GAMCO INVESTORS, INC. ET AL - FORM 10-K - EX-99.1 - EXHIBIT 99.1 - March 6, 2017

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EX-23.1 - FORM 10-K, EXHIBIT 23.1 - GAMCO INVESTORS, INC. ET ALform10k2016ex231.htm
EX-31.3 - EXHIBIT 31.3 - GAMCO INVESTORS, INC. ET ALform10k2016ex313.htm
EX-32.2 - FORM 10-K, EXHIBIT 32.2 - GAMCO INVESTORS, INC. ET ALform10k2016ex322.htm
EX-32.1 - FORM 10-K, EXHIBIT 32.1 - GAMCO INVESTORS, INC. ET ALform10k2016ex321.htm
EX-31.2 - FORM 10-K, EXHIBIT 31.2 - GAMCO INVESTORS, INC. ET ALform10k2016ex312.htm
EX-31.1 - FORM 10-K, EXHIBIT 31.1 - GAMCO INVESTORS, INC. ET ALform10k2016ex311.htm
EX-21.1 - FORM 10-K, EXHIBIT 21.1 - GAMCO INVESTORS, INC. ET ALform10k2016ex211.htm
EX-12.1 - FORM 10-K, EXHIBIT 12.1 - GAMCO INVESTORS, INC. ET ALform10k2016ex121.htm
10-K - FORM 10-K - GAMCO INVESTORS, INC. ET ALform10k.htm
Exhibit 99.1

Schedule I

GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF INCOME
(Parent company only)
(In thousands, except per share data)

   
Year Ended December 31,
  
   
2016
    
2015
    
2014
  
Revenues
                  
  Distribution fees and other income
  
$
29,045
    
$
26,860
    
$
29,611
  
Total revenues
    
29,045
      
26,860
      
29,611
  
Expenses
                        
  Compensation
    
1,929
      
3,550
      
4,005
  
  Stock based compensation
    
3,959
      
9,868
      
5,278
  
  Management fee benefit
    
(13,943
)
    
(2,209
)
    
(1,076
)
  Other operating expenses
    
9,102
      
9,243
      
8,990
  
Total expenses
    
1,047
      
20,452
      
17,197
  
Operating income
    
27,998
      
6,408
      
12,414
  
Other income (expense)
                        
  Equity earnings from subsidiaries
    
100,698
      
87,206
      
97,234
  
  Net gain from investments
    
1,447
      
4,635
      
4,272
  
  Extinguishment of debt
    
-
      
(1,067
)
    
(84
)
  Interest and dividend income
    
1,447
      
2,246
      
2,175
  
  Interest expense
    
(11,814
)
    
(7,886
)
    
(6,919
)
  Shareholder-designated contributions
    
-
      
(6,396
)
    
(134
)
Total other income, net
    
91,778
      
78,738
      
96,544
  
Income before income taxes
    
119,776
      
85,146
      
108,958
  
Income tax provision/(benefit)
    
2,655
      
(2,204
)
    
1,605
  
Income from continuing operations
    
117,121
      
87,350
      
107,353
  
Income/(loss) from discontinued operations, net of taxes
    
-
      
(3,938
)
    
2,037
  
Net income
  
$
117,121
    
$
83,412
    
$
109,390
  
                         



GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF FINANCIAL CONDITION
(Parent company only)
(In thousands, except per share data)

   
December 31,
     December 31,  
   
2016
    
2015
  
ASSETS
            
             
Cash and cash equivalents
  
$
7,209
    
$
3,982
  
Investments in securities
    
37,235
      
32,735
  
Receivable from brokers
    
55
      
635
  
Receivable from affiliates
    
57,274
      
20,445
  
Capital lease
    
2,514
      
2,723
  
Income tax receivable
    
-
      
11,991
  
Other assets
    
4,149
      
4,218
  
  Total assets
  
$
108,436
    
$
76,729
  
                 
LIABILITIES AND EQUITY
                
                 
Payable to brokers
  
$
66
    
$
12
  
Capital lease obligation
    
5,066
      
5,170
  
Compensation payable
    
27,496
      
11,144
  
Securities sold, not yet purchased
    
-
      
129
  
Payable to affiliates
    
462
      
31,029
  
Accrued expenses and other liabilities
    
5,556
      
5,579
  
  Sub-total
    
38,646
      
53,063
  
                 
AC 4% PIK Note (due November 30, 2020)
    
100,000
      
250,000
  
4.5% Convertible note (due August 15, 2021)
    
109,835
      
-
  
Loan from GGCP (due December 28, 2016)
    
-
      
35,000
  
5.875% Senior notes (due June 1, 2021)
    
24,120
      
24,097
  
  Total liabilities
    
272,601
      
362,160
  
                 
Total equity
    
(164,165
)
    
(285,431
)
Total liabilities and equity
  
$
108,436
    
$
76,729
  




GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Parent company only)
(In thousands)

   
Year Ended December 31,
  
   
2016
    
2015
    
2014
  
Operating activities
                  
Net income
  
$
117,121
    
$
83,412
    
$
109,390
  
Loss/(income) from discontinued operations, net of taxes
    
-
      
3,938
      
(2,037
)
Income from continuing operations
    
117,121
      
87,350
      
107,353
  
Adjustments to reconcile net income to net cash provided by operating activities:
                        
  Depreciation and amortization
    
607
      
595
      
589
  
  Stock based compensation expense
    
3,959
      
9,868
      
5,278
  
  Tax benefit from exercise of stock options
    
-
      
102
      
349
  
  Donated securities
    
499
      
1,945
      
1,486
  
  Gains on sales of available for sale securities
    
(4
)
    
(6
)
    
(587
)
  Accretion of zero coupon debentures
    
-
      
628
      
885
  
  Loss on extinguishment of debt
    
-
      
1,067
      
84
  
(Increase) decrease in assets:
                        
  Investments in trading securities
    
(5
)
    
-
      
-
  
  Receivable from affiliates
    
(25,510
)
    
(31,205
)
    
23,758
  
  Receivable from brokers
    
580
      
976
      
(983
)
  Income tax receivable and deferred tax assets
    
11,991
      
29,164
      
(7,544
)
  Other assets
    
(330
)
    
(478
)
    
345
  
Increase (decrease) in liabilities:
                        
  Payable to affiliates
    
(30,567
)
    
31,017
      
(228
)
  Payable to brokers
    
54
      
(539
)
    
(752
)
  Income taxes payable and deferred tax liabilities
    
(1,137
)
    
3,920
      
1,611
  
  Compensation payable
    
16,351
      
(3,319
)
    
11,541
  
  Accrued expenses and other liabilities
    
(700
)
    
(424
)
    
(5,581
)
Total adjustments
    
(24,212
)
    
43,311
      
30,251
  
Net cash provided by operating activities from continuing operations
  
$
92,909
    
$
130,661
    
$
137,604
  



GAMCO INVESTORS, INC.
CONDENSED STATEMENTS OF CASH FLOWS
(Parent company only)
(In thousands)

   
Year Ended December 31,
  
   
2016
    
2015
    
2014
  
Investing activities
                  
Purchases of available for sale securities
  
$
(1,843
)
  
$
(6,279
)
  
$
(5,024
)
Proceeds from sales of available for sale securities
    
408
      
81
      
3,877
  
Net cash used in investing activities from continuing operations
    
(1,435
)
    
(6,198
)
    
(1,147
)
                         
Financing activities
                        
Repurchase of Zero coupon subordinated debentures due December 31, 2015
    
-
      
(13,101
)
    
(716
)
Repurchase of 5.875% Senior note due June 1, 2021
    
-
      
(76,533
)
    
-
  
Repayment of AC 4% PIK Note due November 30, 2020
    
(150,000
)
    
-
      
-
  
Issuance of 4.5% Convertible note due August 15, 2021
    
109,826
      
-
      
-
  
Loan from GGCP due December 28, 2016
    
(35,000
)
    
35,000
      
-
  
Amortization of debt issuance costs
    
33
      
-
      
-
  
Dividends paid by subsidiaries to GBL
    
-
      
164,000
      
101,000
  
Net transfer to/(from) AC
    
-
      
(196,297
)
    
(193,021
)
Proceeds from exercise of stock options
    
-
      
1,167
      
1,637
  
Dividends paid
    
(2,333
)
    
(7,468
)
    
(12,618
)
Purchase of treasury stock
    
(10,773
)
    
(27,249
)
    
(32,739
)
Net cash used in financing activities from continuing operations
    
(88,247
)
    
(120,481
)
    
(136,457
)
Cash flows of discontinued operations
                        
  Net cash provided by/(used in) operating activities
    
-
      
82,759
      
(66,053
)
  Net cash provided by/(used in) investing activities
    
-
      
(35,216
)
    
3,900
  
  Net cash provided by/(used in) financing activities
    
-
      
(47,543
)
    
62,153
  
Net cash provided by/(used in) discontinued operations
    
-
      
-
      
-
  
Net increase in cash and cash equivalents
    
3,227
      
3,982
      
-
  
                         
Cash and cash equivalents at beginning of period
    
3,982
      
-
      
-
  
Cash and cash equivalents at end of period
  
$
7,209
    
$
3,982
    
$
-
  
Supplemental disclosures of cash flow information:
                        
Cash paid for interest
  
$
10,425
    
$
6,282
    
$
5,936
  
Cash paid for taxes
  
$
74,457
    
$
58,353
    
$
69,287
  



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