U.S. Global Investors (GROW) reported improved revenues, earnings and cash flow over the 2009 levels, according to the San Antonio, Texas-based firm’s Web cast on September 10. One of a handful of publicly-traded asset managers in the U.S., the company reported diluted earnings per share (EPS) of $0.35 for the 2010 fiscal year (FY) ended June 30, versus a loss of -$0.15 for the year earlier period. Net income for 2010 was $5.349 million on revenues of $35.030 million, versus a -$2.237 million loss for fiscal 2009 on revenues of $23.140 million.
U.S. Global is “debt free,” according to the Web cast.
Expenses are slightly down year-over-year for FY 2010, at $26.521 million versus $26.750 million for FY 2009.
Assets under management have grown to $2.60 billion (including retail and institutional assets) as of June 30, 2010, from $2.15 billion on June 30, 2009. U.S. Global Investors CEO and CIO, Frank Holmes, said on the Web cast that “the industry is seeing net redemptions” of assets; “investors as a whole across all asset classes are redeeming.”