Associated Capital Group, Inc. Reports Estimated Full Year and Fourth Quarter Results
25 January 2019 - 9:48AM
Business Wire
Associated Capital Group, Inc. (“AC” or the “Company”) announced
today a preliminary estimate of its financial results for the
fourth quarter and year ended December 31, 2018.
Diluted EPS for the fourth quarter is expected to be within the
range of $(1.68) to $(1.78) compared to $0.67 for the fourth
quarter of 2017, based primarily on the mark-to-market decline of
our investment portfolio. Full year EPS is expected to be within
the range of $(2.42) to $(2.52) compared to $0.37 for 2017.
The fourth quarter and full year 2018 estimated results include
a preliminary estimate of the income tax benefit related to the
utilization of current losses. The Company’s analysis of its
ability to record this benefit under current accounting guidance,
which is based on what it believes to be reasonable estimates, is
ongoing. The receipt of additional information and changes in the
Company’s assumptions may require that this benefit be adjusted,
and the adjustment, if any, may be material to our fourth quarter
and full year results.
We expect to issue additional information regarding our
financial results in February.
About Associated Capital Group, Inc.
The Company has been publicly traded since November 30, 2015
following its spin-off from GAMCO Investors, Inc.
The Company operates its investment management business via
Gabelli & Company Investment Advisers, Inc. (“GCIA” f/k/a
Gabelli Securities, Inc.), its 100% owned subsidiary. GCIA and its
wholly-owned subsidiary, Gabelli & Partners, collectively
serve as general partners or investment managers to investment
funds including limited partnerships, offshore companies and
separate accounts. The Company primarily manages assets in equity
event-driven strategies, across a range of risk and event arbitrage
portfolios and earns management and incentive fees from its
advisory activities. GCIA is registered with the Securities and
Exchange Commission as an investment advisor under the Investment
Advisers Act of 1940, as amended.
The Company operates its institutional research services
business through G.research, an indirect wholly-owned subsidiary of
the Company. G.research is a broker-dealer registered under the
Securities Exchange Act of 1934, as amended, that provides
institutional research services and acts as an underwriter.
The Company also derives investment income/(loss) from
proprietary trading of assets awaiting deployment in its operating
businesses.
SPECIAL NOTE REGARDING FORWARD-LOOKING INFORMATION
The financial results set forth in this press release are
preliminary. Our disclosure and analysis in this press release,
which do not present historical information, contain
“forward-looking statements” within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements convey our current expectations or forecasts of future
events. You can identify these statements because they do not
relate strictly to historical or current facts. They use words such
as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,”
“believe,” and other words and terms of similar meaning. They also
appear in any discussion of future operating or financial
performance. In particular, these include statements relating to
future actions, future performance of our products, expenses, the
outcome of any legal proceedings, and financial
results. Although we believe that we are basing our
expectations and beliefs on reasonable assumptions within the
bounds of what we currently know about our business and operations,
the economy and other conditions, there can be no assurance that
our actual results will not differ materially from what we expect
or believe. Therefore, you should proceed with caution in
relying on any of these forward-looking statements. They are
neither statements of historical fact nor guarantees or assurances
of future performance.
Forward-looking statements involve a number of known and unknown
risks, uncertainties and other important factors, some of which are
listed below, that are difficult to predict and could cause actual
results and outcomes to differ materially from any future results
or outcomes expressed or implied by such forward-looking
statements. Some of the factors that could cause our actual results
to differ from our expectations or beliefs include a decline in the
securities markets that adversely affect our assets under
management, negative performance of our products, the failure to
perform as required under our investment management agreements, and
a general downturn in the economy that negatively impacts our
operations. We also direct your attention to the more specific
discussions of these and other risks, uncertainties and other
important factors contained in our Form 10 and other public
filings. Other factors that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We do not undertake to update publicly any
forward-looking statements if we subsequently learn that we are
unlikely to achieve our expectations whether as a result of new
information, future developments or otherwise, except as may be
required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20190124005848/en/
Douglas R. JamiesonPresident &
CEO203-629-2726Associated-Capital-Group.com
Associated Capital (NYSE:AC)
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