Exhibit 99
Gabelli Reports First Quarter Earnings of $0.42 Per Diluted Share vs. $0.52 Per
Diluted Share in 2004; One-Time Charges and Other Income Charge Reduce Earnings
by $0.05 Per Share
RYE, N.Y.--(BUSINESS WIRE)--April 28, 2005--Gabelli Asset
Management Inc. (NYSE:GBL) reported revenues of $61.5 million for the
first quarter ended March 31, 2005, down 3.2% from the first quarter
record $63.5 million generated in the year ago quarter. Operating
income declined $5.1 million to $20.2 million down 20.3% from the
$25.3 million reported in last year's first quarter.
Net income for the quarter was $12.7 million or $0.42 per fully
diluted share versus $16.1 million or $0.52 per fully diluted share in
the prior year's quarter.
Assets Under Management (AUM) were $28.0 billion as of March 31,
2005, down 2.1% from record year-end 2004 assets of $28.7 billion, and
just below the $28.2 billion in AUM on March 31, 2004.
Financial Highlights
-- Assets Under Management (AUM) - Our equity open-end mutual
funds and closed-end funds had a record $12.41 billion in AUM
at quarter end, slightly ahead of the $12.37 billion on
December 31, 2004 and 4.8% ahead of the $11.8 billion on March
31, 2004. Assets at the end of the quarter included $316
million in net proceeds from the initial public offering in
March 2005 of our new closed-end fund, The Gabelli Global
Gold, Natural Resources & Income Trust (AMEX: GGN). In the
institutional and high net worth segment of our business,
GAMCO had AUM of $13.4 billion in separately managed equity
accounts on March 31, 2005, down 1.6% from the $13.6 billion
on December 31, 2004 and virtually unchanged from AUM on March
31, 2004. Fixed income assets, primarily money market mutual
funds, totaled $1.4 billion on March 31, 2005, down 24.7% from
year-end 2004 assets of $1.9 billion and 31.9% lower than
assets of $2.1 billion on March 31, 2004. Assets in our
investment partnerships were $854 million, up 4.9% from
year-end 2004 assets of $814 million but 5.2% below the $901
million on March 31, 2004.
-- Revenues - Investment advisory fees totaled $53.9 million
during the first quarter 2005, unchanged from the first
quarter of 2004. The higher revenues from our closed-end funds
and investment partnerships were offset by lower revenues from
our open-end mutual funds and separate accounts. For the first
quarter 2005, our revenues of $20.1 million from open-end
mutual funds were 5.4% lower than the $21.2 million recorded
in the 2004 quarter. Closed-end fund revenues increased 7.6%
to $8.4 million in the first quarter 2005 up from $7.8 million
in the prior year's quarter.
Revenues from our institutional and high net worth separate
accounts business declined by approximately 1% to $22.1 million in the
first quarter 2005, down from $22.4 million in 2004. Advisory fees
from investment partnerships increased 30.5% in the first quarter 2005
versus the prior year's quarter due principally to an increase in
performance fees.
Lower trading volume contributed to a 42.5% decline in commission
revenues from our institutional research affiliate, Gabelli & Company,
Inc., where revenues were $2.5 million versus $4.3 million in the
prior year's quarter. Mutual fund distribution fees of $5.1 million in
the first quarter of 2005 were slightly lower than the $5.3 million
recorded in the 2004 quarter.
-- Operating Margin - Variable compensation costs were 31.0% of
revenues for the first quarter 2005 compared to 29.9% in 2004.
This increase is primarily due to higher compensation costs in
our separate accounts business and investment partnerships.
Higher performance fees drove the increase in compensation
costs for our investment partnerships in the 2005 quarter as
compared to the prior year's period.
Expenses not directly tied to revenues increased to $13.5 million
in the first quarter 2005, up 37.5% from $9.8 million in the prior
year's quarter. This increase included a one-time charge of $1.1
million recorded for the impairment of goodwill related to our fixed
income business, higher compensation costs and stock option expense in
addition to an increase in costs to comply with Sarbanes-Oxley as well
as other regulatory and corporate governance initiatives. In addition,
this increase included one-time launch costs of $1.45 million for our
new closed-end fund, The Gabelli Global Gold, Natural Resources &
Income Trust. We note that in the second quarter of 2005, our results
will benefit from the absence of costs related to the launch of our
new closed-end fund and the impairment of goodwill.
The effective tax rate for the first quarter 2005 was adjusted to
37.5% versus 36.4% in the comparable 2004 period to reflect our
estimate of the current year-end tax liability.
-- Other Income/Expense - For the first quarter 2005, we recorded
a net gain of $0.1 million from our investments and net
interest expense nearly equal to the net gain of $0.2 million
in the 2004 quarter. The 2005 quarter included a $3.2 million
loss recorded for the write down to fair value of certain
securities held as available for sale offset by a $2.3 million
unrealized gain from an investment within our proprietary
portfolio which completed an initial public offering during
the quarter.
Interest expense fell 2.9% during the 2005 quarter to $3.9 million
compared to $4.0 million in the prior year's quarter. In future
quarters, interest expense will be further reduced by the April 1,
2005 repurchase of $50 million of the $100 million 5% convertible
note.
Management fee expense was $2.3 million for the quarter of 2005
versus $2.8 million for the comparable 2004 period.
Investment and Business Highlights
-- Shareholders, as part of an initiative to re-focus the Gabelli
brand, will vote on a change in our name to GAMCO Investors,
Inc. at our annual meeting of shareholders on May 10th. GAMCO
has been the name of our asset management business since 1977
and is a more encompassing parent company name that more
appropriately represents the various investment strategies and
asset management brands contributing to the solid growth of
our company. The Gabelli brand will continue to represent the
value portfolios managed in the company's absolute return,
research-driven Private Market Value (PMV) with a Catalyst
(TM) style. The company's common stock will continue to trade
on the New York Stock Exchange under the GBL ticker symbol.
-- The Gabelli Global Gold, Natural Resources & Income Trust
(AMEX: GGN), our new closed-end fund investing primarily in
equity securities of gold and natural resources companies,
completed its initial public offering in March issuing 16.6
million shares at an initial price of $20 per share,
generating net proceeds of $316 million, net of sales load and
offering expenses (exclusive of the underwriters' over
allotment). The Fund's shares commenced trading on the
American Stock Exchange on March 29th.
-- In February, we issued 1,517,483 shares of class A common
stock and received proceeds of $70,567,500 in settlement of
the purchase contracts issued pursuant to our mandatory
convertible securities. These mandatory convertible securities
consisting of purchase contracts and senior notes were
originally issued in February 2002. The senior notes due
February 17, 2007 were remarketed in November 2004 and the
interest rate was reset from 6% to 5.22% at that time.
-- In March, we announced an agreement with Cascade Investment,
L.L.C. to amend the terms of the $100 million convertible note
issued by Gabelli. The new terms extend the exercise date of
Cascade's put option to September 15, 2006, reduce the
principal of the convertible note to $50 million, effective
April 1, 2005, and remove limitations on the issuance of
additional debt. Cascade would own approximately 12% of
Gabelli Asset Management's class A common stock if the note
were converted.
-- optionsXpress Holdings, Inc. (Nasdaq: OXPS) went public on
January 27, 2005 at $16.50 per share. GSI, Inc., a 92% owned
subsidiary, owns approximately 315,000 shares. The shares have
an original cost basis of $0.23 per share and were written up
to $3.11 per share in December 2003 concurrent with a second
round of financing prior to the IPO. The carrying value of the
shares is currently below the March 31, 2005 market price.
-- In February, our Board of Directors authorized a plan to file
a "shelf" registration statement on Form S-3. The shelf
process will enable us to sell any combination of senior and
subordinate debt securities, convertible debt securities and
equity securities (including common and preferred securities)
up to a total amount of $400 million. This authorization is in
addition to the remaining $120 million available under our
"shelf" registration filed in 2001.
-- Gabelli & Company, Inc., our institutional research affiliate,
hosted three investor symposiums during the first quarter:
-- The 15th Annual Pump, Valve, & Motor Symposium was held in
New York during February, at which portfolio managers and
securities analysts met with senior management from public
companies in the industrial pump, motor and water quality
markets. The Keynote Speaker, Kristen Silverberg, Deputy
Assistant to the President for Domestic Policy, addressed
the firm's institutional clients about the ongoing debate
in Washington surrounding tort reform, and in particular,
asbestos litigation.
-- Our 2nd Annual Smallcap Orthopedic Conference was held in
Washington, D.C. An aging population creates increasingly
attractive opportunities to profit from innovation in
healthcare.
-- The 1st Annual WiMAX Conference at the Harvard Club in New
York in March. The conference, in conjunction with Widat
Research Group, included a series of keynotes and panel
discussions focused on the opportunities and challenges
for WiMAX, a long distance broadband technology that many
expect to complement WiFi, DSL and cable in providing
Internet and cellular services.
-- During the quarter we invested in our professional team:
-- Lawrence J. Haverty, Jr., CFA, joined the firm as an
associate portfolio manager of the Gabelli Global
Multimedia Trust (NYSE:GGT), a closed-end, non-diversified
investment company focusing on the media, publishing and
entertainment industries companies. Larry has been named
four times to Institutional Investor Magazine's "Best of
the Buy Side" analysts.
-- F. William Scholz, II was named President of Gabelli &
Partners, LLC, the Investment Partnerships Group that
manages long/short partnerships, offshore funds and
separate accounts on a global basis. Mr. Scholz has been
involved with our institutional separate accounts business
since he joined the firm in 1985.
-- Barry L. Lucas, Senior Vice President of Gabelli &
Company, Inc., the institutional research and brokerage
subsidiary of Gabelli Asset Management Inc., has been
named the firm's director of institutional sell side
research. Mr. Lucas joined Gabelli in 2003.
Financial Strength and Flexibility
We ended the quarter with roughly $720.6 million in cash,
marketable securities and investments. This includes approximately
$78.5 million, at market value, of investments in The Gabelli Dividend
& Income Trust, The Gabelli Global Utility & Income Trust, Gabelli
open-end mutual funds and other investments classified as available
for sale securities. Our debt of $282.3 million consists of a $100
million 5% convertible note, $100 million of 5.5% senior notes, and
$82.3 million of 5.22% senior notes issued in connection with our
mandatory convertible securities. The amounts expressed above are
prior to the reduction of $50 million principal on our 5% convertible
note that occurred on April 1, 2005. Adjusted for this reduction of
principal, we had cash, marketable securities and investments of
$670.6 million and debt of $232.3 million.
Stockholders' equity, on a GAAP basis, was $417.4 million or
$13.77 per share on March 31, 2005 compared with $393.6 million or
$13.09 per share on March 31, 2004 and $334.9 million or $11.61 per
share on December 31, 2004.
We paid a special dividend of $0.60 per share on January 18, 2005
to all shareholders of record on January 3, 2005. This special
dividend, authorized by our Board of Directors in November 2004,
follows the $1.00 per share special dividend paid in the fourth
quarter 2004 and a $0.10 per share special dividend paid in the second
quarter 2004. The Board also declared a quarterly dividend of $0.02
per share that was paid on March 28, 2005 to shareholders of record on
March 14, 2005.
During the first quarter of 2005, we completed our accelerated
share repurchase (ASR) program. We originally repurchased 400,000
shares of our class A common stock in November 2004 for an initial
investment of approximately $18.8 million.
Shares outstanding on March 31, 2005 were 30,321,492,
approximately 5% higher than year-end outstanding shares of 28,837,034
and approximately 1% above our shares outstanding of 30,060,053 on
March 31, 2004 reflecting the issuance of 1,517,483 shares of class A
common stock in settlement of the purchase contracts issued pursuant
to our mandatory convertible securities on February 17, 2005. Fully
diluted shares outstanding were 31,684,268 approximately 1.6% higher
than fourth quarter 2004 fully diluted shares of 31,178,652 and
approximately 1.6% lower than our fully diluted shares of 32,201,983
on March 31, 2004. The increase from the end of 2004 reflects the
issuance of 1,517,483 shares of class A common stock in February on a
weighted average basis partially offset by the full effect of shares
repurchased in the fourth quarter 2004.
Our stock buyback program was initiated in March 1999. Since that
time, 2,820,126 class A common shares have been repurchased through
March 31, 2005 at an average investment of $36.52 per share, including
46,500 shares in the first quarter 2005. At the end of March, the
total shares currently available to be repurchased under the program
were approximately 897,000 shares. Subsequent to the end of the first
quarter, we have repurchased 170,700 shares through April 27, 2005.
In Summary
We believe we can continue to create significant shareholder value
by intensely focusing on our PMV with a Catalyst investment research
and stock selection process, leveraging our brand name and proven
performance record, and by creating new products and entering new
markets. We are adding to our investment and research teams in order
to uncover more values in the global marketplace, and are expanding
our marketing and client servicing capabilities to enhance our already
strong position in many of the markets we serve. We look forward to
the challenge of creating wealth for our clients and shareholders in
today's complex financial markets. We look forward to meeting each and
every one of you at our annual meeting on May 10th.
NOTES ON NON-GAAP FINANCIAL MEASURES
A. Cash and investments as adjusted have been computed as follows:
(in millions)
12/31/04 3/31/04 3/31/05
---------- ---------- ----------
Cash and cash equivalents $257.1 $371.4 $328.4
Investments (marketable securities) 305.9 260.7 290.1
---------- ---------- ----------
Total cash and investments
(marketable securities) 563.0 632.1 618.5
Net amounts receivable/(payable) to
brokers 5.2 9.3 23.6
---------- ---------- ----------
Adjusted cash and investments
(marketable securities) 568.2 641.4 642.1
Investments (available for sale) 75.8 67.3 78.5
---------- ---------- ----------
Total adjusted cash and investments $644.0 $708.7 $720.6
========== ========== ==========
We believe adjusted cash and investments is a more useful measure
of the company's liquidity for analytical purposes.
Net amounts receivable/(payable) from/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
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)
--------------------------------------
March 31
------------------------- %
2004 2005 Inc. (Dec.)
------------ ------------ ------------
Mutual Funds:
Equities
Open End $ 8,106 $ 7,808 (3.7%)
Closed End 3,739 4,602 23.1
Fixed Income 1,717 1,154 (32.8)
------------ ------------
Total Mutual Funds 13,562 13,564 0.0
------------ ------------
Institutional & High Net Worth
Separate Accounts:
Equities 13,383 13,364 (0.1)
Fixed Income 369 266 (27.9)
------------ ------------
Total Institutional & High Net
Worth Separate Accounts 13,752 13,630 (0.9)
------------ ------------
Alternative Investments 901 854 (5.2)
------------ ------------
Total Assets Under Management $ 28,215 $ 28,048 (0.6)
============ ============
Table II: Fund Flows - 1st Quarter 2005 (in millions)
Market
December 31, Net Appreciation/ March 31,
2004 Cash Flows (Depreciation) 2005
------------ ------------ -------------- ------------
Mutual Funds:
Equities $ 12,371 $ 245 ($ 206) $ 12,410
Fixed Income 1,499 (350) 5 1,154
------------ ------------ -------------- ------------
Total Mutual
Funds 13,870 (105) (201) 13,564
------------ ------------ -------------- ------------
Institutional
& HNW Separate
Accounts
Equities 13,587 (18) (205) 13,364
Fixed Income 388 (123) 1 266
------------ ------------ -------------- ------------
Total
Institutional
& HNW Separate
Accounts 13,975 (141) (204) 13,630
------------ ------------ -------------- ------------
Alternative
Investments 814 38 2 854
------------ ------------ -------------- ------------
Total Assets
Under
Management $ 28,659 ($ 208) ($ 403) $ 28,048
============ ============ ============== ============
Assets Under Management (in millions)
--------------------------------------------
Table III:
3/04 6/04 9/04 12/04 3/05
-------- -------- -------- -------- --------
Mutual Funds
Open end $ 8,106 $ 7,852 $ 7,534 $ 8,029 $ 7,808
Closed end 3,739 3,764 3,727 4,342 4,602
Fixed income 1,717 1,563 1,524 1,499 1,154
-------- -------- -------- -------- --------
Total Mutual Funds 13,562 13,179 12,785 13,870 13,564
-------- -------- -------- -------- --------
Institutional & HNW
Separate Accounts:
Equities 13,383 13,628 13,185 13,587 13,364
Fixed Income 369 354 344 388 266
-------- -------- -------- -------- --------
Total Institutional & HNW
Separate Accounts 13,752 13,982 13,529 13,975 13,630
-------- -------- -------- -------- --------
Alternative Investments 901 1,061 934 814 854
-------- -------- -------- -------- --------
Total Assets Under
Management $28,215 $28,222 $27,248 $28,659 $28,048
======== ======== ======== ======== ========
% Increase/(decrease)
12/04 3/04
------------ ------------
Mutual Funds
Open end (2.8%) (3.7%)
Closed end 6.0 23.1
Fixed income (23.0) (32.8)
Total Mutual Funds (2.2) 0.0
Institutional & HNW Separate Accounts:
Equities (1.6) (0.1)
Fixed Income (31.4) (27.9)
Total Institutional & HNW Separate Accounts (2.5) (0.9)
Alternative Investments 4.9 (5.2)
Total Assets Under Management (2.1) (0.6)
Table IV
GABELLI ASSET MANAGEMENT INC.
UNAUDITED CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
For the Three Months Ended
March 31,
--------------------------
% Inc.
2004 2005 (Dec.)
-------- -------- --------
Revenues $63,539 $61,531 (3.2%)
Expenses 35,426 39,122 10.4
-------- --------
Operating income before management fee 28,113 22,409 (20.3)
Investment income 4,290 4,067 (5.2)
Interest expense (4,046) (3,929) (2.9)
-------- --------
Other income (expense), net 244 138 (43.4)
-------- --------
Income before management fee, income taxes
and minority interest 28,357 22,547 (20.5)
Management fee 2,836 2,255
-------- --------
Income before income taxes and minority
interest 25,521 20,292
Income taxes 9,296 7,609
Minority interest 154 1
-------- --------
Net income $16,071 $12,682 (21.1)
======== ========
Net income per share:
Basic $ 0.53 $ 0.43 (18.9)
======== ========
Diluted $ 0.52 $ 0.42 (19.2)
======== ========
Weighted average shares outstanding:
Basic 30,064 29,560 (1.7)
======== ========
Diluted 32,202 31,684 (1.6)
======== ========
Reconciliation of Non-GAAP Financial
Measures to GAAP:
Operating income before management fee $28,113 $22,409 (20.3)
Deduct: management fee 2,836 2,255
-------- --------
Operating income $25,277 $20,154 (20.3)
-------- --------
Operating margin before management fee 44.2% 36.4 %
-------- --------
Operating margin after management fee 39.8% 32.8 %
-------- --------
Table V
GABELLI ASSET MANAGEMENT INC.
UNAUDITED QUARTERLY CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
2004
---------------------------------------------
1st 2nd 3rd 4th
Quarter Quarter Quarter Quarter Total
------- ------- ------- ------- --------
Income Statement Data:
Revenues $63,539 $60,204 $57,237 $74,183 $255,163
Expenses 35,426 33,332 33,002 43,318 145,078
-------- -------- -------- -------- ---------
Operating income before
management fee 28,113 26,872 24,235 30,865 110,085
Investment income 4,290 1,549 2,620 7,649 16,108
Interest expense (4,046) (4,035) (4,014) (3,932) (16,027)
-------- -------- -------- -------- ---------
Other income (expense),
net 244 (2,486) (1,394) 3,717 81
-------- -------- -------- -------- ---------
Income before
management fee,
income taxes and
minority interest 28,357 24,386 22,841 34,582 110,166
Management fee 2,836 2,438 2,284 3,459 11,017
-------- -------- -------- -------- ---------
Income before income
taxes and minority
interest 25,521 21,948 20,557 31,123 99,149
Income taxes 9,296 7,989 7,483 11,329 36,097
Minority interest 154 41 43 255 493
-------- -------- -------- -------- ---------
Net income $16,071 $13,918 $13,031 $19,539 $ 62,559
======== ======== ======== ======== =========
Net income per share:
Basic $ 0.53 $ 0.47 $ 0.44 $ 0.67 $ 2.11
======== ======== ======== ======== =========
Diluted $ 0.52 $ 0.46 $ 0.43 $ 0.65 $ 2.06
======== ======== ======== ======== =========
Weighted average shares
outstanding:
Basic 30,064 29,890 29,707 29,037 29,673
======== ======== ======== ======== =========
Diluted 32,202 32,010 31,820 31,179 31,804
======== ======== ======== ======== =========
Reconciliation of Non-GAAP
Financial Measures to GAAP:
Operating income before
management fee $28,113 $26,872 $24,235 $30,865 $110,085
Deduct: management fee 2,836 2,438 2,284 3,459 11,017
-------- -------- -------- -------- ---------
Operating income $25,277 $24,434 $21,951 $27,406 $ 99,068
-------- -------- -------- -------- ---------
Operating margin before
management fee 44.2% 44.6% 42.3% 41.6% 43.1%
-------- -------- -------- -------- ---------
Operating margin after
Management fee 39.8% 40.6% 38.4% 36.9% 38.8%
-------- -------- -------- -------- ---------
2005
-------------------
1st
Quarter Total
--------- ---------
Income Statement Data:
Revenues $ 61,531 $ 61,531
Expenses 39,122 39,122
--------- ---------
Operating income before
management fee 22,409 22,409
Investment income 4,067 4,067
Interest expense (3,929) (3,929)
--------- ---------
Other income (expense), net 138 138
--------- ---------
Income before
management fee,
income taxes and
minority interest 22,547 22,547
Management fee 2,255 2,255
--------- ---------
Income before income
taxes and minority interest 20,292 20,292
Income taxes 7,609 7,609
Minority interest 1 1
--------- ---------
Net income $ 12,682 $ 12,682
========= =========
Net income per share:
Basic $ 0.43 $ 0.43
========= =========
Diluted $ 0.42 $ 0.42
========= =========
Weighted average shares outstanding:
Basic 29,560 29,560
========= =========
Diluted 31,684 31,684
========= =========
Reconciliation of Non-GAAP
Financial Measures to GAAP:
Operating income before
management fee $ 22,409 $ 22,409
Deduct: management fee 2,255 2,255
--------- ---------
Operating income $ 20,154 $ 20,154
--------- ---------
Operating margin before
management fee 36.4% 36.4%
--------- ---------
Operating margin after
Management fee 32.8% 32.8%
--------- ---------
Table VI
GABELLI ASSET MANAGEMENT INC.
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(In thousands)
December 31, March 31, March 31,
2004 2004 2005
-------------- -------------- --------------
ASSETS (unaudited) (unaudited)
Cash and cash equivalents $ 257,096 $ 371,355 $ 328,428
Investments 381,689 328,063 368,548
Receivables 46,571 46,370 60,527
Other assets 13,616 16,022 13,494
-------------- -------------- --------------
Total assets $ 698,972 $ 761,810 $ 770,997
============== ============== ==============
LIABILITIES AND
STOCKHOLDERS' EQUITY
Compensation payable $ 27,645 $ 26,964 $ 33,813
Dividends payable 17,302 - -
Income taxes payable 8,526 15,688 8,062
Accrued expenses and
other liabilities 22,142 35,903 23,198
-------------- -------------- --------------
Total operating
liabilities 75,615 78,555 65,073
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
5.22% Senior notes
(due February 17, 2007) - - 82,308
Mandatory convertible
securities (purchase
contract settlement
date, February 17, 2005;
notes due February 17,
2007) 82,308 83,825 -
-------------- -------------- --------------
Total liabilities 357,923 362,380 347,381
Minority interest 6,171 5,831 6,171
Stockholders' equity 334,878 393,599 417,445
-------------- -------------- --------------
Total liabilities and
stockholders' equity $ 698,972 $ 761,810 $ 770,997
============== ============== ==============
CONTACT: Gabelli Asset Management Inc.
Chief Financial Officer
Michael R. Anastasio, 914-921-5147
Fax: 914-921-5392
www.gabelli.com