GREENWICH, Conn.–(BUSINESS WIRE)–Teton Advisors, Inc. (OTCQX: TETAA) announced its fourth quarter and full year 2022 results including cash and marketable securities. The Company’s Q4-2022 and year end highlights are as follows:
- Full year fully diluted GAAP EPS of $1.18 compared to $1.85 a year ago. Fourth quarter fully diluted GAAP EPS of $0.27 compared to $0.43 a year ago.
- Full year fully diluted Cash EPS1 of $1.62 compared to $2.10 a year ago. Fourth quarter fully diluted Cash EPS1 of $0.49 compared to $0.50 a year ago.
- Full year Revenues of $13.8 million, down 16% year-over-year. Fourth quarter Revenues of $3.2 million, down 22% quarter-over-quarter.
- Full year Average AUM of $1.7 billion, down 15% year-over-year.
- Cash, cash equivalents and marketable securities totaling $21.6 million as of December 31, 2022, an increase of 60% compared to $13.5 million at the prior year.
- Successfully completed executive transition with longtime partner, Stephen Bondi appointed as CEO.
“Teton continues to be a strong foundation for growth centered on its strengths in smaller company, active investing. Also, as part of a planned CEO transition commenced 18 months ago, I welcome Steve Bondi in joining as the Company’s CEO. I am delighted we can extend our long relationship with Steve to the executive office,” said Marc Gabelli, interim Chief Executive Officer and Chairman of the Board.
Fourth quarter net income and fully diluted earnings per share were $0.4 million and $0.27, respectively, compared to a net income $0.6 million and $0.43 for the same period a year ago. Excluding certain non-cash items, Cash Earnings1 and Cash Earnings per fully diluted share were $0.8 million and $0.49, respectively, for the current quarter as compared to $0.6 million and $0.50 for the comparative quarter in 2021.
Revenues were $3.2 million for the quarter versus $4.1 million for the comparative quarter in 2021. Average AUM for the quarter was $1.5 billion versus $2.0 billion for the fourth quarter in 2021.
“I am pleased with the year’s overall results. Our portfolio management remains competitive, with key strengths in smaller company value investing. The Company held its margins well against otherwise broader market declines. Additionally, the Teton platform has further room for efficiencies. The year ahead will bring continued focus on operations,” added Marc Gabelli.
Appointment of Chief Executive Officer
Teton welcomes Stephen G. Bondi as Chief Executive Officer of Teton Advisors, Inc. effective April 24, 2023. Mr. Bondi has been a member of our Board of Directors since 2017 and has over 40 years of experience in the asset management industry. He previously served as Chief Compliance Officer & Chief Financial Officer for Mittleman Investment Management, LLC, a subsidiary of Aimia Inc., and a provider of value-oriented investment advisory services to institutional investors and high-net-worth individuals.
“I am proud to be able to utilize my extensive experience in the asset management business, including with traditional and alternative investment products, to lead the well-experienced and strong-performing teams at Teton. My six years as a Teton Board member and nearly eighteen years of experience at the Gabelli affiliates of Teton, will provide me with the familiarity necessary to excel in my new role,” said Stephen Bondi.
ABOUT TETON
Teton Advisors, Inc. (OTCQX: TETAA) is a specialist in smaller company investing, serving a diverse client base of institutional, high net worth and mutual fund investors under brands including Teton Westwood, Gabelli and Keeley. The company was founded on a commitment to uncover value by focusing on companies that are misunderstood or ignored by the market utilizing methodologies developed by investment pioneers Mario Gabelli and John L. Keeley, Jr. As active, fundamental investors, the Teton portfolio teams think independently and focus on identifying short-term market inefficiencies to generate long-term alpha. Teton’s investment professionals share in the belief that being different is the cornerstone to discovering hidden value in equities. The Teton time tested investment approaches can help set apart your client portfolios, delivering differentiated attributes to round out a broader portfolio. From modest beginnings over 40 years ago, to today, The Disciplined Discovery of Value™ shapes the cornerstone for our clients’ long-term success.
