FORM 10-K/A GAMCO Investors, Inc. - Gabelli

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In February 2007, the FASB issued FAS No. 159, “The Fair Value Option for Financial Assets and Financial Liabilities,” (“Statement 159”), which provides companies with an option to report selected financial assets and liabilities at fair value. The standard’s objective is to reduce both the complexity in accounting for financial instruments and the volatility in earnings caused by measuring related assets and liabilities differently. Statement 159 also establishes presentation and disclosure requirements designed to facilitate comparisons between companies that choose different measurement attributes for similar types of assets and liabilities. This statement is effective as of the beginning of an entity’s first fiscal year beginning after November 15, 2007. Early adoption is permitted as of the beginning of the previous fiscal year provided that the entity makes that choice in the first 120 days of that fiscal year and also elects to apply the provisions of Statement 157. The Company plans to adopt this statement on January 1, 2008. The impact of adopting Statement 159 is expected to be immaterial to the Company’s consolidated financial statements. Seasonality and Inflation We do not believe our operations are subject to significant seasonal fluctuations. We do not believe inflation will significantly affect our compensation costs, as they are substantially variable in nature. However, the rate of inflation may affect our expenses such as information technology and occupancy costs. To the extent inflation results in rising interest rates and has other effects upon the securities markets, it may adversely affect our financial position and results of operations by reducing our AUM, revenues or otherwise. ITEM 7A: QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK Reference is made to the information contained under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations -- Market Risk." 64
ITEM 8: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA GAMCO INVESTORS, INC. AND SUBSIDIARIES INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Page Report of Independent Registered Public Accounting Firm F-2 Report of Independent Registered Public Accounting Firm on Effectiveness of Internal Control over Financial Reporting F-3 Consolidated Financial Statements: Consolidated Statements of Income for the years ended December 31, 2004, 2005 and 2006 F-5 Consolidated Statements of Financial Condition at December 31, 2005 and 2006 F-6 Consolidated Statements of Stockholders' Equity for the years ended December 31, 2004, 2005 and 2006 F-7 Consolidated Statements of Cash Flows for the years ended December 31, 2004, 2005 and 2006 F-8 Notes to Consolidated Financial Statements F-10 All schedules for which provision is made in the applicable accounting regulations of the Securities and Exchange Commission that are not required under the related instructions or are inapplicable have been omitted. F-1
Page 1 and 2:
UNITED STATES SECURITIES AND EXCHAN
Page 3 and 4:
The aggregate market value of the c
Page 5 and 6:
Our assets under management are org
Page 7 and 8:
- GAM GAMCO Equity Fund, managed by
Page 9 and 10:
As in prior years, we experienced c
Page 11 and 12:
To further extend “value investin
Page 13 and 14: · Diversified Product Offerings: S
Page 15 and 16: Open-end Funds On December 31, 2006
Page 17 and 18: Assets Under Management The followi
Page 19 and 20: The following table lists the Mutua
Page 21 and 22: Net Assets as of December 31, Fund
Page 23 and 24: Net Assets as of December 31, Fund
Page 25 and 26: Shareholders of the open-end Funds
Page 27 and 28: Gabelli & Company also offers our o
Page 29 and 30: Investments by GBL on behalf of our
Page 31 and 32: ITEM 1A: RISK FACTORS Business Risk
Page 33 and 34: Catastrophic and unpredictable even
Page 35 and 36: During 2006, as in prior years, we
Page 37 and 38: Our businesses are subject to exten
Page 39 and 40: PART II ITEM 5: MARKET FOR THE REGI
Page 41 and 42: The following table shows informati
Page 43 and 44: December 31, 2002 (a) 2003 (a) 2004
Page 45 and 46: As a result of the first material w
Page 47 and 48: Consolidated Statements of Income I
Page 49 and 50: Our liquid balance sheet, coupled w
Page 51 and 52: For the three years ended December
Page 53 and 54: Expenses Compensation: Compensation
Page 55 and 56: Mutual fund revenues increased $3.9
Page 57 and 58: Liquidity and Capital Resources Our
Page 59 and 60: Our revenues are primarily driven b
Page 61 and 62: Critical Accounting Policies In the
Page 63: Recent Accounting Developments In F
Page 67 and 68: REPORT OF INDEPENDENT REGISTERED PU
Page 69 and 70: GAMCO INVESTORS, INC. AND SUBSIDIAR
Page 71 and 72: (In thousands) See accompanying not
Page 73 and 74: GAMCO INVESTORS, INC. AND SUBSIDIAR
Page 75 and 76: Gabelli Direct, Inc. (“Gabelli Di
Page 77 and 78: Goodwill Goodwill pertains to the c
Page 79 and 80: Restatement As discussed within the
Page 81 and 82: In February 2007, the FASB issued F
Page 83 and 84: We were not required to consolidate
Page 85 and 86: E. Debt Debt consists of the follow
Page 87 and 88: The table below represents for vari
Page 89 and 90: Shelf Registration On December 28,
Page 91 and 92: We serve as the investment advisor
Page 93 and 94: N. Goodwill In accordance with SFAS
Page 95 and 96: As a result of the first material w
Page 97 and 98: ITEM 14: PRINCIPAL ACCOUNTANT FEES
Page 99 and 100: POWER OF ATTORNEY Each person whose
Page 101 and 102: Exhibit 21.1 Subsidiaries of GAMCO
Page 103 and 104: Exhibit 31.1 Certifications I, Mari
Page 105 and 106: Certifications Exhibit 31.3 I, Dian
Page 107: Exhibit 32.2 Certification of Actin
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FORM 10-K/A GAMCO Investors, Inc. - Gabelli

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