##### Table of Contents



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 Washington, D.C. 20549
 
 FORM 10-Q
 
 þ
    
    QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED:
 June 30,
2010
 or
 o
    
    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 Commission File Number: 000-51003
 
 CALAMOS ASSET MANAGEMENT, INC.
 (Exact Name of Registrant as Specified in its Charter)
 
 Delaware
    
    32-0122554(State or Other Jurisdiction of 
Incorporation or Organization)
    
    (I.R.S. Employer
Identification No.)2020 Calamos Court, Naperville, Illinois
    
    60563(Address of Principal Executive Offices)
    
    (Zip Code)
 (630) 245-7200
 
 þ o
 o o
  Large accelerated filer o
    
    Accelerated filer þ
    
    Non-accelerated filer o
(do not check if a smaller reporting company)
    
    Smaller reporting company o
 o þ




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TABLE OF CONTENTS  PART I  FINANCIAL INFORMATIONItem 1. Financial StatementsItem 2. Managements Discussion and Analysis of Financial Condition and Results of OperationsItem 3. Quantitative and Qualitative Disclosures About Market RiskItem 4. Controls and ProceduresPART II  OTHER INFORMATIONItem 1. Legal ProceedingsItem 6. ExhibitsSIGNATURESEX-31.1EX-31.2EX-32.1EX-32.2    Table of Contents  
 PART I  FINANCIAL INFORMATION
 
 Item 1. Financial Statements
 CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except share data)
 June 30,
    
    
    December 31,2010
    
    
    2009(unaudited)ASSETSCurrent assets:Cash and cash equivalents
    
    $
    76,705
    
    
    $
    145,431Receivables:Affiliates and affiliated funds
    
    
    16,691
    
    
    
    17,174Customers
    
    
    9,999
    
    
    
    9,315Investment securities
    
    
    268,816
    
    
    
    207,886Derivative assets
    
    
    3,077
    
    
    
    1,720Partnership investments
    
    
    36,953
    
    
    
    37,549Prepaid expenses
    
    
    3,150
    
    
    
    2,741Deferred tax assets, net
    
    
    9,526
    
    
    
    9,610Other current assets
    
    
    1,990
    
    
    
    2,133Total current assets
    
    
    426,907
    
    
    
    433,559Non-current assets:Deferred tax assets, net
    
    
    74,222
    
    
    
    76,646Deferred sales commissions
    
    
    10,717
    
    
    
    12,705Property and equipment, net of accumulated depreciation ($44,905 at June 30,
2010 and $40,174 at December 31, 2009)
    
    
    28,956
    
    
    
    32,912Other non-current assets
    
    
    1,109
    
    
    
    1,256Total non-current assets
    
    
    115,004
    
    
    
    123,519Total assets
    
    $
    541,911
    
    
    $
    557,078LIABILITIESCurrent liabilities:Payables to brokers
    
    $
    15,870
    
    
    $
    16,102Accrued compensation and benefits
    
    
    11,765
    
    
    
    15,768Current portion of long-term debt
    
    
    32,885
    
    
    
    Interest payable
    
    
    3,026
    
    
    
    3,026Derivative liabilities
    
    
    
    
    
    
    3,450Accrued expenses and other current liabilities
    
    
    4,253
    
    
    
    3,711Total current liabilities
    
    
    67,799
    
    
    
    42,057Long-term liabilities:Long-term debt
    
    
    92,115
    
    
    
    125,000Deferred rent
    
    
    9,476
    
    
    
    9,419Other long-term liabilities
    
    
    699
    
    
    
    776Total long-term liabilities
    
    
    102,290
    
    
    
    135,195Total liabilities
    
    
    170,089
    
    
    
    177,252STOCKHOLDERS EQUITYClass A Common Stock, $0.01 par value; authorized 600,000,000 shares; 23,893,630 shares
issued and 19,893,630 shares outstanding at June 30, 2010;
23,668,583 shares issued and 19,668,583 shares outstanding at December 31, 2009
    
    
    239
    
    
    
    237Class B Common Stock, $0.01 par value; authorized 1,000 shares; 100 shares issued
and outstanding at June 30, 2010 and December 31, 2009
    
    
    0
    
    
    
    0Additional paid-in capital
    
    
    211,202
    
    
    
    209,895Retained earnings
    
    
    52,486
    
    
    
    46,035Accumulated other comprehensive income
    
    
    1,723
    
    
    
    4,362Treasury stock at cost; 4,000,000 shares at June 30, 2010 and December 31, 2009
    
    
    (95,215
    )
    
    
    (95,215
    )Calamos Asset Management, Inc. stockholders equity
    
    
    170,435
    
    
    
    165,314Non-controlling interest in Calamos Holdings LLC
    
    
    199,751
    
    
    
    212,887Non-controlling interest in partnership investments
    
    
    1,636
    
    
    
    1,625Total non-controlling interest
    
    
    201,387
    
    
    
    214,512Total stockholders equity
    
    
    371,822
    
    
    
    379,826Total liabilities and stockholders equity
    
    $
    541,911
    
    
    $
    557,078
  -2-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Six Months Ended June 30, 2010 and 2009
(in thousands, except share data)
(unaudited)
 Three Months Ended June 30,
    
    
    Six Months Ended June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009REVENUESInvestment management fees
    
    $
    58,467
    
    
    $
    47,493
    
    
    $
    117,037
    
    
    $
    89,494Distribution and underwriting fees
    
    
    21,264
    
    
    
    18,988
    
    
    
    43,099
    
    
    
    36,016Other
    
    
    735
    
    
    
    598
    
    
    
    1,460
    
    
    
    1,138Total revenues
    
    
    80,466
    
    
    
    67,079
    
    
    
    161,596
    
    
    
    126,648EXPENSESEmployee compensation and benefits
    
    
    18,875
    
    
    
    17,378
    
    
    
    39,007
    
    
    
    35,469Distribution expenses
    
    
    16,454
    
    
    
    14,282
    
    
    
    33,244
    
    
    
    26,760Amortization of deferred sales commissions
    
    
    2,476
    
    
    
    2,562
    
    
    
    5,042
    
    
    
    7,216Marketing and sales promotion
    
    
    3,487
    
    
    
    2,940
    
    
    
    6,219
    
    
    
    5,462General and administrative
    
    
    9,519
    
    
    
    8,533
    
    
    
    17,911
    
    
    
    17,167Total operating expenses
    
    
    50,811
    
    
    
    45,695
    
    
    
    101,423
    
    
    
    92,074Operating income
    
    
    29,655
    
    
    
    21,384
    
    
    
    60,173
    
    
    
    34,574NON-OPERATING INCOME (LOSS)Net interest expense
    
    
    (1,848
    )
    
    
    (1,734
    )
    
    
    (3,692
    )
    
    
    (3,520
    )Investment and other income (loss)
    
    
    6,512
    
    
    
    (6,193
    )
    
    
    15,265
    
    
    
    7,877Total non-operating income (loss)
    
    
    4,664
    
    
    
    (7,927
    )
    
    
    11,573
    
    
    
    4,357Income before income tax provision
    
    
    34,319
    
    
    
    13,457
    
    
    
    71,746
    
    
    
    38,931Income tax provision
    
    
    3,020
    
    
    
    1,010
    
    
    
    6,242
    
    
    
    3,426Net income
    
    
    31,299
    
    
    
    12,447
    
    
    
    65,504
    
    
    
    35,505Net income attributable to non-controlling
interest in Calamos Holdings LLC
    
    
    (26,625
    )
    
    
    (10,502
    )
    
    
    (56,012
    )
    
    
    (30,177
    )Net income attributable to non-controlling
interest in partnership investments
    
    
    (4
    )
    
    
    (158
    )
    
    
    (11
    )
    
    
    (189
    )Net income attributable to Calamos Asset
Management, Inc.
    
    $
    4,670
    
    
    $
    1,787
    
    
    $
    9,481
    
    
    $
    5,139Earnings per share:Basic
    
    $
    0.23
    
    
    $
    0.09
    
    
    $
    0.48
    
    
    $
    0.26Diluted
    
    $
    0.23
    
    
    $
    0.09
    
    
    $
    0.47
    
    
    $
    0.26Weighted average shares outstanding:Basic
    
    
    19,893,730
    
    
    
    19,621,137
    
    
    
    19,857,438
    
    
    
    19,614,075Diluted
    
    
    20,201,608
    
    
    
    19,990,070
    
    
    
    20,178,590
    
    
    
    19,873,806Cash dividends per share
    
    $
    0.075
    
    
    $
    0.055
    
    
    $
    0.15
    
    
    $
    0.11
  -3-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS EQUITY
Six Months Ended June 30, 2010

(in thousands)
(unaudited)
 Non-CALAMOS ASSET MANAGEMENT, INC. STOCKHOLDERS
    
    
    controlling
    
    
    Non-Accumulated
    
    
    
    
    
    
    Interest in
    
    
    controllingAdditional
    
    
    
    
    
    
    Other
    
    
    
    
    
    
    Calamos
    
    
    Interest inCommon
    
    
    Paid-in
    
    
    Retained
    
    
    Comprehensive
    
    
    Treasury
    
    
    Holdings
    
    
    PartnershipStock
    
    
    Capital
    
    
    Earnings
    
    
    Income
    
    
    Stock
    
    
    LLC
    
    
    Investments
    
    
    TotalBalance at Dec. 31, 2009
    
    $
    237
    
    
    $
    209,895
    
    
    $
    46,035
    
    
    $
    4,362
    
    
    $
    (95,215
    )
    
    $
    212,887
    
    
    $
    1,625
    
    
    $
    379,826Net income
    
    
    
    
    
    
    
    
    
    
    9,481
    
    
    
    
    
    
    
    
    
    
    
    56,012
    
    
    
    11
    
    
    
    65,504Changes in unrealized gains
on available-for-sale
securities, net of income
taxes
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,178
    )
    
    
    
    
    
    
    (5,604
    )
    
    
    
    
    
    
    (6,782
    )Reclassification adjustment
for realized gains on
available-for-sale
securities included in
income, net of income tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (1,525
    )
    
    
    
    
    
    
    (11,643
    )
    
    
    
    
    
    
    (13,168
    )Total comprehensive
income
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    45,554Issuance of common stock
(225,047 Class A common
shares)
    
    
    2
    
    
    
    (2
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Cumulative impact of
changes in ownership of
Calamos Holdings LLC
    
    
    
    
    
    
    279
    
    
    
    (3
    )
    
    
    64
    
    
    
    
    
    
    
    (1,396
    )
    
    
    
    
    
    
    (1,056
    )Compensation expense
recognized under stock
incentive plans
    
    
    
    
    
    
    1,030
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,727
    
    
    
    
    
    
    
    4,757Dividend equivalent accrued
under stock incentive plans
    
    
    
    
    
    
    
    
    
    
    (54
    )
    
    
    
    
    
    
    
    
    
    
    (194
    )
    
    
    
    
    
    
    (248
    )Distribution to
non-controlling interests
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (54,038
    )
    
    
    
    
    
    
    (54,038
    )Dividends declared
    
    
    
    
    
    
    
    
    
    
    (2,973
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2,973
    )Balance at June 30, 2010
    
    $
    239
    
    
    $
    211,202
    
    
    $
    52,486
    
    
    $
    1,723
    
    
    $
    (95,215
    )
    
    $
    199,751
    
    
    $
    1,636
    
    
    $
    371,822
  -4-




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CALAMOS ASSET MANAGEMENT, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30, 2010 and 2009
(in thousands)
(unaudited)
 2010
    
    
    2009Cash and cash equivalents at beginning of period
    
    $
    145,431
    
    
    $
    59,425Cash flows from operating activities:Net income
    
    
    65,504
    
    
    
    35,505Adjustments to reconcile net income to net cash provided by
operating activities:Amortization of deferred sales commissions
    
    
    5,042
    
    
    
    7,216Other depreciation and amortization
    
    
    4,876
    
    
    
    5,376Change in unrealized gains on trading securities,
derivative assets, derivative liabilities and partnership
investments, net
    
    
    (17
    )
    
    
    (683
    )Net realized gain on sale of investment securities,
derivative assets and derivative liabilities
    
    
    (13,127
    )
    
    
    (5,105
    )Deferred taxes
    
    
    4,008
    
    
    
    3,151Stock-based compensation
    
    
    4,757
    
    
    
    4,060Employee taxes paid on vesting under stock incentive plans
    
    
    (1,017
    )
    
    
    (175
    )(Increase) decrease in assets:Receivables:Affiliates and affiliated funds, net
    
    
    483
    
    
    
    (1,988
    )Customers
    
    
    (684
    )
    
    
    (981
    )Deferred sales commissions
    
    
    (3,054
    )
    
    
    (3,368
    )Other assets
    
    
    (546
    )
    
    
    16,350Increase (decrease) in liabilities:Payables to brokers
    
    
    (232
    )
    
    
    466Accrued compensation and benefits
    
    
    (4,003
    )
    
    
    (361
    )Accrued expenses and other liabilities
    
    
    599
    
    
    
    (547
    )Net cash provided by operating activities
    
    
    62,589
    
    
    
    58,916Cash flows provided by (used in) investing activities:Net additions to property and equipment
    
    
    (858
    )
    
    
    (132
    )Purchase of investment securities
    
    
    (212,749
    )
    
    
    (1,551
    )Proceeds from sale of investment securities
    
    
    147,741
    
    
    
    Net (purchases) sales of derivatives
    
    
    (8,323
    )
    
    
    15,281Net changes in partnership investments
    
    
    (172
    )
    
    
    (176
    )Net cash provided by (used in) investing activities
    
    
    (74,361
    )
    
    
    13,422Cash flows used in financing activities:Deferred tax benefit on vesting under stock incentive plans
    
    
    57
    
    
    
    136Distributions paid to non-controlling interests
    
    
    (54,038
    )
    
    
    (9,623
    )Dividends paid to common stockholders
    
    
    (2,973
    )
    
    
    (2,157
    )Net cash used in financing activities
    
    
    (56,954
    )
    
    
    (11,644
    )Net increase (decrease) in cash
    
    
    (68,726
    )
    
    
    60,694Cash and cash equivalents at end of period
    
    $
    76,705
    
    
    $
    120,119
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CALAMOS ASSET MANAGEMENT, INC.
 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
 (unaudited)
 (1) Organization and Description of Business
  (2) Basis of Presentation
      -6-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (3) Investment Securities
  June 30, 2010TotalAvailable-for-
    
    
    CFS
    
    
    Investment(in thousands)
    
    Sale
    
    
    Securities
    
    
    SecuritiesMutual FundsEquity
    
    $
    129,973
    
    
    $
    2,940
    
    
    $
    132,913Fixed income
    
    
    84,378
    
    
    
    
    
    
    
    84,378Defensive equity
    
    
    50,219
    
    
    
    
    
    
    
    50,219Other
    
    
    1,212
    
    
    
    
    
    
    
    1,212Total mutual funds
    
    
    265,782
    
    
    
    2,940
    
    
    
    268,722Common stock
    
    
    
    
    
    
    94
    
    
    
    94Total
    
    $
    265,782
    
    
    $
    3,034
    
    
    $
    268,816
 December 31, 2009TotalAvailable-for-
    
    
    CFS
    
    
    Investment(in thousands)
    
    Sale
    
    
    Securities
    
    
    SecuritiesMutual FundsEquity
    
    $
    67,981
    
    
    $
    27,938
    
    
    $
    95,919Fixed income
    
    
    81,908
    
    
    
    
    
    
    
    81,908Defensive equity
    
    
    28,736
    
    
    
    
    
    
    
    28,736Other
    
    
    1,218
    
    
    
    
    
    
    
    1,218Total mutual funds
    
    
    179,843
    
    
    
    27,938
    
    
    
    207,781Common stock
    
    
    
    
    
    
    105
    
    
    
    105Total
    
    $
    179,843
    
    
    $
    28,043
    
    
    $
    207,886
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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Available-for-sale securities:Proceeds from sale
    
    $
    53,886
    
    
    $
    
    
    
    $
    147,741
    
    
    $
    Gross realized gains on sales
    
    $
    5,985
    
    
    $
    
    
    
    $
    16,214
    
    
    $
    Unrealized gains (losses)
    
    $
    (12,454
    )
    
    $
    16,099
    
    
    $
    (7,146
    )
    
    $
    13,990Net gains reclassified out of accumulated other
comprehensive income to earnings
    
    $
    5,722
    
    
    $
    
    
    
    $
    14,360
    
    
    $
    CFS securities:Unrealized gains (losses)
    
    $
    (78
    )
    
    $
    4,714
    
    
    $
    (71
    )
    
    $
    3,074
  June 30,
    
    
    December 31,(in thousands)
    
    2010
    
    
    2009Total cumulative unrealized gains on available-for-sale securities
with net gains:Equity
    
    $
    12,397
    
    
    $
    21,965Fixed income
    
    
    524
    
    
    
    6,581Defensive equity
    
    
    7,150
    
    
    
    7,669Other
    
    
    26
    
    
    
    32Total gains
    
    
    20,097
    
    
    
    36,247Total cumulative unrealized losses on available-for-sale securities
with net losses:Equity
    
    
    (3,792
    )
    
    
    (26
    )Fixed income
    
    
    (410
    )
    
    
    (16
    )Defensive equity
    
    
    (1,176
    )
    
    
    (24
    )Other
    
    
    (344
    )
    
    
    (300
    )Total losses
    
    
    (5,722
    )
    
    
    (366
    )Total cumulative net unrealized gains on
available-for-sale securities
    
    $
    14,375
    
    
    $
    35,881
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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (4) Derivative Assets and Liabilities
   (5) Partnership Investments
  June 30,
    
    
    December 31,(in thousands)
    
    2010
    
    
    2009Calamos Market Neutral Opportunities Fund LP:Securities owned
    
    $
    17,701
    
    
    $
    21,976Securities sold but not yet purchased
    
    
    (7,622
    )
    
    
    (10,934
    )Accrued expenses and other current liabilities
    
    
    (199
    )
    
    
    (112
    )Other current assets
    
    
    9,495
    
    
    
    8,222Calamos Market Neutral Opportunities Fund LP, net
    
    
    19,375
    
    
    
    19,152Investment in other partnerships
    
    
    17,578
    
    
    
    18,397Partnership investments
    
    $
    36,953
    
    
    $
    37,549
   (6) Fair Value Measurements
  -9-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
  Fair Value Measurements UsingQuotedPrices inActive
    
    
    SignificantMarkets for
    
    
    OtherIdentical
    
    
    Observable(in thousands)
    
    
    
    
    
    Assets
    
    
    InputsDescription
    
    June 30, 2010
    
    
    (Level 1)
    
    
    (Level 2)Investment securities (Note 3)Mutual FundsEquity
    
    $
    132,913
    
    
    $
    132,913
    
    
    
    Fixed income
    
    
    84,378
    
    
    
    84,378
    
    
    
    Defensive equity
    
    
    50,219
    
    
    
    50,219
    
    
    
    Other
    
    
    1,212
    
    
    
    1,212
    
    
    
    Total mutual funds
    
    
    268,722
    
    
    
    268,722
    
    
    
    Common stock
    
    
    94
    
    
    
    94
    
    
    
    268,816
    
    
    
    268,816
    
    
    
    Derivative assets (Note 4)Exchange-traded put option contracts
    
    
    3,077
    
    
    
    3,077Securities and derivatives owned by the
Partnership (Note 5)Convertible preferred stocks
    
    
    506
    
    
    
    
    
    
    $
    506Purchased options
    
    
    142
    
    
    
    142
    
    
    
    Convertible bonds
    
    
    16,563
    
    
    
    
    
    
    
    16,563Corporate bonds
    
    
    490
    
    
    
    
    
    
    
    49017,701
    
    
    
    142
    
    
    
    17,559Securities sold but not yet purchased by
the Partnership (Note 5)Common stocks
    
    
    (7,622
    )
    
    
    (7,622
    )
    
    
    Total
    
    $
    281,972
    
    
    $
    264,413
    
    
    $
    17,559
 -10-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 Fair Value Measurements UsingQuoted Prices
    
    
    Significantin Active
    
    
    OtherMarkets for
    
    
    Observable(in thousands)
    
    December 31,
    
    
    Identical Assets
    
    
    InputsDescription
    
    2009
    
    
    (Level 1)
    
    
    (Level 2)Investment securities (Note 3)Mutual FundsEquity
    
    $
    95,919
    
    
    $
    95,919
    
    
    
    Fixed income
    
    
    81,908
    
    
    
    81,908
    
    
    
    Defensive equity
    
    
    28,736
    
    
    
    28,736
    
    
    
    Other
    
    
    1,218
    
    
    
    1,218
    
    
    
    Total mutual funds
    
    
    207,781
    
    
    
    207,781
    
    
    
    Common stock
    
    
    105
    
    
    
    105
    
    
    
    207,886
    
    
    
    207,886
    
    
    
    Derivative assets (Note 4)Exchange-traded put option contracts
    
    
    1,720
    
    
    
    1,720
    
    
    
    Derivative liabilities (Note 4)Exchange-traded call option contracts
    
    
    (3,450
    )
    
    
    (3,450
    )
    
    
    Securities and derivatives owned by the
Partnership (Note 5)Common stocks
    
    
    532
    
    
    
    532Convertible preferred stocks
    
    
    1,767
    
    
    
    660
    
    
    $
    1,107Purchased options
    
    
    179
    
    
    
    179
    
    
    
    Convertible bonds
    
    
    18,798
    
    
    
    
    
    
    
    18,798Corporate bonds
    
    
    700
    
    
    
    
    
    
    
    70021,976
    
    
    
    1,371
    
    
    
    20,605Securities sold but not yet purchased and
derivative liabilities of the Partnership
(Note 5)Common stocks
    
    
    (10,893
    )
    
    
    (10,893
    )
    
    
    Exchange-traded call option contracts
    
    
    (41
    )
    
    
    (41
    )
    
    
    (10,934
    )
    
    
    (10,934
    )
    
    
    Total
    
    $
    217,198
    
    
    $
    196,593
    
    
    $
    20,605
 (7) Fair Value of Financial Instruments
   -11-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (8) Earnings Per Share
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,(in thousands, except per share data)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Earnings per share  basicEarnings available to common shareholders
    
    $
    4,670
    
    
    $
    1,787
    
    
    $
    9,481
    
    
    $
    5,139Weighted average shares outstanding
    
    
    19,894
    
    
    
    19,621
    
    
    
    19,857
    
    
    
    19,614Earnings per share  basic
    
    $
    0.23
    
    
    $
    0.09
    
    
    $
    0.48
    
    
    $
    0.26Earnings per share  dilutedEarnings available to common shareholders
    
    $
    4,670
    
    
    $
    1,787
    
    
    $
    9,481
    
    
    $
    5,139Weighted average shares outstanding
    
    
    19,894
    
    
    
    19,621
    
    
    
    19,857
    
    
    
    19,614Dilutive impact of restricted stock units
    
    
    308
    
    
    
    369
    
    
    
    321
    
    
    
    260Weighted average diluted shares outstanding
    
    
    20,202
    
    
    
    19,990
    
    
    
    20,178
    
    
    
    19,874Earnings per share  diluted
    
    $
    0.23
    
    
    $
    0.09
    
    
    $
    0.47
    
    
    $
    0.26
     Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2010
    
    
    2009
    
    
    2010
    
    
    2009Exchange of Calamos Interests ownership in Holdings
for shares of Class A common stock
    
    
    39,415,965
    
    
    
    54,546,666
    
    
    
    39,415,965
    
    
    
    54,546,666Restricted stock units
    
    
    558,360
    
    
    
    811,669
    
    
    
    49,418
    
    
    
    811,669Stock options
    
    
    2,452,443
    
    
    
    2,572,621
    
    
    
    2,452,443
    
    
    
    2,572,621Total
    
    
    42,426,768
    
    
    
    57,930,956
    
    
    
    41,917,826
    
    
    
    57,930,956
 -12-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
  (9) Stock Based Compensation
     (10) Income Taxes
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Income tax provision
    
    $
    3,020
    
    
    $
    1,010
    
    
    $
    6,242
    
    
    $
    3,426Income tax (provision) benefit attributable to
non-controlling interest in Calamos Holdings
LLC
    
    
    (219
    )
    
    
    59
    
    
    
    (540
    )
    
    
    (258
    )Income taxes attributable to CAM
    
    
    2,801
    
    
    
    1,069
    
    
    
    5,702
    
    
    
    3,168Net income attributable to CAM
    
    
    4,670
    
    
    
    1,787
    
    
    
    9,481
    
    
    
    5,139Income before taxes attributable to CAM
    
    $
    7,471
    
    
    $
    2,856
    
    
    $
    15,183
    
    
    $
    8,307CAMs effective income tax rate
    
    
    37.5
    %
    
    
    37.4
    %
    
    
    37.6
    %
    
    
    38.1
    %
 -13-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (11) Non-operating Income (Loss), Net of Non-controlling Interest in Partnership Investments
  Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Interest income
    
    $
    102
    
    
    $
    216
    
    
    $
    208
    
    
    $
    380Interest expense
    
    
    (1,950
    )
    
    
    (1,950
    )
    
    
    (3,900
    )
    
    
    (3,900
    )Net interest expense
    
    
    (1,848
    )
    
    
    (1,734
    )
    
    
    (3,692
    )
    
    
    (3,520
    )Investment income (loss)
    
    
    6,347
    
    
    
    (6,367
    )
    
    
    14,949
    
    
    
    7,512Miscellaneous other income
    
    
    165
    
    
    
    174
    
    
    
    316
    
    
    
    365Investment and other income (loss)
    
    
    6,512
    
    
    
    (6,193
    )
    
    
    15,265
    
    
    
    7,877Non-operating income (loss)
    
    
    4,664
    
    
    
    (7,927
    )
    
    
    11,573
    
    
    
    4,357Net income attributable to non-controlling
interest in partnership investments
    
    
    (4
    )
    
    
    (158
    )
    
    
    (11
    )
    
    
    (189
    )Non-operating income (loss), net of non-
controlling interest in partnership investments
    
    $
    4,660
    
    
    $
    (8,085
    )
    
    $
    11,562
    
    
    $
    4,168
 -14-




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##### Table of Contents



CALAMOS ASSET MANAGEMENT, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS  (Continued)
 (12) Recently Issued Accounting Pronouncements
  Consolidation,
Amendments for Certain Investment Funds,
 Subsequent Events, Amendments to Certain
Recognition and Disclosure Requirements,
 Technical Corrections to Various Topics,
 Fair Value Measurements and Disclosures,
 -15-




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##### Table of Contents



Item 2. Managements Discussion and Analysis of Financial Condition and Results of
Operations
   June 30,(in millions)
    
    2010
    
    
    2009Mutual FundsOpen-end funds
    
    $
    18,463
    
    
    $
    15,702Closed-end funds
    
    
    4,679
    
    
    
    4,301Total mutual funds
    
    
    23,142
    
    
    
    20,003Separate AccountsInstitutional accounts
    
    
    4,710
    
    
    
    3,898Managed accounts
    
    
    2,061
    
    
    
    3,131Total separate accounts
    
    
    6,771
    
    
    
    7,029Total assets under management
    
    $
    29,913
    
    
    $
    27,032
   -16-




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##### Table of Contents



Operating Results
 Second Quarter and Six Months Ended June 30, 2010 Compared to Second Quarter and Six Months Ended
June 30, 2009
 Assets Under Management
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in millions)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentTotal Mutual FundsBeginning assets under management
    
    $
    25,040
    
    
    $
    17,089
    
    
    $
    7,951
    
    
    
    47
    %
    
    $
    24,480
    
    
    $
    17,498
    
    
    $
    6,982
    
    
    
    40
    %Net purchases (redemptions)
    
    
    (128
    )
    
    
    264
    
    
    
    (392
    )
    
    
    *
    
    
    
    (160
    )
    
    
    74
    
    
    
    (234
    )
    
    
    *Market appreciation (depreciation)
    
    
    (1,770
    )
    
    
    2,650
    
    
    
    (4,420
    )
    
    
    *
    
    
    
    (1,178
    )
    
    
    2,431
    
    
    
    (3,609
    )
    
    
    *Ending assets under management
    
    
    23,142
    
    
    
    20,003
    
    
    
    3,139
    
    
    
    16
    
    
    
    23,142
    
    
    
    20,003
    
    
    
    3,139
    
    
    
    16Average assets under management
    
    
    24,379
    
    
    
    19,034
    
    
    
    5,345
    
    
    
    28
    
    
    
    24,363
    
    
    
    17,928
    
    
    
    6,435
    
    
    
    36Institutional AccountsBeginning assets under management
    
    
    5,047
    
    
    
    3,573
    
    
    
    1,474
    
    
    
    41
    
    
    
    4,619
    
    
    
    3,498
    
    
    
    1,121
    
    
    
    32Net purchases (redemptions)
    
    
    15
    
    
    
    (86
    )
    
    
    101
    
    
    
    *
    
    
    
    274
    
    
    
    (57
    )
    
    
    331
    
    
    
    *Market appreciation (depreciation)
    
    
    (352
    )
    
    
    411
    
    
    
    (763
    )
    
    
    *
    
    
    
    (183
    )
    
    
    457
    
    
    
    (640
    )
    
    
    *Ending assets under management
    
    
    4,710
    
    
    
    3,898
    
    
    
    812
    
    
    
    21
    
    
    
    4,710
    
    
    
    3,898
    
    
    
    812
    
    
    
    21Average assets under management
    
    
    4,894
    
    
    
    3,826
    
    
    
    1,068
    
    
    
    28
    
    
    
    4,774
    
    
    
    3,638
    
    
    
    1,136
    
    
    
    31Managed AccountsBeginning assets under management
    
    
    2,876
    
    
    
    2,807
    
    
    
    69
    
    
    
    2
    
    
    
    3,615
    
    
    
    3,044
    
    
    
    571
    
    
    
    19Net redemptions
    
    
    (598
    )
    
    
    (81
    )
    
    
    (517
    )
    
    
    638
    
    
    
    (1,372
    )
    
    
    (351
    )
    
    
    (1,021
    )
    
    
    291Market appreciation (depreciation)
    
    
    (217
    )
    
    
    405
    
    
    
    (622
    )
    
    
    *
    
    
    
    (182
    )
    
    
    438
    
    
    
    (620
    )
    
    
    *Ending assets under management
    
    
    2,061
    
    
    
    3,131
    
    
    
    (1,070
    )
    
    
    (34
    )
    
    
    2,061
    
    
    
    3,131
    
    
    
    (1,070
    )
    
    
    (34
    )Average assets under management
    
    
    2,380
    
    
    
    3,040
    
    
    
    (660
    )
    
    
    (22
    )
    
    
    2,823
    
    
    
    2,971
    
    
    
    (148
    )
    
    
    (5
    )Total Assets Under ManagementBeginning assets under management
    
    
    32,963
    
    
    
    23,469
    
    
    
    9,494
    
    
    
    40
    
    
    
    32,714
    
    
    
    24,040
    
    
    
    8,674
    
    
    
    36Net purchases (redemptions)
    
    
    (711
    )
    
    
    97
    
    
    
    (808
    )
    
    
    *
    
    
    
    (1,258
    )
    
    
    (334
    )
    
    
    (924
    )
    
    
    277Market appreciation (depreciation)
    
    
    (2,339
    )
    
    
    3,466
    
    
    
    (5,805
    )
    
    
    *
    
    
    
    (1,543
    )
    
    
    3,326
    
    
    
    (4,869
    )
    
    
    *Ending assets under management
    
    $
    29,913
    
    
    $
    27,032
    
    
    $
    2,881
    
    
    
    11
    
    
    $
    29,913
    
    
    $
    27,032
    
    
    $
    2,881
    
    
    
    11Average assets under management
    
    $
    31,653
    
    
    $
    25,900
    
    
    $
    5,753
    
    
    
    22
    %
    
    $
    31,960
    
    
    $
    24,537
    
    
    $
    7,423
    
    
    
    30
    %
 
 *
    
    Not meaningful.    -17-




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##### Table of Contents



Financial Overview
 Three Months Ended June 30,
    
    
    Six Months Ended June 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in thousands)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentOperating income
    
    $
    29,655
    
    
    $
    21,384
    
    
    $
    8,271
    
    
    
    39
    %
    
    $
    60,173
    
    
    $
    34,574
    
    
    $
    25,599
    
    
    
    74
    %Operating margin
    
    
    36.9
    %
    
    
    31.9
    %
    
    
    5.0
    %
    
    
    16
    %
    
    
    37.2
    %
    
    
    27.3
    %
    
    
    9.9
    %
    
    
    36
    %Net income
attributable to
Calamos Asset Management, Inc.
    
    $
    4,670
    
    
    $
    1,787
    
    
    $
    2,883
    
    
    
    161
    %
    
    $
    9,481
    
    
    $
    5,139
    
    
    $
    4,342
    
    
    
    84
    %
   Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,(in thousands)
    
    2010
    
    
    2009
    
    
    2010
    
    
    2009Distribution and underwriting fees
    
    $
    21,264
    
    
    $
    18,988
    
    
    $
    43,099
    
    
    $
    36,016Distribution expenses
    
    
    (16,454
    )
    
    
    (14,282
    )
    
    
    (33,244
    )
    
    
    (26,760
    )Amortization of deferred sales commissions
    
    
    (2,476
    )
    
    
    (2,562
    )
    
    
    (5,042
    )
    
    
    (7,216
    )Net distribution fees
    
    $
    2,334
    
    
    $
    2,144
    
    
    $
    4,813
    
    
    $
    2,040Net distribution fee margin
    
    
    11
    %
    
    
    11
    %
    
    
    11
    %
    
    
    6
    %
   -18-




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##### Table of Contents



Revenues
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in thousands)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentInvestment management fees
    
    $
    58,467
    
    
    $
    47,493
    
    
    $
    10,974
    
    
    
    23
    %
    
    $
    117,037
    
    
    $
    89,494
    
    
    $
    27,543
    
    
    
    31
    %Distribution and
underwriting fees
    
    
    21,264
    
    
    
    18,988
    
    
    
    2,276
    
    
    
    12
    
    
    
    43,099
    
    
    
    36,016
    
    
    
    7,083
    
    
    
    20Other
    
    
    735
    
    
    
    598
    
    
    
    137
    
    
    
    23
    
    
    
    1,460
    
    
    
    1,138
    
    
    
    322
    
    
    
    28Total revenues
    
    $
    80,466
    
    
    $
    67,079
    
    
    $
    13,387
    
    
    
    20
    
    
    $
    161,596
    
    
    $
    126,648
    
    
    $
    34,948
    
    
    
    28
    -19-




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##### Table of Contents



Operating Expenses
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,Change
    
    
    
    
    
    
    
    
    
    
    Change(in thousands)
    
    2010
    
    
    2009
    
    
    Amount
    
    
    Percent
    
    
    2010
    
    
    2009
    
    
    Amount
    
    
    PercentEmployee compensation and benefits
    
    $
    18,875
    
    
    $
    17,378
    
    
    $
    1,497
    
    
    
    9
    %
    
    $
    39,007
    
    
    $
    35,469
    
    
    $
    3,538
    
    
    
    10
    %Distribution expenses
    
    
    16,454
    
    
    
    14,282
    
    
    
    2,172
    
    
    
    15
    
    
    
    33,244
    
    
    
    26,760
    
    
    
    6,484
    
    
    
    24Amortization of deferred sales
commissions
    
    
    2,476
    
    
    
    2,562
    
    
    
    (86
    )
    
    
    (3
    )
    
    
    5,042
    
    
    
    7,216
    
    
    
    (2,174
    )
    
    
    (30
    )Marketing and sales promotion
    
    
    3,487
    
    
    
    2,940
    
    
    
    547
    
    
    
    19
    
    
    
    6,219
    
    
    
    5,462
    
    
    
    757
    
    
    
    14General and administrative
    
    
    9,519
    
    
    
    8,533
    
    
    
    986
    
    
    
    12
    
    
    
    17,911
    
    
    
    17,167
    
    
    
    744
    
    
    
    4Total operating expenses
    
    $
    50,811
    
    
    $
    45,695
    
    
    $
    5,116
    
    
    
    11
    
    
    
    101,423
    
    
    $
    92,074
    
    
    
    9,349
    
    
    
    10
      -20-




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##### Table of Contents



Non-operating Activities, Net of Non-controlling Interest
in Partnership Investments
  Three Months Ended June 30,
    
    
    Six Months Ended June 30,(in thousands)
    
    2010
    
    
    2009
    
    
    Change
    
    
    2010
    
    
    2009
    
    
    ChangeInterest income
    
    $
    102
    
    
    $
    216
    
    
    $
    (114
    )
    
    $
    208
    
    
    $
    380
    
    
    $
    (172
    )Interest expense
    
    
    (1,950
    )
    
    
    (1,950
    )
    
    
    
    
    
    
    (3,900
    )
    
    
    (3,900
    )
    
    
    Net interest expense
    
    
    (1,848
    )
    
    
    (1,734
    )
    
    
    (114
    )
    
    
    (3,692
    )
    
    
    (3,520
    )
    
    
    (172
    )Investment income (loss)
    
    
    6,347
    
    
    
    (6,367
    )
    
    
    12,714
    
    
    
    14,949
    
    
    
    7,512
    
    
    
    7,437Miscellaneous other income
    
    
    165
    
    
    
    174
    
    
    
    (9
    )
    
    
    316
    
    
    
    365
    
    
    
    (49
    )Investment and other income (loss)
    
    
    6,512
    
    
    
    (6,193
    )
    
    
    12,705
    
    
    
    15,265
    
    
    
    7,877
    
    
    
    7,388Non-operating income (loss)
    
    
    4,664
    
    
    
    (7,927
    )
    
    
    12,591
    
    
    
    11,573
    
    
    
    4,357
    
    
    
    7,216Net income attributable to non-controlling
interest in partnership investments
    
    
    (4
    )
    
    
    (158
    )
    
    
    154
    
    
    
    (11
    )
    
    
    (189
    )
    
    
    178Non-operating income (loss), net of non-controlling
interest in partnership investments
    
    $
    4,660
    
    
    $
    (8,085
    )
    
    $
    12,745
    
    
    $
    11,562
    
    
    $
    4,168
    
    
    $
    7,394
   Three Months Ended June 30, 2010
    
    
    Six Months Ended June 30, 2010Change in
    
    
    
    
    
    
    
    
    
    
    Change inNon-
    
    
    Accumulated
    
    
    
    
    
    
    Non-
    
    
    AccumulatedOperating
    
    
    Other
    
    
    
    
    
    
    Operating
    
    
    OtherIncome
    
    
    Comprehensive
    
    
    
    
    
    
    Income
    
    
    Comprehensive(in thousands)
    
    (Loss)
    
    
    Income
    
    
    Total
    
    
    (Loss)
    
    
    Income
    
    
    TotalMutual funds and common stock
    
    $
    10,686
    
    
    $
    (18,176
    )
    
    $
    (7,490
    )
    
    $
    22,298
    
    
    $
    (21,506
    )
    
    $
    792Partnership investments
    
    
    (4,596
    )
    
    
    
    
    
    
    (4,596
    )
    
    
    (3,832
    )
    
    
    
    
    
    
    (3,832
    )Equity option contracts
    
    
    257
    
    
    
    
    
    
    
    257
    
    
    
    (3,517
    )
    
    
    
    
    
    
    (3,517
    )Investment income (loss)
    
    
    6,347
    
    
    
    (18,176
    )
    
    
    (11,829
    )
    
    
    14,949
    
    
    
    (21,506
    )
    
    
    (6,557
    )Non-controlling interest in
partnership investments
    
    
    (4
    )
    
    
    
    
    
    
    (4
    )
    
    
    (11
    )
    
    
    
    
    
    
    (11
    )Investment portfolio results
    
    $
    6,343
    
    
    
    
    
    
    $
    (11,833
    )
    
    $
    14,938
    
    
    
    
    
    
    $
    (6,568
    )Less: Non-controlling interest in
Calamos Holdings LLC
    
    
    
    
    
    
    14,239
    
    
    
    
    
    
    
    
    
    
    
    17,247Deferred income taxes
    
    
    
    
    
    
    1,249
    
    
    
    
    
    
    
    
    
    
    
    1,556Change in accumulated other
comprehensive income
    
    
    
    
    
    $
    (2,688
    )
    
    
    
    
    
    
    
    
    
    $
    (2,703
    )
  -21-




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##### Table of Contents



Income Taxes
  Net Income
  Liquidity and Capital Resources
   Increase(in thousands)
    
    June 30, 2010
    
    
    December 31, 2009
    
    
    (Decrease)Cash and cash equivalents
    
    $
    76,705
    
    
    $
    145,431
    
    
    $
    (68,726
    )Investment securities
    
    
    268,816
    
    
    
    207,886
    
    
    
    60,930Derivatives, net
    
    
    3,077
    
    
    
    (1,730
    )
    
    
    4,807Partnership investments, net of non-controlling interests
    
    
    35,317
    
    
    
    35,924
    
    
    
    (607
    )Total corporate investment portfolio
    
    $
    383,915
    
    
    $
    387,511
    
    
    $
    (3,596
    )
   Results as ofCovenant
    
    June 30, 2010EBITDA/interest expense  not less than 3.0
    
    
    18.23Debt/EBITDA  not more than 3.0
    
    
    0.88Investment coverage ratio  not less than 1.175
    
    
    2.72Net worth (in millions)  not less than $160
    
    $
    255
 -22-




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##### Table of Contents



June 30,
    
    
    December 31,(in thousands)
    
    2010
    
    
    2009Statements of financial condition data:Cash and cash equivalents
    
    $
    76,705
    
    
    $
    145,431Receivables
    
    
    26,690
    
    
    
    26,489Investment securities and derivatives, net
    
    
    271,893
    
    
    
    206,156Partnership investments, net
    
    
    35,317
    
    
    
    35,924Deferred tax assets, net
    
    
    83,748
    
    
    
    86,256Deferred sales commissions
    
    
    10,717
    
    
    
    12,705Long-term debt, including current portion
    
    
    125,000
    
    
    
    125,000
  June 30,(in thousands)
    
    2010
    
    
    2009Cash flow data:Net cash provided by operating activities
    
    $
    62,589
    
    
    
    $58,916Net cash provided by (used in) investing
activities
    
    
    (74,361
    )
    
    
    13,422Net cash used in financing activities
    
    
    (56,954
    )
    
    
    (11,644
    )
     -23-




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##### Table of Contents



Recently Issued Accounting Pronouncements
  Critical Accounting Policies
  Forward-Looking Information
     Risk Factors
 -24-




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##### Table of Contents



Item 3. Quantitative and Qualitative Disclosures About Market Risk
  
 Item 4. Controls and Procedures
   -25-




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##### Table of Contents



PART II  OTHER INFORMATION
 
 Item 1. Legal Proceedings
   
 Item 6. Exhibits
 3(i)
    
    Second Amended and Restated Certificate of Incorporation of the Registrant
(incorporated by reference to Exhibit 3.1 to the Registrants Annual Report on
Form 10-K filed with the Securities and Exchange Commission on March 13,
2009).3(ii)
    
    Second Amended and Restated By-Laws of the Registrant (incorporated by
reference to Exhibit 3.2 to the Registrants Annual Report on Form 10-K filed
with the Securities and Exchange Commission on March 13, 2009).4.1
    
    Stockholders Agreement among John P. Calamos, Sr., Nick P. Calamos and John
P. Calamos, Jr., certain trusts controlled by them, Calamos Family Partners,
Inc. and the Registrant (incorporated by reference to Exhibit 4.1 to the
Registrants Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on December 3, 2004).4.2
    
    Registration Rights Agreement between Calamos Family Partners, Inc., John P.
Calamos, Sr. and the Registrant (incorporated by reference to Exhibit 4.2 to
the Registrants Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission on December 3, 2004).10.1
    
    Calamos Asset Management, Inc. Incentive Compensation Plan, as amended
effective May 22, 2009 (incorporated by reference to Exhibit 10.1 to the
Registrants Current Report on Form 8-K filed with the Securities and Exchange
Commission on May 27, 2009).31.1
    
    Certification pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.31.2
    
    Certification pursuant to Rules 13a-14(a) and 15d-14(a) of the Exchange Act.32.1
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.32.2
    
    Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002.
 -26-




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##### Table of Contents



SIGNATURES
  CALAMOS ASSET MANAGEMENT, INC.
              (Registrant)Date:  August 5, 2010
    By:
    /s/ Cristina WasiakCristina WasiakChief Financial Officer -27-