The 2013 quarter is after an $0.11 per fully diluted share charge related to a recently adopted shareholder-designated charitable contribution program. Excluding this charge, first quarter 2013 earnings per share rose 10% to $0.99 per fully diluted share.
Revenues were $86.2 million in the first quarter of 2013, up $4.5 million, or 5.4%, from $81.7 million in the prior year’s quarter including incentive fees of $2.3 million vs. $2.6 million, respectively. Operating income before management fee was $34.7 million, an 11.3% increase from $31.2 million in the prior year period. The 2013 quarter was favorably impacted by the absence of stock-based compensation, which totaled $0.9 million in the 2012 quarter, as all restricted stock awards were accelerated in the fourth quarter of 2012.
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We ended the quarter with cash and investments of approximately $661.2 million, debt of $216.7 million ($220.7 million face value) and equity attributable to GAMCO shareholders of $393.0 million.
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