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Rating:Three Things to Know From U.S. Global Investors' Fiscal 2013 Earnings Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, August 29, 2013

Three Things to Know From U.S. Global Investors' Fiscal 2013 Earnings

News summary by MFWire's editors

U.S. Global Investors [profile] reported a net loss of $0.01 per on revenues of $18.7 million for the fiscal year ended June 30, 2013, down from $24 million reported last year. In the fourth quarter, the company had a net loss of $450,000 or $0.02 per share on operating revenues of $3.7 million.

CFO of U.S. Global Investors, Lisa Callicotte, said the drop is primarily related to mutual fund advisory fees declining $2.7 million or 19 percent under management fees and performance fees, according to Seeking Alpha's transcript of USGI's earnings call.

For the fiscal year 2012, U.S. Global Investors recorded net income of $1.5 million or $0.10 a share on operating revenues of $24 million. AUM during fiscal 2013 came to $1.55 billion, compared to $2.06 billion in fiscal 2012.

MFWire found three important points to note from Seeking Alpha's transcript of U.S Global Investors' earnings call.

POINT 1: U.S. Global Investors is coming out with their first ETF in 2014.

POINT 2: Fears in the U.S. over rising interest rates have affected Canadian funds but they remain fairly stable.

POINT 3: U.S. Global Investors has a new relationship with Transamerica.

And now to elaborate on each of those points:

POINT 1: U.S. Global Investors is coming out with their first ETF in 2014.
Susanne McGee, president and general counsel: As Frank mentioned earlier, we have filed an exemptive application with the SEC to be able to sponsor ETF. The initial registration and listing process can be quite lengthy and we are anticipating coming out with our first ETF in 2014.
POINT 2: Fears in the U.S. over rising interest rates have affected Canadian funds but they remain fairly stable.
Susan Filyk of IR: The next question is for Frank, with regard to fund flows in Canada have those mirrored the fund flow in the U.S. and how it has impacted Galileo's fund?

Frank Holmes: I think it's -- and looking at Galileo's five star fund; itís been much more stable on a relative basis of money jumping and jumping out. It is the trepidation of fear takes place in America does have an impact in Canada, and so the fund flows slowed down, and looking at and talking to Michael Waring, did not experience a huge redemption that's taken place in the asset management business here in U.S. and initially not go some of the other large asset management companies that share with me that, their bond fund flows which have been huge for the past five years and four years particular have come to a halt, and now they're experiencing net redemptions since May, June and July and August, and it's spread the fear of rising interest rates, interesting enough his line up is not experienced that.
POINT 3: U.S. Global Investors has a new relationship with Transamerica.
McGee: We have one new strategic relationship that I am pleased to share with you and that is with Transamerica, which added the global resources fund with premier provider lift. This lift is used on more than 1,000 registered reps at Transamerica. U.S. Global Fund is the only resources fund offering on the firmsí lift and we believe that this will offer considerable potential for fund flows through the Transamerica System.
See the transcript of U.S. Global Investors earnings call and the earnings release for more on how U.S. Global Investors is doing.  

Edited by: Casey Quinlan


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