This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

U.S. Global Investors, Inc. Reports Results For Fiscal Year 2013

U.S. Global Investors, Inc. ( NASDAQ: GROW), a boutique registered investment advisory firm specializing in natural resources and emerging markets, today reported a net loss of $194,212, or (0.01) cent per share, on revenues of $18.7 million for the fiscal year ended June 30, 2013. In the fourth quarter of fiscal year 2013, the company had a net loss of $450,164, or (0.02) cents per share, on operating revenues of $3.7 million.

For the fiscal year 2012, U.S. Global recorded net income of $1.5 million, or 10 cents per share, on operating revenues of $24.0 million.

During fiscal 2013, average assets under management were $1.55 billion, compared to $2.06 billion in fiscal 2012. Assets under management at period end stood at $1.16 billion. As of June 30, 2012, assets under management were $1.62 billion.

“This year has been extremely challenging for gold equities, emerging markets and long-term bonds, which have negatively impacted our revenues. Our reflexive cost structure cannot adapt as swiftly as the 35 percent decline in gold equities, 8 percent decline in emerging markets and 3 percent decline in 10-year bonds that we saw in the first half of 2013,” says Frank Holmes, CEO of U.S. Global Investors, Inc. “During the same time period, there was no increase in yields on short-term Treasuries, creating a financial drain to support the yield of the money market funds. Therefore, we made the strategic decision to get out of the money market fund business, streamline costs and reposition our products and services to focus on our core competencies and passion.

“Over the longer term, we believe these are very positive changes, even though the cost to restructure products and services will be in excess of $600,000. After these changes are implemented, they should lower fixed costs and improve cash flow, with a potential annual cost savings of approximately $1.2 million going forward,” says Holmes.

1 of 7

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim 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 NOW
Only $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 NOW

David 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 NOW

Jim 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 NOW

All 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 Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our 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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7870 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs