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.