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For Immediate Release
U.S. Global Investors Reports Results for the Third Quarter of 2014 Fiscal Year
Company Successfully Transitions and Streamlines Operations
SAN ANTONIOMay 12, 2014U.S. Global Investors, Inc. (NASDAQ: GROW), a boutique registered investment advisory firm specializing in natural resources, emerging markets, domestic equities and municipal bonds, recorded a net loss of $27,979, or $0.00 per share, on operating revenues of $2.74 million for the quarter ended March 31, 2014.
Net income for the same quarter of the previous year was $41,167, or $0.00 per share, on operating revenues of $4.47 million.
Average assets under management were $1 billion for the quarter ended March 31, 2014, compared to an average of $1.6 billion for the same quarter a year ago. Total assets under management were $1 billion as of March 31, 2014, versus $1.5 billion under management as of March 31, 2013. The decline in assets was predominately in the natural resources and emerging markets funds. Those market sectors have seen a challenging three-year decline which has negatively affected GROWs revenues, says Frank Holmes, U.S. Global Investors CEO. Additionally, investor sentiment has been negative toward emerging markets, especially China.
There have been starts and stops in the markets, but no sustained positive global trend, says Holmes. Global real GDP growth peaked in 2010 at 5.2 percent, then slowed for the next three years, to 3 percent. Global growth in 2014 is likely to accelerate, for the first time in four years, to 3.5 percent, according to ISI. Global industrial production is also pointing to global growth acceleration. Historically, our funds performance has been highly correlated with global growth trends, which appear to be turning up. says Holmes.
This has been a transitional fiscal year for the company as it accomplished strategic objectives in simplifying its operations and product lineup. Those changes required expensive and time- consuming legal and regulatory processes. The costs of change are mostly behind us and operating expenses decreased significantly in the third quarter due to the companys ongoing efforts to streamline costs and operations, says Holmes. Our organization is lean and nimble, our product line is streamlined and our focus is on our core competency of money management.
The company has made significant strides in developing new exchange-traded fund (ETF) products that the company is planning to launch in 2014. ETFs have seen tremendous growth in assets and market share as more investors and their financial advisors turn to this investment vehicle. We are excited about competing in this high demand space with innovative and dynamic ETF products, said Holmes.
The following information was filed by U S Global Investors Inc (GROW) on Tuesday, May 13, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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