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

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GAMCO INVESTORS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) Year ended December 31 2004(a) 2005 (a) (b) 2006 (b) Operating activities Net income $ 62,591 $ 63,941 $ 71,927 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Equity in net gains from partnerships and affiliates (4,843) (6,967) (7,427) Depreciation and amortization 980 975 882 Stock based compensation expense 1,819 2,770 53 Deferred income tax (1,769) 1,088 (3,590) Tax benefit from exercise of stock options 1,064 328 191 Foreign currency loss - 191 67 Other-than-temporary loss on available for sale securities - 3,301 40 Impairment of goodwill - 1,127 - Market value of donated securities - - 331 Minority interest in net income of consolidated subsidiaries 495 533 1,641 Realized gains on sales of available for sale securities, net (101) (482) (621) Realized gains on sales of investments in securities, net (960) (10,676) (18,667) Change in unrealized value of trading investments in securities, net (46) (2,872) (2,035) Amortization on discount on debt - - 137 Excess tax benefit adjustment - - 1,782 (Increase) decrease in operating assets: Purchases of trading investments in securities (928,522) (1,171,349) (1,039,946) Proceeds from sales of trading investments in securities 873,185 1,063,096 1,014,347 Investments in partnerships and affiliates (37,035) (15,969) (4,903) Distributions from partnerships and affiliates 20,793 37,448 14,615 Receivable from brokers (4,307) (4,288) (42,052) Investment advisory fees receivable (5,624) 3,338 (9,123) Other receivables from affiliates 1,378 126 3,155 Other assets 1,351 (755) (2,486) Increase (decrease) in operating liabilities: Payable to brokers (5,389) 3,635 30,929 Income taxes payable (1,082) 544 884 Compensation payable 2,933 159 1,344 Accrued expenses and other liabilities (790) (271) 22,769 Effects of consolidation of investment partnerships and offshore funds consolidated under FIN 46R and EITF 04-5: Realized gains on sales of investments in securities and securities sold short, net - - (12,522) Change in unrealized value of investments in securities and securities sold short, net - - (5,627) Equity in net gains from partnerships and affiliates - - (885) Purchases of trading investments in securities and securities sold short - - (675,519) Proceeds from sales of trading investments in securities and securities sold short - - 652,880 Investments in partnerships and affiliates - - (2,004) Distributions from partnerships and affiliates - - 380 Decrease in investment advisory fees receivable - - 127 Increase in receivable from brokers - - (9,290) Decrease in other assets - - 441 Increase in payable to brokers - - 7,263 Decrease in accrued expenses and other liabilities - - (11,643) Income related to investment partnerships and offshore funds consolidated under FIN 46R and EITF 04-5, net - - 16,447 Total adjustments (86,470) (94,970) (77,635) Net cash used in operating activities (23,879) (31,029) (5,708) F-8
GAMCO INVESTORS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year ended December 31 2004 (a) 2005 (a) (b) 2006 (b) Investing activities Purchases of available for sale securities (11,656) (9,290) (5,434) Proceeds from sales of available for sale securities 600 2,085 2,766 Net cash used in investing activities (11,056) (7,205) (2,668) Financing activities Dividend paid to minority stockholders of subsidiary (2,718) (507) (795) Contributions related to investment partnerships and offshore funds consolidated under FIN 46R and EITF 04-5, net - - 29,734 Proceeds from exercise of stock options 3,026 1,331 687 Repurchase of 5.5% convertible note - (50,000) - Dividends paid (34,004) (20,122) (3,413) Proceeds from the settlement of purchase contracts 11,740 70,569 - Purchase and retirement of mandatory convertible securities (1,677) - - Tender for employee stock options - (9,665) - Capitalized costs (116) (31) - Purchase of treasury stock (70,731) (37,201) (54,603) Net cash used in financing activities (94,480) (45,626) (28,390) Net decrease in cash and cash equivalents (129,415) (83,860) (36,766) Net increase in cash from partnerships and offshore funds consolidated under FIN 46R and EITF 04-5 - - 1,754 Effect of exchange rates on cash and cash equivalents - (75) (36) Cash and cash equivalents at beginning of year 386,511 257,096 173,161 Cash and cash equivalents at end of year $ 257,096 $ 173,161 $ 138,113 Supplemental disclosures of cash flow information Cash paid for interest $ 16,662 $ 14,692 $ 13,019 Cash paid for income taxes $ 37,881 $ 36,779 $ 46,314 (a) Restated as described in note A in item 8 of this report on Form 10-K/A. (b) Restated as described in the explanatory note of this report on Form 10-K/A. See accompanying notes. F-9
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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
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· Diversified Product Offerings: S
Page 15 and 16:
Open-end Funds On December 31, 2006
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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 and 64: Recent Accounting Developments In F
Page 65 and 66: ITEM 8: FINANCIAL STATEMENTS AND SU
Page 67 and 68: REPORT OF INDEPENDENT REGISTERED PU
Page 69 and 70: GAMCO INVESTORS, INC. AND SUBSIDIAR
Page 71: (In thousands) See accompanying not
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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