Gabelli Asset Management said it has repurchased 1,095,097 shares at an average cost of $25.10 per share through the end of December. The firm still only spent $5.2 million of the $10 million its board had authorized for share repurchases.

The firm also said its board authorized an additional repurchase up to $10 million on top of the unused amount authorized previously. It also authorized the repurchase of up to an additional 300,000 shares of its mandatory convertible securities (NYSE: "GBL.I") in addition to the 181,800 shares, which are unexpended under the current buyback program. Gabelli said it has repurchased 218,200 shares of GBL.I at an average cost of $22.06 per share though December 30, 2002.  

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