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General American Investors Company, Inc., a closed-end investment
company listed on the New York Stock Exchange (GAM), filed with the U.S.
Securities and Exchange Commission (SEC) its Certified Shareholder
Report (Form N-CSR) for the year ended December 31, 2009. The Form N-CSR
contains the Company’s 2009 Annual Report and is available at the SEC’s
website: www.sec.gov
and the Company’s website: www.generalamericaninvestors.com.
The Annual Report and Proxy Statement, which are also available on the
Company’s website, pertaining to the Company’s Annual Meeting of
Stockholders to be held on April 14, 2010 are expected to be mailed to
stockholders on or about February 22, 2010.
The Annual Report indicates that as of and for the year ended:
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2009
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2008
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Net Assets Applicable to Common Stock
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$864,323,372
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$674,597,801
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Per Common Share
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$27.50*
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$21.09**
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Net Investment Income
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$3,400,143
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$13,446,046
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Per Common Share
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$0.11
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$0.42
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Net Gain (Loss) on Investments
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$219,473,293
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($507,342,743)
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Per Common Share
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$6.94
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($16.15)
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Common Shares Outstanding
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31,425,215
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31,980,872
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Dividends and Distributions to Common Shareholders
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$11,009,130
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$20,644,735
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Per Common Share
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$0.35
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$0.65
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Dividends and Distributions to Preferred Shareholders
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$11,474,004
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$11,899,613
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Per Common Share
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$0.36
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$0.38
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*
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After dividend and distribution of $0.35 per share paid in December
2009.
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**
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After dividends and distributions of $0.44 per share and $0.215 per
share paid in December 2008 and February 2008, respectively.
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The Company also reported that it purchased 836,938 shares of its common
stock and 380,013 shares of its preferred stock in the open market
during 2009. The Board of Directors has authorized repurchasing common
shares when they are trading at a discount in excess of 8% and
repurchasing up to one million preferred shares when they are trading at
less than $25 per share.
The largest stock holdings in the Company’s portfolio at December 31,
2009 included: TJX Companies, Weatherford, Costco, QUALCOMM, and Apache.
General American Investors was founded in 1927, has been publicly traded
since its inception and has been listed on the NYSE since 1930. The
objective of the Company is long-term capital appreciation through
investment in companies with above average growth potential. The
aggregate liquidation value of the Company’s preferred stock is $190
million. Its preferred shares (symbol GAM Pr B) are also listed on the
NYSE.
General American Investors Company, Inc.
Eugene S. Stark,
212-916-8447
Vice-President, Administration
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