Exhibit 99.1
Gabelli Reports Second Quarter Earnings of $0.46 vs. $0.38
Per Diluted Share;
Operating Income Rises 48.9% to $24.4 Million from $16.4 Million
Last Year But Lower Other Income Crimps Results
RYE, N.Y.--(BUSINESS WIRE)--July 23, 2004--Gabelli Asset
Management Inc. (NYSE:GBL) reported record second quarter revenues of
$60.2 million in 2004, up 25.5% from the $48.0 million generated in
the second quarter of 2003. Operating income in the second quarter
2004 increased 48.9% to $24.4 million from $16.4 million last year
principally due to higher revenues and lower variable expenses as a
percent of revenues. Our operating margin rose to 40.6% in the 2004
quarter versus 34.2% in the prior year's quarter.
Net income for the quarter was $13.9 million or $0.46 per diluted
share versus $11.6 million or $0.38 per diluted share in the prior
year's quarter. The increase in earnings per share of 20% did not keep
pace with improved operating results as other income had a negative
$5.0 million pre-tax swing from the prior year's second quarter and
which crimped after tax earnings by $.09 per diluted share.
For the six months ended June 30, 2004 revenues were $123.7
million, an increase of 31.6% from the prior year's comparable period
revenues of $94.0 million. Operating income before management fee was
$55.0 million, up 50.6% from $36.5 million in the first six months of
2003, due to both higher revenues as well as the effect of lower
variable compensation costs as a percent of revenues, which were
offset slightly by increases in fixed compensation costs and other
operating expenses. Net income for the first half of 2004 was $30.0
million or $0.98 per diluted share versus $20.9 million or $0.69 per
diluted share in the comparable 2003 period.
Financial Results
Assets under management were $28.2 billion on June 30, 2004, up
25.5% from second quarter end 2003 assets and were unchanged from
assets at the end of the first quarter 2004. Average total assets
under management were $28.0 billion in the quarter, up 31.4% from
average total assets of $21.3 billion in the second quarter of 2003.
GAMCO, the institutional and high net worth segment of our
business, had assets under management of $13.6 billion on June 30,
2004, up 26.0% from the $10.8 billion on June 30, 2003 and 1.8% higher
than the $13.4 billion on March 31, 2004. Assets under management in
our equity mutual funds were $11.6 billion at quarter end, 32.5% ahead
of the $8.8 billion at the end of the second quarter 2003 but 1.9%
lower than the $11.8 billion on March 31, 2004. Fixed income assets
totaled $1.9 billion on June 30, 2004, down 16.1% from the prior
year's quarter end and 8.1% lower than assets on March 31, 2004. Our
alternative investment assets increased to a record $1.1 billion, up
69.8% from second quarter end 2003 assets of $625 million and 17.8%
higher than March 31, 2004 assets of $901 million. Alternative
investments were bolstered by positive net cash flows of $166 million
in the second quarter 2004 while our mutual fund and fixed income
products experienced net outflows of $369 million. GAMCO's equity
business had a net cash inflow of $2 million for the quarter.
Investment advisory fees totaled $51.3 million during the second
quarter 2004, an increase of 25.9% from the second quarter of 2003.
For the first six months of 2004, investment advisory fees were $105.2
million, up 31.1% from the prior year period. The growth in investment
advisory fees was driven by higher assets under management in our
institutional and high net worth separately managed equity accounts,
open-end equity mutual funds and closed-end funds. Commission revenues
for Gabelli & Company, Inc. increased to $4.1 million during the
second quarter of 2004 from $2.8 in the prior year's quarter.
Distribution fees were $4.8 million in the second quarter 2004 versus
$4.4 million in the 2003 quarter and rose to $10.2 million during the
first six months of 2004 from $8.6 million in the comparable 2003
period. The increase in fees is traceable to higher average assets
under management in open-end equity mutual funds in the 2004 periods
as compared to the prior year.
Variable compensation costs, as a percent of revenues, decreased
to 28.0% in the second quarter 2004 versus 31.8% in the 2003 quarter
and 29.4% versus 32.1% for the six month period. This decrease is
traceable to a shift in revenue mix from alternative investments to
separately managed accounts and lower overall variable compensation
costs related to separately managed accounts as compared to the prior
year's periods. Other variable operating expenses, as a percent of
revenues, fell to 11.7% in the 2004 quarter versus 13.0% in the second
quarter of 2003 and to 11.0% for the first six months of 2004 versus
12.0% in the comparable prior year period. Other operating expenses
included distribution costs of $1.4 million in the second quarter 2004
and $2.3 million during the first half of 2004, and were due to the
initial inclusion of our two new closed-end funds, The Gabelli
Dividend & Income Trust ("GDV") in November 2003 and The Gabelli
Global Utility & Income Trust ("GLU") in May 2004.
Expenses not directly tied to revenues increased to $9.5 million
in the second quarter 2004, up 18.9% from $8.0 million in the prior
year's quarter and rose 16.9% to $18.7 million for the first half of
2004 from $16 million in the first six months of 2003. The increase
from the comparable 2003 periods was due to compensation costs and
higher insurance, legal and accounting costs partially related to
compliance with Sarbanes-Oxley. Management fee expense, a totally
variable cost based on pre-tax profits, was $2.4 million for the
quarter and $5.3 million for the first six months of 2004 versus $2.1
million and $3.8 million, respectively for the comparable 2003
periods.
For the second quarter, we experienced a loss of $2.5 million from
investment income and net interest expense versus a net benefit of
$2.5 million in the 2003 quarter. The net return from our corporate
investment portfolio declined to $1.6 million in the 2004 second
quarter from $6.1 million in the prior year's quarter. For the first
half of 2004, investment income totaled $5.8 million versus $7.8
million in the comparable 2003 period. Interest expense rose 11.9%
during the 2004 quarter to $4.0 million compared to $3.6 million in
the prior year's quarter and increased 22.1% to $8.1 million for the
six month period, mostly due to the May 2003 issuance of $100 million
of 5.5% senior notes, and offset in part by a one percentage point
decrease in the interest rate on our convertible note from 6% to 5% in
August 2003.
The effective tax rate for the first six months of 2004 was 36.4%
versus 37.6% in 2003 as we adjusted the tax rate in 2004 to reflect
our estimate of the current year-end tax liability.
Investment and Business Highlights
-- Alternative investment products generated net cash inflows of
$166 million during the second quarter 2004.
-- Our alternative investment business continues to benefit
from our previous investment in people and products.
-- U.S. focused strategies experienced strong demand
principally through our distribution relationships with
U.S. and European financial institutions.
-- Our offshore merger arbitrage strategy has received
increased investor allocations.
-- GAMCO hosted its nineteenth annual meeting in May in the Hall
of Ocean Life at the American Museum of Natural History. There
were over six hundred clients and guests in attendance to
induct this year's five honorees to the Management Hall of
Fame.
-- Gabelli announced the establishment of the Graham & Dodd,
Murray, Greenwald Prize for Value Investing at Columbia
University Graduate School of Business. The prize will be
awarded each year at GAMCO's annual client meeting to the
individual who best exemplifies fundamental research in the
tradition of its honorees.
-- The Gabelli Global Utility & Income Trust (AMEX: GLU), our new
closed-end fund investing primarily in dividend-paying global
utility securities, completed its initial public offering in
May. The Fund issued 2.9 million shares at an initial price of
$20 per share generating gross proceeds of $58 million. GLU
shares commenced trading on the American Stock Exchange on May
26th.
-- Gabelli & Company, Inc. hosted its 2nd Annual Dental
Conference in June in New York, where portfolio managers and
securities analysts met with senior management from suppliers,
distributors, and manufacturers of dental products and
services. Henry Schein, Patterson Dental, and DENTSPLY were
among the companies that shared with our clients their
thoughts on the industry, competition, and the challenges and
opportunities in their businesses. The demographics of aging,
including limited longevity of natural teeth, increasing
dental plan coverage, and aesthetic procedures, are
contributing factors driving demand in the dental market
making several of the companies we follow attractive for
long-term investors.
Shareholder Initiatives
In our first quarter report we shared with you that we are
overcapitalized. We would like to return our earnings to shareholders
in the absence of transactions. On June 30, 2004, we paid a $0.02
quarterly dividend and a $0.10 per share special dividend to all
shareholders of record on June 15, 2004. The Board of Directors
examines our dividend policy including the consideration of future
"extra" dividends.
During the quarter, the Board of Directors authorized the
repurchase of an additional $12.0 million of our Class A common stock.
We continue to repurchase our stock as a way of returning excess cash
to our shareholders including the utilization of a Rule 10b5-1
Purchase Plan. During the second quarter of 2004, we bought back
254,900 shares at an average investment of $39.24 per share. Our stock
buyback program was initiated in March 1999. Since that time,
1,426,176 Class A shares have been repurchased through June 30, 2004
at an average price of $28.30 per share, including 284,827 shares
during the first half of 2004. As of June 30, 2004, $13.0 million
remained available for future share purchases.
The Board of Directors also authorized the repurchase of an
additional 200,000 shares of our mandatory convertible securities.
During the quarter, we repurchased 38,200 shares of our mandatory
convertible securities bringing the total shares repurchased since May
2002 to 285,200 at a total outlay of $6.4 million. On June 30, 2004
there were 3,314,800 shares of mandatory convertible securities
outstanding and there remain 614,800 shares authorized for repurchase
under our program.
Financial Strength and Flexibility
We ended the quarter with roughly $621 million in cash and
marketable securities. In addition, we had approximately $70 million
of investments in GDV, GLU and other proprietary mutual funds
classified as available for sale securities. Our debt of $282.9
million consists of a $100 million 5% convertible note, $100 million
of 5.5% senior notes, and $82.9 million of mandatory convertible
securities. Expressed another way, we had $13.68 per share of net
cash, marketable securities and investments on June 30, 2004.
As background, our mandatory convertible securities consist of (a)
a purchase contract under which holders will purchase shares of our
Class A common stock and (b) notes due February 17, 2007. The purchase
contract obligates current holders to purchase, on February 17, 2005,
newly issued shares of our Class A common stock. The notes that
currently bear interest at 6% will be remarketed and the interest rate
will be reset in November 2004. The total number of shares to be
issued will be between 1.8 million and 2.2 million, subject to
adjustment in certain circumstances and depending upon the applicable
market value at that date. Following a successful remarketing and the
satisfaction of the purchase contract in February 2005, we will have
approximately $83 million of notes due in February 2007 based on the
current amount of mandatory convertible securities outstanding. Also,
the newly issued Class A shares will be included in our calculation of
earnings per share.
On our $100 million 5% Convertible Note purchased by Cascade
Investment LLC in August 2001, we are in discussions to further extend
the exercise date of the put option. The notice period for the put
option under the current terms of the note has been extended to August
5, 2004 while discussions are ongoing.
Stockholders' equity, on a GAAP basis, was $392.8 million or
$13.17 per share on June 30, 2004 compared with $378.3 million or
$12.59 per share on December 31, 2003 and $347.2 million or $11.56 per
share on June 30, 2003.
Outlook
The economy has responded positively as fiscal stimulus combined
with the Federal Reserve's liquid monetary policy has provided a
strong tailwind. As we look ahead to 2005 the pluses will be inventory
rebuilding, capital expenditures and the ability of businesses to
overcome Sarbanes-Oxley. Our major concerns continue to be oil prices
and terrorism as well as questions about whether the winding down of
fiscal and monetary stimulus as we enter 2005 will be a gentle
headwind or a gale.
In the near term, we will be focused on the five D's: the
Deficits, the Dollar, Dividends, Democrats and Deals. Mario Gabelli's
views for the second half of 2004 and 2005 can viewed in the recently
published Barron's Midyear Roundtable. (www.gabelli.com)
During the first half of 2004 our efforts to broaden our portfolio
management, equity research and client service teams, and to diversify
our product offerings have resulted in improved operating results. We
are competitively positioned to uncover new investment opportunities
in the global marketplace through our proprietary Private Market Value
(PMV) with a Catalyst research. Looking forward, our liquid balance
sheet provides us the flexibility to opportunistically add to our
business, repurchase our stock and consider other initiatives.
We are confident that our commitment to adding value to clients
who have entrusted us with their assets, the strength of our
diversified products, extensive client base and our focus to provide
superior long-term, risk-adjusted performance through fundamental
research will continue to create solid long-term performance for our
shareholders.
NOTES ON NON-GAAP FINANCIAL MEASURE
12/31/03 6/30/03 6/30/04
---------------------------
Cash and cash equivalents $386.5 $404.8 $327.5
Investments (marketable securities) 228.0 239.2 276.3
---------------------------
Total cash and investments (marketable
securities) 614.5 644.0 603.8
Net amounts receivable/(payable) to brokers (4.5) (5.7) 16.8
---------------------------
Adjusted cash and investments (marketable
securities) 610.0 638.3 620.6
Investments (available for sale) 67.4 7.9 69.8
---------------------------
Total adjusted cash and investments $677.4 $646.2 $690.4
===========================
We believe cash and investments as adjusted is a more useful
measure of the company's liquidity for analytical purposes.
Net amounts receivable/(payable) to brokers reflects cash and cash
equivalents held with brokers and cash payable for securities
purchased and recorded on a trade date basis for which settlement
occurs subsequent to period end.
B. Operating income before management fee expense is used by
management for purposes of evaluating its business operations. We
believe this measure is useful in illustrating the operating results
of the Company as management fee expense is based on pre-tax income
and 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
to operating income is provided in Table IV.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
Our disclosure and analysis in this press release contain some
forward-looking statements. Forward-looking statements give 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, there can
be no assurance that our actual results will not differ materially
from what we expect or believe. Some of the factors that could cause
our actual results to differ from our expectations or beliefs include,
without limitation: the adverse effect from a decline in the
securities markets; a decline in the performance of our products; a
general downturn in the economy; changes in government policy or
regulation; changes in our ability to attract or retain key employees;
and unforeseen costs and other effects related to legal proceedings or
investigations of governmental and self-regulatory organizations. We
also direct your attention to any more specific discussions of risk
contained in our Form 10-K and other public filings. We are providing
these statements as permitted by the Private Litigation Reform Act of
1995. We do not undertake to update publicly any forward-looking
statements if we subsequently learn that we are unlikely to achieve
our expectations or if we receive any additional information relating
to the subject matters of our forward-looking statements.
Assets Under Management
The Company reported assets under management as follows:
Table I:
Assets Under Management
(in millions)
---------------------------
June 30 %
-------------------
Inc.
2003 2004 (Dec.)
---------------------------
Mutual Funds:
Open End $7,118 $7,852 10.3%
Closed End 1,646 3,764 128.7
Fixed Income 1,880 1,563 (16.9)
-------------------
Total Mutual Funds 10,644 13,179 23.8
-------------------
Institutional & High Net Worth Separate
Accounts:
Equities 10,820 13,628 26.0
Fixed Income 404 354 (12.4)
-------------------
Total Institutional & High Net Worth
Separate Accounts 11,224 13,982 24.6
-------------------
Alternative Investments 625 1,061 69.8
-------------------
Total Assets Under Management $22,493 $28,222 25.5
===================
Table II: Fund Flows - 2nd Quarter 2004 (in millions)
Market
March 31, Net Appreciation/ June 30,
2004 Cash Flows (Depreciation) 2004
-------------------------------------------
Mutual Funds:
Equities $11,845 (197) (32) 11,616
Fixed Income 1,717 (157) 3 1,563
-------------------------------------------
Total Mutual Funds 13,562 (354) (29) 13,179
-------------------------------------------
Institutional & HNW
Separate Accounts
Equities 13,383 2 243 13,628
Fixed Income 369 (15) - 354
-------------------------------------------
Total Institutional & HNW
Separate Accounts 13,752 (13) 243 13,982
-------------------------------------------
Alternative Investments 901 166 (6) 1,061
-------------------------------------------
Total Assets Under
Management $28,215 (201) 208 $28,222
===========================================
Assets Under Management (in millions)
- ----------------------------------------------------------------------
Table III: % Increase/
(decrease)
6/03 9/03 12/03 3/04 6/04 3/04 6/03
-----------------------------------------------------
Mutual Funds
Open end $7,118 $7,280 $8,088 $8,106 $7,852 (3.1%) 10.3%
Closed end 1,646 1,761 3,530 3,739 3,764 0.7 128.7
Fixed income 1,880 1,783 1,714 1,717 1,563 (9.0) (16.9)
----------------------------------------
Total Mutual
Funds 10,644 10,824 13,332 13,562 13,179 (2.8) 23.8
----------------------------------------
Institutional &
HNW Separate
Accounts:
Equities 10,820 11,304 13,031 13,383 13,628 1.8 26.0
Fixed Income 404 391 504 369 354 (4.1) (12.4)
----------------------------------------
Total
Institutional &
HNW Separate
Accounts 11,224 11,695 13,535 13,752 13,982 1.7 24.6
----------------------------------------
Alternative
Investments 625 687 692 901 1,061 17.8 69.8
----------------------------------------
Total Assets
Under Management $22,493 $23,206 $27,559 $28,215 $28,222 - 25.5
========================================
Table IV
Gabelli Asset Management Inc.
Unaudited Consolidated Condensed Statements of Income
(Dollars in Thousands, Except Per Share Data)
For the Three Months Ended For the Six Months Ended
June 30, June 30,
--------------------------------------------------
% Inc. % Inc.
2003 2004 (Dec.) 2003 2004 Dec.)
--------------------------------------------------
Revenues $47,956 $60,204 25.5%$94,009 $123,743 31.6%
Expenses 29,454 33,332 13.2 57,498 68,758 19.6
------------------ -----------------
Operating income
before management
fee 18,502 26,872 45.2 36,511 54,985 50.6
Investment income 6,079 1,549 (74.5) 7,769 5,839 (24.8)
Interest expense (3,605) (4,035) 11.9 (6,616) (8,081) 22.1
------------------ -----------------
Other income
(expense), net 2,474 (2,486) (200.5) 1,153 (2,242)(294.4)
------------------ -----------------
Income before
management fee,
income taxes and
minority interest 20,976 24,386 16.3 37,664 52,743 40.0
Management fee 2,097 2,438 3,766 5,274
------------------ -----------------
Income before income
taxes and minority
interest 18,879 21,948 33,898 47,469
Income taxes 7,099 7,989 12,746 17,285
Minority interest 223 41 268 195
------------------ -----------------
Net income $11,557 $13,918 20.4 $20,884 $29,989 43.6
================== =================
Net income per
share:
Basic $0.38 $0.47 23.7 $0.70 $1.00 42.9
================== =================
Diluted $0.38 $0.46 21.1 $0.69 $0.98 40.0
================== =================
Weighted average
shares outstanding:
Basic 30,025 29,890 (0.4) 29,972 29,977 -
================== =================
Diluted 30,139 32,010 6.2 30,082 32,108 6.7
================== =================
Reconciliation of
Non-GAAP Financial
Measures
to GAAP:
Operating income
before management
fee $18,502 $26,872 45.2 $36,511 $54,985 50.6
Deduct: management
fee 2,097 2,438 3,766 5,274
------------------ -----------------
Operating income $16,405 $24,434 48.9 $32,745 $49,711 51.8
------------------ -----------------
Operating margin
before management
fee 38.6% 44.6% 38.8% 44.4%
------------------ -----------------
Operating margin
after management
fee 34.2% 40.6% 34.8% 40.2%
------------------ -----------------
Table V
Gabelli Asset Management Inc.
Unaudited Quarterly Consolidated Condensed Statements of Income
(Dollars in Thousands, Except Per Share Data)
2003
--------------------------------------------------
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Total
--------------------------------------------------
Income Statement
Data:
Revenues $46,053 $47,956 $51,823 $61,605 $207,437
Expenses 28,044 29,454 30,227 35,996 123,721
--------------------------------------------------
Operating income
before
management fee 18,009 18,502 21,596 25,609 83,716
Investment income 1,690 6,079 4,508 8,863 21,140
Interest expense (3,011) (3,605) (4,174) (4,048) (14,838)
--------------------------------------------------
Other income
(expense), net (1,321) 2,474 334 4,815 6,302
--------------------------------------------------
Income before
management fee,
income taxes and
minority interest 16,688 20,976 21,930 30,424 90,018
Management fee 1,669 2,097 2,193 3,043 9,002
--------------------------------------------------
Income before income
taxes and
minority
interest 15,019 18,879 19,737 27,381 81,016
Income taxes 5,647 7,099 7,298 10,295 30,339
Minority interest 45 223 137 428 833
--------------------------------------------------
Net income $9,327 $11,557 $12,302 $16,658 $49,844
==================================================
Net income per
share:
Basic $0.31 $0.38 $0.41 $0.55 $1.66
==================================================
Diluted $0.31 $0.38 $0.41 $0.54 $1.65
==================================================
Weighted average
shares outstanding:
Basic 29,918 30,025 30,061 30,065 30,018
==================================================
Diluted 30,031 30,139 32,170 32,155 32,081
==================================================
Reconciliation of
Non-GAAP
Financial Measures
to GAAP:
Operating income
before
management fee $ 18,009 $ 18,502 $ 21,596 $ 25,609 $ 83,716
Deduct: management
fee 1,669 2,097 2,193 3,043 9,002
--------------------------------------------------
Operating income $16,340 $16,405 $19,403 $22,566 $74,714
--------------------------------------------------
Operating margin
before
management fee 39.1% 38.6% 41.7% 41.6% 40.4%
--------------------------------------------------
Operating margin
after
Management fee 35.5% 34.2% 37.4% 36.6% 36.0%
--------------------------------------------------
2004
-------------------------------
1st 2nd
Quarter Quarter Total
------------------------------
Income Statement Data:
Revenues $63,539 $60,204 $123,743
Expenses 35,426 33,332 68,758
------------------------------
Operating income before
management fee 28,113 26,872 54,985
Investment income 4,290 1,549 5,839
Interest expense (4,046) (4,035) (8,081)
------------------------------
Other income (expense), net 244 (2,486) (2,242)
------------------------------
Income before
management fee,
income taxes and
minority interest 28,357 24,386 52,743
Management fee 2,836 2,438 5,274
------------------------------
Income before income
taxes and minority interest 25,521 21,948 47,469
Income taxes 9,296 7,989 17,285
Minority interest 154 41 195
------------------------------
Net income $16,071 $13,918 $29,989
==============================
Net income per share:
Basic $0.53 $0.47 $1.00
==============================
Diluted $0.52 $0.46 $0.98
==============================
Weighted average shares outstanding:
Basic 30,064 29,890 29,977
==============================
Diluted 32,202 32,010 32,108
==============================
Reconciliation of Non-GAAP
Financial Measures to GAAP:
Operating income before
management fee $ 28,113 $ 26,872 $ 54,985
Deduct: management fee 2,836 2,438 5,274
------------------------------
Operating income $25,277 $24,434 $49,711
------------------------------
Operating margin before
management fee 44.2% 44.6% 44.4%
------------------------------
Operating margin after
Management fee 39.8% 40.6% 40.2%
------------------------------
Table VI
GABELLI ASSET MANAGEMENT INC.
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
December June 30, June 30,
31,
2003 2003 2004
-------------------------------
ASSETS (unaudited)(unaudited)
Cash and cash equivalents $386,511 $404,849 $327,458
Investments 295,411 247,105 346,141
Receivables 39,667 27,498 45,536
Other assets 14,922 16,048 15,075
-------------------------------
Total assets $736,511 $695,500 $734,210
===============================
LIABILITIES AND STOCKHOLDERS' EQUITY
Compensation payable $25,552 $21,403 $29,290
Income taxes payable 12,323 7,077 3,402
Accrued expenses and other liabilities 27,900 27,810 19,973
-------------------------------
Total operating liabilities 65,775 56,290 52,665
5.5% Senior notes (due May 15, 2013) 100,000 100,000 100,000
5% Convertible note (conversion price,
$52 per share; note due August 14,
2011) 100,000 100,000 100,000
Mandatory convertible securities
(purchase contract settlement date,
February 17, 2005; notes due February
17, 2007) 84,030 84,163 82,870
-------------------------------
Total liabilities 349,805 340,453 335,535
Minority interest 8,395 7,830 5,872
Stockholders' equity 378,311 347,217 392,803
-------------------------------
Total liabilities and stockholders'
equity $736,511 $695,500 $734,210
===============================
CONTACT: Gabelli Asset Management Inc.
Michael R. Anastasio, 914-921-5147
www.gabelli.com