Business
U.S. Global Investors Announces Solid Financial Results for Fiscal Year 2023, with Net Income Per Share of $0.22, 23% Operating Margin and Increased Working Capital
SAN ANTONIO, Nov. 16, 2023 (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, Nov. 16, 2023 (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 to airlines, is pleased to report financial results for the fiscal year ended June 30, 2023. For the 12-month period, net income was $3.1 million, or $0.22 per share, and operating income was $3.5 million. Operating margin was a healthy 23% on operating revenues of $15.1 million, despite average assets under management (AAUM) declining 35.6%, from $3.9 million during fiscal 2022 to $2.5 million during the fiscal year ended June 30, 2023. As of June 30, 2023, the Company had net working capital of approximately $37.4 million, over a 10% increase from June 30, 2022. With approximately $25.4 million in cash and cash equivalents and $12.9 million in securities recorded at fair value, excluding convertible securities, the Company has adequate liquidity to meet its current obligations. Now that this 10-K is filed, the Company will begin working diligently on the September 10-Q. The 10-Q is typically filed about 45 days after quarter end, and the Company believes it will file the September 30, 2023, 10-Q within 45 days after filing the 10-K. Enhanced Share Repurchase Program, Monthly GROW Dividends For the quarter ended June 30, 2023, the Company purchased a total of 91,845 class A shares using cash of $257,000. This is more than double the number of shares that the Company repurchased during the same period a year earlier. The repurchase program has been in place since December 2012, and the Board of Directors (the “Board”) has renewed the repurchase program each calendar year. The Company buys back stock on flat or down days. The Board has authorized payment of the $0.0075 per share per month dividend beginning in October 2023 and continuing through December 2023. The record dates were October 9, November 13 and December 11, and the payment dates were October 23, November 27 and December 26. Payment of cash dividends is within the discretion of the Board and is dependent on earnings, operations, capital requirements, general financial condition of the Company and general business conditions. Dividends totaling $1.1 million were paid to holders of class A common stock in fiscal year 2023. JETS Has Remained Resili...