Calamos Asset Management (CLMS) reported second-quarter 2010 results, including revenues of $80.5 million. This represents a 22% increase over last year, which was largely driven by an increase in average assets under management, according to the company.
The Naperville, Ill.-based company had net income of $4.7 million during the period. Its earnings per share of $0.23 topped last year’s $0.09.
Analysts had estimated that the company would have EPS of $0.15 on $77.76 million of sales.
Calamos also had operating income of $29.7 million and income before income taxes of $34.3 million.
(EPS and net-income figures account for the public ownership portion of about 22% of the investment-management business; the remaining ownership portion of roughly 78% is attributed to the Calamos principals, the company says.
On June 30, 2010, Calamos had assets under management of $29.9 billion, a decrease of $3.0 billion, or 9%, from the previous quarter and a drop of 9% year over year.
The company said its second-quarter AUM were affected by $2.3 billion in market depreciation and net redemptions of $0.7 billion since the first quarter. Year over year, the asset decline was comprised of $1.5 billion in market depreciation and net redemptions of $1.3 billion.
Average assets under management were $32.0 billion for the first half of 2010, though, compared to $24.5 billion for the same period one year ago.