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Calamos Asset Management Inc. Reports Operating Results (10-Q)

August 05, 2010 | About:
10qk

10qk

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Calamos Asset Management Inc. (CLMS) filed Quarterly Report for the period ended 2010-06-30.

Calamos Asset Management Inc. has a market cap of $189.4 million; its shares were traded at around $9.52 with a P/E ratio of 13.7 and P/S ratio of 0.7. The dividend yield of Calamos Asset Management Inc. stocks is 3.1%.CLMS is in the portfolios of Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

Similarly, the reduction in security valuations adversely impacted our mutual fund assets under management by $1.2 billion through the first six months of 2010 compared to an appreciating market of $2.4 billion during the six months ended June 30, 2009. Net redemptions in our mutual funds were $160 million for the first half of 2010 and represent an unfavorable change of $234 million from net purchases of $74 million in the first half of 2009. The elements that drove the quarter-over-quarter variance, coupled with the reversal of flows in our Convertible Fund, were also the cause of the variances in the comparable first half periods.

initiative. The managed account outflows were partially offset by net inflows of $15 million within our institutional accounts for the three months ended June 30, 2010 compared to $86 million of outflows in the comparable prior-year period. Separate accounts were negatively impacted by market depreciation of $569 million and $365 million during the three and six months ended June 30, 2010, respectively, compared to market appreciation of $816 million and $895 million during the three and six months ended June 30, 2009, respectively.

Operating income grew to $29.7 million for the second quarter of 2010, compared with $21.4 million for the same period a year ago. Operating margin improved to 36.9% for the second quarter of 2010 from 31.9% for the year-earlier period. Operating income for the first six months of 2010 grew by 74% to $60.2 million from $34.6 million for the same period a year ago. Operating margin was 37.2% for the first six months of 2010, a significant improvement over 27.3% for the year-earlier period.

Non-operating income (loss), net of non-controlling interest in partnership investments increased income by $4.7 million for the second quarter of 2010 and decreased income by $8.1 million for the second quarter of 2009. Non-operating income (loss), net of non-controlling interest in partnership investments increased income by $11.6 million for the first six months of 2010 and by $4.2 million for the first six months of 2009. For both periods compared, the increase in non-operating income results from net realized gains on the sales of investment securities and derivatives in connection with our tax harvesting strategy that we have been executing throughout 2010.

Total revenues increased by $13.4 million, or 20%, to $80.5 million for the three months ended June 30, 2010 from $67.1 million for the comparable prior year. For the six months ended June 30, 2010, total revenues increased by $34.9 million, or 28%, to $161.6 million from $126.6 million for the comparable prior year. The increase was primarily due to higher investment management fees and distribution and underwriting fees.

Investment management fees increased 23% in the second quarter of 2010 primarily due to a $5.8 billion, or 22%, increase in average assets under management across all products for the second quarter 2010 versus 2009. Investment management fees from open-end funds increased to $37.2 million for the three months ended June 30, 2010 from $29.0 million for the prior-year period, a result of a $4.5 billion increase in open-end fund average assets under management. Investment management fees from our closed-end funds increased to $11.1 million for the second quarter of 2010 from $9.0 million for the prior-year quarter, due to an $847 million increase in closed-end fund average assets under management. Investment management fees from our separately managed accounts increased to $10.2 million for the three months ended June 30, 2010 from $9.5 million in the prior year again du

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