| FOR IMMEDIATE RELEASE Rye, NY July 24, 2000
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Gabelli Asset Management Inc. (NYSE: "GBL") today reported record results for the second quarter and six months ended June 30, 2000.
Total revenues rose 34% to $57.1 million versus $42.6 million in the second quarter of 1999. Operating income climbed 48% to $24.9 million from $16.8 million in the prior year as GBL's operating margins improved to 43.6% in the second quarter of 2000 versus 39.5% in the second quarter of 1999. Net income jumped 22% to $14.3 million versus $11.7 million in the second quarter of 1999. Earnings were up 23% to $0.48 per share for the second quarter of 2000 versus $0.39 per share in 1999.
In the first six months of 2000 revenues were $114.9 million an increase of 40% from revenues of $82.3 million in the same period a year earlier. Net income rose 35% to $28.3 million versus $20.9 million for the first half of 1999. Earnings were $0.95 per share in the first half of 2000 compared to $0.70 per share in 1999, up 36%.
Revenue and operating earnings growth are driven by the growth in assets under management. During the second quarter of 2000, assets under management averaged $22.6 billion, 24% higher than the $18.2 billion in average assets managed during the second quarter of 1999. Average assets in our open end equity mutual funds climbed 46% to $9.2 billion in 2000 versus $6.3 billion in the 1999 quarter. At June 30, 2000, total assets under management were $23.3 billion.
Forward Looking Information
This release contains forward-looking statements about future operations, results and performance, which involve risks and uncertainties that may cause the actual operations, results or performance to differ materially from those expressed in or implied by the forward-looking statements. These risks and uncertainties include the performance of the securities markets and the Company's investment products, future economic conditions, changes in business strategy and other factors. Consequently, no assurance can be given as to future operations, results or performance, and neither the Company nor any other person assumes liability for the accuracy and completeness of the forward-looking statements in this release.