Calamos Asset Management, Inc. /DE/

CIK:0001299033|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
REVENUES
Investment management fees	$ 39,725	$ 46,738	$ 118,725	$ 141,648
Distribution and underwriting fees	8,055	10,264	24,764	31,858
Other	537	616	1,603	1,880
Total revenues	48,317	57,618	145,092	175,386
EXPENSES
Employee compensation and benefits	23,679	23,891	73,096	70,613
Distribution expenses	8,008	10,172	24,760	31,178
Marketing and sales promotion	3,419	4,063	9,330	21,798
General and administrative	9,106	10,865	26,995	30,583
Total operating expenses	44,212	48,991	134,181	154,172
Operating income	4,105	8,627	10,911	21,214
NON-OPERATING INCOME (LOSS)
Net interest expense	(180)	(717)	(1,572)	(2,168)
Debt extinguishment costs	(4,867)	0	(4,867)	0
Investment and other income (loss)	30,174	(10,997)	18,874	(4,568)
Total non-operating income (loss)	25,127	(11,714)	12,435	(6,736)
Income (loss) before income taxes	29,232	(3,087)	23,346	14,478
Income tax provision (benefit)	796	(46)	1,715	1,694
Net income (loss)	28,436	(3,041)	21,631	12,784
Net income attributable to non-controlling interest in Calamos Investments LLC (Calamos Interests)	(6,563)	(894)	(5,076)	(12,031)
Net (income) loss attributable to redeemable non-controlling interest in consolidated funds and partnership investments	(20,706)	4,298	(16,486)	1,744
Net income attributable to Calamos Asset Management, Inc.	$ 1,167	$ 363	$ 69	$ 2,497
Earnings per share:
Basic (in dollars per share)	$ 0.07	$ 0.02	$ 0.00	$ 0.14
Diluted (in dollars per share)	$ 0.07	$ 0.02	$ 0.00	$ 0.14
Weighted average shares outstanding:
Basic (in shares)	16,751,609	17,316,823	16,744,592	17,657,669
Diluted (in shares)	17,137,237	18,208,850	17,094,693	18,445,524
Cash dividends declared per share (in dollars per share)	$ 0.15	$ 0.15	$ 0.45	$ 0.45

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Statement of Cash Flows [Abstract]
Cash and cash equivalents at beginning of period	$ 104,717	$ 35,285
Cash flows provided by operating activities:
Net income	21,631	12,784
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of deferred sales commissions	810	1,358
Other depreciation and amortization	2,780	3,111
Loss on disposal of property and equipment	0	89
Deferred rent	(379)	17
Change in unrealized gains on trading securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net	(17,340)	(1,157)
Net realized losses on sale of investment securities, derivative assets, derivative liabilities, consolidated funds and partnership investments, net	2,905	6,719
Debt extinguishment costs	4,867	0
Change in deferred tax asset valuation allowance	628	0
Deferred taxes, net	5,522	4,309
Stock-based compensation	5,689	4,655
Employee taxes paid on vesting under stock incentive plans	(996)	(730)
Receivables:
Affiliates and affiliated funds, net	1,891	2,242
Customers	915	(1,234)
Other assets	(5,042)	(3,780)
Decrease in liabilities:
Distribution fees payable	(1,001)	(2,661)
Accrued compensation and benefits	(3,570)	(1,833)
Accrued expenses and other liabilities	(2,780)	(2,030)
Net cash provided by operating activities	16,530	21,859
Cash flows provided by investing activities:
Net additions to property and equipment	(2,604)	(2,574)
Purchases of investment securities	(18,906)	(20,370)
Proceeds from sale of investment securities	35,514	89,022
Net purchases of derivatives	(1,000)	0
Contributions to consolidated funds and partnership investments	(7,890)	(229)
Distributions from consolidated funds and partnership investments	39,415	23,403
Net cash paid for acquisition	0	(55)
Net cash provided by investing activities	44,529	89,197
Cash flows used in financing activities:
Repayment of long-term debt	(45,955)	0
Debt extinguishment costs	(4,867)	0
Deferred tax benefit (expense) on vesting under stock incentive plans	(70)	56
Repurchase of common stock by Calamos Investments LLC (525,328 at September 30, 2016, and 985,466 at September 30, 2015 Class A common shares)	(4,700)	(11,957)
Equity distributions paid to non-controlling interests (Calamos Interests)	(15,559)	(23,338)
Tax distributions paid to non-controlling interests (Calamos Interests)	(10,535)	(10,392)
Cash dividends paid to common stockholders	(7,540)	(7,957)
Net cash used in financing activities	(89,226)	(53,588)
Net (decrease) increase in cash and cash equivalents	(28,167)	57,468
Cash and cash equivalents at end of period	76,550	92,753
Cash paid (refunded) for:
Income taxes, net	(91)	(105)
Interest	$ 3,142	$ 3,032

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 76,550	$ 104,717
Receivables:
Affiliates and affiliated funds	12,000	13,891
Customers	2,961	3,876
Investment securities	57,960	257,057
Derivative assets	6,904	4,311
Consolidated funds and partnership investments	603,062	112,640
Prepaid expenses	3,587	3,709
Deferred tax assets, net	0	8,294
Other current assets	714	631
Total current assets	763,738	509,126
Non-current assets:
Deferred tax assets, net	37,022
Deferred tax assets, net		30,010
Goodwill and intangible assets, net	7,152	7,301
Property and equipment, net of accumulated depreciation and amortization ($61,691 at September 30, 2016 and $60,713 at December 31, 2015)	13,339	13,308
Other non-current assets	1,465	1,717
Total non-current assets	58,978	52,336
Total assets	822,716	561,462
Current liabilities:
Distribution fees payable	6,640	7,641
Accrued compensation and benefits	25,013	28,583
Interest payable	0	1,390
Derivative liabilities	15,486	5,475
Liabilities of consolidated funds and partnership investments	13,771	75
Accrued expenses and other current liabilities	4,446	5,118
Total current liabilities	65,356	48,282
Non-current liabilities:
Long-term debt	0	45,955
Deferred rent	8,409	8,788
Other non-current liabilities	2,143	2,043
Total non-current liabilities	10,552	56,786
Total liabilities	75,908	105,068
Redeemable non-controlling interest in consolidated funds and partnership investments	394,525	77,835
EQUITY
Additional paid-in capital	226,892	224,065
Retained earnings	76,096	81,881
Accumulated other comprehensive income	303	1,110
Treasury stock; 8,934,490 shares at September 30, 2016 and 8,409,162 shares at December 31, 2015	(117,806)	(113,579)
Calamos Asset Management, Inc. stockholders’ equity	185,742	193,730
Non-controlling interest in Calamos Investments LLC (Calamos Interests)	166,541	184,829
Total equity	352,283	378,559
Total liabilities and equity	822,716	561,462
Class A Common Stock
EQUITY
Common Stock	257	253
Class B Common Stock
EQUITY
Common Stock	$ 0	$ 0