GAMCO Investors, Inc. Reports Third Quarter Results

• Third Quarter Earnings of $0.59 per diluted share
• Average AUM at $42.7 billion

RYE, N.Y.--(BUSINESS WIRE)-- GAMCO Investors, Inc. (“GAMCO”) (NYSE: GBL) today reported its 2015 third quarter results including revenues of $96.5 million, net income of $15.0 million and earnings of $0.59 per diluted share. On a comparable basis, revenues were $110.9 million, net income was $23.7 million, and earnings were $0.93 per diluted share in the third quarter of 2014.

Average Assets Under Management (“AUM”) were $42.7 billion for the third quarter of 2015 versus $46.4 billion for the second quarter of 2015 and $48.4 billion for the third quarter of 2014.

Financial Highlights		Q3				Q3						YTD				YTD
($'s in 000's except AUM and per share data)		2015				2014				% ∆		2015				2014		% ∆
AUM - end of period (in millions)		$ 39,576				$ 46,947				(15.7%)		$ 39,576				$ 46,947		(15.7%)
AUM - average (in millions)		42,661				48,399				(11.9)		45,286				47,840		(5.3)
Revenues		96,546				110,858				(12.9)		303,095				323,631		(6.3)
Operating income before management fee (a)		38,878				47,342		(b)		(17.9)		116,450		(c)		131,250		(11.3)
Operating margin before management fee		40.3%				42.7%						38.4%				40.6%
Operating income		36,196				43,586		(b)		(17.0)		105,090		(c)		117,622		(10.7)
Operating margin		37.5%				39.3%						34.7%				36.3%
Other income/(expense), net		(12,500)				(9,989)						(3,286)				5,025
Income before income taxes		23,696				33,597				(29.5)		101,804				122,647		(17.0)
Effective tax rate		39.0%				38.8%						37.9%				36.5%
Net income		14,969				23,665				(36.7)		63,846				80,569		(20.8)
Net income per share		$ 0.59				$ 0.93				(36.6%)		$ 2.52				$ 3.15		(20.0%)
Shares outstanding at September 30		25,538		(d)		25,879						25,538				25,879

(a)		See GAAP to non-GAAP reconciliation on page 10.
(b)		Third quarter 2015 included $0.5 million of incremental RSA expense as compared to third quarter 2014.
(c)		Year to date 2015 included $4.1 million of incremental costs as compared to year to date 2014:
		$1.0 million for the launch of a new closed-end fund; $1.5 million for potential firm restructuring; and $1.6 million in RSA expense.
(d)		Shares outstanding consist of 24,849 non-RSA shares and 689 RSA shares. 556 RSAs are outstanding at October 31, 2015.

Assets Under Management
														% Change From
		September 30,				June 30,				September 30,				June 30,			September 30,
		2015				2015				2014				2015			2014
Equities:
Open-end Funds		$	14,075			$	15,984			$	17,458			(11.9	%)		(19.4	%)
Closed-end Funds			6,205				6,981				6,963			(11.1	)		(10.9	)
Institutional & PWM - direct			13,190				16,011				16,223			(17.6	)		(18.7	)
Institutional & PWM - sub-advisory			3,302				3,703				3,525			(10.8	)		(6.3	)
Investment Partnerships			947				937				899			1.1			5.3
SICAV (a)			174				152				121			14.5			43.8
Total Equities			37,893				43,768				45,189			(13.4	)		(16.1	)
Fixed Income:
Money-Market Fund			1,637				1,600				1,698			2.3			(3.6	)
Institutional & PWM			45				46				60			(2.2	)		(25.0	)
Total Fixed Income			1,682				1,646				1,758			2.2			(4.3	)
Total Assets Under Management		$	39,575			$	45,414			$	46,947			(12.9	)		(15.7	)

(a)		Includes $42 million, $45 million and $70 million of seed capital at September 30, 2015, June 30, 2015 and September 30, 2014, respectively.

Our third quarter 2015 decline in AUM was due to market depreciation of $3.8 billion, net outflows of $1.9 billion and open- and closed-end fund net distributions of $122 million.

Revenues

• Total revenues for the third quarter of 2015 were $96.5 million, down 12.9% from $110.9 million in the prior year, reflecting lesser fees earned in investment advisory services on lower assets, in distribution and other income and in institutional research services.
• Investment advisory fees, excluding incentive fees, were lower at $82.2 million in the third quarter of 2015 from $92.6 million in the comparable 2014 quarter. Revenues in our open-end and closed-end funds and Institutional and Private Wealth Management decreased due to a decline of average AUM in the open-end and closed-end funds and lower billable assets in our Institutional and Private Wealth Management accounts which were partially offset by revenue increases in investment partnerships on higher levels of average AUM.
• Incentive fees earned were $0.1 million during both the 2015 and 2014 third quarters.
• Distribution fees from our open-end equity funds and other income were $12.3 million for the third quarter 2015, a reduction of $3.4 million, or 21.7%, from $15.7 million in the prior year quarter. Driving this decrease is a 16.3% decline in quarter over quarter average AUM and a shift from share classes with a distribution fees to Class I shares for which we do not collect a distribution fee.
• Our institutional research services revenues were $2.1 million in the third quarter 2015, compared to $2.5 million in the prior year period.

Operating Income – Third Quarter

Operating income, which is net of management fee expense decreased 17.0%, or $7.4 million, to $36.2 million in the third quarter of 2015 versus $43.6 million in the prior year period. Management fee expense, which is entirely variable, is based on pre-tax income. The third quarter of 2015 was impacted by lower revenues and $0.5 million of incremental non-cash expenses related to RSAs issued subsequent to the third quarter of 2014. The third quarter of 2014 was positively impacted by a reimbursement of $0.9 million relating to previously incurred expenses. Excluding those incremental costs and reimbursements identified above, adjusted operating income was $36.7 million in the third quarter of 2015, a decline of $6.0 million, from the $42.7 million in the third quarter of 2014.

Operating income before management fee was $38.9 million in the third quarter 2015 versus $47.3 million in the third quarter 2014. Operating margin before management fee was 40.3% versus 42.7% in the third quarter of 2014. Excluding those incremental costs identified above, adjusted operating income before management fee was $39.4 million in the third quarter of 2015 as compared to $46.5 million in the third quarter of 2014. Operating margins, before management fee and adjusted for those items identified above, was 40.8% in the 2015 quarter as compared to 41.9% in the 2014 quarter. Management believes evaluating operating income before management fee is an important measure in analyzing the Company’s operating results. Further information regarding Non-GAAP measures is included in Notes on Non-GAAP Financial Measures and Table V included elsewhere herein.

Other income (expense)

We recognized net other expense of $12.5 million in the 2015 quarter versus an expense of $10.0 million in the third quarter of 2014. Investment losses were $11.5 million in the 2015 quarter versus $9.1 million in the 2014 quarter. Dividend and interest income were $0.9 million in the 2015 quarter versus $1.1 million in the 2014 quarter. Interest expense was $1.9 million in the 2015 quarter versus $2.0 million in the 2014 quarter.

Income Taxes

The firm’s effective tax rate (“ETR”) for the quarter ended September 30, 2015 was 39.0% versus 38.8% for the quarter ended September 30, 2014.

Business and Investment Highlights

• On October 19, 2015, shareholders of the Bancroft Fund and the Ellsworth Growth and Income Fund approved the change in advisor to Gabelli Funds. Gabelli will form the Dinsmore Group. Tom Dinsmore, Jane O’Keeffe, and James Dinsmore will continue to manage the Bancroft and Ellsworth Growth and Income closed-end funds.
• In September 2015, Gabelli & Company hosted its 20th Annual Aircraft Supplier Conference featuring presentations by senior management of several leading aerospace and defense companies.
• On October 13, 2015, GAMCO announced that its Board of Directors had again adopted a $0.25 per share contribution under its existing Shareholder Designated Charitable Contribution Program for all registered shareholders. In 2013, GAMCO donated $5.3 million to 85 different charities and in 2014 donated $5.5 million to 80 different charities on behalf of its shareholders.
• On November 2, 2015, the Company announced the spin-off of Associated Capital Group, Inc. (“AC”) to GBL shareholders of one share of AC for each share of GBL owned on the record date.

Balance Sheet

We ended the quarter with cash and investments, excluding noncontrolling interests, of $768.6 million, debt of $106.8 million ($106.9 million face value) and equity attributable to GAMCO shareholders of $562.6 million. We have $500 million available on our universal shelf registration. Together with earnings from operations, the shelf provides us with flexibility to do acquisitions, lift-outs, seed new investment strategies, and co-invest, as well as to fund shareholder compensation, including share repurchases and dividends.

Shareholder Compensation

During the quarter ended September 30, 2015, we returned $12.3 million of our earnings to shareholders through dividends and stock repurchases. We repurchased 172,007 shares at an average price of $61.11 per share, for a total investment of $10.5 million and distributed $1.8 million in dividends. Since our IPO, in February 1999, we have returned $906 million in total to shareholders of which $484 million was in the form of dividends and $422 million was through stock buybacks of 9,447,513 shares at an average investment of $44.70 per share.

On November 4, 2015, GAMCO’s Board of Directors declared a regular quarterly dividend of $0.07 per share payable on December 29, 2015 to its Class A and Class B shareholders of record on December 15, 2015.

About GAMCO Investors, Inc.

GAMCO Investors, Inc., through its subsidiaries, manages private advisory accounts (GAMCO Asset Management Inc.), open-end funds and closed-end funds (Gabelli Funds, LLC), and partnerships and offshore funds (Gabelli Securities, Inc.).

NOTES ON NON-GAAP FINANCIAL MEASURES

A.		Operating income before management fee expense is used by management to evaluate its business operations. We believe this measure is useful in illustrating the operating results of GAMCO Investors, Inc. (the “Company”) as management fee expense is based on pre-tax income before management fee expense, which 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 expense to operating income is provided in Table V.
B.		Operating income before management fee expense per share and other income/(expense), net per share are used by management for purposes of evaluating its business operations. We believe these measures are useful in comparing the operating and non-operating results of the Company for the purposes of understanding the composition of net income per fully diluted share. The negative swings in other income/(expense), net of $0.15 and $0.27 per fully diluted share for the quarter and year to date, respectively, are derived by making certain necessary adjustments, as shown in the table below, to arrive at a net impact for each period and then calculating the difference. The reconciliation of operating income before management fee expense per share and other income/(expense), net per share to net income per fully diluted share, is provided below.

		3rd Quarter								YTD September
		2015				2014				2015				2014
Operating income before management fee		$	38,878			$	47,342			$	116,450			$	131,250
Management fee expense			(3,932	)			(4,755	)			(11,689	)			(13,125	)
Tax expense			(13,634	)			(16,536	)			(39,668	)			(43,144	)
Noncontrolling interest expense			78				66				276				236
Operating income (after management fee and taxes)			21,390				26,117				65,369				75,217
Per fully diluted share		$	0.84			$	1.03			$	2.58			$	2.94
Other income/(expense), net		$	(12,500	)		$	(9,989	)		$	(3,286	)		$	5,025
Management fee (expense)/benefit			1,250				999				329				(503	)
Tax (expense)/benefit			4,389				3,491				1,121				(1,652	)
Noncontrolling interest (expense)/benefit			440				3,047				313				2,482
Other income, net (after management fee and taxes)		$	(6,421	)		$	(2,452	)		$	(1,523	)		$	5,352
Per fully diluted share		$	(0.25	)		$	(0.10	)		$	(0.06	)		$	0.21
Net income per fully diluted share		$	0.59			$	0.93			$	2.52			$	3.15
Diluted weighted average shares outstanding			25,241				25,517				25,337				25,595
Actual shares outstanding			25,538				25,879				25,538				25,879
RSA shares outstanding (included in actual shares outstanding)			689				640				689				640

C.		Adjusted operating income and adjusted operating income before management fee expense is used by management to evaluate its ongoing business operations. We believe this measure is useful in evaluating the ongoing operating results of the Company absent any of these adjustments.

				3rd Quarter								YTD September
				2015				2014				2015				2014
Operating income before management fee				$	38,878			$	47,342			$	116,450			$	131,250
Adjustments:
Add back:		Incremental RSA expense			489				-				1,636				-
		Costs to launch Closed-end fund			-				-				1,000				-
		Costs related to potential firm restructuring			-				-				1,475				-
Deduct:		Reimbursement of prior year expense			-				(848	)			-				(1,286	)
Adjusted operating income before management fee					39,367				46,494				120,561				129,964
Adjusted operating margin before management fee					40.8	%			41.9	%			39.8	%			40.2	%
				3rd Quarter								YTD September
				2015				2014				2015				2014
Operating income				$	36,196			$	43,586			$	105,090			$	117,622
Adjustments:
Add back:		Incremental RSA expense			489				-				1,636				-
		Costs to launch Closed-end fund			-				-				1,000				-
		Costs related to potential firm restructuring			-				-				1,475				-
Deduct:		Reimbursement of prior year expense			-				(848	)			-				(1,286	)
Adjusted operating income					36,685				42,738				109,201				116,336
Adjusted operating margin					38.0	%			38.6	%			36.0	%			35.9	%

The Company reported Assets Under Management as follows (in millions):
Table I: Fund Flows - 3rd Quarter 2015
														Fund
						Market								distributions,
		June 30,				appreciation/				Net cash				net of				September 30,
		2015				(depreciation)				flows				reinvestments				2015
Equities:
Open-end Funds		$	15,984			$	(1,289	)		$	(606	)		$	(14	)		$	14,075
Closed-end Funds			6,981				(663	)			(5	)			(108	)			6,205
Institutional & PWM - direct			16,011				(1,497	)			(1,324	)			-				13,190
Institutional & PWM - sub-advisory			3,703				(345	)			(56	)			-				3,302
Investment Partnerships			937				(31	)			41				-				947
SICAV (a)			152				(5	)			27				-				174
Total Equities			43,768				(3,830	)			(1,923	)			(122	)			37,893
Fixed Income:
Money-Market Fund			1,600				-				37				-				1,637
Institutional & PWM			46				-				(1	)			-				45
Total Fixed Income			1,646				-				36				-				1,682
Total Assets Under Management		$	45,414			$	(3,830	)		$	(1,887	)		$	(122	)		$	39,575
(a) Includes $45 million and $42 million of seed capital at June 30, 2015 and September 30, 2015, respectively.
Table II: Fund Flows - Year to date September 2015
														Fund
						Market								distributions,
		December 31,				appreciation/				Net cash				net of				September 30,
		2014				(depreciation)				flows				reinvestments				2015
Equities:
Open-end Funds		$	17,684			$	(1,210	)		$	(2,343	)		$	(56	)		$	14,075
Closed-end Funds			6,949				(541	)			138				(341	)			6,205
Institutional & PWM - direct			16,597				(1,372	)			(2,035	)			-				13,190
Institutional & PWM - sub-advisory			3,704				(202	)			(200	)			-				3,302
Investment Partnerships			905				(4	)			46				-				947
SICAV (a)			135				(8	)			47				-				174
Total Equities			45,974				(3,337	)			(4,347	)			(397	)			37,893
Fixed Income:
Money-Market Fund			1,455				-				182				-				1,637
Institutional & PWM			58				-				(13	)			-				45
Total Fixed Income			1,513				-				169				-				1,682
Total Assets Under Management		$	47,487			$	(3,337	)		$	(4,178	)		$	(397	)		$	39,575
(a) Includes $71 million and $42 million of seed capital at December 31, 2014 and September 30, 2015, respectively.

Table III
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		For the Quarter Ended September 30,
										% Inc.
		2015				2014				(Dec.)
Investment advisory and incentive fees		$	82,182			$	92,591			(11.2	%)
Distribution fees and other income			12,301				15,727			(21.8	)
Institutional research services			2,063				2,540			(18.8	)
Total revenues			96,546				110,858			(12.9	)
Compensation costs			39,731				43,316			(8.3	)
Distribution costs			12,344				15,101			(18.3	)
Other operating expenses			5,593				5,099			9.7
Total expenses			57,668				63,516			(9.2	)
Operating income before management fee			38,878				47,342			(17.9	)
Investment loss			(10,583	)			(8,002	)
Interest expense			(1,917	)			(1,987	)
Other income/(expense), net			(12,500	)			(9,989	)
Income before management fee and income taxes			26,378				37,353			(29.4	)
Management fee expense			2,682				3,756
Income before income taxes			23,696				33,597			(29.5	)
Income tax expense			9,245				13,045
Net income			14,451				20,552			(29.7	)
Net loss attributable to noncontrolling interests			(518	)			(3,113	)
Net income attributable to GAMCO Investors, Inc.		$	14,969			$	23,665			(36.7	)
Net income per share attributable to GAMCO Investors, Inc.:
Basic		$	0.60			$	0.94			(36.2	)
Diluted		$	0.59			$	0.93			(36.6	)
Weighted average shares outstanding:
Basic			24,947				25,296			(1.4	)
Diluted			25,241				25,517			(1.1	)
Actual shares outstanding (a)			25,538				25,879			(1.3	)
Notes:
(a) Includes 688,550 and 639,750 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 10.

Table IV
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		For the Nine Months Ended September 30,
										% Inc.
		2015				2014				(Dec.)
Investment advisory and incentive fees		$	257,563			$	270,544			(4.8	%)
Distribution fees and other income			39,402				46,367			(15.0	)
Institutional research services			6,130				6,720			(8.8	)
Total revenues			303,095				323,631			(6.3	)
Compensation costs			127,627				131,258			(2.8	)
Distribution costs			39,747				44,087			(9.8	)
Other operating expenses			19,271				17,036			13.1
Total expenses			186,645				192,381			(3.0	)
Operating income before management fee			116,450				131,250			(11.3	)
Investment loss			2,613				11,025
Interest expense			(5,899	)			(6,000	)
Other income/(expense), net			(3,286	)			5,025
Income before management fee and income taxes			113,164				136,275			(17.0	)
Management fee expense			11,360				13,628
Income before income taxes			101,804				122,647			(17.0	)
Income tax expense			38,547				44,796
Net income			63,257				77,851			(18.7	)
Net loss attributable to noncontrolling interests			(589	)			(2,718	)
Net income attributable to GAMCO Investors, Inc.		$	63,846			$	80,569			(20.8	)
Net income per share attributable to GAMCO Investors, Inc.:
Basic		$	2.55			$	3.17			(19.6	)
Diluted		$	2.52			$	3.15			(20.0	)
Weighted average shares outstanding:
Basic			25,047				25,385			(1.3	)
Diluted			25,337				25,595			(1.0	)
Actual shares outstanding (a)			25,538				25,879			(1.3	)
Notes:
(a) Includes 688,550 and 639,750 of RSAs, respectively.
See GAAP to non-GAAP reconciliation on page 10.

Table V
GAMCO INVESTORS, INC.
UNAUDITED QUARTERLY CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share data)
		2015																	2014
		1st				2nd				3rd									1st				2nd				3rd				4th
		Quarter				Quarter				Quarter				YTD					Quarter				Quarter				Quarter				Quarter				Full Year
Income Statement Data:
Revenues		$	103,845			$	102,704			$	96,546			$	303,095				$	104,477			$	108,296			$	110,858			$	116,751			$	440,382
Expenses			65,463				63,514				57,668				186,645					63,250				65,615				63,516				69,848				262,229
Operating income before management fee			38,382				39,190				38,878				116,450					41,227				42,681				47,342				46,903				178,153
Investment income/(loss)			8,012				5,184				(10,583	)			2,613					8,085				11,076				(8,002	)			5,119				16,278
Interest expense			(2,019	)			(1,963	)			(1,917	)			(5,899	)				(1,992	)			(2,021	)			(1,987	)			(2,049	)			(8,049	)
Shareholder-designated contribution			-				-								-					-				(134	)			-				-				(134	)
Other income/(expense), net			5,993				3,221				(12,500	)			(3,286	)				6,093				8,921				(9,989	)			3,070				8,095
Income before management fee and income taxes			44,375				42,411				26,378				113,164					47,320				51,602				37,353				49,973				186,248
Management fee expense			4,437				4,241				2,682				11,360					4,728				5,144				3,756				4,999				18,627
Income before income taxes			39,938				38,170				23,696				101,804					42,592				46,458				33,597				44,974				167,621
Income tax expense			15,179				14,123				9,245				38,547					14,616				17,135				13,045				17,709				62,505
Net income			24,759				24,047				14,451				63,257					27,976				29,323				20,552				27,265				105,116
Net income/(loss) attributable to noncontrolling interests			(17	)			(54	)			(518	)			(589	)				22				373				(3,113	)			(1,556	)			(4,274	)
Net income attributable to GAMCO Investors, Inc.		$	24,776			$	24,101			$	14,969			$	63,846				$	27,954			$	28,950			$	23,665			$	28,821			$	109,390
Net income per share attributable to GAMCO Investors, Inc.:
Basic		$	0.99			$	0.96			$	0.60			$	2.55				$	1.10			$	1.14			$	0.94			$	1.14			$	4.32
Diluted		$	0.97			$	0.95			$	0.59			$	2.52				$	1.09			$	1.13			$	0.93			$	1.13			$	4.28
Weighted average shares outstanding:
Basic			25,132				25,065				24,947				25,047					25,481				25,381				25,296				25,184				25,335
Diluted			25,414				25,358				25,241				25,337					25,684				25,586				25,517				25,449				25,558
Reconciliation of non-GAAP financial measures to GAAP:
Operating income before management fee			38,382				39,190				38,878				116,450					41,227				42,681				47,342				46,903				178,153
Deduct: management fee expense			4,437				4,241				2,682				11,360					4,728				5,144				3,756				4,999				18,627
Operating income		$	33,945			$	34,949			$	36,196			$	105,090				$	36,499			$	37,537			$	43,586			$	41,904			$	159,526
Operating margin before management fee			37.0	%			38.2	%			40.3	%			38.4	%				39.5	%			39.4	%			42.7	%			40.2	%			40.5	%
Operating margin after management fee			32.7	%			34.0	%			37.5	%			34.7	%				34.9	%			34.7	%			39.3	%			35.9	%			36.2	%

Table VI
GAMCO INVESTORS, INC.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in thousands, except per share data)
		September 30,				December 31,				September 30,
		2015				2014				2014
ASSETS
Cash and cash equivalents		$	425,616			$	298,224			$	358,421
Investments (a)			342,988				406,711				401,584
Receivable from brokers			52,918				76,079				79,885
Other receivables			34,767				67,228				40,569
Income tax receivable			2,409				2,477				2,433
Other assets			13,971				15,711				15,868
Total assets		$	872,669			$	866,430			$	898,760
LIABILITIES AND EQUITY
Payable to brokers		$	49,074			$	43,409			$	46,790
Income taxes payable and deferred tax liabilities			10,529				27,939				27,412
Compensation payable			88,747				39,983				93,535
Securities sold short, not yet purchased			5,577				10,595				14,180
Accrued expenses and other liabilities			40,694				36,212				37,583
Sub-total			194,621				158,138				219,500
5.875% Senior notes (due June 1, 2021)			100,000				100,000				100,000
0% Subordinated Debentures (due December 31, 2015) (b)			6,750				12,163				11,941
Total debt			106,750				112,163				111,941
Total liabilities			301,371				270,301				331,441
Redeemable noncontrolling interests			6,018				68,334				56,086
GAMCO Investors, Inc.'s stockholders' equity			562,645				525,061				508,494
Noncontrolling interests			2,635				2,734				2,739
Total equity			565,280				527,795				511,233
Total liabilities and equity		$	872,669			$	866,430			$	898,760

(a)		Includes investments in sponsored registered investment companies of $115.0 million, $39.5 million and $39.5 million, respectively.
(b)		The 0% Subordinated Debentures due December 31, 2015 have a face value of $6.9 million, $13.1 million and $13.1 million, respectively.

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, 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-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.

View source version on businesswire.com: http://www.businesswire.com/news/home/20151104006984/en/

GAMCO Investors, Inc.
Douglas R. Jamieson, 914-921-5020
President and Chief Operating Officer
www.gabelli.com

Source: GAMCO Investors, Inc.

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