Calamos Asset Management Inc. (CLMS, Financial) filed Quarterly Report for the period ended 2009-09-30.
Calamos Asset Management Inc. provides investment advisory services through its subsidiaries to institutions and individuals principally in the United States. The company applies a proprietary investment process centered on risk management across an expanding range of investment strategies within the equity balanced convertible high yield and alternative investment classes. Calamos Asset Management Inc. has a market cap of $208.6 million; its shares were traded at around $10.63 with and P/S ratio of 0.5. The dividend yield of Calamos Asset Management Inc. stocks is 2.1%.
During the nine months ended September 30, 2009, net purchases in our mutual funds of $95 million represent a favorable change of $1.8 billion from net redemptions of $1.7 billion in the first three quarters of 2008. This improvement was primarily due to an increase of $1.6 billion in net purchases of our Convertible Fund, as well as to improving net purchases into our high yield, defensive equity and fixed income funds. Mutual funds were positively impacted by market appreciation of $5.3 billion during the nine months ended September 30, 2009 compared to market depreciation of $8.2 billion during the nine months ended September 30, 2008.
Separate accounts had net redemptions of $302 million and $710 million during the third quarter and year-to-date periods ended September 30, 2009, respectively, compared to net redemptions of $360 million and $171 million during the prior-year periods due to outflows within our managed accounts where the convertible strategy remains closed to new investments. Separate accounts were positively impacted by market appreciation of $960 million and $1.9 billion during the three and nine months ended September 30, 2009, respectively, compared to market depreciation of $1.7 billion and $2.7 billion for the respective periods in 2008.
Operating income was $27.4 million and $61.9 million for the three and nine months ended September 30, 2009, respectively, compared with $44.1 million and $137.7 million for the same periods a year ago. Operating margin was 37.1% and 31.0% for the third quarter and first nine months of 2009 compared to 43.3% and 42.4% for the year-earlier periods.
Non-operating activities, net of non-controlling interests reduced income by $8.1 million and $3.9 million for the three and nine months ended September 30, 2009, respectively, and reduced income by $51.0 million and $75.5 million for the same periods a year ago. Changes in non-operating activities were due primarily to unrealized gains in the investment portfolio for 2009 versus unrealized losses for 2008. The reduction of interest expense in 2009 as a result of the repayment of long-term debt in December 2008 further contributed to this improvement.
Total revenues decreased by $28.0 million, or 28%, to $73.8 million for the three months ended September 30, 2009 from $101.8 million for the prior year. For the nine months ended September 30, 2009, total revenues decreased by $124.3 million, or 38%, to $200.4 million from $324.7 million for the
Read the The complete ReportCLMS is in the portfolios of John Keeley of Keeley Fund Management.
Calamos Asset Management Inc. provides investment advisory services through its subsidiaries to institutions and individuals principally in the United States. The company applies a proprietary investment process centered on risk management across an expanding range of investment strategies within the equity balanced convertible high yield and alternative investment classes. Calamos Asset Management Inc. has a market cap of $208.6 million; its shares were traded at around $10.63 with and P/S ratio of 0.5. The dividend yield of Calamos Asset Management Inc. stocks is 2.1%.
Highlight of Business Operations:
Assets under management decreased by $2.8 billion, or 8%, to $30.5 billion at September 30, 2009 from $33.3 billion at September 30, 2008. Our assets under management consisted of 75% mutual funds and 25% separate accounts at September 30, 2008 and 2009.During the nine months ended September 30, 2009, net purchases in our mutual funds of $95 million represent a favorable change of $1.8 billion from net redemptions of $1.7 billion in the first three quarters of 2008. This improvement was primarily due to an increase of $1.6 billion in net purchases of our Convertible Fund, as well as to improving net purchases into our high yield, defensive equity and fixed income funds. Mutual funds were positively impacted by market appreciation of $5.3 billion during the nine months ended September 30, 2009 compared to market depreciation of $8.2 billion during the nine months ended September 30, 2008.
Separate accounts had net redemptions of $302 million and $710 million during the third quarter and year-to-date periods ended September 30, 2009, respectively, compared to net redemptions of $360 million and $171 million during the prior-year periods due to outflows within our managed accounts where the convertible strategy remains closed to new investments. Separate accounts were positively impacted by market appreciation of $960 million and $1.9 billion during the three and nine months ended September 30, 2009, respectively, compared to market depreciation of $1.7 billion and $2.7 billion for the respective periods in 2008.
Operating income was $27.4 million and $61.9 million for the three and nine months ended September 30, 2009, respectively, compared with $44.1 million and $137.7 million for the same periods a year ago. Operating margin was 37.1% and 31.0% for the third quarter and first nine months of 2009 compared to 43.3% and 42.4% for the year-earlier periods.
Non-operating activities, net of non-controlling interests reduced income by $8.1 million and $3.9 million for the three and nine months ended September 30, 2009, respectively, and reduced income by $51.0 million and $75.5 million for the same periods a year ago. Changes in non-operating activities were due primarily to unrealized gains in the investment portfolio for 2009 versus unrealized losses for 2008. The reduction of interest expense in 2009 as a result of the repayment of long-term debt in December 2008 further contributed to this improvement.
Total revenues decreased by $28.0 million, or 28%, to $73.8 million for the three months ended September 30, 2009 from $101.8 million for the prior year. For the nine months ended September 30, 2009, total revenues decreased by $124.3 million, or 38%, to $200.4 million from $324.7 million for the
Read the The complete ReportCLMS is in the portfolios of John Keeley of Keeley Fund Management.
