GAMCO Investors, Inc. (GBL) has reported a 67.08 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $32.69 million, or $1.07 a share in the quarter, compared with $19.57 million, or $0.73 a share for the same period last year. On an adjusted basis, the company has earned $23.58 million, or $0.78 a share for the quarter.
Revenue during the quarter grew 10.67 percent to $99.95 million from $90.32 million in the previous year period. Total expenses were 47.94 percent of quarterly revenues, down from 63.35 percent for the same period last year. This has led to an improvement of 1541 basis points in operating margin to 52.06 percent.
Operating income for the quarter was $52.03 million, compared with $33.10 million in the previous year period.
However, the adjusted operating income for the quarter was almost stable at $37.34 million when compared with the prior year period.
Debt comes down
GAMCO Investors, Inc. has recorded a decline in total debt over the last one year. It stood at $233.96 million as on Dec. 31, 2016, down 24.31 percent or $75.14 million from $309.10 million on Dec. 31, 2015. Total debt was 156.78 percent of total assets as on Dec. 31, 2016, compared with 297.13 percent on Dec. 31, 2015.
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