ASSOCIATED CAPITAL GROUP, INC. Reports Estimated Full Year and Fourth Quarter Results
January 23 2020 - 9:33AM
Business Wire
Associated Capital Group, Inc. (“AC” or the “Company”) announced
today a preliminary estimate of its financial results for the
fourth quarter and year ended December 31, 2019.
Diluted EPS for the fourth quarter is expected to be within the
range of $0.45 to $0.55 compared to a loss of $(1.77) for the
fourth quarter of 2018. Full year EPS is expected to be within the
range of $1.70 to $1.80 compared to a loss of $(2.52) for 2018.
As of December 31, 2019, AC’s book value is estimated in the
range of $39.80 to $39.90 per share versus $39.51 per share at
September 30, 2019 and $38.36 per share on December 31, 2018.
Assets under management at December 31, 2019 increased 13.4%
year-over-year to $1.7 billion.
We expect to issue additional information regarding our
financial results in early February.
About Associated Capital Group, Inc.
The Company has been publicly traded since November 30, 2015
following its spin-off from GAMCO Investors, Inc.
The Company operates its investment management business via
Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a
Gabelli Securities, Inc.), its 100% owned subsidiary. GCIA and its
wholly-owned subsidiary, Gabelli & Partners, collectively serve
as general partners or investment managers to investment funds
including limited partnerships, offshore companies and separate
accounts. The Company primarily manages assets in equity
event-driven strategies, across a range of risk and event arbitrage
portfolios and earns management and incentive fees from its
advisory activities. GCIA is registered with the Securities and
Exchange Commission as an investment advisor under the Investment
Advisers Act of 1940, as amended. The Company also derives
investment income/(loss) from proprietary trading of assets
awaiting deployment in its operating businesses.
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 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, and
a general downturn in the economy that negatively impacts our
operations. 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 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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version on businesswire.com: https://www.businesswire.com/news/home/20200123005489/en/
Douglas R. Jamieson President & CEO (203) 629-2726
Associated-Capital-Group.com
Associated Capital (NYSE:AC)
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