Gabelli Asset Management has just reported revenues of $57.4 million for the second quarter ended June 30, up nominally from revenues of $57 million in the second quarter of last year. The firm's net income, however, fell to $13.9 million in the second quarter, or 46 cents a share, down 12% from $15.8 million, or 53 cents a share, in the second quarter of last year.

Gabelli attributed the drop in its earnings to declines in the equity markets, which have decreased its assets under management by $2.7 billion to $23.2 billion at the end of June. Gabelli increased its investment advisory revenues, however, through increased fees from its institutional and high-net-worth separate account business, the firm announced.

Meanwhile, Gabelli also announced that it will begin expensing the cost of stock options on Jan. 1, 2003.

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