,705	)
Repurchase of 5.875% Senior note due June 1, 2021		(76,533	)		-			-
Loan from GGCP due December 28, 2016		35,000			-			-
Dividends paid by subsidiaries to GBL		164,000			101,000			62,000
Net transfer to/(from) AC		(196,297	)		(193,021	)		(30,785	)
Proceeds from exercise of stock options		1,167			1,637			76
Dividends paid		(7,468	)		(12,618	)		(18,419	)
Purchase of treasury stock		(27,249	)		(32,739	)		(14,768	)
Net cash used in financing activities from continuing operations		(120,481	)		(136,457	)		(108,601	)
Cash flows of discontinued operations
Net cash provided by/(used in) operating activities		82,759			(66,053	)		(6,475	)
Net cash provided by/(used in) investing activities		(35,216	)		3,900			29,234
Net cash provided by/(used in) financing activities		(47,543	)		62,153			(22,759	)
Net cash provided by/(used in) discontinued operations		-			-			-
Net increase in cash and cash equivalents		3,982			-			-

Cash and cash equivalents at beginning of period		-			-			-
Cash and cash equivalents at end of period	$	3,982		$	-		$	-
Supplemental disclosures of cash flow information:
Cash paid for interest	$	6,282		$	5,936		$	8,654
Cash paid for taxes	$	58,353		$	69,287		$	51,729

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