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U.S. Global Investors Announces the Filing of Non-Cash Restatements for Periods Ended June and September 2022, and the Continuation of Dividends and Stock Buybacks
San Antonio, TX, May 24, 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, TX, May 24, 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, today is pleased to announce that its restated financial statements for the fiscal year ended June 30, 2022, and the fiscal quarter ended September 30, 2022, have been filed. The Company is working diligently to file its financial statements for the quarter ended December 31, 2022, and then will work on the quarter ended March 31, 2023. As was noted in a previous press release, these were non-cash restatements of the Company’s consolidated financial statements and related disclosures. The adjustments were related to the correction of fair value of certain investments. No changes or adjustments were made to the Company’s operating revenue or cash flow. Shareholders can read more about non-cash charges by clicking here. Restated net income for the 12-month period ended June 30, 2022, was $3.8 million, an approximately $1.7 million decrease from what was originally reported, mainly due to an increase in unrealized losses on investments, a non-cash adjustment. Net income per share was $0.25, a decrease of $0.12 from what was originally reported. For the quarter ended September 30, 2022, net income was restated at $107,000, lower than the $118,000 originally stated, with no change reported to net income per share. “Restating our results for two separate reporting periods was a lengthy process that I’m glad is now behind us,” says the Company’s CEO and Chief Investment Officer, Frank Holmes. “We look forward to sharing our results for the December 2022 and March 2023 quarters.” Continuation of Dividends and Stock Buybacks The Company is also pleased to announce the continuation of monthly dividends and stock buybacks in the fourth fiscal quarter of 2023. The dividend of $0.0075 per GROW share per month was paid on Monday, May 22. The next record date is June 12, and the next payment date is June 26. At the end of this period, the Company will have paid monthly GROW dividends for more than 13 years. The continuation of future cash dividends will be determined by the Board, at its sole discretion, after review of the Company’s financial performance and other factors, and is dependent on earnings, operations, capital requ...