U.S. Global Investors, Inc. ( NASDAQ: GROW), a boutique registered investment advisory firm specializing in natural resources and emerging markets, today reported that revenue increased 22 percent and earnings per share increased 70 percent on a year-over-year basis for the quarter ended March 31, 2011.
In the third quarter of fiscal 2011, U.S. Global recorded net income of $2.7 million, or 17 cents per share, on revenue of $11.4 million. This compares to net income of $1.5 million, or 10 cents per share, on revenue of $9.4 million for the third quarter of fiscal 2010. The company earned $2.3 million, or 15 cents per share, on revenue of $11.9 million in the second quarter of fiscal year 2011.
Assets under management at period end stood at $3.18 billion as of March 31, 2011, a 20 percent increase from $2.65 billion at March 31, 2010, and an increase of 4 percent from $3.04 billion at December 31, 2010.
Average assets under management were $3.10 billion for the quarter ended March 31, 2011, an increase of 18 percent from $2.63 billion at March 31, 2010, and an increase of 9 percent from $2.85 billion for the quarter ended December 31, 2010.“The company continued its strong performance for the fiscal 2011 year during the quarter,” says Frank Holmes, U.S. Global Investors CEO. “U.S. Global continues to pay a monthly dividend, remains debt-free and is poised to deploy the capital necessary to capture new opportunities should they arise.” “U.S. Global’s marketing strategy is expanding to be a leader in providing specialized investment expertise to financial advisors and institutions both domestically and internationally and we have fortified our efforts to seize the opportunity to serve a growing global marketplace,” says Holmes. “The mutual fund industry has gone through a major shift over the past decade and the total amount managed by registered-investment advisers (RIAs) has grown to over $2 trillion. We’ve focused our strategy to tap into this market and have attracted veteran Keith Carlson out of early retirement to lead this charge. Keith is the former president of Van Eck Global and has both the explicit and tacit knowledge needed to advance our efforts to build our institutional asset base,” says Holmes.