Lower net at Gamco, loss at SMH

Gamco Investors reported a 45% drop in first-quarter net income to $10.5 million, compared $19.2 million a year ago.
MAY 09, 2008
Gamco Investors Inc., the Rye, N.Y., money management firm headed by Mario Gabelli, reported a 45% drop in first-quarter net income to $10.5 million, or 37 cents per diluted share, compared with $19.2 million, or 67 cents per diluted share, from a year ago. Assets under management fell to $28.7 billion, a 7.5% drop from the fourth quarter. Sanders Morris Harris Group Inc. posted a loss of $2.1 million, or 8 cents per diluted share, in the first quarter, compared with earnings of $2.7 million, or 11 cents per diluted share, during the year-ago period. The Houston-based financial services company attributed the loss to a decline in the value of a high-yield hedge fund and a decrease in investment-banking activity.

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