Calamos Asset Management, Inc. Reports Fourth Quarter and Full Year 2012 Results; Declares Dividend; Announces Share Repurchase

   Calamos Asset Management, Inc. Reports Fourth Quarter and Full Year 2012
        Results; Declares Dividend; Announces Share Repurchase Program

PR Newswire

NAPERVILLE, Ill., Feb. 4, 2013

NAPERVILLE, Ill., Feb. 4, 2013 /PRNewswire/ -- Calamos Asset Management, Inc.
(NASDAQ: CLMS), a diversified global investment firm offering equity, fixed
income, convertible and alternative strategies, today reported fourth quarter
2012 results.

Highlights

  oNon-GAAP diluted earnings per share was $0.32 for the fourth quarter,
    compared to $0.31 in the previous quarter and $0.30 in the fourth quarter
    of 2011.[1] Non-GAAP net income attributable to Calamos Asset Management,
    Inc. (CAM) was $6.6 million for the quarter, compared to $6.5 million last
    quarter and $6.1 million a year ago. 
  oGAAP diluted earnings per share was $0.22 for the fourth quarter, compared
    to $0.23 per share in the previous quarter and $0.00 from the fourth
    quarter of last year. Net income attributable to CAM was $4.6 million for
    the quarter compared to $4.7 million last quarter and a loss of $64,000 a
    year ago.
  oRevenues for the current quarter were $76.9 million compared to $81.8
    million in the previous quarter and $82.4 million in the same quarter of
    the prior year.
  oOperating margin was 36.5% for the fourth quarter, compared to 38.8% in
    the previous quarter and down from 37.6% in the fourth quarter of 2011.
  oTotal Assets[2] were $30.6 billion at December 31, 2012, an 11% decrease
    from $34.3 billion at the end of last quarter and a 7% decrease from $32.8
    billion at December 31, 2011.
  oNet flows were negative $3.1 billion for the quarter and negative $4.6
    billion for the year.
  oThe Board of Directors of CAM increased the regular quarterly dividend to
    12.5 cents per share from 11 cents per share, representing an increase of
    14%. The dividend is payable on March 7, 2013 to shareholders of record on
    February 21, 2013.
  oThe Board of Directors of CAM approved a share repurchase program to
    acquire up to 3 million shares of the company's common stock. Share
    repurchases are expected to occur over the next 2 years.

The table below highlights certain GAAP and non-GAAP financial measures:

                                     Three Months Ended
                                     December 31,  September 30,  December 31,
                                     2012          2012           2011
Ending Total Assets(in millions)     $30,580       $34,293        $32,777
Average Total Assets(in millions)    $32,269       $33,926        $33,229
(in thousands, except earnings per
share)
Total revenues                       $76,877       $81,847        $82,366
Total operating expenses             $48,796       $50,114        $51,411
Operating income                     $28,081       $31,733        $30,955
Operating margin                     36.5%         38.8%          37.6%
Net income (loss) attributable to    $4,606        $4,733         $(64)
CAM
Non-GAAP net income attributable to  $6,576        $6,478         $6,148
CAM 
Diluted earnings per share           $0.22         $0.23          $0.00
Non-GAAP diluted earnings per share  $0.32         $0.31          $0.30



Management Commentary

"The company had outflows during the fourth quarter from investment strategies
that have experienced performance challenges and from strategies that were
closed to new investors. These challenges were exacerbated by the headwinds
of overall industry outflows in U.S. and international equities during the
fourth quarter," said John P. Calamos, Sr., Chief Executive Officer and Global
Co-Chief Investment Officer.

"Investment performance is our number one priority and we are very focused on
continuing to improve our investment results. In hindsight, our outlook as we
entered 2012 was too pessimistic, which hindered the performance of some of
our strategies. We are more positive moving into 2013, although we expect
continued volatility in financial markets. Consistent with our more positive
economic outlook, we have revisited a number of our investment strategies and
made adjustments.Our investment team is finding new opportunities in various
sectors and asset classes globally, including the convertible market, and we
recently reopened our market neutral and lower volatility equity strategies,
which were closed to new investors during 2012.We believe reopening these
strategies will help to attract new investors and flows during 2013. Also,
with the addition of a Value team and the broadening of our alternatives
platform through the acquisition of a Long/Short team during 2012, we are
working to capitalize on a broader opportunity set and to offer our clients
additional products to meet their asset allocation needs," said Calamos.

"The Board of Directors of CAM authorized the repurchase of up to 3 million
shares of the company's outstanding Class A Common Stock by Calamos
Investments LLC over the next 2 years. The program was implemented primarily
to manage the dilution from share issuance under the company's incentive
compensation plan," said Calamos.

Total Assets and Flows

Total Assets as of December 31, 2012 were $30.6 billion, a decrease of $3.7
billion, or 11%, from the previous quarter.

  oNet flows for the quarter were negative $3.1 billion, comprised primarily
    from U.S. growth strategies and strategies that were closed to new
    investors in 2012. Market depreciation for the quarter was $587 million.
  oThe company's funds experienced net outflows of $2.0 billion for the
    quarter and $3.5 billion for the full year.
  oSeparate accounts had $1.1 billion of net outflows for the quarter and for
    the full year.
  oThe company's global and international strategies that were open to new
    investors during all of 2012 had net inflows of more than $90 million for
    the quarter and net inflows of more than $1.1 billion for the year.
  oAverage Total Assets were $32.3 billion during the fourth quarter of 2012,
    compared to $33.2 billion one year ago.

Quarterly Financial Results

Revenues

Revenues for the fourth quarter were $76.9 million, a decrease of 7% from
$82.4 million during the same period last year. Investment management fees
for the fourth quarter of 2012 were $60.8 million, a decrease of 4% from the
same quarter last year. The 3% decline in Average Total Assets was the driver
of the decrease in investment management fees. Distribution and underwriting
fees decreased by $3.1 million compared to the same period in 2011 due to
lower asset-based distribution fees across most share classes.

Operating Expenses

Operating expenses for the fourth quarter were $48.8 million, a decrease of 5%
from the same quarter last year. Compensation expenses of $19.2 million for
the quarter decreased by 3% from the same quarter last year due to decreases
in accruals for performance-based incentive compensation and lower equity
compensation, partially offset by increases in salary and benefits expenses.
For the quarter, distribution expenses were $14.2 million, a decrease of $1.5
million, due primarily to lower mutual fund assets under management across
most share classes. Amortization of deferred sales commissions decreased by
$730,000, compared to the fourth quarter of 2011 due to the increasing average
age of Class B and C share assets. Marketing and sales promotion expenses
increased slightly to $4.9 million for the current quarter, compared to $4.7
million in the prior year quarter, increasing mainly due to higher
supplemental distribution expenses. General and administrative expenses of
$9.6 million for the fourth quarter were unchanged compared to the fourth
quarter of 2011. 

Operating Income and Margin

Operating income was $28.1 million for the fourth quarter versus $31.0 million
in the fourth quarter of 2011. Operating margin was 36.5% for the fourth
quarter, down from 37.6% in the fourth quarter of 2011. The decrease in
operating income and operating margin, as compared to the same period in the
prior year, was due to a decline in total revenues which was greater than the
decrease in total operating expenses.

Earnings Per Share

Non-GAAP diluted earnings per share for the fourth quarter was $0.32, an
increase of $0.02 from the same period a year ago. GAAP diluted earnings per
share for the current quarter was $0.22 versus $0.00 for the same period a
year ago. GAAP diluted earnings per share increased from the same quarter in
the prior year as the deferred tax valuation allowance recorded in the fourth
quarter of 2011 was partially offset by lower revenues.

2012 Results

Revenues

Revenues for the year were $326.7 million, a decrease of 7% from $352.3
million in 2011. For the year, investment management fees were $255.8
million, a decrease of 4% compared to the same period in 2011. The decrease in
investment management fees was driven by a 5% decrease in Average Total
Assets. Distribution and underwriting fees decreased by $14.7 million compared
to 2011 due to lower asset-based distribution fees across most share classes.

Operating Expenses

For the twelve months of 2012, operating expenses were $206.9 million, a 2%
decrease from $212.0 million in 2011. Compensation expenses of $82.2 million
increased by 2% compared to2011 due to increases in salary and benefits
expenses and accruals for performance-based incentive compensation, partially
offset by a reversal of equity compensation expense for forfeited awards.
Distribution expenses for the year were $60.6 million, a decrease of $8.4
million, primarily due to a decrease in average mutual fund assets under
management. Amortization of deferred sales commissions decreased by $2.1
million compared to the prior year, primarily due to the increasing average
age of Class C share assets. For the year, marketing and sales promotion
expenses were $19.5 million, compared to $17.1 million for the prior year,
increasing primarily as a result of expense caps on certain funds which are
supported by CAM to limit annual ordinary operating expenses. General and
administrative expenses were $40.2 million for the year compared to $39.2
million for the prior year, an increase of $1.0 million. The increase in
expense was primarily due to an increase in travel expenses that occurred
throughout the year and client reimbursements related to trade correction
expenses that were recorded in the first quarter of 2012.

Operating Income and Margin

For the year, operating income was $119.8 million versus $140.3 million in the
prior year. Operating margin was 36.7% compared to 39.8% for 2011. The decline
in operating income and operating margin were both driven by the decrease in
total revenues, partially offset by lower total operating expenses.

Earnings Per Share

Non-GAAP diluted earnings per share was $1.22 for the year versus $1.32 for
2011, while GAAP diluted earnings per share for 2012 was $0.88 versus $0.77
for 2011.

Non-Operating Results

Non-operating income, net of non-controlling interest in partnerships, was
$53,000 during the fourth quarter of 2012, as presented in Table B, compared
to a non-operating loss of $1.7 million for the fourth quarter of 2011. For
the twelve months ended December 31, 2012, non-operating income, net of
non-controlling interest in partnerships, was $19.8 million compared to $16.5
million in the prior year.

Total corporate investment portfolio returns, as presented in Table C, include
investment income, net of non-controlling interest in partnerships, and net
gains and losses on securities designated as "available-for-sale." The
company's investment portfolio had a return of (0.4%) for the fourth quarter
of 2012 and a return of 7.1% for the twelve months ended December 31, 2012.

Income Taxes

Income tax provision was $1.7 million during the fourth quarter of 2012,
compared to $6.6 million during the same period of 2011. The decrease was
primarily due to a $4.0 million valuation allowance that was recorded in 2011
and certain deferred tax assets being adjusted during the fourth quarter of
2012, see Table D in the Appendix.

The $4.0 million valuation allowance that was recorded in 2011 related to
CAM's deferred tax asset which partially resulted from capital loss
carryforwards from 2008 and 2009. As of December 31, 2012, the deferred tax
asset associated with these capital loss carryforwards, net of valuation
allowance, was $3.1 million. The ultimate realization of this asset is
dependent upon the generation of sufficient capital gains prior to the
expiration of capital loss carryforwards in 2013 and 2014. There was no change
in the deferred tax valuation allowance in the fourth quarter of 2012.

Financial Position

The company's financial position remains strong with a high degree of
liquidity. As of December 31, 2012, the corporate investment portfolio
included $106.8 million in cash and cash equivalents and $390.0 million in
investments that were principally comprised of investments in products that
the company manages. The corporate investment portfolio is used to provide
seed capital for new funds, maintain conservative levels of capital for the
company's regulated subsidiaries and to invest in other corporate strategic
initiatives. The company's financial strength is instrumental in maintaining
the firm's investment-grade credit rating.

As of December 31, 2012, total debt was $92.1 million and total stockholders'
equity was $481.8 million.

Newly Authorized Repurchase Program

Under the repurchase program, Calamos Investments LLC is authorized to
repurchase up to 3 million shares at prevailing market prices, through open
market purchases or privately negotiated transactions at such times, manner
and prices as are determined by management, subject to market conditions and
applicable legal requirements. The program was implemented primarily to manage
the dilution of share issuances under the company's incentive compensation
plan.The repurchases are expected to occur over the next two years.
However, there is no minimum number of shares to repurchase, the Company may
discontinue repurchases at any time and there is no assurance as to the
number, if any, of shares which may actually be repurchased under the program.

Investor Conference Call

Management will hold an investor conference call at 4 p.m. Central Time on
Monday, February 4, 2013. To access the live call and view management's
presentation, visit the Investor Relations section of the company's website at
www.calamos.com/Investors. Alternatively, participants may listen to the live
call by dialing 888.471.3828 in the U.S. or Canada (719.325.2480
internationally), then entering conference ID #3256343. A replay of the call
will be available for one week following the date of the call by dialing
888.203.1112 in the U.S. or Canada (719.457.0820 internationally), then
entering conference ID #3256343. The webcast also will be available on the
Investor Relations section of the company's website at
www.calamos.com/Investors for at least 90 days following the date of the call.

Calamos Asset Management, Inc. (NASDAQ: CLMS) is a diversified global
investment firm offering innovative investment strategies including equity,
fixed income, convertible and alternative investments. The firm offers
strategies through separately managed portfolios, mutual funds, closed-end
funds, private funds and UCITS funds. Clients include major corporations,
pension funds, endowments, foundations and individuals. Headquartered in the
Chicago metropolitan area, the firm also has offices in London and New York.
For more information visit www.calamos.com.

From time to time, information or statements provided by us, including those
within this news release, may contain certain forward-looking statements
relating to future events, future financial performance, strategies,
expectations, the competitive environment and regulations. Forward-looking
statements are based on information available at the time those statements are
made and/or management's good faith belief as of that time with respect to
future events, and are subject to risks and uncertainties that could cause
actual performance or results to differ materially from those expressed in or
suggested by the forward-looking statements. For a discussion concerning some
of these and other risks, uncertainties and other important factors that could
affect future results, see "Forward-Looking Information" in "Management's
Discussion and Analysis of Financial Condition and Results of Operations" and,
where applicable, "Risk Factors" in our annual and quarterly reports filed
with the U.S. Securities and Exchange Commission.



Calamos Asset Management, Inc.

Consolidated Condensed Statements of Operations

(in thousands, except share data)

(Unaudited)
                                Three Months Ended      Twelve Months Ended
                                December 31,            December 31,
                                2012        2011        2012        2011
Revenues:
Investment management fees      $60,773     $63,163     $255,823    $266,553
Distribution and underwriting   15,372      18,443      67,816      82,539
fees
Other                           732         760         3,037       3,229
Total revenues                  76,877      82,366      326,676     352,321
Expenses:
Employee compensation and       19,228      19,861      82,154      80,160
benefits
Distribution expenses           14,194      15,675      60,565      68,981
Amortization of deferred sales  841         1,571       4,462       6,529
commissions
Marketing and sales promotion   4,941       4,692       19,503      17,107
General and administrative      9,592       9,612       40,188      39,195
Total operating expenses        48,796      51,411      206,872     211,972
Operating income                28,081      30,955      119,804     140,349
Non-operating income (loss)     (83)        (2,199)     21,205      16,059
Income before income tax        27,998      28,756      141,009     156,408
provision
Income tax provision            1,689       6,602       12,568      18,497
Net income                      26,309      22,154      128,441     137,911
Net income attributable to
non-controlling interest in     (21,839)    (22,683)    (108,813)   (122,501)
Calamos Investments LLC
Net (income) loss attributable
to non-controlling interest in  136         465         (1,436)     460
partnerships
Net income (loss) attributable  $4,606      $(64)       $18,192     $15,870
to CAM
Earnings per share
 Basic                         $0.23       $0.00       $0.89       $0.79
 Diluted                       $0.22       $0.00       $0.88       $0.77
Weighted average shares
outstanding
 Basic                         20,386,115  20,126,857  20,334,299  20,103,758
 Diluted                       20,792,516  20,709,703  20,745,922  20,611,909
Supplemental Information:
Non-GAAP net income             $6,576      $6,148      $25,278     $27,297
attributable to CAM
Non-GAAP diluted earnings per   $0.32       $0.30       $1.22       $1.32
share





Calamos Asset Management, Inc

Total Assets

(in millions)
                                   Three Months Ended  Twelve Months Ended
                                   December 31,
                                                       December 31,
                                   2012       2011     2012        2011
Funds
Beginning total assets             $25,757    $24,313  $25,045     $27,352
Net redemptions                    (1,979)    (404)    (3,452)     (909)
Market appreciation (depreciation) (449)      1,136    1,736       (1,398)
Ending total assets                23,329     25,045   23,329      25,045
Average total assets               24,470     25,485   25,704      27,339
Separate Accounts
Beginning total assets             8,536      7,464    7,732       8,062
Net redemptions                    (1,147)    (110)    (1,100)     (5)
Market appreciation (depreciation) (138)      378      619         (325)
Ending total assets                7,251      7,732    7,251       7,732
Average total assets               7,799      7,744    8,147       8,354
Total Assets
Beginning total assets             34,293     31,777   32,777      35,414
Net redemptions                    (3,126)    (514)    (4,552)     (914)
Market appreciation (depreciation) (587)      1,514    2,355       (1,723)
Ending total assets                30,580     32,777   30,580      32,777
Average total assets               $32,269    $33,229  $33,851     $35,693
                                   At December 31,     Change
                                   2012       2011     Amount      Percent
Funds
Open-end funds                     $17,829    $19,785  $(1,956)    (10%)
Closed-end funds                   5,500      5,260    240         5
Total funds                        23,329     25,045   (1,716)     (7)
Separate Accounts
Institutional accounts             5,191      5,505    (314)       (6)
Managed accounts                   2,060      2,227    (167)       (7)
Total separate accounts            7,251      7,732    (481)       (6)
Ending total assets                $30,580    $32,777  $(2,197)    (7%)
                                   At December 31,     Change
                                   2012       2011     Amount      Percent
Assets by Strategy[3]
Equity                             $17,144    $18,200  $(1,056)    (6%)
Convertible                        4,818      6,436    (1,618)     (25)
Enhanced Fixed Income              3,140      3,005    135         4
Alternative                        2,482      2,320    162         7
Total Return                       2,360      2,255    105         5
High Yield                         400        333      67          20
Fixed Income                       236        228      8           4
Ending total assets                $30,580    $32,777  $(2,197)    (7%)





Table A

Calamos Asset Management, Inc

Reconciliation of GAAP to Non-GAAP Diluted Earnings Per Share

(in thousands, except share data)

(Unaudited)
                    Three Months Ended                  Twelve Months Ended
                    December    September   December    December    December
                    31, 2012    30, 2012    31, 2011    31, 2012    31, 2011
Net income (loss)
attributable to CAM $4,606      $4,733      $(64)       $18,192     $15,870
(GAAP)
Exclude:
Deferred tax
amortization on     1,979       1,979       1,979       7,916       7,916
intangible assets
Increase in
deferred tax        -           -           4,000       1,900       5,200
valuation allowance
Certain
professional        -           -           -           -           595
service fees, net
of taxes
Non-operating
(income) loss, net  (9)         (234)       233         (2,730)     (2,284)
of taxes
Non-GAAP net income $6,576      $6,478      $6,148      $25,278     $27,297
attributable to CAM
Diluted - Weighted
average shares      20,792,516  20,802,592  20,709,703  20,745,922  20,611,909
outstanding
Diluted earnings    $0.22       $0.23       $0.00       $0.88       $0.77
per share (GAAP)
Non-GAAP diluted    $0.32       $0.31       $0.30       $1.22       $1.32
earnings per share



Table A – Notes
Calamos Asset Management, Inc.
Notes to Reconciliation of GAAP to Non-GAAP

The company provides investors with certain adjusted, non-GAAP financial
measures including non-GAAP net income attributable to CAM and non-GAAP
diluted earnings per share. These non-GAAP financial measures are provided to
supplement the consolidated financial statements presented on a GAAP basis.
These non-GAAP financial measures adjust GAAP financial measures to include
the tax benefit from the amortization of deferred taxes on intangible assets
and to exclude the increase in deferred tax valuation adjustment, certain
professional service fees related to CAM's review of options for creating a
greater degree of clarity regarding our market capitalization and CAM's
non-operating income (loss), net of taxes. The company believes these
adjustments are appropriate to enhance an overall understanding of operating
financial performance, as well as to facilitate comparisons with historical
earnings results. These adjustments to the company's GAAP results are made
with the intent of providing investors a more complete understanding ofthe
company's underlying earnings results and trends and marketplace performance.
In addition, these non-GAAP financial measures are among the primary
indicators management uses as a basis of managing the company.

The presentation of this additional information is not meant to be considered
in isolation or as a substitute for the directly comparable financial measures
prepared in accordance with GAAP. Investors should review the reconciliations
of the non-GAAP financial measures to their most directly comparable GAAP
financial measures as provided in Table A.

Non-GAAP net income attributable to CAM is calculated by adjusting the
following items from GAAP net income attributable to CAM:

(i) amortization of deferred taxes on intangible assets associated with the
election under section 754 of the Internal Revenue Code of 1986, as amended
(Section 754 election);

(ii) increase in deferred tax valuation allowance

(iii) certain professional service fees, net of taxes; and

(iv) CAM's non-operating income (loss), net of taxes.

Non-GAAP diluted earnings per share is calculated by dividing (i) Non-GAAP
net income attributable to CAM by (ii) diluted weighted average shares
outstanding.

The deferred tax assets from the Section 754 election allows for a quarterly
reduction of $2.0 million in future income taxes owed by the company through
2019, to the extent that a tax payable exists during the quarter. As a result,
this cash savings will accrue solely for the benefit of the shareholders of
the company's common stock. The company believes that adjusting this item from
the calculation of the above non-GAAP items can be a useful measure in
allowing investors to see the company's performance. The change in the
allowance on the deferred tax asset is excluded from the above non-GAAP items
as it may fluctuate in future periods affecting prior period comparisons.
Certain professional service fees related to CAM's review of options for
creating a greater degree of clarity regarding our market capitalization, and
non-operating income (loss) are excluded from the above non-GAAP items as they
can distort comparisons between periods. As noted above, the company believes
that measures excluding these items are useful in analyzing operating trends
and allowing for more comparability between periods, which may be useful to
investors.

The company believes that non-GAAP net income attributable to CAM and non-GAAP
diluted earnings per share are useful measures of performance and may be
useful to investors, because they provide measures of the company's core
business activities adjusting for items that are non-cash and costs that may
distort comparisons between periods. These measures are provided in addition
to the company's net income attributable to CAM and diluted earnings per share
calculated under GAAP, but are not substitutes for those calculations.



Table B

Calamos Asset Management, Inc.

Non-operating Income, Net of Non-controlling Interest in Partnership
Investments

(in thousands)

(Unaudited)
                                       Three Months Ended  Twelve Months Ended
                                       December 31,        December 31,
                                       2012      2011      2012       2011
Interest income                        $94       $74       $385       $289
Interest expense                       (1,506)   (1,503)   (6,017)    (6,650)
Net interest expense                   (1,412)   (1,429)   (5,632)    (6,361)
Investment income (loss)               1,366     (823)     26,630     22,222
Miscellaneous other income (loss)      (37)      53        207        198
Investment and other income (loss)     1,329     (770)     26,837     22,420
Non-operating income (loss)            (83)      (2,199)   21,205     16,059
Net (income) loss attributable to
non-controlling interest in            136       465       (1,436)    460
partnerships
Non-operating income (loss), net of
non-controlling interest in            $53       $(1,734)  $19,769    $16,519
partnerships





Table C

Calamos Asset Management, Inc.

Summary of Corporate Investment Portfolio Returns

(in thousands)

(Unaudited)
                                       Three Months Ended  Twelve Months Ended
                                       December 31,        December 31,
                                       2012      2011      2012      2011
Returns reflected in earnings:
Investment income (loss)               $1,366    $(823)    $26,630   $22,222
Net (income) loss attributable to
non-controlling interest in            136       465       (1,436)   460
partnership investments
Returns reflected in stockholders'
equity:
Net unrealized gain (loss) reported in
stockholders' equity, inclusive of     (2,914)   4,682     (1,485)   (46,550)
non-controlling interest
Total investment portfolio returns     $(1,412)  $4,324    $23,709   $(23,868)
Average investment securities owned    $388,400  $334,491  $333,224  $353,106
Total corporate investment portfolio   (0.4%)    1.3%      7.1%      (6.8)%
returns





Table D

Calamos Asset Management, Inc.

Effective Income Tax Rate

(in thousands)

(Unaudited)
                                       Three Months Ended  Twelve Months Ended
                                       December 31,        December 31,
                                       2012       2011     2012       2011
Income tax provision                   $1,689     $6,602   $12,568    $18,497
Income tax (provision) benefit
attributable to non-controlling        (35)       (138)    148        (570)
interest in Calamos Investments LLC
Income tax provision attributable to   1,654      6,464    12,716     17,927
CAM
Net income (loss) attributable to CAM  4,606      (64)     18,192     15,870
Income before taxes attributable to    $6,260     $6,400   $30,908    $33,797
CAM
CAM's effective income tax rate[4]     26.4%      101.0%   41.1%      53.0%



[1] See Table A for a more detailed description of non-GAAP financial
measures, how they may be useful to management and investors inevaluating the
company, how they may differ from non-GAAP financial measures disclosed by
other companies, and a reconciliation of such adjusted measures to the most
related GAAP financial measures.

[2] Total Assets include assets under management as well as assets for which
the company provides model portfolio design and oversight.

[3] Assets previously categorized as Low-volatility Equity are now classified
as Equity or Convertible based on the underlying investment strategy.

[4] The income tax provision for the three months ended December 31, 2012
includes an adjustment to deferred taxes on equity compensation and has
resulted in a lower rate for the quarter. For the twelve months ended
December 31, 2012, the income tax provision includes a $1.9 million valuation
allowance recorded in the second quarter of 2012. Excluding this allowance,
CAM's effective income tax rate would be 35.0% for the twelve months ended
December 31, 2012.

In addition, the 2011 income tax provision includes a $4.0 million valuation
allowance recorded in the fourth quarter and $5.2 million for the twelve
months ended December 31, 2011. Excluding this allowance, CAM's effective
income tax rate would be 38.5% for the fourth quarter 2011 and 37.7% for the
twelve months ended December 31, 2011.

SOURCE Calamos Asset Management, Inc.

Website: http://www.calamos.com
Contact: Jennifer McGuffin, Director of Corporate Communications,
+1-630-245-1780, media@calamos.com
 
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