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Wednesday, April 29, 2009|
Gamco Expects a 16 to 21 Percent Drop in Q1 Earnings Per Share
Mario Gabelli's Gamco Investors late Tuesday issued estimates for its first quarter results. The Rye, New York-based firm anticipates earnings of $0.29 to $0.31 per diluted share, compared to $0.37 per diluted share in the year-ago quarter.
Assets under management totaled $18.5 billion at the end of March, down 8.4 percent from $20.2 billion at the end of 2008 and down 34.6 percent from $28.3 billion in end-March 2008. The December 31, 2008 and March 31, 2008 figures do not include Teton Advisors' AUM of $450 million and $431 million, respectively.
Gamco spun off Teton on March 20 of this year (see The MFWire, 02/25/09).
Gabelli, one of the highest paid fund executives, started Gamco in 1977.
Company Press Release RYE, N.Y.--(BUSINESS WIRE)--GAMCO Investors, Inc. (NYSE: GBL - News) announced today preliminary earnings estimates for the quarter ended March 31, 2009 of $0.29 to $0.31 per diluted share versus $0.37 per diluted share in the comparable 2008 quarter.
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