GAMCO’s Profits Rise 23% to $14.7 Million

GAMCO reported that its profits in the third quarter rose 23% to $14.7 million, or 53 cents per fully diluted share, compared to $12 million, or 43 cents per share, a year ago. On a sequential basis, assets under management increased 14.5% from the previous quarter to $24.5 billion.

For the first nine months of the year, however, profits totaled $36.2 million, on par with the $36.9 million earned in the first nine months of 2008.