Business
U.S. Global Investors Announces Record Net Income of $32 Million in Fiscal Year 2021, Continuation of Dividends
San Antonio, TX, Dec. 08, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a boutique registered investment advisory firm
About this update from U.s. Global Investors, Inc.
[{"type":"text","content":"San Antonio, TX, Dec. 08, 2021 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a boutique registered investment advisory firm with longstanding experience in global markets and specialized sectors from gold to cryptocurrencies, today is pleased to report financial results for the fiscal year ended June 30, 2021. For the 12-month period, total operating revenues were $21.7 million, an increase of over 380% year-over-year (YoY). For the quarter, revenues were $7.3 million, a 15% increase quarter-over-quarter (QoQ) and 292% increase YoY. Net income for the 12-month period was $32.0 million, or $2.12 per share, compared to a net loss of $4.7 million, or $0.31 loss per share, a year earlier. For the quarter, net income was $4.7 million, an increase of 217% from the same three-month period a year ago. Average assets under management (AUM) for the 12-month period ended June 30, 2021, were $3.4 billion, compared to $0.7 billion for the year ended June 30, 2020, an increase of $2.7 billion, or about 380%. Operating margin for the fiscal year was 38%, compared to an operating loss during the same period last year. Earnings from operations were $8.2 million and investment income was $28.3 million. “On behalf of everyone at U.S. Global Investors, I want to thank our shareholders for their patience as we worked diligently to complete the audit,” says Frank Holmes, CEO and Chief Investment Officer. “It’s important for investors to keep in mind that GROW remains volatile. For the 12-month period through September 30, 2021, GROW had a one-day standard deviation of ±5% and a 10-day deviation of ±15%. That puts the stock’s volatility slightly above Tesla’s and in a similar range as Bitcoin and Ethereum’s.” JETS Continued to Attract Healthy Inflows; Risk Factors Could Favor GOAU The Company’s two ETFs, the U.S. Global Jets ETF (JETS) and U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU), generated a combined $17.1 million in advisory fees during fiscal 2021, an increase of approximately 880% from a year earlier. JETS continued to attract assets during fiscal year 2021, after the initial market shock in Spring 2020 that prompted new retail investors to seek exposure to highly impacted industries, the commercial airlines industry included. In March 2021, the smart beta 2.0 airlines ETF reached a new exciting mi...