ASSOCIATED CAPITAL GROUP, INC. Reports Fourth Quarter and Full Year Results
Associated Capital Group (AC) reported its Q4 and full-year 2024 financial results. Year-end Assets Under Management (AUM) were $1.25 billion, down from $1.59 billion in 2023, with net outflows of $363 million. The company's book value per share was $42.14 at year-end 2024, reflecting $2.20 per share in dividends paid.
Full-year 2024 revenues increased to $13.2 million from $12.7 million in 2023. Net income rose to $44.3 million ($2.08 per share) compared to $37.5 million ($1.72 per share) in 2023. The company's merger arbitrage strategy generated gross returns of 5.83% (3.82% net of fees) for 2024.
AC returned $58.6 million to shareholders through dividends and share repurchases in 2024, including the repurchase of 353,116 Class A shares for $11.8 million at an average price of $33.53 per share. The company also sold 1.15 million shares of GAMCO for proceeds of $30.4 million.
Associated Capital Group (AC) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024. Alla fine dell'anno, le Attività Sotto Gestione (AUM) ammontavano a 1,25 miliardi di dollari, in calo rispetto a 1,59 miliardi di dollari nel 2023, con deflussi netti di 363 milioni di dollari. Il valore contabile per azione della società era di 42,14 dollari alla fine del 2024, riflettendo 2,20 dollari per azione in dividendi pagati.
I ricavi totali del 2024 sono aumentati a 13,2 milioni di dollari rispetto ai 12,7 milioni di dollari nel 2023. L'utile netto è salito a 44,3 milioni di dollari (2,08 dollari per azione) rispetto ai 37,5 milioni di dollari (1,72 dollari per azione) nel 2023. La strategia di arbitraggio di fusione della società ha generato rendimenti lordi del 5,83% (3,82% netti di commissioni) per il 2024.
AC ha restituito 58,6 milioni di dollari agli azionisti attraverso dividendi e riacquisti di azioni nel 2024, incluso il riacquisto di 353.116 azioni di Classe A per 11,8 milioni di dollari a un prezzo medio di 33,53 dollari per azione. La società ha anche venduto 1,15 milioni di azioni di GAMCO per un introito di 30,4 milioni di dollari.
Associated Capital Group (AC) reportó sus resultados financieros del cuarto trimestre y del año completo 2024. Al final del año, los Activos Administrados (AUM) alcanzaron los 1.25 mil millones de dólares, por debajo de 1.59 mil millones de dólares en 2023, con salidas netas de 363 millones de dólares. El valor en libros por acción de la compañía fue de 42.14 dólares a finales de 2024, reflejando 2.20 dólares por acción en dividendos pagados.
Los ingresos del año completo 2024 aumentaron a 13.2 millones de dólares desde 12.7 millones de dólares en 2023. El ingreso neto subió a 44.3 millones de dólares (2.08 dólares por acción) en comparación con 37.5 millones de dólares (1.72 dólares por acción) en 2023. La estrategia de arbitraje de fusiones de la compañía generó rendimientos brutos del 5.83% (3.82% neto de comisiones) para 2024.
AC devolvió 58.6 millones de dólares a los accionistas a través de dividendos y recompras de acciones en 2024, incluyendo la recompra de 353,116 acciones clase A por 11.8 millones de dólares a un precio promedio de 33.53 dólares por acción. La compañía también vendió 1.15 millones de acciones de GAMCO por ingresos de 30.4 millones de dólares.
Associated Capital Group (AC)는 2024년 4분기 및 연간 재무 결과를 발표했습니다. 연말 기준 운용 자산(AUM)은 12억 5천만 달러로, 2023년 15억 9천만 달러에서 감소하였고, 순 유출액은 3억 6천 3백만 달러에 달했습니다. 회사의 연말 기준 주당 장부 가치는 42.14달러로, 주당 2.20달러의 배당금을 반영하고 있습니다.
2024년 연간 수익은 1,320만 달러로, 2023년의 1,270만 달러에서 증가했습니다. 순익은 4,430만 달러(주당 2.08달러)로 2023년의 3,750만 달러(주당 1.72달러)보다 증가했습니다. 회사의 합병 차익 거래 전략은 2024년 동안 수수료를 제외한 3.82%의 순수 수익률로 5.83%의 총 수익률을 생성했습니다.
AC는 2024년 동안 배당금 및 자사주 매입을 통해 주주에게 5,860만 달러를 반환했으며, 여기에는 평균 33.53달러의 가격으로 1,187만 달러에 353,116주의 A 클래스 주식을 매입한 것이 포함됩니다. 또한 회사는 1.15백만 주의 GAMCO 주식을 3,040만 달러에 매각했습니다.
Associated Capital Group (AC) a publié ses résultats financiers pour le quatrième trimestre et l'année 2024. À la fin de l'année, les Actifs Sous Gestion (AUM) s'élevaient à 1,25 milliard de dollars, en baisse par rapport à 1,59 milliard de dollars en 2023, avec des sorties nettes de 363 millions de dollars. La valeur comptable par action de la société était de 42,14 dollars à la fin de l'année 2024, reflétant des dividendes de 2,20 dollars par action versés.
Les revenus de l'année 2024 ont augmenté à 13,2 millions de dollars contre 12,7 millions de dollars en 2023. Le résultat net a augmenté à 44,3 millions de dollars (2,08 dollars par action) contre 37,5 millions de dollars (1,72 dollars par action) en 2023. La stratégie d'arbitrage de fusion de l'entreprise a généré un rendement brut de 5,83% (3,82% net de frais) pour 2024.
AC a restitué 58,6 millions de dollars aux actionnaires par le biais de dividendes et de rachats d'actions en 2024, y compris le rachat de 353 116 actions de Classe A pour un montant de 11,8 millions de dollars à un prix moyen de 33,53 dollars par action. L'entreprise a également vendu 1,15 million d'actions de GAMCO pour des recettes de 30,4 millions de dollars.
Associated Capital Group (AC) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht. Zum Jahresende beliefen sich die verwalteten Vermögenswerte (AUM) auf 1,25 Milliarden US-Dollar, ein Rückgang von 1,59 Milliarden US-Dollar im Jahr 2023, mit Nettomittelabflüssen von 363 Millionen US-Dollar. Der Buchwert pro Aktie des Unternehmens betrug zum Jahresende 2024 42,14 US-Dollar, was eine Ausschüttung von 2,20 US-Dollar pro Aktie widerspiegelt.
Die Jahresumsätze 2024 stiegen auf 13,2 Millionen US-Dollar von 12,7 Millionen US-Dollar im Jahr 2023. Der Nettogewinn stieg auf 44,3 Millionen US-Dollar (2,08 US-Dollar pro Aktie) im Vergleich zu 37,5 Millionen US-Dollar (1,72 US-Dollar pro Aktie) im Jahr 2023. Die Merger-Arbitrage-Strategie des Unternehmens erzielte für 2024 Bruttorenditen von 5,83% (netto 3,82% nach Gebühren).
Im Jahr 2024 gab AC 58,6 Millionen US-Dollar an die Aktionäre durch Dividenden und Aktienrückkäufe zurück, einschließlich des Rückkaufs von 353.116 A-Aktien für 11,8 Millionen US-Dollar zu einem durchschnittlichen Preis von 33,53 US-Dollar pro Aktie. Das Unternehmen verkaufte außerdem 1,15 Millionen Aktien von GAMCO und erzielte Erlöse von 30,4 Millionen US-Dollar.
- Net income increased to $44.3 million in 2024 from $37.5 million in 2023
- Annual revenues grew to $13.2 million from $12.7 million in 2023
- Merger arbitrage strategy maintained positive returns with 5.83% gross return in 2024
- Returned $58.6 million to shareholders through dividends and buybacks in 2024
- AUM declined to $1.25 billion from $1.59 billion in 2023
- Net outflows of $363 million during 2024
- Operating loss before management fee increased to $12.9 million from $11.5 million in 2023
Insights
The financial results reveal a company actively managing its capital structure while facing AUM challenges. The $343M decline in AUM to $1.25B was primarily driven by $363M in net outflows, particularly from the UCITS merger arbitrage strategy ($198M). However, the company's core merger arbitrage strategy maintained its impressive track record, delivering 5.83% gross returns (3.82% net) in 2024, marking positive returns in 38 of 40 years.
The company's financial position remains robust, with cash and investments of $40.78 per share. Net income improved to $44.3M (
Capital allocation strategy demonstrates a balanced approach:
- Strategic sale of 1.15M GAMCO shares generating
$30.4M - Returned
$58.6M to shareholders ($2.72 /share) through dividends and buybacks - Maintained shareholder-friendly policies with
$4.0M in charitable contributions
The M&A environment shows promising signs with global deal volume reaching
- Year-end AUM:
$1.25 billion at December 31, 2024 - Book Value was
$42.14 per share at year-end 2024 which reflects$2.20 per share of dividends paid vs. Book Value of$42.11 per share a year ago - Sold 1.15 million shares of GAMCO to GAMCO for proceeds of
$30.4 million - Ended 2024 with cash and investments of
$40.78 per share - Returned
$58.6 million , or$2.72 per share, to shareholders through dividends and share repurchases in 2024 - Completed shareholder-designated charitable contributions to 501(c)(3) organizations bringing the total to
$42 million since our 2015 spin-off
GREENWICH, Conn., Feb. 05, 2025 (GLOBE NEWSWIRE) -- Associated Capital Group, Inc. (“AC” or the “Company”), a diversified financial services company, today reported its financial results for the fourth quarter and full year-ended December 31, 2024.
| Financial Highlights – GAAP basis | ||||||||||||||||
| ($’s in 000’s except AUM and per share data) | ||||||||||||||||
| Fourth Quarter | Full Year | |||||||||||||||
| (Unaudited) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| AUM – end of period (in millions) | $ | 1,248 | $ | 1,591 | $ | 1,248 | $ | 1,591 | ||||||||
| AUM – average (in millions) | 1,291 | 1,581 | 1,410 | 1,659 | ||||||||||||
| Revenues | 5,154 | 5,636 | 13,175 | 12,683 | ||||||||||||
| Operating loss before management fee (Non-GAAP) | (3,059 | ) | (2,451 | ) | (12,883 | ) | (11,501 | ) | ||||||||
| Investment and other non-operating income, net | 4,372 | 26,672 | 71,488 | 63,812 | ||||||||||||
| Income before income taxes | 1,179 | 21,850 | 52,735 | 46,865 | ||||||||||||
| Net income | 4,280 | 16,342 | 44,328 | 37,451 | ||||||||||||
| Net income per share - basic and diluted | $ | 0.20 | $ | 0.76 | $ | 2.08 | $ | 1.72 | ||||||||
| Class A shares outstanding (000’s) | 2,234 | 2,587 | 2,234 | 2,587 | ||||||||||||
| Class B “ “ | 18,951 | 18,951 | 18,951 | 18,951 | ||||||||||||
| Total “ “ | 21,185 | 21,538 | 21,185 | 21,538 | ||||||||||||
| Book Value per share | $ | 42.14 | $ | 42.11 | $ | 42.14 | $ | 42.11 | ||||||||
Fourth Quarter Financial Data
- Assets under management ended the quarter at
$1.25 billion versus$1.34 billion at September 30, 2024. - At December 31, 2024, book value per share was
$42.14 per share, reflecting the$2.20 per share of dividends paid versus$42.11 per share at December 31, 2023.
Fourth Quarter Results
Fourth quarter revenues were
Starting in December 2023, the Company began recognizing
Total operating expenses, excluding management fee, were
Net investment and other non-operating income was
The fourth quarter of 2024 includes a Management fee of
Full Year Results
Revenues for the year ended 2024 were
For 2024, the operating loss before Management fee was
The full year 2024 net investment and other non-operating income was
In 2024, Management fee was
Our income tax rate for the year was
Assets Under Management (AUM)
Assets under management ended the year at
AUM since spin-off:
| December 31, | ||||||||||||||||||||||||||||||||||||||
| ($ in millions) | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||||||||||||||||||||
| Merger Arbitrage | $ | 1,003 | $ | 1,312 | $ | 1,588 | $ | 1,542 | $ | 1,126 | $ | 1,525 | $ | 1,342 | $ | 1,384 | $ | 1,076 | $ | 869 | ||||||||||||||||||
| Long/Short Value(a) | 209 | 244 | 222 | 195 | 180 | 132 | 118 | 91 | 133 | 145 | ||||||||||||||||||||||||||||
| Other | 36 | 35 | 32 | 44 | 45 | 59 | 60 | 66 | 63 | 66 | ||||||||||||||||||||||||||||
| Total AUM | $ | 1,248 | $ | 1,591 | $ | 1,842 | $ | 1,781 | $ | 1,351 | $ | 1,716 | $ | 1,520 | $ | 1,541 | $ | 1,272 | $ | 1,080 | ||||||||||||||||||
(a) Assets under management represent the assets invested in this strategy that are attributable to AC.
Alternative Investment Management
The alternative investment strategy offerings center around our merger arbitrage strategy, which has an absolute return focus of generating returns independent of the broad equity and fixed income markets. We also offer strategies utilizing fundamental, active, event-driven and special situations investments.
Merger Arbitrage
For the fourth quarter of 2024, our longest continuously offered fund in the merger arbitrage strategy generated gross returns of
| Full Year | ||||||||||||||||||||||||||||||||||||||
| Performance%(a) | 4Q '24 | 4Q '23 | 2024 | 2023 | 2022 | 2021 | 2020 | 5 Year(b) | Since 1985(b)(c) | |||||||||||||||||||||||||||||
| Merger Arb | ||||||||||||||||||||||||||||||||||||||
| Gross | 0.95 | 3.19 | 5.83 | 5.49 | 4.47 | 10.81 | 9.45 | 7.18 | 9.98 | |||||||||||||||||||||||||||||
| Net | 0.57 | 2.35 | 3.82 | 3.56 | 2.75 | 7.78 | 6.70 | 4.90 | 7.06 | |||||||||||||||||||||||||||||
(a) Net performance is net of fees and expenses, unless otherwise noted. Performance shown is for an actual fund in this strategy. The performance of other funds in this strategy may vary. Past performance is no guarantee of future results.
(b) Represents annualized returns through December 31, 2024
(c) Inception Date: February 1985
Since its inception in 1985, our longest continuously offered fund in the merger arbitrage strategy has consistently outperformed the return on 90-day T-Bills. The summary historical performance is as follows:
| Merger Arbitrage (1) | |||
| Percent Return (%) | |||
| Year | Gross Return | Net Return | 90 Day T-Bills |
| 2024 | 5.83 | 3.82 | 5.45 |
| 2023 | 5.49 | 3.56 | 5.26 |
| 2022 | 4.47 | 2.75 | 1.50 |
| 2021 | 10.81 | 7.78 | 0.05 |
| 2020 | 9.45 | 6.70 | 0.58 |
| 2019 | 8.55 | 5.98 | 2.25 |
| 2018 | 4.35 | 2.65 | 1.86 |
| 2017 | 4.69 | 2.92 | 0.84 |
| 2016 | 9.13 | 6.44 | 0.27 |
| 2015 | 5.33 | 3.43 | 0.03 |
| 2014 | 3.89 | 2.29 | 0.03 |
| 2013 | 5.33 | 3.43 | 0.05 |
| 2012 | 4.32 | 2.63 | 0.07 |
| 2011 | 4.89 | 3.07 | 0.08 |
| 2010 | 9.07 | 6.35 | 0.13 |
| 2009 | 12.40 | 9.15 | 0.16 |
| 2008 | 0.06 | -0.94 | 1.80 |
| 2007 | 6.39 | 4.26 | 4.74 |
| 2006 | 12.39 | 8.96 | 4.76 |
| 2005 | 9.40 | 6.63 | 3.00 |
| 2004 | 5.49 | 3.69 | 1.24 |
| 2003 | 8.90 | 6.26 | 1.07 |
| 2002 | 4.56 | 2.45 | 1.70 |
| 2001 | 7.11 | 4.56 | 4.09 |
| 2000 | 18.10 | 13.57 | 5.96 |
| 1999 | 16.61 | 12.31 | 4.74 |
| 1998 | 10.10 | 7.21 | 5.06 |
| 1997 | 12.69 | 9.21 | 5.25 |
| 1996 | 12.14 | 8.84 | 5.25 |
| 1995 | 14.06 | 10.27 | 5.75 |
| 1994 | 7.90 | 5.53 | 4.24 |
| 1993 | 12.29 | 8.91 | 3.09 |
| 1992 | 7.05 | 4.78 | 3.62 |
| 1991 | 12.00 | 8.76 | 5.75 |
| 1990 | 9.43 | 6.67 | 7.92 |
| 1989 | 23.00 | 17.55 | 8.63 |
| 1988 | 45.84 | 35.66 | 6.76 |
| 1987 | -13.67 | -14.54 | 5.90 |
| 1986 | 33.40 | 26.14 | 6.24 |
| 1985 | 30.47 | 22.64 | 7.82 |
| Average | 10.34 | 7.31 | 3.32 |
(1) The performance above refers to our longest continuously offered fund in the merger arbitrage strategy (net and gross returns). Net returns are net of management and incentive fees. Individual investment returns may differ due to timing of investment and other factors. Past performance is not indicative of future results.
Worldwide mergers and acquisitions (“M&A”) totaled
With the change at the White House and Congress we are seeing a “changing of the guard” with respect to several M&A – related regulatory appointments, some of which will have a material impact on M&A investing: most notably, the Chair of the U.S. Federal Trade Commission (“FTC”) and the U.S. Attorney General who heads The Department of Justice (“DOJ”). These changes are likely to facilitate an increase in deal activity as corporate sentiment shifts to move ahead with transformational transactions for their businesses.
The Merger Arbitrage strategy is offered by mandate and client type through partnerships and offshore corporations serving accredited as well as institutional investors. The strategy is also offered in separately managed accounts, a Luxembourg UCITS and a London Stock Exchange listed investment company, Gabelli Merger Plus+ Trust Plc (GMP-LN).
Acquisitions
Associated Capital Group's plan is to accelerate the use of its capital. We intend to leverage our research and investment capabilities by pursuing acquisitions and alliances that will broaden our product offerings and add new sources of distribution. In addition, we may make direct investments in operating businesses using a variety of techniques and structures to accomplish our objectives.
Giving Back to Society – (Y)our “S” in ESG
AC seeks to be a good corporate citizen by supporting our community through sponsoring local organizations. On August 7, 2024, the Board of Directors approved a
Shareholder Dividends and Buybacks
At its meeting on November 8, 2024, the Board of Directors declared a semi-annual dividend of
During the fourth quarter, AC repurchased 63,075 Class A shares, for
The Company intends to continue to repurchase additional shares, but share repurchases may vary from time to time and will take into account macroeconomic issues, market trends, and other factors that the Company deems appropriate.
Since our spin-off from GAMCO on November 30, 2015, AC has returned
At December 31, 2024, there were 2.234 million Class A shares and 18.951 million Class B shares outstanding.
About Associated Capital Group, Inc.
Associated Capital Group, Inc. (NYSE:AC), based in Greenwich, Connecticut, is a diversified global financial services company that provides alternative investment management through Gabelli & Company Investment Advisers, Inc. (“GCIA”). We have also earmarked proprietary capital for our direct investment business that invests in new and existing businesses. The direct investment business is developing along several core pillars, including Gabelli Private Equity Partners, LLC (“GPEP”), formed in August 2017 with
Operating Loss Before Management Fee
Operating loss before management fee represents a non-GAAP financial measure used by management to evaluate its business operations. We believe this measure is useful in illustrating the operating results of the Company, as management fee expense is based on pre-tax income before management fee expense, which includes non-operating items including investment gains and losses from the Company’s proprietary investment portfolio and interest expense.
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| ($ in 000's) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Operating loss - GAAP | $ | (3,193 | ) | $ | (4,822 | ) | $ | (18,753 | ) | $ | (16,947 | ) | ||||
| Add: management fee expense (1) | 134 | 2,371 | 5,870 | 5,446 | ||||||||||||
| Operating loss before management fee - Non-GAAP | $ | (3,059 | ) | $ | (2,451 | ) | $ | (12,883 | ) | $ | (11,501 | ) | ||||
(1) Management fee expense is incentive-based and is equal to
Table I
| ASSOCIATED CAPITAL GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Amounts in thousands, except share data) | ||||||||||||
| December 31, | ||||||||||||
| 2024 | 2023 | |||||||||||
| ASSETS | ||||||||||||
| Cash, cash equivalents and US Treasury Bills | $ | 367,850 | $ | 406,642 | ||||||||
| Investments in securities and partnerships | 487,623 | 420,706 | ||||||||||
| Investment in GAMCO stock | 16,920 | 45,602 | ||||||||||
| Receivable from brokers | 27,634 | 30,268 | ||||||||||
| Income taxes receivable, including deferred tax assets, net | 6,021 | 8,474 | ||||||||||
| Other receivables | 4,778 | 5,587 | ||||||||||
| Other assets | 24,463 | 26,518 | ||||||||||
| Total assets | $ | 935,289 | $ | 943,797 | ||||||||
| LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY | ||||||||||||
| Payable to brokers | $ | 5,491 | $ | 4,459 | ||||||||
| Compensation payable | 17,747 | 15,169 | ||||||||||
| Securities sold short, not yet purchased | 8,436 | 5,918 | ||||||||||
| Accrued expenses and other liabilities | 5,317 | 5,173 | ||||||||||
| Total liabilities | 36,991 | 30,719 | ||||||||||
| Redeemable noncontrolling interests | 5,592 | 6,103 | ||||||||||
| Total Associated Capital Group, Inc. equity | 892,706 | 906,975 | ||||||||||
| Total liabilities, redeemable noncontrolling interests and equity | $ | 935,289 | $ | 943,797 | ||||||||
Notes:
(1) Certain captions include amounts related to a consolidated variable interest entity ("VIE") and voting interest entity ("VOE"). Refer to the Consolidated Financial Statements included in the 10-K report to be filed for the year ended December 31, 2024 for more details on the impact of consolidating these entities.
(2) Investment in GAMCO stock: 699,749 and 2,386,295 shares, respectively.
Table II
| ASSOCIATED CAPITAL GROUP, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Amounts in thousands, except per share data) | ||||||||||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Investment advisory and incentive fees | $ | 5,049 | $ | 5,535 | $ | 12,755 | $ | 12,324 | ||||||||
| Other | 105 | 101 | 420 | 359 | ||||||||||||
| Total revenues | 5,154 | 5,636 | 13,175 | 12,683 | ||||||||||||
| Compensation | 6,316 | 5,809 | 18,293 | 17,246 | ||||||||||||
| Other operating expenses | 1,897 | 2,278 | 7,765 | 6,938 | ||||||||||||
| Total expenses | 8,213 | 8,087 | 26,058 | 24,184 | ||||||||||||
| Operating loss before management fee | (3,059 | ) | (2,451 | ) | (12,883 | ) | (11,501 | ) | ||||||||
| Net investment gain/(loss) | (41 | ) | 21,398 | 42,767 | 43,033 | |||||||||||
| Dividend income from GAMCO | 92 | 96 | 5,454 | 384 | ||||||||||||
| Interest and dividend income, net | 7,384 | 7,591 | 26,779 | 24,412 | ||||||||||||
| Shareholder-designated contribution | (3,063 | ) | (2,413 | ) | (3,512 | ) | (4,017 | ) | ||||||||
| Investment and other non-operating income, net | 4,372 | 26,672 | 71,488 | 63,812 | ||||||||||||
| Income before management fee and income taxes | 1,313 | 24,221 | 58,605 | 52,311 | ||||||||||||
| Management fee | 134 | 2,371 | 5,870 | 5,446 | ||||||||||||
| Income before income taxes | 1,179 | 21,850 | 52,735 | 46,865 | ||||||||||||
| Income tax expense/(benefit) | (3,108 | ) | 5,551 | 8,307 | 9,137 | |||||||||||
| Income before noncontrolling interests | 4,287 | 16,299 | 44,428 | 37,728 | ||||||||||||
| Income/(loss) attributable to noncontrolling interests | 7 | (43 | ) | 100 | 277 | |||||||||||
| Net income attributable to Associated Capital Group, Inc.’s shareholders | $ | 4,280 | $ | 16,342 | $ | 44,328 | $ | 37,451 | ||||||||
| Net income per share attributable to Associated Capital Group, Inc.’s shareholders: | ||||||||||||||||
| Basic | $ | 0.20 | $ | 0.76 | $ | 2.08 | $ | 1.72 | ||||||||
| Diluted | $ | 0.20 | $ | 0.76 | $ | 2.08 | $ | 1.72 | ||||||||
| Weighted average shares outstanding: | ||||||||||||||||
| Basic | 21,222 | 21,576 | 21,347 | 21,771 | ||||||||||||
| Diluted | 21,222 | 21,576 | 21,347 | 21,771 | ||||||||||||
| Actual shares outstanding – end of period | 21,185 | 21,538 | 21,185 | 21,538 | ||||||||||||
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
The financial results set forth in this press release are preliminary. Our disclosure and analysis in this press release, which do not present historical information, contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements convey our current expectations or forecasts of future events. You can identify these statements because they do not relate strictly to historical or current facts. They use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” and other words and terms of similar meaning. They also appear in any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance of our products, expenses, the outcome of any legal proceedings, and financial results. Although we believe that we are basing our expectations and beliefs on reasonable assumptions within the bounds of what we currently know about our business and operations, the economy and other conditions, there can be no assurance that our actual results will not differ materially from what we expect or believe. Therefore, you should proceed with caution in relying on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance.
Forward-looking statements involve a number of known and unknown risks, uncertainties and other important factors, some of which are listed below, that are difficult to predict and could cause actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. Some of the factors that could cause our actual results to differ from our expectations or beliefs include a decline in the securities markets that adversely affect our assets under management, negative performance of our products, the failure to perform as required under our investment management agreements, and a general downturn in the economy that negatively impacts our operations. We also direct your attention to the more specific discussions of these and other risks, uncertainties and other important factors contained in our Form 10 and other public filings. Other factors that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We do not undertake to update publicly any forward-looking statements if we subsequently learn that we are unlikely to achieve our expectations whether as a result of new information, future developments or otherwise, except as may be required by law.
Ian J. McAdams
Chief Financial Officer
(914) 921-5078
Associated-Capital-Group.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/d3637934-12dd-409f-93dd-27bbb1388a85
FAQ
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