GAMCO Investors (GAMI) 8-K GAMCO Investors, Inc. Reports Record Full Year Earnings

Exhibit 99.1

For Immediate Release:	Contact:	Kieran Caterina or Diane M. LaPointe
		SVPs and Co-Chief Accounting Officers
		(914) 921-5149 or 7763
		For further information please visit
		www.gabelli.com

GAMCO Investors, Inc. Reports Record Full Year Earnings

- Fourth quarter net income was $23.3 million vs. $13.5 million a year ago

- Fully diluted earnings were $0.81 per share versus $0.46 per share

- Average AUM for quarter was $37.4 billion vs. $43.0 billion in 2017 quarter

Rye, New York, February 5, 2019 – GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) today reported fourth quarter 2018 revenues of $81.0 million, net income of $23.3 million, and earnings of $0.81 per diluted share.  This compares to fourth quarter 2017 revenues of $98.7 million, net income of $13.5 million, and earnings of $0.46 per diluted share.

Average AUM was $37.4 billion for the fourth quarter of 2018 versus $43.0 billion for the fourth quarter of 2017 and $41.0 billion for the third quarter of 2018.

On December 26, 2018, we announced that our Chairman and CEO, Mr. Mario J. Gabelli, elected to waive all of his compensation that he would otherwise be entitled to for the period from January 1, 2019 to March 31, 2019.  This additional waiver both provides the Company with incremental financial flexibility and enhances our ability to execute lift-outs, make acquisitions, and seed new products as well as underscores the intrinsic value of (y)our Company.

Revenues

- Total revenues for the fourth quarter of 2018 were $81.0 million compared with $98.7 million in the prior year.

- Investment advisory fees, excluding incentive fees, were $70.7 million in the fourth quarter versus $78.7 million in the fourth quarter of 2017.  Open-end and closed-end fund revenues declined to $45.6 million from $51.1 million in the fourth quarter of 2017.  Institutional and Private Wealth Management revenues were $23.7 million compared to $26.2 million in 2017.  SICAV revenues were $1.4 million in each period.

- Incentive fees earned were $1.3 million in the fourth quarter of 2018 as compared with $9.1 million in the prior year quarter.

- Distribution fees from our open-end equity funds and other income were $8.9 million for the fourth quarter of 2018 versus $10.9 million in the prior-year quarter.

1

Financial Highlights
	Fourth Quarter								YTD
($'s in 000's except AUM and per share data)	2018				2017				2018				2017
AUM - average (in millions)	$	37,405			$	42,965			$	40,349			$	42,016
AUM - end of period (in millions)		34,354				43,063				34,354				43,063
Revenues	$	79,689			$	89,613			$	338,310			$	351,382
Incentive fees		1,288				9,053				3,145				9,142
Total revenues	$	80,977			$	98,666			$	341,455			$	360,524
Operating income		52,458				39,524				186,787				145,020
Income before income taxes		30,636				34,886				154,659				132,888
Effective tax rate			23.8	%			61.3	%			24.2	%			41.4	%
Net income		23,337				13,495				117,196				77,809
Net income per fully diluted share	$	0.81			$	0.46			$	4.07			$	2.60
Weighted average diluted shares outstanding		28,636				30,336				28,777				30,947
Shares outstanding at December 31,		28,982				28,974				28,982				28,974
(a) CEO waiver of compensation bolstered EPS by $0.40 for the quarter and $1.63 for the year.

Operating Income

Operating income was $52.5 million in the fourth quarter of 2018 versus $39.5 million in the prior-year period.  The previously announced waiver of CEO compensation beginning March 1, 2018 boosted fourth quarter operating income by $15.0 million.  Lower amortization of deferred compensation related primarily to the change in GBL share price, a non-cash charge, impacted operating costs by $7.0 million.  Excluding GAAP treatment of the deferral, but reflecting the lower compensation expense due to the waiver, adjusted operating income was $43.7 million in the fourth quarter of 2018 versus $37.7 million in the year-ago quarter.  See pages 10 and 11 for a reconciliation of GAAP operating income to this adjusted operating income.

Other income/(expense), net

Mark to market investment losses were $21.8 million in the fourth quarter of 2018 versus $4.6 million loss in the prior year quarter.  Interest expense for the three months was $0.6 million versus $1.9 million in the year ago quarter.  The fourth quarter of 2018 was reduced by $4.8 million for the most recent Shareholder Designated Charitable Contribution program announced in November for registered shareholders of record on December 31, 2018.  The full year 2018 was reduced by $5.7 million reflecting the $4.8 million from the November Shareholder Designated Charitable Contribution program as well as $0.9 million relating to the prior program announced earlier this year.

Income Taxes

The Company’s effective tax rate (“ETR”) for the quarter ended December 31, 2018 was 23.8% versus 61.3% for the quarter ended December 31, 2017.  The prior year quarter’s ETR reflects an $8.2 million, or $0.27 per fully diluted share, write down of net deferred tax assets. Absent this write down the effective rate for the 2017 fourth quarter would have been 37.8%.

2

Commitment to Community - Over $50 million given back

Our firm has long held the belief that generating returns for our stakeholders, while important, is not the only factor in measuring our corporate success.  To underscore our principle, we have been involved in the field of responsible investing since 1987.  In our program of corporate giving, GAMCO shareholders select which organizations will be recipients of charitable grants.  This year, for the program announced in May for shareholders of record on June 30^th, the majority of our shareholders registered their shares and were eligible to designate a 501(c)(3) organization.  With that $4.9 million distribution in the third quarter 2018 and an estimated first quarter 2019 distribution of $4.8 million, we have donated approximately $27 million to over 150 charities across the United States since the inception of this program in 2013 which brings the total charitable contributions since our IPO to $52 million.

Business Highlights

-Ian Lapey joined in October 2018 as the Portfolio Manager for the October launch of the Gabelli Global Financial Services Fund.Prior to joining Moerus, Ian was a Partner, Research Analyst, and Portfolio Manager at Third Avenue Management.In 2009 he was appointed Co-Manager of the firm’s flagship Third Avenue Value Fund, and was subsequently named sole Portfolio Manager of that fund in 2012.

-On October 30, 2018, we announced that Theresa Pope joined GAMCO’s institutional team as Vice President, Consultant Relations. This role underscores GAMCO’s commitment to serving this important distribution channel and delivering superior risk adjusted returns and best in class service to our institutional clients.

-In October, the Gabelli Convertible and Income Securities Fund completed a common share rights offering raising $23 million.

-On November 19, 2018, we announced that Peter Tcherepnine, CEO of Loeb Partners Corporation, joined GAMCO as a Senior Vice President along with the private wealth clients that are assigning their assets to GAMCO subject to completion of documentation.

-In November, the Company announced that both the Gabelli Media Mogul NextShares^TM and the Gabelli Pet Parents’^TM NextShares^TM would be starting as no-load open-end mutual funds registered under the Investment Company Act of 1940 with timing subject to the Federal government shutdown.

-In December, the Gabelli Global Utility & Income Trust completed a common share rights offering raising $85 million.

3

Balance Sheet

We ended the quarter with cash and investments of $75.0 million and debt of $24.2 million.  In addition, there is $36.0 million, net of tax, still payable in deferred compensation.

Returns to Shareholder

We paid $0.6 million in dividends during the quarter ended December 31, 2018 and purchased 77,139 shares at an average price of $19.60 per share. Since our IPO in February 1999, we have returned $2.0 billion to shareholders consisting of $1.0 billion of spin-offs, $493.3 million in the form of dividends, and $463.7 million through stock buybacks of approximately 10.8 million shares.

On February 5, 2019, GAMCO’s Board of Directors declared a regular quarterly dividend of $0.02 per share payable on April 30, 2019 to its Class A and Class B shareholders of record on April 16, 2019.

About GAMCO Investors, Inc.

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

The Company reported Assets Under Management as follows (in millions):
	December 31,		December 31,
	2018		2017
Equities:
Open-end Funds	$	10,589	$	13,747
Closed-end Funds		6,959		8,053
Institutional & PWM (a)		14,078		18,852
SICAV		507		510
Total Equities		32,133		41,162
Fixed Income:
100% U.S. Treasury Fund		2,195		1,870
Institutional & PWM		26		31
Total Fixed Income		2,221		1,901
Total Assets Under Management	$	34,354	$	43,063
(a) Includes $247 million and $261 million of 100% U.S. Treasury Fund AUM at
December 31, 2018 and December 31, 2017, respectively.

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Table I: Fund Flows - 4th Quarter 2018
									Fund
			Market						distributions,
	September 30,		appreciation/			Net cash			net of			December 31,
	2018		(depreciation)			flows			reinvestments			2018
Equities:
Open-end Funds	$	12,799	$	(1,502	)	$	(674	)	$	(34	)	$	10,589
Closed-end Funds		7,895		(862	)		68			(142	)		6,959
Institutional & PWM		17,374		(2,659	)		(637	)		-			14,078
SICAV		548		(17	)		(24	)		-			507
Total Equities		38,616		(5,040	)		(1,267	)		(176	)		32,133
Fixed Income:
100% U.S. Treasury Fund		2,004		11			180			-			2,195
Institutional & PWM		26		-			-			-			26
Total Fixed Income		2,030		11			180			-			2,221
Total Assets Under Management	$	40,646	$	(5,029	)	$	(1,087	)	$	(176	)	$	34,354

Table II: Fund Flows - Full Year 2018
									Fund
			Market						distributions,
	December 31,		appreciation/			Net cash			net of			December 31,
	2017		(depreciation)			flows			reinvestments			2018
Equities:
Open-end Funds	$	13,747	$	(998	)	$	(2,088	)	$	(72	)	$	10,589
Closed-end Funds		8,053		(593	)		21			(522	)		6,959
Institutional & PWM		18,852		(2,310	)		(2,464	)		-			14,078
SICAV		510		(31	)		28			-			507
Total Equities		41,162		(3,932	)		(4,503	)		(594	)		32,133
Fixed Income:
100% U.S. Treasury Fund		1,870		35			290			-			2,195
Institutional & PWM		31		-			(5	)		-			26
Total Fixed Income		1,901		35			285			-			2,221
Total Assets Under Management	$	43,063	$	(3,897	)	$	(4,218	)	$	(594	)	$	34,354

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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,
	2018			2017
Investment advisory and incentive fees	$	72,035		$	87,763
Distribution fees and other income		8,942			10,903
Total revenues		80,977			98,666
Compensation costs		11,304	(a)		36,536
Distribution costs		9,319			11,074
Other operating expenses		6,447			7,321
Total expenses		27,070			54,931
Operating income before management fee		53,907			43,735
Investment income / (loss)		(16,391	)		833
Loss on extinguishment of debt		-			(3,300	)
Interest expense		(644	)		(1,891	)
Shareholder-designated contribution		(4,787	)		(280	)
Other expense, net		(21,822	)		(4,638	)
Income before management fee and income taxes		32,085			39,097
Management fee expense		1,449	(a)		4,211
Income before income taxes		30,636			34,886
Income tax expense		7,299			21,391
Net income attributable to GAMCO Investors, Inc.	$	23,337		$	13,495
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	0.82		$	0.46
Diluted	$	0.81		$	0.46
Weighted average shares outstanding:
Basic		28,611			29,103
Diluted		28,636			30,336
Actual shares outstanding (b)		28,982			28,974
Notes:
(a) CEO waiver reduced compensation costs by $13,063 and management fee expense by $1,902.
(b) Includes 427,650 and 19,400 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 8.

6

Table IV
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	For the Year Ended
	December 31,
	2018			2017
Investment advisory and incentive fees	$	302,651		$	316,705
Distribution fees and other income		38,804			43,819
Total revenues		341,455			360,524
Compensation costs		83,768	(a)		134,170
Distribution costs		39,194			44,447
Other operating expenses		22,692			23,221
Total expenses		145,654			201,838
Operating income before management fee		195,801			158,686
Investment income / (loss)		(22,932	)		5,465
Loss on extinguishment of debt		-			(3,300	)
Interest expense		(3,525	)		(10,160	)
Shareholder-designated contribution		(5,671	)		(4,137	)
Other expense, net		(32,128	)		(12,132	)
Income before management fee and income taxes		163,673			146,554
Management fee expense		9,014	(a)		13,666
Income before income taxes		154,659			132,888
Income tax expense		37,463			55,079
Net income attributable to GAMCO Investors, Inc.	$	117,196		$	77,809
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	4.08		$	2.68
Diluted	$	4.07		$	2.60
Weighted average shares outstanding:
Basic		28,744			28,980
Diluted		28,777			30,947
Actual shares outstanding (b)		28,982			28,974
Notes:
(a) CEO waiver reduced compensation costs by$46,607 and management fee expense by $9,889.
(b) Includes 427,650 and 19,400 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 8.

7

Table V
GAMCO INVESTORS, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
	2018															2017
	1st			2nd			3rd			4th						1st			2nd			3rd			4th
��	Quarter			Quarter			Quarter			Quarter			Full Year			Quarter			Quarter			Quarter			Quarter			Full Year
Income Statement Data:
Revenues	$	87,497		$	87,193		$	85,788		$	80,977		$	341,455		$	85,917		$	87,600		$	88,341		$	98,666		$	360,524
Expenses		41,607			44,338			32,639			27,070			145,654			41,310			45,584			60,013			54,931			201,838
Operating income before
management fee		45,890			42,855			53,149			53,907			195,801			44,607			42,016			28,328			43,735			158,686
Investment income/(loss)		(4,855	)		2,111			(3,797	)		(16,391	)		(22,932	)		509			537			3,586			(2,467	)		2,165
Interest expense		(1,200	)		(922	)		(759	)		(644	)		(3,525	)		(2,832	)		(2,749	)		(2,688	)		(1,891	)		(10,160	)
Shareholder-designated contribution		-			(176	)		(708	)		(4,787	)		(5,671	)		-			-			(3,857	)		(280	)		(4,137	)
Other income/(expense), net		(6,055	)		1,013			(5,264	)		(21,822	)		(32,128	)		(2,323	)		(2,212	)		(2,959	)		(4,638	)		(12,132	)
Income before management
fee and income taxes		39,835			43,868			47,885			32,085			163,673			42,284			39,804			25,369			39,097			146,554
Management fee expense		4,634			1,482			1,449			1,449			9,014			2,164			2,356			4,935			4,211			13,666
Income before income taxes		35,201			42,386			46,436			30,636			154,659			40,120			37,448			20,434			34,886			132,888
Income tax expense		7,940			10,804			11,420			7,299			37,463			15,300			14,554			3,834			21,391			55,079
Net income attributable to
GAMCO Investors, Inc.	$	27,261		$	31,582		$	35,016		$	23,337		$	117,196		$	24,820		$	22,894		$	16,600		$	13,495		$	77,809
Net income per share
attributable to GAMCO
Investors, Inc.:
Basic	$	0.94		$	1.10		$	1.22		$	0.82		$	4.08		$	0.86		$	0.79		$	0.57		$	0.46		$	2.68
Diluted	$	0.94		$	1.10		$	1.22		$	0.81		$	4.07		$	0.82		$	0.76		$	0.55		$	0.46		$	2.60
Weighted average shares outstanding:
Basic		28,916			28,777			28,677			28,611			28,744			28,970			28,896			28,926			29,103			28,980
Diluted		28,916			28,819			28,739			28,636			28,777			31,160			31,100			31,173			30,336			30,947
Reconciliation of non-GAAP
financial measures to GAAP:
Operating income before
management fee		45,890			42,855			53,149			53,907			195,801			44,607			42,016			28,328			43,735			158,686
Deduct: management fee expense		4,634			1,482			1,449			1,449			9,014			2,164			2,356			4,935			4,211			13,666
Operating income	$	41,256		$	41,373		$	51,700		$	52,458		$	186,787		$	42,443		$	39,660		$	23,393		$	39,524		$	145,020
Operating margin before
management fee		52.4	%		49.1	%		62.0	%		66.6	%		57.3	%		51.9	%		48.0	%		32.1	%		44.3	%		44.0	%
Operating margin after
management fee		47.2	%		47.4	%		60.3	%		64.8	%		54.7	%		49.4	%		45.3	%		26.5	%		40.1	%		40.2	%
Notes on Non-GAAP Financial Measures:
Operating income before management fee 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.

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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,
	2018		2017
ASSETS
Cash and cash equivalents	$	41,202	$	17,821
Investments		33,789		36,790
Receivable from brokers		3,423		1,578
Other receivables		31,135		45,621
Deferred tax asset and income tax receivable		15,001		15,615
Other assets		10,062		10,861
Total assets	$	134,612	$	128,286
LIABILITIES AND EQUITY
Payable to brokers	$	112	$	14,926
Income taxes payable and deferred tax liabilities		2,388		3,128
Compensation payable (a)		53,993		82,907
Accrued expenses and other liabilities		44,341		34,454
Sub-total		100,834		135,415
5.875% Senior notes (due June 1, 2021)		24,168		24,144
4% PIK note (due November 30, 2020)		-		50,000
1.6% AC Note (due February 28, 2018)		-		15,000
Total debt		24,168		89,144
Total liabilities		125,002		224,559
GAMCO Investors, Inc.'s stockholders' equity (deficit)		9,610		(96,273	)
Total liabilities and equity	$	134,612	$	128,286
(a) Excludes $11.3 million and $59.0 million of DCCA expense that is not yet recorded under GAAP as of
December 31, 2018 and December 31, 2017, respectively.

9

Non-GAAP information and reconciliation:

GAMCO’s non-GAAP measures include adjusted operating income, adjusted income before taxes, adjusted effective tax rate, adjusted net income and adjusted net income per fully diluted share.  GAMCO’s calculation of these non-GAAP measures may not be comparable to similarly titled measures of other companies due to potential differences between companies in the method of calculation.  As a result, the use of these non-GAAP measures has limitations and should not be considered superior to, in isolation from, or a substitute for, related U.S. GAAP measures.

These non-GAAP measures allow management and investors to view operating trends, perform analytical comparisons and benchmark performance between periods to understand operating performance without regard to items that we do not consider to be a component of our core operating performance.  Management uses these measures in its financial, investment and operational decision-making processes, for internal reporting and as part of its forecasting and budgeting processes.  For these reasons we believe these non-GAAP measures are useful for our investors.

Adjusted operating income, adjusted income before taxes, adjusted effective tax rate, adjusted net income and adjusted net income per fully diluted share can be used by investors to review our results on a consistent basis.  Examples of adjustments to these measures include the GAAP impact of the 2016 Deferred Cash Compensation Agreement (“DCCA”), First Half 2017 DCCA, and the Fourth Quarter 2017 DCCA that were put in place to enable the Company to more quickly pay down its debt.

The following tables reconcile adjusted income before taxes, adjusted effective tax rate, adjusted net income and adjusted net income per share to their closest GAAP equivalent:

	For the three months ended December 31, 2018
				Impact of
	Reported			Fourth Quarter			Impact of
	GAAP			2017 DCCA			2016 DCCA			Adjusted
Total revenues	$	80,977		$	-		$	-		$	80,977
Compensation costs		11,304			1,236			8,978			21,518
Distribution costs		9,319			-			-			9,319
Other operating expenses		6,447			-			-			6,447
Total expenses		27,070			1,236			8,978			37,284
Operating income before management fee		53,907			(1,236	)		(8,978	)		43,693
Other income/(expense), net		(21,822	)		-			-			(21,822	)
Income before management fee and income taxes		32,085			(1,236	)		(8,978	)		21,871
Management fee expense		1,449			(419	)		(1,030	)		-
Income before income taxes		30,636			(817	)		(7,948	)		21,871
Income tax expense		7,299			(204	)		(1,987	)		5,108
Net income attributable to GAMCO Investors, Inc.	$	23,337		$	(613	)	$	(5,961	)	$	16,763
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	0.82		$	(0.02	)	$	(0.21	)	$	0.59
Diluted	$	0.81		$	(0.02	)	$	(0.21	)	$	0.59
Reconciliation of non-GAAP financial measures to GAAP:
Operating income before management fee	$	53,907		$	(1,236	)	$	(8,978	)	$	43,693
Deduct: management fee expense		(1,449	)		419			1,030			-
Operating income	$	52,458		$	(817	)	$	(7,948	)	$	43,693

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	For the three months ended December 31, 2017
	Reported			Fourth Quarter			First Half
	GAAP			2017 DCCA			2017 DCCA			2016 DCCA			Adjusted
Total revenues	$	98,666		$	-		$	-		$	-		$	98,666
Compensation costs		36,536			10,318			(4,771	)		(3,148	)		38,935
Distribution costs		11,074			-			-			-			11,074
Other operating expenses		7,321			-			-			-			7,321
Total expenses		54,931			10,318			(4,771	)		(3,148	)		57,330
Operating income before management fee		43,735			(10,318	)		4,771			3,148			41,336
Other expense, net		(4,638	)		-			-			-			(4,638	)
Income before management fee and income taxes		39,097			(10,318	)		4,771			3,148			36,698
Management fee expense		4,211			1,064			(891	)		(715	)		3,669
Income before income taxes		34,886			(11,382	)		5,662			3,863			33,029
Income tax expense		21,391			(4,325	)		2,152			1,468			20,686
Net income attributable to GAMCO Investors, Inc.	$	13,495		$	(7,057	)	$	3,510		$	2,395		$	12,343
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	0.46		$	(0.24	)	$	0.12		$	0.08		$	0.42
Diluted	$	0.46		$	(0.23	)	$	0.12		$	0.08		$	0.42
Reconciliation of non-GAAP financial measures to GAAP:
Operating income before management fee	$	43,735		$	(10,318	)	$	4,771		$	3,148		$	41,336
Deduct: management fee expense		(4,211	)		(1,064	)		891			715			(3,669	)
Operating income	$	39,524		$	(11,382	)	$	5,662		$	3,863		$	37,667

	For the year ended December 31, 2018
				Impact of			Impact of
	Reported			Fourth Quarter			First Half			Impact of
	GAAP			2017 DCCA			2017 DCCA			2016 DCCA			Non-GAAP
Total revenues	$	341,455		$	-		$	-		$	-		$	341,455
Compensation costs		83,768			(3,210	)		(2,335	)		9,113			87,336
Distribution costs		39,194			-			-			-			39,194
Other operating expenses		22,692			-			-			-			22,692
Total expenses		145,654			(3,210	)		(2,335	)		9,113			149,222
Operating income before management fee		195,801			3,210			2,335			(9,113	)		192,233
Other expense, net		(32,128	)		-			-			-			(32,128	)
Income before management fee and income taxes		163,673			3,210			2,335			(9,113	)		160,105
Management fee expense		9,014			(1,676	)		(1,401	)		(4,120	)		1,817
Income before income taxes		154,659			4,886			3,736			(4,993	)		158,288
Income tax expense		37,463			1,222			934			(1,249	)		38,370
Net income attributable to GAMCO Investors, Inc.	$	117,196		$	3,664		$	2,802		$	(3,744	)	$	119,918
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	4.08		$	0.13		$	0.10		$	(0.13	)	$	4.17
Diluted	$	4.07		$	0.13		$	0.10		$	(0.13	)	$	4.17

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	For the year ended December 31, 2017
	Reported			Fourth Quarter			First Half
	GAAP			2017 DCCA			2017 DCCA			2016 DCCA			Adjusted
Total revenues	$	360,524		$	-		$	-		$	-		$	360,524
Compensation costs		134,170			10,318			9,619			(12,322	)		141,785
Distribution costs		44,447			-			-			-			44,447
Other operating expenses		23,221			-			-			-			23,221
Total expenses		201,838			10,318			9,619			(12,322	)		209,453
Operating income before management fee		158,686			(10,318	)		(9,619	)		12,322			151,071
Other expense, net		(12,132	)		-			-			-			(12,132	)
Income before management fee and income taxes		146,554			(10,318	)		(9,619	)		12,322			138,939
Management fee expense		13,666			1,064			1,775			(2,887	)		13,618
Income before income taxes		132,888			(11,382	)		(11,394	)		15,209			125,321
Income tax expense		55,079			(4,325	)		(4,442	)		5,818			52,130
Net income attributable to GAMCO Investors, Inc.	$	77,809		$	(7,057	)	$	(6,952	)	$	9,391		$	73,191
Net income per share attributable to GAMCO Investors, Inc.:
Basic	$	2.68		$	(0.24	)	$	(0.24	)	$	0.32		$	2.53
Diluted	$	2.60		$	(0.23	)	$	(0.22	)	$	0.30		$	2.45

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, the effects of the Tax Cuts and Jobs Act, 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, and the ongoing impacts of the Tax Cuts and Jobs Act with respect to tax rates and the non-deductibility of certain portions of NEO compensation. 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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