Delaware
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0-51003
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32-0122554
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(State or Other Jurisdiction
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(Commission File Number)
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(I.R.S. Employer
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of Incorporation)
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Identification No.)
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2020 Calamos Court
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Naperville, Illinois
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60563
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(Address of Principal Executive Offices)
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(Zip Code)
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o
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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o
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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o
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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CALAMOS ASSET MANAGEMENT, INC.
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||||||
Date: May 7, 2013
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By:
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/s/ J. Christopher Jackson
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J. Christopher Jackson
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Senior Vice President,
General Counsel and Secretary
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||||||
Exhibit Number
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Description
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99.1
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May 7, 2013 press release issued by the Corporation reporting results for the first quarter of 2013.
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·
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Non-GAAP diluted earnings per share was $0.24 for the first quarter compared to $0.32 in the previous quarter and $0.30 in the first quarter of 2012.1 Non-GAAP net income attributable to Calamos Asset Management, Inc. (CAM) was $5.1 million for the quarter compared to $6.6 million last quarter and $6.3 million a year ago.
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·
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GAAP diluted earnings per share was $0.16 for the first quarter compared to $0.22 per share in the previous quarter and $0.34 in the first quarter of last year. Net income attributable to CAM was $3.2 million for the quarter compared to $4.6 million last quarter and $7.0 million a year ago.
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·
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Revenues for the current quarter were $71.0 million compared to $76.9 million in the previous quarter and $85.3 million in the same quarter of the prior year.
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·
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Operating margin was 31.2% for the first quarter, 36.5% in the previous quarter and 36.4% in the first quarter of 2012.
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·
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Total Assets2 were $29.3 billion at March 31, 2013, a decrease from $30.6 billion at the end of last quarter and a decrease from $36.2 billion at March 31, 2012.
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·
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Net flows were negative $2.5 billion for the quarter.
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·
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As part of the share repurchase program, Calamos Investments LLC (Calamos Investments) repurchased 312,469 shares of CAM’s common stock during the quarter.
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·
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The Board of Directors of CAM declared a regular quarterly dividend of 12.5 cents per share payable on June 3, 2013 to shareholders of record on May 20, 2013.
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Three Months Ended
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|||||
March 31,
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December 31,
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March 31,
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|||
2013
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2012
|
2012
|
|||
Ending Total Assets (in millions)
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$29,264
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$30,580
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$36,217
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||
Average Total Assets (in millions)
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$30,172
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$32,269
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$35,103
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||
Net Flows (in millions)
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$(2,523)
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$(3,126)
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$164
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||
(in thousands, except earnings per share)
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|||||
Total revenues
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$70,953
|
$76,877
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$85,276
|
||
Total operating expenses
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$48,838
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$48,796
|
$54,223
|
||
Operating income
|
$22,115
|
$28,081
|
$31,053
|
||
Operating margin
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31.2%
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36.5%
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36.4%
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||
Net income attributable to CAM
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$3,234
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$4,606
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$7,039
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||
Non-GAAP net income attributable to CAM
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$5,061
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$6,576
|
$6,252
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||
Diluted earnings per share
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$0.16
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$0.22
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$0.34
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Non-GAAP diluted earnings per share
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$0.24
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$0.32
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$0.30
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·
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Net flows for the quarter were negative $2.5 billion, comprised primarily from U.S. growth strategies and low-volatility equity strategies.
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·
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Market appreciation for the quarter was $1.2 billion.
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·
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The company’s funds experienced net outflows of $1.6 billion for the quarter.
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·
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Separate accounts had $879 million of net outflows for the quarter.
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·
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The company’s alternative strategies had net inflows of $160 million, and the global and international equity strategies had net inflows of $104 million for the quarter.
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·
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Average Total Assets were $30.2 billion during the first quarter of 2013 compared to $35.1 billion one year ago.
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Three Months Ended
March 31,
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|||
2013
|
2012
|
||
Revenues:
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|||
Investment management fees
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$55,942
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$65,987
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Distribution and underwriting fees
|
14,328
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18,506
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Other
|
683
|
783
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Total revenues
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70,953
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85,276
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Expenses:
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|||
Employee compensation and benefits
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22,565
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22,203
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Distribution expenses3
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13,931
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17,481
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Marketing and sales promotion
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3,389
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4,426
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General and administrative
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8,953
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10,113
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Total operating expenses
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48,838
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54,223
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Operating income
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22,115
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31,053
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Non-operating income
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1,800
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21,654
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Income before income tax provision
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23,915
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52,707
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Income tax provision
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1,976
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4,284
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Net income
|
21,939
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48,423
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Net income attributable to non-controlling interest in Calamos Investments LLC
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(17,997)
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(39,778)
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Net income attributable to non-controlling interest in partnership investments
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(708)
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(1,606)
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Net income attributable to CAM
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$3,234
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$ 7,039
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Earnings per share:
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|||
Basic
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$0.16
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$0.35
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Diluted
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$0.16
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$0.34
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Weighted average shares outstanding:
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|||
Basic
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20,301,373
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20,233,205
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Diluted
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20,836,996
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20,650,379
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Supplemental Information:
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|||
Non-GAAP net income attributable to CAM
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$5,061
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$6,252
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Non-GAAP diluted earnings per share
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$0.24
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$0.30
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Three Months Ended March 31,
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||||
2013
|
2012
|
|||
Funds
|
||||
Beginning total assets
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$23,329
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$25,045
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||
Net redemptions
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(1,644)
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(32)
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Market appreciation
|
874
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2,422
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Ending total assets
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22,559
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27,435
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||
Average total assets
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23,163
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26,700
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Separate Accounts
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||||
Beginning total assets
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7,251
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7,732
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Net sales (redemptions)
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(879)
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196
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Market appreciation
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333
|
854
|
||
Ending total assets
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6,705
|
8,782
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||
Average total assets
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7,009
|
8,403
|
||
Total Assets
|
||||
Beginning total assets
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30,580
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32,777
|
||
Net sales (redemptions)
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(2,523)
|
164
|
||
Market appreciation
|
1,207
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3,276
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Ending total assets
|
29,264
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36,217
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||
Average total assets
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$30,172
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$35,103
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At March 31,
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Change
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||||||
2013
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2012
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Amount
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Percent
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||||
Funds
|
|||||||
Open-end funds
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$16,825
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$21,872
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$(5,047)
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(23%)
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|||
Closed-end funds
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5,734
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5,563
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171
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3
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Total funds
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22,559
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27,435
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(4,876)
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(18)
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|||
Separate Accounts
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|||||||
Institutional accounts
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4,646
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6,291
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(1,645)
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(26)
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Managed accounts
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2,059
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2,491
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(432)
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(17)
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|||
Total separate accounts
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6,705
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8,782
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(2,077)
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(24)
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Ending total assets
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$29,264
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$36,217
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$(6,953)
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(19%)
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At March 31,
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Change
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||||||
2013
|
2012
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Amount
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Percent
|
||||
Assets by Strategy4
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|||||||
Equity
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$11,043
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$13,915
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$(2,872)
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(21%)
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|||
Low-volatility Equity
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6,929
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9,648
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(2,719)
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(28)
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|||
Convertible
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2,249
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4,004
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(1,755)
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(44)
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|||
Enhanced Fixed Income
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3,259
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3,151
|
108
|
3
|
|||
Alternative
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2,696
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2,485
|
211
|
8
|
|||
Total Return
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2,475
|
2,412
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63
|
3
|
|||
High Yield
|
399
|
373
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26
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7
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|||
Fixed Income
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214
|
229
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(15)
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(7)
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|||
Ending total assets
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$29,264
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$36,217
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$(6,953)
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(19%)
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Three Months Ended
|
|||||
March 31,
2013
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December 31,
2012
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March 31,
2012
|
|||
Net income attributable to CAM (GAAP)
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$3,234
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$4,606
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$7,039
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Adjustments:
|
|||||
Deferred tax amortization on intangible assets
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1,979
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1,979
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1,979
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||
Non-operating income, net of taxes
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(152)
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(9)
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(2,766)
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||
Non-GAAP net income attributable to CAM
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$5,061
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$6,576
|
$6,252
|
||
Diluted - Weighted average shares outstanding
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20,836,996
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20,792,516
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20,650,379
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Diluted earnings per share (GAAP)
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$0.16
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$0.22
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$0.34
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Non-GAAP diluted earnings per share
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$0.24
|
$0.32
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$0.30
|
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Three Months Ended March 31,
|
||||
2013
|
2012
|
|||
Interest income
|
$87
|
$88
|
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Interest expense
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(1,506)
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(1,504)
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Net interest expense
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(1,419)
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(1,416)
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Investment income
|
3,176
|
22,983
|
||
Miscellaneous other income
|
43
|
87
|
||
Investment and other income
|
3,219
|
23,070
|
||
Non-operating income
|
1,800
|
21,654
|
||
Net income attributable to non-controlling interest in partnership investments
|
(708)
|
(1,606)
|
||
Non-operating income, net of non-controlling interest in partnership investments
|
$1,092
|
$20,048
|
Three Months Ended March 31,
|
||||
2013
|
2012
|
|||
Returns reflected in earnings:
|
||||
Investment income
|
$3,176
|
$22,983
|
||
Net income attributable to non-controlling interest in partnership investments
|
(708)
|
(1,606)
|
||
Returns reflected in equity:
|
||||
Net unrealized gain reported in equity, inclusive of non-controlling interest
|
6,327
|
2,813
|
||
Total corporate investment portfolio returns
|
$8,795
|
$24,190
|
||
Average corporate portfolio
|
$383,064
|
$332,205
|
||
Total corporate investment portfolio returns
|
2.3%
|
7.3%
|
Three Months Ended March 31,
|
||||
2013
|
2012
|
|||
Income tax provision
|
$1,976
|
$4,284
|
||
Income tax provision attributable to non-controlling interest in Calamos Investments LLC
|
(31)
|
(72)
|
||
Income tax provision attributable to CAM
|
1,945
|
4,212
|
||
Net income attributable to CAM
|
3,234
|
7,039
|
||
Income before taxes attributable to CAM
|
$5,179
|
$11,251
|
||
CAM’s effective income tax rate
|
37.6%
|
37.4%
|