Calamos’ revenues down for 3Q, but outpace 2010
PRNewswire
NAPERVILLE — Calamos Asset Management reported third quarter revenues increased 10 percent over the same period last year, buoyed on the performance of the firm’s overseas and emerging market investments.
However, the investment firm noted the numbers were down from the previous quarter.
Revenues for the quarter were $86.5 million, up from $78.4 million for the third quarter of 2010, but a 7 percent from $92.9 million in the previous quarter. Operating income was $32.7 million, a 7 increase from $30.6 million last year and a 17 percent decrease from $39.3 million in the second quarter.
“The third quarter 2011 was a highly volatile one for the financial markets and for asset managers overall. Because Calamos has a significant portion of our AUM in equities, the company experienced a reduction in assets under management driven largely by market depreciation,” said John P. Calamos, Sr., chief executive officer and co-chief investment officer, in a statement. “Many of our portfolios were positioned to reflect our belief that there will not be a double-dip recession in the United States. However, the market’s interpretation of economic conditions resulted in downward-trending whipsaw markets this quarter, which had a negative impact on portions of our portfolios,
“We are pleased with the overall long-term performance of our portfolios and in particular are very satisfied with the favorable relative performance of our global, international and emerging markets portfolios over all time periods,” Calamos added. “ We feel that these newer strategies offer great business potential for Calamos and we continue to encourage investors to try and look through the current market turbulence and seek to access global opportunities with longer time horizons,”
Net income was $40.4 million, a 28 percent increase from the third quarter of 2010 and a 9 decrease from the previous quarter. Diluted earnings per share was 22 cents, compared to 23 cents per share a year ago and 32 cents per share last quarter. Diluted earnings per share decreased from the second quarter of 2011 mostly due to a $1.2 million deferred tax valuation allowance.