U.S. Global Investors Reports Results For First Quarter Of Fiscal Year 2013
U.S. Global Investors, Inc. ( NASDAQ: GROW), a boutique registered investment advisory firm specializing in natural resources and emerging markets, today recorded net income of $48,800, or 0 cents per share, on revenues of $4.98 million for the quarter ended September 30, 2012 (i.e., the first quarter of fiscal year 2013).
For the first quarter of fiscal year 2012, the company had net income of $749,518, or 5 cents per share, on revenues of $7.79 million. The year-over-year decline in revenue is primarily attributable to a decrease in assets under management. This follows an industry-wide trend that has persisted, as $215 billion has exited out of all stock mutual funds while nearly $290 billion was invested in bond funds over the past year, according to data from the Investment Company Institute.
As of September 30, 2012, total assets under management were $1.77 billion versus $2.05 billion at September 30, 2011, a decrease of 13.8 percent. Average assets under management were $1.66 billion for the quarter ended September 30, 2012.
“We’re pleased to see the markets experiencing a positive quarter, with the S&P 500 Index rising 6.35 percent and gold stocks rebounding considerably. The FTSE Gold Mines Index climbed 19.52 percent and the NYSE Arca Gold Miners Index increased 20.09 percent. Still, equity mutual funds continued to experience outflows of nearly $45 billion during the quarter while bond funds took in nearly twice that amount,” says Frank Holmes, U.S. Global Investors CEO. “We are disappointed that investors have opted out of the stock markets’ significant gains.”
Continued Strong Balance Sheet, Reflexive Cost Structure and Monthly Dividends As of September 30, 2012, the company had net working capital of approximately $25 million. Cash and cash equivalents totaled $19.7 million and marketable securities totaled $14.4 million as of the end of the quarter. In addition, the company has had no long-term debt since 2004 and owns its headquarters building.Select the service that is right for you!
COMPARE ALL SERVICESAction Alerts PLUS
TRY IT FREEJim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
Product Features:
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
TheStreet Quant Ratings
TRY IT FREENew! $49.95/yr
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
Product Features:
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Stocks Under $10
TRY IT FREEDavid Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
Product Features:
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
- Weekly roundups
Dividend Stock Advisor
TRY IT FREEJim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
Product Features:
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
TRY IT FREEAll of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
Product Features:
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Options Profits
TRY IT FREEOur options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
Product Features:
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV
