GAMCO Expects to Report Fourth Quarter 2020 Diluted Earnings of $0.69 to $0.73 Per Share
GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) announced today that
it expects to report fourth quarter 2020 diluted earnings in the
range of $0.69 to $0.73 per share versus $0.91 per share for the
fourth quarter of 2019.
Assets under management were $32.6 billion at December 31, 2020
as compared to $29.7 billion at September 30, 2020.
GAMCO will be issuing further details on its financial results
in early February.
About GAMCO Investors, Inc.
GAMCO is known for its research-driven approach to equity
investing. GAMCO conducts its investment advisory business
principally through two subsidiaries: GAMCO Asset Management Inc.
(approximately 1,500 institutional and private wealth separate
accounts, principally in the U.S.) and Gabelli Funds, LLC (24
open-end funds, a SICAV, and 16 closed-end funds). GAMCO serves a
broad client base including institutions, intermediaries, offshore
investors, private wealth, and direct retail investors.
GAMCO offers a wide range of solutions for clients across Value
and Growth Equity, ESG, Convertibles, sector-focused strategies
including Gold and Utilities, Merger Arbitrage, and Fixed Income.
In 1977, GAMCO launched its flagship All Cap Value strategy,
Gabelli Value, and in 1986 launched its mutual fund business.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
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, the effects of the
Tax Cuts and Jobs Act, 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 include risks associated with the
duration and scope of the ongoing coronavirus pandemic resulting in
volatile market conditions, 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, a general downturn in
the economy that negatively impacts our operations, and the ongoing
impacts of the Tax Cuts and Jobs Act with respect to tax rates and
the non-deductibility of certain portions of NEO compensation. 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-K 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.
version on businesswire.com: https://www.businesswire.com/news/home/20210122005437/en/
Howard Green SVP of Corporate Development (914) 921-7729