Calamos Asset Management (CLMS) 8-K Calamos Asset Management, Inc. Reports Record Second Quarter Revenues

Exhibit 99.1

Calamos Asset Management, Inc.       2020 Calamos Court       Naperville, Illinois 60563       800.582.6959       www.calamos.com

FOR IMMEDIATE RELEASE News Release

Contact:
Maryellen Thielen
630-955-4830

Calamos Asset Management, Inc. Reports Record Second Quarter Revenues

• Revenues increased 26 percent to a record $124.4 million for the second quarter of 2006 versus the same period of 2005

• Operating income improved 23 percent to $59.9 million for the second quarter of 2006 versus 2005

• Diluted earnings per share increased 13 percent to 34 cents for the second quarter of 2006 versus 2005

• The board declared a regular quarterly dividend of 9 cents per share

     NAPERVILLE, Ill., July 25, 2006 – Calamos Asset Management, Inc. (NGS: CLMS) reported record revenues for the second quarter of 2006.

     The company had $45.8 billion in assets under management at June 30, 2006, an increase of 16 percent from $39.5 billion in assets at June 30, 2005. For the second quarter ended June 30, 2006, revenues were a record $124.4 million, up 26 percent from $99.1 million for the second quarter of 2005. Operating income improved 23 percent to $59.9 million from $48.7 million a year ago. Operating margin was 48.2 percent for the second quarter of 2006 and 49.2 percent for the year-earlier period.

     Net income for the second quarter of 2006 was $8.1 million, 16 percent higher than $7.0 million for the same quarter a year ago.¹ Diluted earnings per share increased 13 percent to 34 cents per share for the second quarter of 2006 from 30 cents per share for the second quarter of 2005.

     Also announced today, the board of directors declared a regular quarterly dividend of 9 cents per share, payable on Aug. 23, 2006 to shareholders of record on Aug. 8, 2006.

     “The stock market’s nervous saw-tooth pattern is similar to 1994, when the Fed also repeatedly raised interest rates,” said John P. Calamos, Sr., chairman and chief executive officer. “This market volatility affected second quarter asset flows for our firm and other asset managers. However, GDP and other economic indicators remain strong, indicating an economy in its mid-phase – which would be a positive for growth companies. We continue to believe that when the Fed stops raising interest rates, it will serve as a catalyst for positive stock market

¹ Net income reflects only 23.1 percent of the operating companies’ results due to minority interests’ ownership of 76.9 percent.

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action. We have positioned our portfolios accordingly and continue to manage our business as we have in the past, focusing on achieving growth by managing risk and building wealth for our clients.”

     For the six months ended June 30, 2006, Calamos Asset Management reported revenues of $245.0 million, improving 25 percent from $196.4 million for the first half of 2005. Operating income increased 21 percent to $118.6 million for the first half of 2006, versus $97.7 million for the first half of 2005. Operating margin was 48.4 percent for the first six months of 2006 and 49.8 percent for the year-earlier period. Net income rose 28 percent to $17.1 million for the first half of 2006, versus $13.4 million for the first half of 2005. Diluted earnings per share increased 26 percent to 73 cents per share for the first half of 2006, compared with 58 cents per share for the first half of 2005.

     At June 30, 2006, the company had $33.8 billion in mutual funds and $12.0 billion in separate accounts, for a total of $45.8 billion in assets under management. Assets under management increased 16 percent during the 12 months ended June 30, 2006, due to $3.0 billion in net purchases and $3.3 billion in net market appreciation. Average assets under management were $46.9 billion for the second quarter of 2006, an increase of 23 percent from $38.3 billion for the same period of 2005.

     For the first six months of 2006, assets rose 5 percent from $43.8 billion at year-end 2005. However, assets under management decreased 4 percent from April 1 through June 30, 2006 due to $2.3 billion in market depreciation, partially offset by $536 million in net purchases.

     During the second quarter of 2006:

• The firm launched the Calamos Multi-Fund Blend (CMQAX), which combines its Growth, Value, and Global Growth and Income funds into one core portfolio that seeks to provide an attractive, consistent risk-reward profile through all phases of the market’s cycle.

• The Calamos Market Neutral Income Fund has continued to grow strongly since it re-opened in January. Fund assets climbed 45 percent in the second quarter, to $663.9 million at June 30, 2006.

• The Calamos Convertible and High Income Fund (NYSE: CHY) completed a secondary public offering of 4.47 million shares, raising $72 million and increasing the fund’s common share assets to nearly $1 billion.

• John P. Calamos, Sr. received the Ernst & Young 2006 Entrepreneur Of The Year^® Award for financial services for the Lake Michigan area.

     Management will hold an investor conference call at 5 p.m. Eastern time on Tuesday, July 25, 2006. To access the live call and view management’s presentation, visit the Investor Relations section of www.calamos.com. Alternatively, participants may listen to the live call by dialing 800-374-2572 (706-679-3532 outside the United States). Management’s presentation and a replay of the call will be available until the end of the day on Aug. 1 by clicking on the Investor Relations section of www.calamos.com, or by dialing 800-642-1687 (706-645-9291 outside the U.S.) and entering conference ID number 2772430.

     Calamos Asset Management, Inc. (NGS: CLMS) is a diversified investment firm offering equity, high yield, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts, open-end and closed-end

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funds, offering a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit www.calamos.com.

     From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future financial performance, strategies, expectations, competitive environment and regulations. Forward-looking statements are based on information available at the time those statements are made and/or management’s good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, but are not limited to: loss of revenues due to contract terminations and redemptions, our ownership structure, catastrophic or unpredictable events, unavailability of third-party retail distribution channels, damage to our reputation, fluctuations in the financial markets and the competitive conditions in the mutual fund, asset management and broader financial services sectors. For a discussion concerning these and other risks, uncertainties and other important factors that could affect future results, see “Forward-Looking Information” in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, where applicable, “Risk Factors” in the company’s annual and quarterly reports filed with the U.S. Securities and Exchange Commission.

     Before investing, carefully consider the funds’ investment objectives, risks, charges and expenses. Contact (800) 582-6959 or visit www.calamos.com for a prospectus containing this and other information. Please read it carefully.

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Calamos Asset Management, Inc.
Unaudited Consolidated Condensed Statements of Operations
(in thousands, except share data)

	Three Months Ended June 30,					Six Months Ended June 30,
	2006			2005		2006		2005
Revenues:
Investment management fees	$	84,328		$	67,430	$	165,807	$	133,270
Distribution and underwriting fees		38,997			30,764		77,137		61,389
Other		1,028			878		2,027		1,734
Total revenues		124,353			99,072		244,971		196,393
Expenses:
Employee compensation and benefits		18,287			14,860		37,293		29,781
Distribution and underwriting expense		25,864			18,693		50,829		36,364
Amortization of deferred sales commissions		8,123			8,028		15,863		15,904
Marketing and sales promotion		4,493			3,068		7,601		6,536
General and administrative		7,639			5,676		14,813		10,072
Total expenses		64,406			50,325		126,399		98,657
Operating income		59,947			48,747		118,572		97,736
Total other income (expense), net		(1,936	)		1,904		4,095		(932	)
Income before minority interest in Calamos Holdings LLC and income taxes		58,011			50,651		122,667		96,804
Minority interest in Calamos Holdings LLC		44,486			38,980		94,109		74,515
Income before income taxes		13,525			11,671		28,558		22,289
Income taxes		5,424			4,669		11,452		8,916
Net income	$	8,101		$	7,002	$	17,106	$	13,373
Earnings per share, basic	$	0.35		$	0.30	$	0.74	$	0.58
Weighted average shares outstanding, basic		23,161,998			23,000,100		23,161,998		23,000,100
Calculation of earnings per share, diluted, assuming exchange of membership units:
Income before minority interest in Calamos Holdings LLC and income taxes	$	58,011		$	50,651	$	122,667	$	96,804
Impact of income taxes		23,262			20,260		49,189		38,722
Earnings available to common shareholders		34,749			30,391		73,478		58,082
Earnings per share, diluted	$	0.34		$	0.30	$	0.73	$	0.58
Weighted average shares outstanding, diluted		100,845,107			100,557,047		100,823,214		100,577,064

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Calamos Asset Management, Inc.
Assets Under Management
(in millions)

	Quarter Ended June 30,					Change
	2006			2005		Amount			Percent
Mutual Funds
Beginning assets under management	$	35,014		$	27,366	$	7,648			28	%
Net purchases		647			582		65			11
Market appreciation (depreciation)		(1,824	)		385		(2,209	)		574
Ending assets under management		33,837			28,333		5,504			19
Average assets under management		34,566			27,443		7,123			26
Separate Accounts
Beginning assets under management		12,587			10,880		1,707			16
Net purchases		(111	)		27		(138	)		511
Market appreciation (depreciation)		(501	)		272		(773	)		284
Ending assets under management		11,975			11,179		796			7
Average assets under management		12,367			10,854		1,513			14
Total Assets Under Management
Beginning assets under management		47,601			38,246		9,355			24
Net purchases		536			609		(73	)		12
Market appreciation (depreciation)		(2,325	)		657		(2,982	)		454
Ending assets under management		45,812			39,512		6,300			16
Average assets under management	$	46,933		$	38,297	$	8,636			23	%

	At June 30,				Change
	2006		2005		Amount			Percent
Mutual Funds
Open-end funds	$	27,707	$	22,432	$	5,275			24	%
Closed-end funds		6,130		5,901		229			4
Total mutual funds		33,837		28,333		5,504			19
Separate Accounts
Institutional accounts		4,366		3,678		688			19
Managed accounts		6,739		6,844		(105	)		2
Private client accounts		773		578		195			34
Alternative investments		97		79		18			23
Total separate accounts		11,975		11,179		796			7
Ending assets under management	$	45,812	$	39,512	$	6,300			16	%

	At June 30,				Change
Assets by Strategy	2006		2005		Amount			Percent
Equity	$	24,798	$	19,815	$	4,983			25	%
Balanced		12,053		10,363		1,690			16
Convertible		5,347		6,161		(814	)		13
High Yield		2,878		2,763		115			4
Alternative		736		410		326			80
Ending assets under management	$	45,812	$	39,512	$	6,300			16	%

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