Business
U.S. Global Investors Reports Strong Profitability, with Highest Quarterly Earnings in Over Nine Years
San Antonio, TX, Nov. 05, 2020 (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, Nov. 05, 2020 (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, today is pleased to report financial results for the quarter ended September 30, 2020. The previous quarter, ended June 30, 2020, was a critical turning point in and validation of the Company’s strategy to build its ETF presence through substantial and unprecedented growth in the U.S. Global Jets ETF (JETS), along with an exponential increase in daily trading volume and liquidity. The growth in both JETS and the U.S. Global GO GOLD and Precious Metal Miners ETF (GOAU) continued in the most recent quarter, which has vastly improved the Company’s revenue, cash flow and profit margins.\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n\n For the quarter ended September 30, 2020: Total operating revenues of $3.2 million, an increase of 73% from the previous quarter and up more than 300% the same quarter from a year ago. This marks the Company’s best quarter for revenues in the last six years. Net income of $1.9 million, or $0.13 per share, an increase of 30% from the previous quarter and up more than $5.5 million from the same period last year. This marks the Company’s best quarter for earnings since the third fiscal quarter of 2011. A surge in assets under management (AUM) quarter-over-quarter and year-over-year. Average AUM were $2.0 billion, an increase of 61% from the previous quarter and up nearly 290% from the same quarter a year ago. This is the highest quarterly average AUM since the second fiscal quarter of 2012, when average AUM was $2.1 billion. Expanding operating margin to nearly 29%, compared to operating losses for the previous quarter and for the same period a year ago. Higher revenues in the quarter ended September 30, 2020, were mainly due to higher AUM in the Company’s two ETFs, GOAU and JETS. GOAU stood at $118.0 million, an increase of approximately 37% quarter-over-quarter and 260% year-over-year. JETS ended the quarter at $1.6 billion, up approximately 37% quarter-over-quarter and 3,200% year-over-year. As of September 30, 2020, total AUM, including mutual funds and ETF clients, was approximately $2.2 billion versus $498.0 million as of September 3...