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Calamos Asset Management reports 45 per cent decrease in revenues


Calamos Asset Management has reported revenues of USD59.6m for the first quarter of 2009, a 46 per cent decrease from the same period of 2008.

Calamos Asset Management has reported revenues of USD59.6m for the first quarter of 2009, a 46 per cent decrease from the same period of 2008.

Diluted earnings were USD0.17 per share compared to USD0.02 per share in the prior year.

Operating expenses decreased 30 per cent to USD46.4m when compared to the prior-year period. Non-operating income attributable to common shareholders was USD12.3m in the current year compared to a net loss of USD41.6m in the prior-year period.

Additionally, the company declared a regular quarterly dividend of 5.5 cents per share payable on 27 May 2009 to shareholders of record on 12 May 2009.

"Following an extremely difficult 2008, we outperformed the broader markets in nearly every Calamos strategy for the first quarter of 2009. We believe that this success is the result of our experience in the markets, our long-term perspective and our decision to capitalize on the valuation disparities that emerged in the 2008 sell-off. Even as we expect continued near-term market turbulence, we remain cautiously optimistic about the investment opportunities in the global markets–particularly as many securities remain significantly undervalued in our opinion," says John P. Calamos, Sr., chairman, chief executive officer and co-chief investment officer (pictured).

Overall asset flows and market values stabilized and trended in a favorable direction during the first quarter of 2009.

"Institutional flows were positive in the first quarter, and we saw considerable interest from institutional investors and through our intermediary channel in our convertible and defensive equity strategies," Calamos says. "As investor confidence in the market seems to be returning, we are also beginning to see increased interest in our other equity strategies, as well."

Assets under management as of 31 March 2009 were USD23.5bn, representing a decrease of two per cent from the previous quarter’s end. This decrease of USD571m was comprised of USD140m in market depreciation and net redemptions of USD431m. Average assets under management were USD23.1bn during the first quarter of 2009, compared to USD41.9bn for the same period one year ago.

First quarter revenues were USD59.6m, a 46 percent decrease from USD110.7m in the first quarter of 2008, driven mostly by a 45 per cent decrease in average assets under management. For the three months ended 31 March 2009, operating expenses were USD46.4m, a decrease of USD19.9m, or 30 per cent, from USD66.3m in the same period in 2008.

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