Calamos Asset Management (CLMS) 8-K Calamos Asset Management, Inc. Reports Third Quarter 2007 Results, Announces Share Repurchase Program

Exhibit 99.1

FOR IMMEDIATE RELEASE

Contact:
Peter D. Nash
630-955-4830

Calamos Asset Management, Inc. Reports Third Quarter 2007 Results,
Announces Share Repurchase Program

• Revenues of $118.5 million for the quarter were unchanged year over year

• Net income was $7.1 million versus $8.0 million in the third quarter of 2006

• Diluted earnings per share were $0.32 versus $0.34 for the third quarter of 2006

• The Board approved a new share repurchase program

• Regular quarterly dividend of $0.11 per share declared

          NAPERVILLE, Ill., October 23, 2007 — Calamos Asset Management, Inc. (NASDAQ: CLMS), a diversified investment firm offering equity, fixed income, convertible and alternative investment strategies, today reported results for the third quarter of 2007.

Third Quarter Business Highlights

          Calamos Asset Management completed a private debt offering totaling $375 million in aggregate principal senior unsecured notes with a current year weighted average interest rate of 6.46%. Calamos intends to use the net proceeds of the July 2007 offering to develop and invest in its products, including new and existing mutual funds and alternative investment products, and for general corporate purposes.

          In August, the company repurchased 1,212,200 shares, representing 5.4% of its outstanding Class A shares, at an aggregate cost of approximately $29.2 million. This completed the share repurchase program approved in October 2006 in which the company was authorized to purchase up to two million of its Class A common shares. Further, in October 2007, the Board of Directors authorized the repurchase of up to two million additional shares of the company’s outstanding Class A common shares. The program was implemented to continue to enhance shareholder value and offset share issuances under the company’s incentive compensation plan.

          In September, the Calamos Global Dynamic Income Fund (NYSE: CHW), a closed-end fund, issued $350 million in preferred shares, increasing the Fund’s assets under management to over $1.2 billion. Calamos now has eight funds each with more than $1 billion in assets under management.

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          The Board of Directors declared a regular quarterly dividend of $0.11 per share, payable on November 28, 2007 to shareholders of record on November 13, 2007.

          “Following the momentum built in the first half of the year, we’ve continued to position the company for growth by strengthening our balance sheet and increasing our ability to capitalize on market opportunities as they arise,” said John P. Calamos, Sr., Chairman and Chief Executive Officer. “We believe this additional flexibility and the new share repurchase program will help us enhance shareholder value in the future,” he added.

Third Quarter Results

          Assets under management as of September 30, 2007 rose almost 7% to $46.7 billion from $43.8 billion at the previous quarter’s end. Of the $2.9 billion increase, $2.6 billion was due to market appreciation. Net purchases of $374 million during the third quarter included $350 million raised with the issuance of preferred shares for the Calamos Global Dynamic Income Fund (CHW), a closed-end fund, which was initially launched in June 2007. Average assets under management were $44.2 billion during the third quarter of 2007, compared to $44.4 billion for the same period one year ago.

          Third quarter 2007 revenues were $118.5 million, equal with the third quarter of 2006 as higher closed-end fund management fee revenue was offset by slightly lower average assets under management. Operating expenses were $69.0 million, a 12% increase from $61.9 million in the prior-year quarter. The increase in operating expenses was mainly due to an increase in employee compensation and benefits expenses, which reflected staff additions in the investment management, information services and sales and marketing functions.

          Operating income was $49.4 million for the third quarter of 2007, compared with $56.6 million for the same period a year ago. Operating margin was 41.7% for the third quarter of 2007 and 47.8% for the year-earlier period. Total other income, net for the third quarter of 2007, was $3.3 million, an increase of $2.5 million from the same period a year ago. The increase was largely due to appreciation in the market value of partnership securities. Those gains were partially offset by a $5.3 million increase in interest expense related to the private debt offering that closed on July 13^th, 2007.

          Net income for the third quarter of 2007, representing approximately 22% of the operating company’s results, was $7.1 million, compared with $8.0 million reported for the third quarter 2006. Diluted earnings per share were $0.32 for the third quarter versus $0.34 for the year-earlier period.

Year-to-Date Results

          Assets under management at September 30, 2007 increased approximately $2.0 billion from December 31, 2006 as market appreciation of $5.6 billion was offset by net redemptions of $3.6 billion. Average assets under management were $44.1 billion for the nine months ended September 30, 2007, compared to $45.8 billion for the same period in 2006.

          Calamos reported revenues of $349.0 million for the first nine months of 2007, a 4% decrease from $363.5 million for the same period in 2006, as higher closed-end fund management fees were offset by a 4% decline in average assets under management. Operating

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expenses were $228.4 million, a 21% increase from $188.3 million for the same period a year ago. Operating expenses for the 2007 year-to-date period were significantly impacted by $26.4 million of one-time marketing and sales promotion expenses recorded in the second quarter of 2007, as described below. In addition, the operating expenses were impacted by higher employee compensation and benefits expenses, which reflected staff additions in the investment management, information services and sales and marketing functions.

          Operating income was $120.5 million for the first nine months of 2007, versus $175.2 million for the first three quarters of 2006. Operating margin was 34.5% for the first nine months of 2007 and 48.2% for the year-earlier period. Total other income, net for the nine months ended September 30, 2007, was $12.3 million, an increase of $7.4 million from the same period a year ago. The increase was largely due to appreciation in the market value of partnership securities. Net income was $18.5 million for the first nine months of 2007, versus $25.1 million for the first three quarters of 2006. Diluted earnings per share were $0.79 per share for the first nine months of 2007, compared with $1.07 per share for the prior period of 2006.

Year-to-Date Results, As Adjusted

          When evaluating the company’s operations, management adjusts operating expenses, operating income, net income and diluted earnings per share to exclude the adverse effect of two one-time marketing and sales promotion expenses recorded in the second quarter of 2007 and related to its closed-end fund business, as presented in Table A, because these expenses are not expected to recur. However, adjusted results are not, and should not be construed as, a substitute for results computed in accordance with accounting principles generally accepted in the United States (GAAP).

• Calamos incurred a one-time expense of $19.5 million, or $0.12 per diluted share, by terminating its remaining two agreements that required Calamos to make recurring payments of approximately $2.6 million annually based on the assets of two Calamos closed-end funds. Terminating these agreements is expected to have a positive after-tax impact of approximately $0.015 per diluted share annually.

• Calamos incurred $6.9 million, or $0.04 per diluted share, in one-time aggregate structuring fees related to its CHW closed-end fund offering in the second quarter.

          For the nine months ended September 30, 2007, operating expenses, as adjusted, were $202.0 million, a 7% increase from $188.3 million in the same period in 2006. Operating income, as adjusted, was $146.9 million versus $175.2 million for the first nine months of 2006. Operating margin, as adjusted, was 42.1%, compared with 48.2% for the year-earlier period. Net income, as adjusted, was $22.0 million for the first three quarters of 2007 versus $25.1 million for the first three quarters of 2006. Diluted earnings per share, as adjusted, were $0.95 per share for the first nine months of 2007, compared with $1.07 per share for the first nine months of 2006.

          Management will hold an investor conference call at 5 p.m. Eastern time on Tuesday, October 23. To access the live call and view management’s presentation, click on the Investor Relations tab at www.calamos.com. Alternatively, participants may listen to the live call by dialing 800-374-2572 (706-679-3532 outside the U.S.). Management’s presentation and a replay of the call will be available until November 23rd by clicking on the Investor Relations tab at www.calamos.com. Until the end of the day on November 23rd, an audio replay will be

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available by dialing 800-642-1687 (706-645-9291 outside the U.S.) and entering conference ID number 4588259.

          Calamos Asset Management, Inc. (NASDAQ: CLMS) is a diversified investment firm offering equity, fixed income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals via separately managed accounts and a family of open-end and closed-end 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, the 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. For a discussion concerning some of 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.

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2007		2006		2007		2006
Revenues:
Investment management fees	$	82,209	$	80,718	$	238,997	$	246,525
Distribution and underwriting fees		35,252		36,840		106,993		113,977
Other		1,023		989		2,961		3,016
Total revenues		118,484		118,547		348,951		363,518
Expenses:
Employee compensation and benefits		22,912		17,203		66,190		54,496
Distribution and underwriting expense		26,246		24,509		76,469		75,338
Amortization of deferred sales commissions		6,064		8,645		21,220		24,508
Marketing and sales promotion		3,861		3,602		37,074		11,312
General and administrative		9,962		7,950		27,472		22,654
Total operating expenses		69,045		61,909		228,425		188,308
Operating income		49,439		56,638		120,526		175,210
Total other income (expense), net		3,307		804		12,297		4,899
Income before minority interest in Calamos Holdings LLC and income taxes		52,746		57,442		132,823		180,109
Minority interest in Calamos Holdings LLC		40,863		44,032		101,938		138,141
Income before income taxes		11,883		13,410		30,885		41,968
Income taxes		4,756		5,369		12,419		16,821
Net income	$	7,127	$	8,041	$	18,466	$	25,147
Earnings per share, basic	$	0.33	$	0.35	$	0.81	$	1.09
Weighted average shares outstanding, basic		21,851,112		23,161,998		22,668,669		23,161,998
Calculation of earnings per share, diluted, assuming exchange of membership units:
Income before minority interest in Calamos Holdings LLC and income taxes	$	52,746	$	57,442	$	132,823	$	180,109
Impact of income taxes		21,109		23,000		53,408		72,188
Earnings available to common shareholders		31,637		34,442		79,415		107,921
Earnings per share, diluted	$	0.32	$	0.34	$	0.79	$	1.07
Weighted average shares outstanding, Diluted		99,320,380		100,757,758		100,093,296		100,778,115

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

	Quarter Ended September 30,						Change
	2007			2006			Amount			Percent
Mutual Funds
Beginning assets under management	$	33,286		$	34,217		$	(931	)		3	%
Net purchases (redemptions)		511			(649	)		1,160		NM
Market appreciation		1,880			10			1,870		NM
Ending assets under management		35,677			33,578			2,099			6
Average assets under management		33,572			33,150			422			1
Separate Accounts
Beginning assets under management		10,525			11,595			(1,070	)		9
Net redemptions		(137	)		(382	)		245		NM
Market appreciation		681			18			663		NM
Ending assets under management		11,069			11,231			(162	)		1
Average assets under management		10,639			11,267			(628	)		6
Total Assets Under Management
Beginning assets under management		43,811			45,812			(2,001	)		4
Net purchases (redemptions)		374			(1,031	)		1,405		NM
Market appreciation		2,561			28			2,533		NM
Ending assets under management		46,746			44,809			1,937			4
Average assets under management	$	44,211		$	44,417		$	(206	)		0	%

	At September 30,				Change
	2007		2006		Amount			Percent
Mutual Funds
Open-end funds	$	28,000	$	27,338	$	662			2	%
Closed-end funds		7,677		6,240		1,437			23
Total mutual funds		35,677		33,578		2,099			6
Separate Accounts
Institutional accounts		4,896		5,303		(407	)		8
Managed accounts		6,028		5,835		193			3
Alternative investments		145		93		52			56
Total separate accounts		11,069		11,231		(162	)		1
Ending assets under management	$	46,746	$	44,809	$	1,937			4	%

	At September 30,				Change
	2007		2006		Amount			Percent
Assets by Strategy
Equity	$	22,599	$	23,543	$	(944	)		4	%
Balanced		14,420		12,313		2,107			17
Convertible		4,723		5,154		(431	)		8
High Yield		2,925		2,922		3			0
Alternative		1,646		877		769			88
Money Market		395		—		395		NM
Fixed Income		38		—		38		NM
Ending assets under management	$	46,746	$	44,809	$	1,937			4	%

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Table A
Calamos Asset Management, Inc.
Unaudited Reconciliation of Non-GAAP Financial Measures

          This earnings release announcing results of operations for the nine months ended September 30, 2007 includes references to the following “non-GAAP financial measures” as defined by Regulation G of the Securities and Exchange Commission:

• Operating expense, as adjusted

• Operating income, as adjusted

• Net income, as adjusted

• Diluted earnings per share, as adjusted

          In evaluating operating performance, management considers operating expense, operating income, net income and diluted earnings per share, each calculated in accordance with GAAP, as well as each item on an as-adjusted basis, which constitute non-GAAP financial measures. Items presented on an as-adjusted basis exclude the impact of terminating the two closed-end fund additional compensation agreements and the CHW closed-end fund structuring fees. As these items incurred in the second quarter of 2007 are not expected to recur, management believes that excluding these items better enables it to evaluate the company’s operating performance relative to prior periods. Management considers these non-GAAP financial measures when evaluating the company’s performance and believes the presentation of these amounts provides the reader with information necessary to analyze the company’s operations for the periods compared.

          The following table provides a reconciliation of non-GAAP financial measures to the most directly comparable financial measures under GAAP for the nine months ended September 30, 2007 and 2006 (in thousands, except per share data):

	Nine Months Ended
	September 30,
	2007		2006
Operating expenses	$	228,425	$	188,308
Termination of closed-end fund compensation agreements		19,500		—
Closed-end fund structuring fees		6,904		—
Operating expenses, as adjusted	$	202,021	$	188,308
Operating income	$	120,526	$	175,210
Termination of closed-end fund compensation agreements		19,500		—
Closed-end fund structuring fees		6,904		—
Operating income, as adjusted	$	146,930	$	175,210
Net income	$	18,466	$	25,147
Termination of closed-end fund compensation agreements		2,634		—
Closed-end fund structuring fees		933		—
Net income, as adjusted	$	22,033	$	25,147
Diluted earnings per share	$	0.79	$	1.07
Termination of closed-end fund compensation agreements		0.12		—
Closed-end fund structuring fees		0.04		—
Diluted earnings per share, as adjusted	$	0.95	$	1.07

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