Delaware
|
0-51003
|
32-0122554
|
||
(State or Other Jurisdiction
|
(Commission File Number)
|
(I.R.S. Employer
|
||
of Incorporation)
|
Identification No.)
|
2020 Calamos Court
|
||
Naperville, Illinois
|
60563
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
CALAMOS ASSET MANAGEMENT, INC.
|
||||||
Date: February 2, 2012
|
By:
|
/s/ J. Christopher Jackson
|
||||
J. Christopher Jackson
|
||||||
Senior Vice President,
|
||||||
General Counsel and Secretary
|
Exhibit Number
|
Description
|
|
99.1
|
February 2, 2012 press release issued by the Corporation reporting results for the fourth quarter of 2011.
|
·
|
Non-GAAP diluted earnings per share was $0.30, compared to $0.32 per share last quarter and $0.34 per share a year ago.1 Non-GAAP net income attributed to Calamos Asset Management, Inc. (CAM) was $6.1 million compared to $6.6 million last quarter and $6.9 million a year ago. These non-GAAP measures provide additional transparency in evaluating the operations of the company’s core asset management business.
|
·
|
GAAP diluted earnings per share for the fourth quarter was reduced to $0.00, due primarily to a non-operating charge of $4.0 million, or $0.19 per share, related to an increase in the company’s deferred tax valuation allowance attributable to CAM’s capital loss carryforwards from 2008 and 2009. GAAP diluted earnings per share was $0.00 compared to $0.22 per share last quarter and $0.28 per share in the fourth quarter of last year.
|
·
|
CAM’s Board of Directors declared a regular quarterly dividend of 9.5 cents per share, payable on March 6, 2012 to shareholders of record on February 21, 2012.
|
·
|
Revenues for the quarter decreased by 5% to $82.4 million from $86.5 million in the previous quarter and decreased by 4% from $86.0 million in the fourth quarter of 2010.
|
·
|
Operating income was $31.0 million, a 5% decrease from $32.7 million in the previous quarter and a 13% decrease from $35.7 million in the same period of the prior year.
|
·
|
Operating margin was 37.6% for the current quarter, down from 37.8% in the previous quarter and down from 41.5% in the fourth quarter of 2010.
|
·
|
Assets under management were $32.8 billion at December 31, 2011, a 3% increase from $31.8 billion at the end of the third quarter and a 7% decrease from $35.4 billion at the end of 2010.
|
Three Months Ended
|
|||||
December 31, 2011
|
September 30, 2011
|
December 31, 2010
|
|||
Total revenues
|
$82,366
|
$86,483
|
$86,024
|
||
Total operating expenses
|
51,411
|
53,752
|
50,307
|
||
Operating income
|
30,955
|
32,731
|
35,717
|
||
Operating margin
|
37.6%
|
37.8%
|
41.5%
|
||
Net income (loss) attributed to CAM
|
$(64)
|
$4,609
|
$5,754
|
||
Non-GAAP net income attributed to CAM
|
$6,148
|
$6,646
|
$6,852
|
||
Diluted earnings per share
|
$0.00
|
$0.22
|
$0.28
|
||
Non-GAAP diluted earnings per share
|
$0.30
|
$0.32
|
$0.34
|
·
|
The majority of Calamos open-end mutual funds rank in the upper half of their respective Lipper2 categories for the 1-, 3-, 5-, 10-, 15-year and Since Inception periods as of December 31, 2011.
|
Period ended December 31, 2011
|
||||||
1 Year
|
3 Years
|
5 Years
|
10 Years
|
15 Years
|
Since Inception
|
|
Percent of Calamos open-end mutual funds in upper half of their respective Lipper category
|
61.5%
|
58.3%
|
55.6%
|
100%
|
100%
|
84.6%
|
·
|
In December 2011, Citywire named both John Calamos, Sr. and Nick Calamos to their list of “Euro Star” fund managers in both the global equity and the North American equity categories3.
|
·
|
Average assets under management were $33.2 billion during the fourth quarter of 2011, compared to $33.9 billion for the same period one year ago.
|
·
|
Average assets under management were $35.7 billion during the twelve months ended December 31, 2011, compared to $32.2 billion for the same period one year ago.
|
·
|
Total net outflows for the quarter were $514 million while market appreciation contributed $1.5 billion to the increase in assets under management.
|
·
|
The company’s funds had $404 million in net outflows for the quarter and $909 million of net outflows for the year which were primarily driven by net outflows from the Convertible Fund and Growth Fund.
|
·
|
The global and international strategies of the company’s funds continued to see positive flows with $209 million of net inflows for the quarter bringing their year-to-date net inflows to $716 million for the year.
|
·
|
UCITS funds generated net inflows of $56 million for the quarter and $269 million of net inflows for the year.
|
·
|
Institutional separate accounts had $13 million of net outflows for the quarter and net inflows for the year of $163 million.
|
Three Months Ended
December 31,
|
Twelve Months Ended
December 31,
|
||||||
2011
|
2010
|
2011
|
2010
|
||||
Revenues:
|
|||||||
Investment management fees
|
$63,163
|
$63,699
|
$266,553
|
$238,308
|
|||
Distribution and underwriting fees
|
18,443
|
21,536
|
82,539
|
84,753
|
|||
Other
|
760
|
789
|
3,229
|
2,978
|
|||
Total revenues
|
82,366
|
86,024
|
352,321
|
326,039
|
|||
Expenses:
|
|||||||
Employee compensation and benefits
|
19,861
|
17,998
|
80,160
|
75,292
|
|||
Distribution expenses
|
15,675
|
17,318
|
68,981
|
66,493
|
|||
Amortization of deferred sales commissions
|
1,571
|
1,966
|
6,529
|
9,206
|
|||
Marketing and sales promotion
|
4,692
|
4,292
|
17,107
|
13,775
|
|||
General and administrative
|
9,612
|
8,733
|
39,195
|
34,772
|
|||
Total operating expenses
|
51,411
|
50,307
|
211,972
|
199,538
|
|||
Operating income
|
30,955
|
35,717
|
140,349
|
126,501
|
|||
Non-operating income (loss)
|
(2,199)
|
6,474
|
16,059
|
21,662
|
|||
Income before income tax provision
|
28,756
|
42,191
|
156,408
|
148,163
|
|||
Income tax provision
|
6,602
|
3,535
|
18,497
|
12,375
|
|||
Net income
|
22,154
|
38,656
|
137,911
|
135,788
|
|||
Net income attributable to non-controlling interest in Calamos Investments LLC
|
(22,683)
|
(32,893)
|
(122,501)
|
(115,788)
|
|||
Net (income) loss attributable to non-controlling interest in partnerships
|
465
|
(9)
|
460
|
(72)
|
|||
Net income (loss) attributable to CAM
|
$(64)
|
$ 5,754
|
$15,870
|
$19,928
|
|||
Earnings per share
|
|||||||
Basic
|
$0.00
|
$0.29
|
$0.79
|
$1.00
|
|||
Diluted
|
$0.00
|
$0.28
|
$0.77
|
$0.99
|
|||
Weighted average shares outstanding
|
|||||||
Basic
|
20,126,857
|
19,928,981
|
20,103,758
|
19,884,847
|
|||
Diluted
|
20,709,703
|
20,428,635
|
20,611,909
|
20,187,992
|
|||
Supplemental Information:
|
|||||||
Non-GAAP net income attributable to CAM
|
$6,148
|
$6,852
|
$27,297
|
$24,912
|
|||
Non-GAAP diluted earnings per share
|
$0.30
|
$0.34
|
$1.32
|
$1.23
|
|||
Three Months Ended December 31,
|
Twelve Months Ended
December 31,
|
||||||
2011
|
2010
|
2011
|
2010
|
||||
Funds
|
|||||||
Beginning assets under management
|
$24,313
|
$25,176
|
$27,352
|
$24,480
|
|||
Net purchases (redemptions)
|
(404)
|
278
|
(909)
|
(23)
|
|||
Market appreciation (depreciation)
|
1,136
|
1,898
|
(1,398)
|
2,895
|
|||
Ending assets under management
|
25,045
|
27,352
|
25,045
|
27,352
|
|||
Average assets under management
|
25,485
|
26,219
|
27,339
|
24,739
|
|||
Separate Accounts
|
|||||||
Beginning assets under management
|
7,464
|
7,388
|
8,062
|
8,234
|
|||
Net redemptions
|
(110)
|
(20)
|
(5)
|
(1,376)
|
|||
Market appreciation (depreciation)
|
378
|
694
|
(325)
|
1,204
|
|||
Ending assets under management
|
7,732
|
8,062
|
7,732
|
8,062
|
|||
Average assets under management
|
7,744
|
7,656
|
8,354
|
7,510
|
|||
Total Assets Under Management
|
|||||||
Beginning assets under management
|
31,777
|
32,564
|
35,414
|
32,714
|
|||
Net purchases (redemptions)
|
(514)
|
258
|
(914)
|
(1,399)
|
|||
Market appreciation (depreciation)
|
1,514
|
2,592
|
(1,723)
|
4,099
|
|||
Ending assets under management
|
32,777
|
35,414
|
32,777
|
35,414
|
|||
Average assets under management
|
$33,229
|
$33,875
|
$35,693
|
$32,249
|
At December 31,
|
Change
|
||||||
2011
|
2010
|
Amount
|
Percent
|
||||
Funds
|
|||||||
Open-end funds
|
$19,785
|
$22,049
|
$(2,264)
|
(10%)
|
|||
Closed-end funds
|
5,260
|
5,303
|
(43)
|
(1)
|
|||
Total funds
|
25,045
|
27,352
|
(2,307)
|
(8)
|
|||
Separate Accounts
|
|||||||
Institutional accounts
|
5,505
|
5,559
|
(54)
|
(1)
|
|||
Managed accounts
|
2,227
|
2,503
|
(276)
|
(11)
|
|||
Total separate accounts
|
7,732
|
8,062
|
(330)
|
(4)
|
|||
Ending assets under management
|
$32,777
|
$35,414
|
$(2,637)
|
(7%)
|
At December 31,
|
Change
|
||||||
2011
|
2010
|
Amount
|
Percent
|
||||
Assets by Strategy
|
|||||||
Equity
|
$11,518
|
$12,846
|
$ (1,328)
|
(10%)
|
|||
Low-volatility Equity
|
7,045
|
6,949
|
96
|
1
|
|||
Convertible
|
6,073
|
7,540
|
(1,467)
|
(19)
|
|||
Enhanced Fixed Income
|
3,005
|
2,960
|
45
|
2
|
|||
Total Return
|
2,255
|
2,343
|
(88)
|
(4)
|
|||
Alternative
|
2,320
|
2,200
|
120
|
5
|
|||
High Yield
|
333
|
358
|
(25)
|
(7)
|
|||
Fixed Income
|
228
|
218
|
10
|
5
|
|||
Ending assets under management
|
$32,777
|
$35,414
|
$(2,637)
|
(7%)
|
Three Months Ended
|
Twelve Months Ended
|
||||||||
December 31,
|
September 30,
|
December 31,
|
December 31,
|
December 31,
|
|||||
2011
|
2011
|
2010
|
2011
|
2010
|
|||||
Net income (loss) attributable to CAM (GAAP)
|
$(64)
|
$4,609
|
$5,754
|
$15,870
|
$19,928
|
||||
Exclude:
|
|||||||||
Deferred tax amortization on intangible assets
|
1,979
|
1,979
|
1,979
|
7,916
|
7,916
|
||||
Deferred tax valuation allowance
|
4,000
|
1,200
|
-
|
5,200
|
-
|
||||
Certain professional service fees, net of taxes
|
-
|
595
|
-
|
595
|
-
|
||||
Non-operating income, net of taxes
|
233
|
(1,737)
|
(881)
|
(2,284)
|
(2,932)
|
||||
Non-GAAP net income attributable to CAM
|
$6,148
|
$6,646
|
$6,852
|
$27,297
|
$24,912
|
||||
Diluted - Weighted average shares outstanding
|
20,709,703
|
20,636,776
|
20,428,635
|
20,611,909
|
20,187,992
|
||||
Diluted earnings per share (GAAP)
|
$0.00
|
$0.22
|
$0.28
|
$0.77
|
$0.99
|
||||
Non-GAAP diluted earnings per share
|
$0.30
|
$0.32
|
$0.34
|
$1.32
|
$1.23
|
||||
Three Months Ended December 31,
|
Twelve Months Ended
December 31,
|
||||||
2011
|
2010
|
2011
|
2010
|
||||
Interest income
|
$74
|
$73
|
$289
|
$379
|
|||
Interest expense
|
(1,503)
|
(1,951)
|
(6,650)
|
(7,801)
|
|||
Net interest expense
|
(1,429)
|
(1,878)
|
(6,361)
|
(7,422)
|
|||
Investment income (loss)
|
(823)
|
8,338
|
22,222
|
28,686
|
|||
Miscellaneous other income
|
53
|
14
|
198
|
398
|
|||
Investment and other income (loss)
|
(770)
|
8,352
|
22,420
|
29,084
|
|||
Non-operating income (loss)
|
(2,199)
|
6,474
|
16,059
|
21,662
|
|||
Net (income) loss attributable to non-controlling interest in partnerships
|
465
|
(9)
|
460
|
(72)
|
|||
Non-operating income (loss), net of non-controlling interest in partnerships
|
$(1,734)
|
$6,465
|
$16,519
|
$21,590
|
Three Months Ended December 31,
|
Twelve Months Ended
December 31,
|
||||||
2011
|
2010
|
2011
|
2010
|
||||
Returns reflected in earnings:
|
|||||||
Investment income (loss)
|
$(823)
|
$8,338
|
$22,222
|
$28,686
|
|||
Net (income) loss attributable to non-controlling interest in partnership investments
|
465
|
(9)
|
460
|
(72)
|
|||
Returns reflected in equity:
|
|||||||
Net unrealized gain (loss) reported in equity, inclusive of non-controlling interest
|
4,682
|
9,736
|
(46,550)
|
8,581
|
|||
Total investment portfolio returns
|
$4,324
|
$18,065
|
$(23,868)
|
$37,195
|
|||
Average investment securities owned
|
$334,491
|
$343,326
|
$353,106
|
$302,477
|
|||
Total corporate investment portfolio returns
|
1.3%
|
5.3%
|
(6.8)%
|
12.3%
|
Three Months Ended December 31,
|
Twelve Months Ended
December 31,
|
||||||
2011
|
2010
|
2011
|
2010
|
||||
Income tax provision
|
$6,602
|
$3,535
|
$18,497
|
$12,375
|
|||
Income tax provision attributable to non-controlling interest in Calamos Investments LLC
|
(138)
|
(121)
|
(570)
|
(517)
|
|||
Income tax provision attributable to CAM
|
6,464
|
3,414
|
17,927
|
11,858
|
|||
Net income (loss) attributable to CAM
|
(64)
|
5,754
|
15,870
|
19,928
|
|||
Income before taxes attributable to CAM
|
$6,400
|
$9,168
|
$33,797
|
$31,786
|
|||
CAM’s effective income tax rate4
|
101.0%
|
37.2%
|
53.0%
|
37.3%
|
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