NAPERVILLE, Ill., July 29, 2014 /PRNewswire/ -- Calamos Asset
Management, Inc. (NASDAQ: CLMS), a diversified global investment
firm offering equity, fixed income, convertible and alternative
strategies, today reported second quarter 2014 results.
Highlights
The Board of Directors of Calamos Asset Management, Inc. (CAM)
increased the regular quarterly dividend by 2.5 cents per share to 15
cents per share, representing an increase of 20%. The
dividend is payable on August 25,
2014 to shareholders of record on August 12, 2014.
Non-GAAP diluted earnings per share was $0.22 for the second quarter compared with
$0.20 in the previous quarter and
$0.22 in the second quarter of
2013.1 Non-GAAP net income attributable to CAM was
$4.2 million for the quarter compared
with $3.9 million last quarter and
$4.5 million in the second quarter of
2013.
GAAP diluted earnings per share was $0.17 for the second quarter of 2014 compared
with $0.11 in the previous quarter
and $0.09 in the second quarter of
2013. Net income attributable to CAM was $3.2 million for the quarter compared with
$2.1 million last quarter and
$1.8 million in the second quarter of
2013.
Our total revenues for the current quarter were $63.0 million compared with $63.9 million in the previous quarter and
$66.7 million in the second quarter a
year ago. Operating margin was 26.4% for the second quarter, 22.0%
in the previous quarter and 27.6% in the second quarter of
2013.
Assets Under Management2 were $25.8 billion at June 30,
2014 compared with $26.1
billion at the end of last quarter and $25.8 billion at June 30,
2013. Net outflows were $1.1
billion for the quarter compared with net outflows of
$574 million in the previous quarter
and net outflows of $2.2 billion in
the second quarter of 2013.
Calamos Investments LLC3 (Calamos Investments)
completed the share repurchase program that was announced in the
first quarter of 2013. A total of 3.0 million shares of CAM's
common stock were repurchased during the program, for a total cost
of $34.8 million with an average
price of $11.60 per share.
The table below highlights certain GAAP and non-GAAP financial
measures:
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
(in
millions)
|
|
|
|
|
|
Ending Assets Under
Management
|
$25,755
|
|
$26,147
|
|
$25,797
|
Average Assets Under
Management
|
$25,566
|
|
$26,242
|
|
$27,192
|
Net
outflows
|
$(1,072)
|
|
$(574)
|
|
$(2,196)
|
|
|
|
|
|
|
(in thousands,
except earnings per share)
|
|
|
|
|
|
Total
revenues
|
$63,005
|
|
$63,930
|
|
$66,690
|
Total operating
expenses
|
$46,371
|
|
$49,854
|
|
$48,286
|
Operating
income
|
$16,634
|
|
$14,076
|
|
$18,404
|
Operating
margin
|
26.4%
|
|
22.0%
|
|
27.6%
|
Net income
attributable to CAM
|
$3,228
|
|
$2,139
|
|
$1,841
|
Non-GAAP net income
attributable to CAM
|
$4,233
|
|
$3,913
|
|
$4,542
|
Diluted earnings per
share
|
$0.17
|
|
$0.11
|
|
$0.09
|
Non-GAAP diluted
earnings per share
|
$0.22
|
|
$0.20
|
|
$0.22
|
Business Commentary
- We continue to be encouraged by our one-year performance with
79% of Calamos Funds beating the performance average for their
respective Morningstar category as of June
30, 2014 compared with 15% a year ago.4
|
1 Year
|
3 Years
|
5 Years
|
10 Years
|
Since
Inception
|
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
2014
|
2013
|
Percentage of Calamos
Funds beating the performance average for their respective
Morningstar category as of June 30
|
79%
|
15%
|
15%
|
15%
|
33%
|
45%
|
38%
|
43%
|
53%
|
64%
|
- While we had $1.1 billion of net
outflows for the quarter, separate accounts represented
$735 million. We are encouraged by
inflows in our alternative and convertible strategies which had net
inflows of $255 million and
$15 million, respectively.
- Market appreciation was $680
million for the quarter, driven primarily by equity
strategies.
- On July 14, 2014 we launched the
Calamos Focus Growth ETF (NASDAQ: CFGE)5, our first
actively managed exchange traded fund. An active equity ETF is in
line with our history of anticipating the needs of investors and
offering innovative solutions to satisfy those needs. We believe
that active equity ETFs are a logical extension of our long-held
belief in active management and enable us to serve investors who
prefer the ETF product structure and appreciate the benefits of
transparency.
Financial Discussion
Operating Income
Second quarter 2014 revenues of $63.0
million decreased 6% from second quarter 2013 primarily due
to a decrease in Average Assets Under Management. Total operating
expenses for the second quarter were $46.4
million, a decrease of 4% from $48.3
million in the second quarter of 2013 as a result of
decreases in employee compensation and benefits and distribution
expenses, partially offset by an increase in marketing and sales
promotion expenses. Operating income was $16.6 million for the second quarter versus
$18.4 million in the second quarter
of last year. Operating margin was 26.4% for the second quarter,
down from 27.6% in the second quarter of 2013.
Non-Operating Income
Non-operating income (GAAP) was $9.0
million for the second quarter of 2014, as presented in
Table B. Non-GAAP non-operating income, net of redeemable
non-controlling interest in partnerships,6 was
$5.8 million during the second
quarter of 2014, as presented in Table B.
Financial Position
As of June 30, 2014, the corporate
investment portfolio was $492.6
million, which included cash, cash equivalents, and
investments that were principally comprised of investments in
products that the company manages. The corporate investment
portfolio is used to provide seed capital for new products, to
maintain conservative levels of capital for the company's regulated
subsidiaries, to fund the company's share repurchase program and to
invest in other corporate strategic initiatives. The company's
financial strength is also instrumental in maintaining the firm's
investment-grade credit rating.
As of June 30, 2014, total debt
was $92.1 million, of which
$46.2 million was repaid on
July 15, 2014 as scheduled. Total
equity was $449.8 million.
As part of the share repurchase program to acquire up to 3
million shares of the company's common stock that was completed in
the second quarter of 2014, Calamos Investments repurchased 743,055
shares of CAM's common stock at an average price of $12.63 per share and a total cost of $9.4 million during the second quarter of
2014.
Market Capitalization
As of June 30, 2014, CAM,
representing the public shares outstanding, owns 22.2% of the
operating company, Calamos Investments, and the remaining 77.8% is
privately owned by Calamos Family Partners, Inc. Because of our
ownership structure, reported market capitalization does not
reflect the entire value of the company, but rather only the market
capitalization pertaining to CAM's 22.2% interest, which is
publicly traded.
Investor Conference Call
Management will hold an investor conference call at 4 p.m. Central Time on Tuesday, July 29, 2014. To access the live call
and view management's presentation, visit the Investor Relations
section of the company's website at www.calamos.com/investors.
Alternatively, participants may listen to the live call by dialing
800.765.0709 in the U.S. or Canada
(913.981.5519 internationally), then entering conference ID
#1077226. A replay of the call will be available for one week
following the date of the call by dialing 888.203.1112 in the U.S.
or Canada (719.457.0820
internationally), then entering conference ID #1077226. The webcast
also will be available on the Investor Relations section of the
company's website at www.calamos.com/investors for at least 90 days
following the date of the call.
Calamos Asset Management, Inc. (NASDAQ: CLMS) is a diversified
global investment firm offering innovative investment strategies
including equity, fixed income, convertible and alternative
investments. The firm offers strategies through separately managed
portfolios, mutual funds, closed-end funds, private funds, UCITS
funds and exchange traded funds. Clients include major
corporations, pension funds, endowments, foundations and
individuals, as well as the financial advisors and consultants who
serve them. Headquartered in the Chicago metropolitan area, the firm also has
offices in London and New York. For more information visit
www.calamos.com.
Forward-Looking Statements & Important Risk
Disclosures
From time to time, information or statements provided by us,
including those within this news release, may contain certain
forward-looking statements relating to future events, future
financial performance, strategies, expectations, the competitive
environment and regulations. Forward-looking statements are
based on information available at the time those statements are
made and/or management's good faith belief as of that time with
respect to future events, and are subject to risks and
uncertainties that could cause actual performance or results to
differ materially from those expressed in or suggested by the
forward-looking statements. For a discussion concerning some of
these and other risks, uncertainties and other important factors
that could affect future results, see "Forward-Looking Information"
in "Management's Discussion and Analysis of Financial Condition and
Results of Operations" and, where applicable, "Risk Factors" in our
annual and quarterly reports filed with the U.S. Securities and
Exchange Commission.
Past Performance is not a guarantee of future
results. While the investment objective stated in a
fund's prospectus may or may not reflect how the fund actually
invests, the Morningstar category is assigned based on the
underlying securities in each portfolio. Morningstar categories
help investors and investment professionals make meaningful
comparisons between funds. Morningstar data: © 2014 Morningstar,
Inc. All rights reserved. The information contained herein is
proprietary to Morningstar and/or its content providers; may not be
copied or distributed; and is not warranted to be accurate,
complete or timely. Neither Morningstar nor its content providers
are responsible for any damages or losses arising from any use of
this information.
Investments in funds are subject to risks, and you could lose
money on your investment in the fund. There can be no assurance
that the fund will achieve its investment objective. Your
investment in the fund is not a deposit in a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation
(FDIC) or any other government agency. The risks associated with an
investment in the fund can increase during times of significant
market volatility. The fund-specific principal risks are described
below. More detailed information can be found in the fund's
prospectus.
The principal risks of investing in the Calamos Focus Growth
ETF include: equity securities risk consisting of market prices
declining in general, growth stock risk consisting of potential
increased volatility due to securities trading at higher multiples,
foreign securities risk, premium-discount risk, secondary market
trading risk, small- and mid-sized company stock risk, portfolio
turnover risk, ADR risk, portfolio selection risk, and other
investment companies risk.
Calamos Focus Growth ETF is an exchange traded fund. These
products do not sell or redeem their shares at net asset value
(NAV) except to authorized participants. Investors may purchase
individual shares on an exchange.
As a result of political or economic instability in foreign
countries, there can be special risks associated with investing in
foreign securities, including fluctuations in currency exchange
rates, increased price volatility and difficulty obtaining
information. In addition, emerging markets may present additional
risk due to potential for greater economic and political
instability in less developed countries.
The Calamos Open-End Mutual Funds are distributed by Calamos
Financial Services LLC.
Before investing carefully
consider the fund's investment objectives, risks, charges and
expenses. Please see the prospectus and summary prospectus
containing this and other information at www.calamos.com
or call 1-800-582-6959. Read it carefully before
investing.
The Calamos Focus Growth ETF is distributed by Foreside Fund
Services LLC.
Before investing carefully consider the
fund's investment objectives, risks, charges and expenses. Please
see the prospectus and summary prospectus containing this and other
information at www.calamos.com or call
1.844.922.5226. Read it carefully before investing.
Calamos Asset
Management, Inc.
Consolidated
Condensed Statements of Operations
(in thousands,
except share data)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
Revenues
|
|
|
|
|
|
Investment management
fees
|
$49,697
|
|
$50,278
|
|
$52,655
|
Distribution and
underwriting fees
|
12,642
|
|
12,989
|
|
13,378
|
Other
|
666
|
|
663
|
|
657
|
Total
revenues
|
63,005
|
|
63,930
|
|
66,690
|
Expenses
|
|
|
|
|
|
Employee compensation
and benefits
|
19,730
|
|
23,996
|
|
21,380
|
Distribution
expenses
|
12,307
|
|
12,651
|
|
13,241
|
Marketing and sales
promotion
|
4,666
|
|
3,705
|
|
3,939
|
General and
administrative
|
9,668
|
|
9,502
|
|
9,726
|
Total operating
expenses
|
46,371
|
|
49,854
|
|
48,286
|
Operating
income
|
16,634
|
|
14,076
|
|
18,404
|
Non-operating
income
|
9,004
|
|
118
|
|
691
|
Income before income
tax provision
|
25,638
|
|
14,194
|
|
19,095
|
Income tax
provision
|
2,046
|
|
1,362
|
|
2,575
|
Net
income
|
23,592
|
|
12,832
|
|
16,520
|
Net income
attributable to non-controlling interest in Calamos Investments
LLC
|
(17,183)
|
|
(10,630)
|
|
(15,262)
|
Net (income) loss
attributable to redeemable non-controlling interest in partnership
investments
|
(3,181)
|
|
(63)
|
|
583
|
Net income
attributable to CAM
|
$3,228
|
|
$2,139
|
|
$1,841
|
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
|
|
Basic
|
$0.18
|
|
$0.11
|
|
$0.09
|
Diluted
|
$0.17
|
|
$0.11
|
|
$0.09
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
Basic
|
18,243,363
|
|
19,079,163
|
|
20,030,571
|
Diluted
|
19,048,456
|
|
19,805,828
|
|
20,661,447
|
|
|
|
|
|
|
Supplemental
Information:
|
|
|
|
|
|
Non-GAAP net income
attributable to CAM
|
$4,233
|
|
$3,913
|
|
$4,542
|
Non-GAAP diluted
earnings per share
|
$0.22
|
|
$0.20
|
|
$0.22
|
|
|
|
|
|
|
Calamos Asset
Management, Inc.
Assets Under
Management (excluding Assets Under Advisement)
(in
millions)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
Open-end
Funds
|
|
|
|
|
|
Beginning Assets Under
Management
|
$16,009
|
|
$16,128
|
|
$16,825
|
Sales
|
947
|
|
1,213
|
|
1,112
|
Redemptions
|
(1,328)
|
|
(1,416)
|
|
(2,642)
|
Market appreciation
(depreciation)
|
444
|
|
84
|
|
(144)
|
Ending Assets
Under Management
|
16,072
|
|
16,009
|
|
15,151
|
Average Assets
Under Management
|
15,835
|
|
16,017
|
|
16,109
|
Closed-end
Funds
|
|
|
|
|
|
Beginning Assets Under
Management
|
6,337
|
|
6,266
|
|
5,734
|
Sales
|
44
|
|
8
|
|
222
|
Market appreciation
(depreciation)
|
130
|
|
63
|
|
(128)
|
Ending Assets
Under Management
|
6,511
|
|
6,337
|
|
5,828
|
Average Assets
Under Management
|
6,329
|
|
6,290
|
|
5,824
|
Institutional
Accounts
|
|
|
|
|
|
Beginning Assets Under
Management
|
2,757
|
|
3,081
|
|
4,646
|
Sales
|
64
|
|
93
|
|
97
|
Redemptions
|
(704)
|
|
(452)
|
|
(850)
|
Market appreciation
(depreciation)
|
78
|
|
35
|
|
(70)
|
Ending Assets
Under Management
|
2,195
|
|
2,757
|
|
3,823
|
Average Assets
Under Management
|
2,392
|
|
2,883
|
|
4,187
|
Managed
Accounts
|
|
|
|
|
|
Beginning Assets Under
Management
|
1,044
|
|
1,068
|
|
1,120
|
Sales
|
22
|
|
19
|
|
16
|
Redemptions
|
(117)
|
|
(39)
|
|
(151)
|
Market appreciation
(depreciation)
|
28
|
|
(4)
|
|
10
|
Ending Assets
Under Management
|
977
|
|
1,044
|
|
995
|
Average Assets
Under Management
|
1,010
|
|
1,052
|
|
1,072
|
Total Assets Under
Management
|
|
|
|
|
|
Beginning Assets Under
Management
|
26,147
|
|
26,543
|
|
28,325
|
Sales
|
1,077
|
|
1,333
|
|
1,447
|
Redemptions
|
(2,149)
|
|
(1,907)
|
|
(3,643)
|
Market appreciation
(depreciation)
|
680
|
|
178
|
|
(332)
|
Ending Assets
Under Management
|
$25,755
|
|
$26,147
|
|
$25,797
|
Average Assets
Under Management
|
$25,566
|
|
$26,242
|
|
$27,192
|
|
|
|
|
|
|
Ending Assets
Under Management by
Strategy7
|
|
|
|
|
|
U.S. Growth
|
$8,522
|
|
$9,090
|
|
$9,483
|
Global
Growth
|
3,437
|
|
3,831
|
|
4,935
|
Convertible
|
2,430
|
|
2,332
|
|
2,060
|
Fixed Income/High
Yield
|
469
|
|
478
|
|
536
|
Alternative
|
4,224
|
|
3,921
|
|
2,857
|
Value
|
162
|
|
157
|
|
98
|
Multi-Strategy
(Closed-end Funds)
|
6,511
|
|
6,338
|
|
5,828
|
Ending Assets
Under Management
|
$25,755
|
|
$26,147
|
|
$25,797
|
Table
A
Calamos Asset
Management, Inc.
Reconciliation of
GAAP to Non-GAAP Diluted Earnings Per Share
(in thousands,
except share data)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
GAAP net income
attributable to CAM
|
$3,228
|
|
$2,139
|
|
$1,841
|
Adjustments:
|
|
|
|
|
|
Deferred tax
amortization on intangible assets
|
1,979
|
|
1,979
|
|
1,979
|
Increase in deferred
tax valuation allowance
|
-
|
|
-
|
|
900
|
Non-operating income,
net of taxes
|
(974)
|
|
(205)
|
|
(178)
|
Non-GAAP net income
attributable to CAM
|
$4,233
|
|
$3,913
|
|
$4,542
|
|
|
|
|
|
|
Diluted - Weighted
average shares outstanding
|
19,048,456
|
|
19,805,828
|
|
20,661,447
|
|
|
|
|
|
|
GAAP diluted earnings
per share
|
$0.17
|
|
$0.11
|
|
$0.09
|
Non-GAAP diluted
earnings per share
|
$0.22
|
|
$0.20
|
|
$0.22
|
Table A –
Notes
|
Calamos Asset
Management, Inc.
|
Notes to
Reconciliation of GAAP to Non-GAAP
|
|
The company provides
investors with certain adjusted, non-GAAP financial measures
including non-GAAP net income attributable to CAM and non-GAAP
diluted earnings per share. These non-GAAP financial measures are
provided to supplement the consolidated financial statements
presented on a GAAP basis. These non-GAAP financial measures adjust
GAAP financial measures to include the tax benefit from the
amortization of deferred taxes on intangible assets and to exclude
the change in deferred tax valuation allowance and CAM's
non-operating income, net of taxes. The company believes these
adjustments are appropriate to enhance an overall understanding of
operating financial performance, as well as to facilitate
comparisons with historical earnings results. These adjustments to
the company's GAAP results are made with the intent of providing
investors a more complete understanding of the company's
underlying earnings results and trends and marketplace performance.
In addition, these non-GAAP financial measures are among the
primary indicators management uses as a basis of managing the
company.
|
|
The presentation of
this additional information is not meant to be considered in
isolation or as a substitute for the directly comparable financial
measures prepared in accordance with GAAP. Investors should review
the reconciliations of the non-GAAP financial measures to their
most directly comparable GAAP financial measures as provided in
Table A.
|
|
Non-GAAP net income
attributable to CAM is calculated by adjusting the following items
from GAAP net income attributable to CAM:
|
|
(i) amortization of
deferred taxes on intangible assets associated with the election
under section 754 of the Internal Revenue Code of 1986, as amended
(Section 754 election);
|
|
(ii) change in
deferred tax valuation allowance; and
|
|
(iii) Non-operating
income, net of taxes.
|
|
Non-GAAP diluted
earnings per share is calculated by dividing non-GAAP net income
attributable to CAM by diluted weighted average shares
outstanding.
|
|
The deferred tax
assets from the Section 754 election allows for a quarterly
reduction of approximately $2.0 million in future income taxes owed
by the company through 2019, to the extent that a tax payable
exists during the quarter. As a result, this cash savings has
accrued solely for the benefit of the shareholders of the company's
common stock. The company believes that adjusting this item from
the calculation of the above non-GAAP items can be a useful measure
in allowing investors to see the company's performance. The change
in the allowance on the deferred tax asset is excluded from the
above non-GAAP items as it may fluctuate in future periods
affecting prior period comparisons. Non-operating income is
excluded from the above non-GAAP items as it can distort
comparisons between periods. As noted above, the company believes
that measures excluding these items are useful in analyzing
operating trends and allowing for more comparability between
periods, which may be useful to investors.
|
|
The company believes
that non-GAAP net income attributable to CAM and non-GAAP diluted
earnings per share are useful measures of performance and may be
useful to investors, because they provide measures of the company's
core business activities adjusting for items that are non-cash and
costs that may distort comparisons between periods. These measures
are provided in addition to the company's net income attributable
to CAM and diluted earnings per share calculated under GAAP, but
are not substitutes for those calculations.
|
Table
B
Calamos Asset
Management, Inc.
Non-Operating
Income, Net of Redeemable Non-Controlling Interest in Partnership
Investments
(in
thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
Interest
income
|
$50
|
|
$39
|
|
$73
|
Interest
expense
|
(1,510)
|
|
(1,504)
|
|
(1,505)
|
Net interest
expense
|
(1,460)
|
|
(1,465)
|
|
(1,432)
|
|
|
|
|
|
|
Investment
income
|
10,259
|
|
1,520
|
|
2,042
|
Miscellaneous other
income
|
205
|
|
63
|
|
81
|
Investment and other
income
|
10,464
|
|
1,583
|
|
2,123
|
Non-operating income
(GAAP)
|
9,004
|
|
118
|
|
691
|
|
|
|
|
|
|
Net (income) loss
attributable to redeemable non-controlling interest in partnership
investments
|
(3,181)
|
|
(63)
|
|
583
|
|
|
|
|
|
|
Non-GAAP non-operating
income, net of redeemable non-controlling interest in partnership
investments
|
$5,823
|
|
$55
|
|
$1,274
|
Table
C
Calamos Asset
Management, Inc.
Summary of
Corporate Investment Portfolio Returns
(in
thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
Returns reflected
in earnings
|
|
|
|
|
|
Investment
income
|
$10,259
|
|
$1,520
|
|
$2,042
|
Net (income) loss
attributable to redeemable non-controlling interest in partnership
investments
|
(3,181)
|
|
(63)
|
|
583
|
|
|
|
|
|
|
Returns reflected
in equity
|
|
|
|
|
|
Net unrealized gain
(loss) reported in equity, inclusive of non-controlling
interest
|
3,342
|
|
1,702
|
|
(11,519)
|
Total corporate
investment portfolio returns
|
$10,420
|
|
$3,159
|
|
$(8,894)
|
Average corporate
portfolio
|
$386,932
|
|
$417,172
|
|
$389,466
|
Total corporate
investment portfolio returns
|
2.7%
|
|
0.8%
|
|
(2.3)%
|
Table
D
Calamos Asset
Management, Inc
Effective Income
Tax Rate
(in
thousands)
(Unaudited)
|
|
|
|
Three Months
Ended
|
|
June
30,
|
|
March
31,
|
|
June
30,
|
|
2014
|
|
2014
|
|
2013
|
|
|
|
|
|
|
Income tax
provision
|
$2,046
|
|
$1,362
|
|
$2,575
|
Income tax provision
attributable to non-controlling interest in Calamos Investments
LLC
|
(34)
|
|
(45)
|
|
(16)
|
Income tax provision
attributable to CAM
|
2,012
|
|
1,317
|
|
2,559
|
Net income
attributable to CAM
|
3,228
|
|
2,139
|
|
1,841
|
Income before
taxes attributable to CAM
|
$5,240
|
|
$3,456
|
|
$4,400
|
CAM's effective
income tax rate8
|
38.4%
|
|
38.1%
|
|
58.2%
|
1
|
See Table A for a
more detailed description of non-GAAP financial measures, how they
may be useful to management and investors in evaluating the
company, how they may differ from non-GAAP financial measures
disclosed by other companies, and a reconciliation of such adjusted
measures to the most related GAAP financial measures.
|
2
|
Assets Under
Management do not include $781 million, $791 million, $834 million,
and $837 million as of June 30, 2014, March 31, 2014, December 31,
2013, and June 30, 2013, respectively, of assets under advisement
for which the company provides model portfolio design and
oversight.
|
3
|
Common stock
purchased under our share repurchase program was by Calamos
Investments LLC and not directly for the individual, personal
accounts of John P. Calamos, Sr.
|
4
|
Past performance is
not a guarantee of future results. See Forward-Looking Statements
& Important Risk Disclosures.
|
5
|
See Forward-Looking
Statements & Important Risk Disclosures.
|
6
|
Management believes
non-operating income, net of redeemable non-controlling interest in
partnership investments provides comparability of this information
among reporting periods and is an effective measure for reviewing
the company's non-operating contribution to its results.
|
7
|
Prior period assets
by strategy have been reclassified.
|
8
|
The income tax
provision for the three months ended June 30, 2013 includes an
increase in the valuation allowance of $900,000. Excluding this
allowance, CAM's effective income tax rate would be
37.7%.
|
SOURCE Calamos Asset Management, Inc.