Business
U.S. Global Investors Announces Second-Quarter Net Income of $3.6 Million, an Increase of 50% from Previous Quarter
San Antonio, TX, Feb. 17, 2022 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with
About this update from U.s. Global Investors, Inc.
[{"type":"text","content":"San Antonio, TX, Feb. 17, 2022 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors from gold mining to cryptocurrencies, today is pleased to report financial results for the fiscal quarter ended December 31, 2021. For the three-month period, total operating revenues were $6.6 million, a slight increase from the previous quarter and an increase of approximately 39% year-over-year (YOY). Net income for the quarter was $3.6 million, or $0.24 per share, an increase of 50% quarter-over-quarter. Average assets under management (AUM) for the three-month period ended December 31, 2021, were $4.1 billion, up slightly from the previous quarter and up 40% YOY. Operating margin for the quarter was 45%, in line with that in the previous quarter. Demand for JETS Remains Strong, with More Than 300 Million Shares Traded in December 2021 The U.S. Global Jets ETF (JETS) remained the Company’s single largest fund, nearly two years after the onset of the pandemic in early 2020 attracted scores of deep-value investors. As of December 31, 2021, total AUM in the smart-beta 2.0 airlines ETF stood at $3.2 billion, an increase of approximately 11% from the same day a year earlier. Despite the emergence of the Omicron variant, which contributed to thousands of flight cancellations in the fourth quarter of 2021, investors were eager to get exposure to commercial airlines, as evidenced by elevated trading volume. A greater number of JETS shares were traded in December 2021 than in any other month since the ETF’s debut in April 2015, with 332.7 million shares trading hands. More than 33.5 million JETS shares were traded on December 6, 2021, the most in a single session by a good margin. “I believe the market sees an end to the most restrictive travel mandates and border closures sooner rather than later, and that now may be an opportune time to get exposure to commercial airlines,” says Frank Holmes, CEO and Chief Investment Officer. “Here in the New Year, a number of welcome developments have occurred that give me optimism for 2022, including Australia’s announcement that it would open its borders to vaccinated tourists starting in February. In addition, TUI, the world’s largest travel and tourism company, says that bookin...