Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |||||
Jun. 30, 2014 | Aug. 18, 2014 | Dec. 31, 2013 | Aug. 18, 2014 | Aug. 18, 2014 | Dec. 31, 2013 | |
Common Class A [Member] | Common Class A [Member] | Common Class B [Member] | Common Class C [Member] | Common Class C [Member] | ||
Entity Information [Line Items] | ' | ' | ' | ' | ' | ' |
Entity Registrant Name | 'U S GLOBAL INVESTORS INC | ' | ' | ' | ' | ' |
Trading Symbol | 'GROW | ' | ' | ' | ' | ' |
Entity Central Index Key | '0000754811 | ' | ' | ' | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' | ' | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' | ' | ' | ' |
Document Type | '10-K | ' | ' | ' | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' | ' | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' | ' | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' | ' | ' | ' |
Amendment Flag | 'false | ' | ' | ' | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 13,361,378 | ' | 0 | 2,069,187 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' | ' | ' | ' |
Entity Voluntary Filers | 'No | ' | ' | ' | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' | ' | ' | ' |
Entity Public Float | ' | ' | $22,700,602 | ' | ' | $1,308 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Current Assets | ' | ' | ||
Cash and cash equivalents | $5,910 | $18,085 | ||
Trading securities, at fair value | 17,817 | [1] | 4,758 | [1] |
Receivables | 2,513 | 1,148 | ||
Prepaid expenses | 525 | 605 | ||
Deferred tax asset | 51 | 196 | ||
Total Current Assets | 26,816 | 24,792 | ||
Net Property and Equipment | 3,024 | 3,085 | ||
Other Assets | ' | ' | ||
Deferred tax asset, long-term | 298 | 678 | ||
Investment securities available-for-sale, at fair value | 6,196 | 9,053 | ||
Other investments | 1,413 | 0 | ||
Intangible assets, net | 86 | 0 | ||
Investment in Galileo | 0 | 654 | ||
Total assets held related to discontinued operations | 0 | 421 | ||
Other assets, long term | 13 | 0 | ||
Total Other Assets | 8,006 | 10,806 | ||
Total Assets | 37,846 | 38,683 | ||
Current Liabilities | ' | ' | ||
Accounts payable | 219 | 71 | ||
Accrued compensation and related costs | 581 | 688 | ||
Dividends payable | 232 | 232 | ||
Other accrued expenses | 1,064 | 770 | ||
Total liabilities held related to discontinued operations | 47 | 73 | ||
Total Current Liabilities | 2,143 | 1,834 | ||
Commitments and Contingencies (Note 19) | ' | ' | ||
Shareholdersb Equity | ' | ' | ||
Additional paid-in-capital | 15,669 | 15,654 | ||
Treasury stock, class A shares at cost; 501,518 and 463,958 shares at June 30, 2014, and June 30, 2013, respectively | -1,280 | -1,129 | ||
Accumulated other comprehensive income, net of tax | 906 | 652 | ||
Retained earnings | 19,376 | 21,273 | ||
Total U.S. Global Investors, Inc. Shareholdersb Equity | 35,070 | 36,849 | ||
Non-Controlling Interest in Subsidiary | 633 | 0 | ||
Total Shareholdersb Equity | 35,703 | 36,849 | ||
Total Liabilities and Shareholdersb Equity | 37,846 | 38,683 | ||
Common Class A [Member] | ' | ' | ||
Shareholdersb Equity | ' | ' | ||
Common stock, value | 347 | 347 | ||
Common Class B [Member] | ' | ' | ||
Shareholdersb Equity | ' | ' | ||
Common stock, value | 0 | 0 | ||
Common Class C [Member] | ' | ' | ||
Shareholdersb Equity | ' | ' | ||
Common stock, value | $52 | $52 | ||
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Common Class A [Member] | ' | ' |
Common stock, par value | $0.03 | $0.03 |
Common stock, shares authorized | 28,000,000 | 28,000,000 |
Common stock, shares issued | 13,866,361 | 13,865,021 |
Treasury stock | 501,518 | 463,958 |
Common Class B [Member] | ' | ' |
Common stock, par value | $0.03 | $0.03 |
Common stock, shares authorized | 4,500,000 | 4,500,000 |
Common stock, shares issued | 0 | 0 |
Common Class C [Member] | ' | ' |
Common stock, par value | $0.03 | $0.03 |
Common stock, shares authorized | 3,500,000 | 3,500,000 |
Common stock, shares issued | 2,069,187 | 2,070,527 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating Revenues | ' | ' | ' |
Advisory fees | $7,760 | $12,189 | $14,933 |
Distribution fees | 1,974 | 2,817 | 4,070 |
Shareholder services fees | 931 | 1,383 | 2,050 |
Administrative services fees | 774 | 929 | 1,321 |
Operating revenue | 11,439 | 17,318 | 22,374 |
Operating Expenses | ' | ' | ' |
Employee compensation and benefits | 6,806 | 8,345 | 8,796 |
General and administrative | 5,201 | 5,311 | 5,229 |
Platform fees | 1,903 | 2,663 | 3,995 |
Advertising | 615 | 862 | 1,182 |
Depreciation and amortization | 256 | 268 | 273 |
Subadvisory fees | 60 | 60 | 60 |
Operating expenses, Total | 14,841 | 17,509 | 19,535 |
Operating Income (Loss) | -3,402 | -191 | 2,839 |
Other Income (Loss) | ' | ' | ' |
Investment income (loss) | 2,145 | 208 | -177 |
Equity in earnings of Galileo | 20 | 54 | 0 |
Total Other Income (Loss) | 2,165 | 262 | -177 |
Income (Loss) from Continuing Operations Before Income Taxes | -1,237 | 71 | 2,662 |
Provision for Federal Income Taxes | ' | ' | ' |
Tax expense (benefit) | -517 | 100 | 1,024 |
Income (Loss) from Continuing Operations | -720 | -29 | 1,638 |
Discontinued Operations | ' | ' | ' |
Loss from operations of discontinued transfer agent | -368 | -250 | -163 |
Tax benefit | -125 | -85 | -55 |
Loss from Discontinued Operations | -243 | -165 | -108 |
Net Income (Loss) | ' | ' | ' |
Net Income (Loss) | -963 | -194 | 1,530 |
Less: Net Income Attributable to Non-Controlling Interest | 7 | 0 | 0 |
Net Income (Loss) Attributable to U.S. Global Investors, Inc. | ($970) | ($194) | $1,530 |
Basic | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | ($0.04) | $0 | $0.11 |
Loss from discontinued operations (in dollars per share) | ($0.02) | ($0.01) | ($0.01) |
Net income (loss) (in dollars per share) | ($0.06) | ($0.01) | $0.10 |
Diluted | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | ($0.04) | $0 | $0.11 |
Loss from discontinued operations (in dollars per share) | ($0.02) | ($0.01) | ($0.01) |
Net income (loss) (in dollars per share) | ($0.06) | ($0.01) | $0.10 |
Basic weighted average number of common shares outstanding (shares) | 15,459,022 | 15,482,612 | 15,441,464 |
Diluted weighted average number of common shares outstanding (shares) | 15,459,022 | 15,482,612 | 15,441,582 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Net Income (Loss) | ' | ' | ' |
Net Income (Loss) | ($963) | ($194) | $1,530 |
Other Comprehensive Income (Loss), Net of Tax: | ' | ' | ' |
Unrealized gains (losses) on available-for-sale securities arising during period | 923 | 350 | -464 |
Less: reclassification adjustment for gains included in net income | -687 | -164 | -112 |
Net change from available-for-sale investments, net of tax | 236 | 186 | -576 |
Foreign currency translation adjustments | 27 | 0 | 0 |
Other Comprehensive Income (Loss) | 263 | 186 | -576 |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ' | ' | ' |
Comprehensive Income (Loss) | -700 | -8 | 954 |
Less: Comprehensive Income Attributable to Non-Controlling Interest | 16 | 0 | 0 |
Comprehensive Income (Loss) Attributable to U.S. Global Investors, Inc. | ($716) | ($8) | $954 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock - Class A [Member] | Common Stock - Class C [Member] | Additional Paid-in Capital [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | ||||||||
Beginning balance at Jun. 30, 2011 | $41,057 | $347 | $52 | $15,267 | ($1,233) | $1,042 | $25,582 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of stock under ESPP of shares of Common Stock (class A) | 188 | ' | ' | 120 | 68 | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock | ' | 0 | ' | ' | ' | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock, amount converted | ' | ' | 0 | ' | ' | ' | ' | ' |
Dividends declared | -3,708 | ' | ' | ' | ' | ' | -3,708 | ' |
Stock bonuses | 193 | ' | ' | 135 | 58 | ' | ' | ' |
Stock-based compensation expense | 26 | ' | ' | 26 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | -576 | ' | ' | ' | ' | -576 | ' | ' |
Net income (loss) | 1,530 | ' | ' | ' | ' | ' | 1,530 | ' |
Net income (loss) | 1,530 | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2012 | 38,710 | 347 | 52 | 15,548 | -1,107 | 466 | 23,404 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of stock under ESPP of shares of Common Stock (class A) | 185 | ' | ' | 69 | 116 | ' | ' | ' |
Purchases of Common Stock | -174 | ' | ' | ' | -174 | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock | ' | 0 | ' | ' | ' | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock, amount converted | ' | ' | 0 | ' | ' | ' | ' | ' |
Dividends declared | -1,937 | ' | ' | ' | ' | ' | -1,937 | ' |
Stock bonuses | 64 | ' | ' | 28 | 36 | ' | ' | ' |
Stock-based compensation expense | 9 | ' | ' | 9 | ' | ' | ' | ' |
Other comprehensive income (loss), net of tax | 186 | ' | ' | ' | ' | 186 | ' | ' |
Net income (loss) | -194 | ' | ' | ' | ' | ' | -194 | ' |
Net income (loss) | -194 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance, including noncontrolling interest at Jun. 30, 2013 | 36,849 | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Jun. 30, 2013 | 36,849 | 347 | 52 | 15,654 | -1,129 | 652 | 21,273 | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Purchases of stock under ESPP of shares of Common Stock (class A) | 156 | ' | ' | 27 | 129 | ' | ' | ' |
Purchases of Common Stock | -289 | ' | ' | ' | -289 | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock | ' | 0 | ' | ' | ' | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock, amount converted | ' | ' | 0 | ' | ' | ' | ' | ' |
Dividends declared | -927 | ' | ' | ' | ' | ' | -927 | ' |
Stock bonuses | 11 | ' | ' | 2 | 9 | ' | ' | ' |
Stock-based compensation expense | -14 | ' | ' | -14 | ' | ' | ' | ' |
Galileo acquisition - non-controlling interest | 617 | ' | ' | ' | ' | ' | ' | 617 |
Other comprehensive income (loss), net of tax | 263 | ' | ' | ' | ' | 254 | ' | 9 |
Net income (loss) | -970 | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | -963 | ' | ' | ' | ' | ' | -970 | 7 |
Ending Balance, including noncontrolling interest at Jun. 30, 2014 | 35,703 | 347 | 52 | 15,669 | -1,280 | 906 | 19,376 | 633 |
Ending balance at Jun. 30, 2014 | $35,070 | ' | ' | ' | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Class A common stock purchased | 93,351 | 55,052 | ' | ' |
Purchases of stock under ESPP, shares | 52,191 | 48,679 | 28,998 | ' |
Common Class A [Member] | ' | ' | ' | ' |
Class A common stock purchased | 93,351 | 55,052 | ' | ' |
Common stock outstanding, Shares | 13,866,361 | 13,865,021 | 13,862,505 | 13,862,445 |
Number of shares issued as result of stock conversion | 1,340 | 2,516 | 60 | ' |
Common Class C [Member] | ' | ' | ' | ' |
Common stock outstanding, Shares | 2,069,187 | 2,070,527 | 2,073,043 | 2,073,103 |
Number of shares converted | 1,340 | 2,516 | 60 | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Cash Flows from Operating Activities: | ' | ' | ' |
Net income (loss) | ($963) | ($194) | $1,530 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation and amortization | 259 | 275 | 282 |
Net recognized loss (gain) on disposal of property and equipment | 26 | 0 | -75 |
Net recognized loss (gain) on securities | -878 | 26 | -158 |
Gain on acquisition of Galileo | -290 | 0 | 0 |
Net income from equity method investment | -20 | -54 | 0 |
Provision for deferred taxes | 387 | 9 | -283 |
Stock bonuses | 11 | 64 | 193 |
Stock-based compensation expense | 1 | 9 | 33 |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | -634 | 617 | 1,387 |
Prepaid expenses | 109 | 1 | 211 |
Trading securities | -13,222 | 213 | 485 |
Accounts payable and accrued expenses | 25 | -505 | -1,788 |
Total adjustments | -14,226 | 655 | 287 |
Net cash provided by (used in) operating activities | -15,189 | 461 | 1,817 |
Cash Flows from Investing Activities: | ' | ' | ' |
Purchase of property and equipment | -30 | -39 | -18 |
Purchase of Galileo shares | 0 | -600 | 0 |
Cash acquired in excess of payment to acquire Galileo shares | 1,236 | 0 | 0 |
Purchase of available-for-sale securities | -1,317 | -473 | -5,065 |
Purchase of other investments | -1,187 | 0 | 0 |
Proceeds on sale of available-for-sale securities | 5,305 | 744 | 170 |
Return of capital on investment | 43 | 0 | 19 |
Net cash provided by (used in) investing activities | 4,050 | -368 | -4,894 |
Cash Flows from Financing Activities: | ' | ' | ' |
Issuance of common stock | 156 | 185 | 188 |
Repurchases of common stock | -289 | -174 | 0 |
Dividends paid | -928 | -2,632 | -3,706 |
Net cash used in financing activities | -1,061 | -2,621 | -3,518 |
Effect of exchange rate changes on cash and cash equivalents | 25 | 0 | 0 |
Net decrease in cash and cash equivalents | -12,175 | -2,528 | -6,595 |
Beginning cash and cash equivalents | 18,085 | 20,613 | 27,208 |
Ending cash and cash equivalents | 5,910 | 18,085 | 20,613 |
Supplemental Disclosures of Cash Flow Information | ' | ' | ' |
Cash paid for income taxes | $0 | $118 | $1,365 |
Organization
Organization | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Organization | ' |
ORGANIZATION | |
U.S. Global Investors, Inc. (the “Company” or “U.S. Global”) serves as investment adviser to U.S. Global Investors funds (“USGIF” or the “Fund(s)”), a Delaware statutory trust that is a no-load, open-end investment company offering shares in numerous mutual funds to the investing public. The Company also provides administrative services and distribution to USGIF and through December 6, 2013, provided transfer agency functions. For these services, the Company receives fees from USGIF. The Company also provides advisory services to offshore clients and, effective June 1, 2014, holds a controlling interest in Galileo Global Equity Advisors Inc. (“Galileo”), a privately held Toronto-based asset management firm. See Note 2 Significant Accounting Policies and Note 3 Business Combination for additional information on the acquisition of controlling interest of Galileo. | |
U.S. Global formed the following companies to provide transfer agent and distribution services to USGIF: United Shareholder Services, Inc. (“USSI”) and U.S. Global Brokerage, Inc. (“USGB”). | |
The Company formed three subsidiaries utilized primarily for corporate investment purposes: U.S. Global Investors (Guernsey) Limited (“USGG”), incorporated in Guernsey (on August 3, 2013, USGG was dissolved), U.S. Global Investors (Bermuda) Limited (“USBERM”), incorporated in Bermuda, and U.S. Global Investors (Canada) Limited (“USCAN”), formed in March 2013. In addition, in July 2013, the Company created U.S. Global Indices, LLC, a Texas limited liability company, of which the Company is the sole member. U.S. Global Indices, LLC did not have operations during fiscal year 2014. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
SIGNIFICANT ACCOUNTING POLICIES | |
Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: USSI, USGB, USGG, USBERM and USCAN. | |
In addition, effective June 1, 2014, the Company, through USCAN, completed its purchase of an additional 15 percent interest in Galileo from the company’s founder, Michael Waring. This additional investment brings USCAN’s ownership to 65 percent of the issued and outstanding shares of Galileo and represents a controlling interest of Galileo. With the additional investment, the Company expects to increase its presence in Canada. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. See Note 3 Business Combination for additional information. After the purchase of the additional interest, Galileo changed its fiscal year end from December 31 to June 30, effective June 30, 2014, to correspond to the Company’s year end. This change was treated as a change in accounting principle. | |
The Company’s evaluation for consolidation includes whether entities in which it has an interest are variable interest entities (“VIEs”) and whether the Company is the primary beneficiary of any VIEs identified in its analysis. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. If the VIE qualifies for the investment company deferral, the primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. | |
The Company holds variable interests in, but is not deemed to be the primary beneficiary of, the funds it advises. The Company has determined that these entities qualify for the Investment Company deferral in ASC 810-10-65-2 (aa) and thus determines whether it is the primary beneficiary of these entities by virtue of its exposure to the expected losses and expected residual returns of the entity. The Company’s interests in these entities consist of the Company’s direct ownership therein, which in each case is insignificant to the total ownership of the fund, and any fees earned but uncollected. In the ordinary course of business, the Company may choose to waive certain fees or assume operating expenses of the funds it advises for competitive, regulatory or contractual reasons (see Note 6 Investment Management and Other Fees for information regarding fee waivers). The Company has not provided financial support to any of these entities outside the ordinary course of business. The Company’s risk of loss with respect to these managed entities is limited to the carrying value of its investments in, and fees receivable from, the entities. The Company does not consolidate these VIEs because it is not the primary beneficiary of these VIEs. | |
Prior to March 31, 2014, the Company classified investments in private and venture capital companies as available-for-sale Level 3 securities. Since these equity investments do not have readily determinable fair values, these investments should have been classified as “other investments” on the Consolidated Balance Sheets and accounted for under the cost method of accounting rather than at fair value. The Company determined that the difference between the fair value and the value using the cost method of accounting for these securities is not material to “accumulated other comprehensive income (loss)” or “other comprehensive income (loss)” and did not affect net income or earnings per share. To correct this balance sheet misclassification, the Company has reclassified $385,000 of investments as “other investments” on the face of the Consolidated Balance Sheets at cost adjusted for impairments. This reclassification was not material to “accumulated other comprehensive income (loss)” or “other comprehensive income (loss)” and did not affect net income or earnings per share. | |
All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. | |
Business Combinations. Business combinations are accounted for under the acquisition method of accounting. Results of operations of an acquired business are included from the date of acquisition. Management estimates the fair value of the acquired assets, including identifiable intangible assets, assumed liabilities, and non-controlling interest in the acquiree based on their estimated fair values as of the date of acquisition. Any excess acquisition date fair value of the consideration transferred over fair value of the acquired net assets, if any, is recorded as “goodwill” on the Consolidated Balance Sheets. Any excess fair value of the acquired net assets over the acquisition date fair value of the consideration transferred is recorded as a gain on the Consolidated Statements of Operations. | |
Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |
Investments. The Company classifies its investments based on intent at the time of purchase and reevaluates such designation as of each reporting period date. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. | |
Trading Securities. Securities that are purchased and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value. Unrealized gains and losses on these securities are included in Investment income (loss). | |
Held-to-Maturity Securities. Investments in debt securities that are purchased with the intent and ability to hold until maturity are classified as held-to-maturity and measured at amortized cost. The Company currently has no investments in held-to-maturity securities. | |
Available-for-sale Securities. Investments that are neither trading securities nor held-to-maturity securities and for which the Company does not have significant influence are classified as available-for-sale securities and reported at fair value. Unrealized gains and losses on these available-for-sale securities are excluded from earnings, reported net of tax as a separate component of shareholders’ equity, and recorded in earnings on the date of sale. | |
The Company evaluates its available-for-sale investments for other-than-temporary decline in value on a periodic basis. This may exist when the fair value of an investment security has been below the current value for an extended period of time. When a security in the Company’s investment portfolio has an unrealized loss in fair value that is deemed to be other than temporary, the Company reduces the book value of such security to its current fair value, recognizing the credit related decline as a realized loss in the Consolidated Statements of Operations and a revised GAAP cost basis for the security is established. For available-for-sale securities with declines in value deemed other than temporary, the unrealized loss recorded net of tax in accumulated other comprehensive income (loss) is realized as a charge to net income. | |
Other Investments. Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These equity investments are accounted for under the cost method of accounting and evaluated for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. | |
Equity Method Investments (Investment in Galileo). Investments classified as equity method consist of investments in companies in which the Company is able to exercise significant influence but not control. Under the equity method of accounting, the Company’s proportional share of investee’s underlying net income or loss is recorded as a component of “other income” with a corresponding increase or decrease to the carrying value of the investment. Distributions received from the investee reduce the Company’s carrying value of the investment. These investments are evaluated for impairment if events or circumstances arise that indicate that the carrying amount of such assets may not be recoverable. No impairment was recognized for the Company’s equity method investment during the years presented. No investments were held at June 30, 2014, that are accounted for using the equity method. See Note 3 Business Combination for further information. | |
Fair Value of Financial Instruments. The financial instruments of the Company are reported on the Consolidated Balance Sheets at market or fair values or at carrying amounts that approximate fair values because of the short maturity of the instruments. | |
Receivables. Receivables consist primarily of monthly advisory and other fees owed to the Company by USGIF as well as receivables related to offshore investment advisory fees. Receivables also include advisory fees owed to Galileo by the funds and clients it manages. Management considers various factors including current sales amounts, historical charge-offs and specific accounts identified as high risk. Uncollectible accounts receivable, if any, are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. The Company had no allowance for doubtful accounts as of June 30, 2014, and 2013. | |
Property and Equipment. Fixed assets are recorded at cost. Other than as noted below, depreciation for fixed assets is recorded using the straight-line method over the estimated useful life of each asset as follows: furniture and equipment are depreciated over 3 to 10 years, and the building and related improvements are depreciated over 14 to 40 years. Galileo fixed assets, consisting of furniture, equipment and leasehold improvements, are depreciated over 2 to 5 years. | |
Impairment of Long-Lived Assets. The Company reviews property and equipment and other long-lived assets for impairment whenever events or changes in business circumstances indicate the net book values of the assets may not be recoverable. Impairment is indicated when the assets’ net book value is less than fair value of the asset. If this occurs, an impairment loss is recognized for the difference between the fair value and net book value. Factors that indicate potential impairment include: a significant decrease in the market value of the asset or a significant change in the asset’s physical condition or use. No impairments of long-lived assets were recorded during the years included in these financial statements. | |
Intangible Asset. An intangible asset, consisting of a non-compete agreement, acquired in connection with the acquisition of Galileo shares effective June 1, 2014, is recorded at fair value determined using a discounted cash flow model as of the date of acquisition. The discounted cash flow model included various factors to project future cash flows expected to be generated from the asset, including: (1) an estimated rate of change for underlying managed assets; (2) expected revenue per managed assets; (3) incremental operating expenses; and (4) a discount rate. Management estimates a rate of change for underlying managed assets based on an estimated net redemption or sales rate. Expected revenue per managed assets and incremental operating expenses of the acquired assets are generally based on contract terms. | |
The Company has determined that the non-compete agreement has a finite useful life. The Company will amortize this finite-lived identifiable intangible asset on a straight-line basis over its estimated useful life, currently expected to be approximately 2 years. Management periodically evaluates the remaining useful lives and carrying values of intangible assets to determine whether events and circumstances indicate that a change in the useful life or impairment in value may have occurred. Indicators of impairment monitored by management include a decline in the level of managed assets, changes to contractual provisions underlying the intangible assets and reductions in underlying operating cash flows. Should there be an indication of a change in the useful life or impairment in value of the finite-lived intangible asset, the Company compares the carrying value of the asset and its related useful life to the projected discounted cash flows expected to be generated from the underlying managed assets over its remaining useful life to determine whether impairment has occurred. If the carrying value of the asset exceeds the discounted cash flows, the asset is written down to its fair value determined using discounted cash flows. | |
Non-Controlling Interests. The Company reports “non-controlling interest in subsidiary” as equity, separate from parent’s equity, on the Consolidated Balance Sheets. In addition, the Company’s Consolidated Statements of Operations includes “net income (loss) attributable to non-controlling interest.” | |
Treasury Stock. Treasury stock purchases are accounted for under the cost method. The subsequent issuances of these shares are accounted for based on their weighted-average cost basis. | |
Stock-Based Compensation. Stock-based compensation expense is measured at the grant date based on the fair value of the award, and the cost is recognized as expense ratably over the award’s vesting period. | |
Income Taxes. The Company and its subsidiaries file a consolidated federal income tax return. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes resulting from the use of the liability method of accounting for income taxes. The liability method requires that deferred tax assets be reduced by a valuation allowance in cases where it is more likely than not that the deferred tax assets will not be realized. | |
The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014, the Company did not have any accrued interest or penalties related to uncertain tax positions. The tax years from 2010 through 2013 remain open to examination by the tax jurisdictions to which the Company is subject. | |
Revenue Recognition. The Company earns substantially all of its revenues from advisory, distribution services, and administrative fees that are calculated as a percentage of assets under management and are recorded as revenue as services are performed. Offshore advisory client contracts provide for monthly management fees, in addition to performance fees. The advisory contract for the equity funds within USGIF provides for a performance fee on the base advisory fee that are calculated and recorded monthly. Shareholder services fees are based on the assets of the funds held through institutions. Revenue shown on the Consolidated Statements of Operations is net of fee waivers. | |
Dividends and Interest. Dividends are recorded on the ex-dividend date, and interest income is recorded on an accrual basis. Both dividends and interest income are included in investment income. | |
Advertising Costs. The Company expenses advertising costs as they are incurred. Certain sales materials, which are considered tangible assets, are capitalized and then expensed during the period in which they are distributed. Net advertising expenditures were $615,000; $862,000; and $1.2 million during fiscal years 2014, 2013, and 2012, respectively. | |
Foreign Exchange. The balance sheets of certain foreign subsidiaries of the Company and certain foreign-denominated investment products are translated at the current exchange rate as of the end of the accounting period and the related income or loss is translated at the average exchange rate in effect during the period. Net exchange gains and losses resulting from these translations are excluded from income and are recorded in “accumulated other comprehensive income (loss)” on the Consolidated Balance Sheets. Investment transactions denominated in foreign currencies are converted to U.S. dollars using the exchange rate on the date of the transaction and any related gain or loss is included in “investment income (loss)” on the Consolidated Statements of Operations. | |
Use of Estimates. The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
Earnings Per Share. The Company computes and presents earnings per share attributable to U.S. Global Investors, Inc. in accordance with ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income (loss) attributable to U.S. Global Investors, Inc. by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. The Company has two classes of common stock with outstanding shares. Both classes share equally in dividend and liquidation preferences. | |
Accumulated Other Comprehensive Income (Loss). Accumulated other comprehensive income (loss) (“AOCI”), net of tax is reported in the Consolidated Balance Sheets and the Consolidated Statements of Shareholders’ Equity and includes the unrealized gains and losses on securities classified as available-for-sale and foreign currency translation adjustments. | |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 became effective for the Company on July 1, 2014. Management is evaluating the ASU and its potential impact on the financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 will become effective for the Company on July 1, 2015. Management is evaluating the ASU and its potential impact on the financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | |
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. |
Business_Combination
Business Combination | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Business Combination | ' | ||||||||||||
BUSINESS COMBINATION | |||||||||||||
Effective March 31, 2013, the Company, through USCAN, purchased 50 percent of the issued and outstanding shares of Galileo Global Equity Advisors, Inc., a privately held Toronto-based asset management firm, for $600,000 cash. | |||||||||||||
Effective June 1, 2014, the Company, through USCAN, completed its purchase of an additional 15 percent interest in Galileo from the company’s founder, Michael Waring, for $180,000 cash. This strategic investment brings USCAN’s ownership to 65 percent of the issued and outstanding shares of Galileo, which represents a controlling interest of Galileo. Through Galileo, the Company expects to increase its presence in Canada. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiaries” in the equity section of the Consolidated Balance Sheets. Frank Holmes, CEO, and Susan McGee, President and General Counsel, serve as directors of Galileo. | |||||||||||||
From March 31, 2013, to June 1, 2014, the Company accounted for its interest in Galileo under the equity method with its share of Galileo’s profit or loss recognized in earnings, including $20,000 and $54,000 in other income in fiscal year 2014 and 2013, respectively. | |||||||||||||
The Company accounted for the June 1, 2014, Galileo share purchase using the acquisition method of accounting, which requires, among other things, that the fair values of assets acquired, including an intangible asset, and liabilities assumed, along with the fair value of the non-controlling interest in the subsidiary, be recognized on the Consolidated Balance Sheets as of the acquisition date. | |||||||||||||
Business combinations achieved in stages also must value prior investments at fair value. A $161,000 increase in fair value of the Company’s initial investment was recognized as a gain and included in investment income. | |||||||||||||
The Company recognized a gain of $129,000 on the June 1, 2014, purchase since the fair value of the net assets acquired was greater than the fair value of consideration given. This gain is also included within investment income. | |||||||||||||
The Consolidated Balance Sheet as of June 30, 2014, reflects the purchase price allocations based on an assessment of the fair value of the assets acquired, liabilities assumed and non-controlling interest in subsidiary. The Company is continuing to evaluate the transaction and future changes to the amounts recorded could occur. The table below presents the preliminary purchase price allocation as of the June 1, 2014, acquisition date: | |||||||||||||
(dollars in thousands) | |||||||||||||
Fair value of acquisition components | |||||||||||||
Current assets | $ | 1,788 | |||||||||||
Property and equipment | 149 | ||||||||||||
Intangible asset re: non-compete agreement | 90 | ||||||||||||
Other noncurrent assets | 13 | ||||||||||||
Current liabilities | (278 | ) | |||||||||||
Non-controlling interest in subsidiary | (617 | ) | |||||||||||
Gain on purchase of 15% | (129 | ) | |||||||||||
$ | 1,016 | ||||||||||||
Fair value of consideration as of June 1, 2014 | |||||||||||||
Fair value of March 31, 2013 initial investment for 50% of stock | $ | 836 | |||||||||||
June 1, 2014 acquisition for 15% of stock for cash | 180 | ||||||||||||
$ | 1,016 | ||||||||||||
The following unaudited pro forma condensed consolidated results of operations for the years ended June 30, 2014; 2013; and 2012 are presented as if the Galileo acquisition had been completed on July 1, 2011. The unaudited pro forma results do not include any adjustments to eliminate the impact of cost savings or other synergies that may result from the acquisition. In addition, the unaudited pro forma results of operations do not purport to be indicative of the actual results that would have been achieved by the combined company for the periods presented or that may be achieved by the combined company in the future. | |||||||||||||
The information below reflects certain nonrecurring adjustments to remove the Company’s equity in earnings of Galileo and include amortization of the intangible asset. | |||||||||||||
Year Ended June 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Operating revenues | $ | 13,771 | $ | 20,234 | $ | 25,229 | |||||||
Net income (loss) | (856 | ) | (13 | ) | 1,475 | ||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | (916 | ) | (99 | ) | 1,484 | ||||||||
Net Income (Loss) per Share | |||||||||||||
Income (loss) from continuing operations - basic | $ | (0.04 | ) | $ | 0 | $ | 0.11 | ||||||
Income (loss) from continuing operations - diluted | (0.04 | ) | 0 | 0.11 | |||||||||
Post-Acquisition Financial Information | |||||||||||||
The following amounts associated with the acquisition of Galileo, subsequent to the June 1, 2014, effective date, are included in the Consolidated Statements of Operations: | |||||||||||||
(dollars in thousands) | |||||||||||||
Total revenues | $ | 234 | |||||||||||
Net income | 18 | ||||||||||||
Net income attributable to U.S. Global Investors, Inc. | 12 | ||||||||||||
Costs associated with the acquisition 1 | 33 | ||||||||||||
1. | Costs associated with the Galileo acquisition are included in general and administrative expenses in the Consolidated Statements of Operations. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||
The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent until conversion to the new transfer agent on December 9, 2013. | |||||||||||||
The transfer agency results, together with expenses associated with discontinuing transfer agency operations, are reflected as “discontinued operations” in the Consolidated Statements of Operations and are therefore, excluded from continuing operations results. These expenses include approximately $65,000 of expenses related to leased equipment that will not be utilized. Comparative periods shown in the Consolidated Financial Statements have been adjusted to conform to this presentation. | |||||||||||||
As of June 30, 2014, remaining liabilities related to the transfer agency business totaled approximately $47,000. | |||||||||||||
The components of loss from discontinued operations were as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Operating revenue | $ | 529 | $ | 1,348 | $ | 1,654 | |||||||
Operating expenses | 897 | 1,598 | 1,817 | ||||||||||
Loss from discontinued operations before income taxes | (368 | ) | (250 | ) | (163 | ) | |||||||
Income tax benefit | (125 | ) | (85 | ) | (55 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (243 | ) | $ | (165 | ) | $ | (108 | ) |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||||||||||
Investments | ' | ||||||||||||||||||||||||
INVESTMENTS | |||||||||||||||||||||||||
As of June 30, 2014, the Company held investments with a fair value of $24.0 million and a cost basis of $22.9 million. The market value of these investments is approximately 63.4 percent of the Company’s total assets. In addition, the Company held other investments of $1.4 million. | |||||||||||||||||||||||||
Investments in securities classified as trading are reflected as current assets on the Consolidated Balance Sheets at their fair market value. Unrealized gains and losses on trading securities are included in earnings in the Consolidated Statements of Operations. | |||||||||||||||||||||||||
Investments in securities classified as available-for-sale, which may not be readily marketable but have readily determinable fair values, are reflected as non-current assets on the Consolidated Balance Sheets at their fair value. Unrealized gains and losses on available-for-sale securities are excluded from earnings and reported in other comprehensive income (loss) as a separate component of shareholders’ equity until realized. | |||||||||||||||||||||||||
Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These equity investments are accounted for under the cost method of accounting and evaluated for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. When an impairment of an equity security is determined to be other-than-temporary, the impairment is recognized in earnings. | |||||||||||||||||||||||||
In December 2013, the shareholders of the U.S. Government Securities Savings Fund approved a proposal resulting in the conversion of the fund from a money market fund to a U.S. Government ultra-short bond fund that is not a money market fund. The fund was renamed U.S. Government Securities Ultra-Short Bond Fund (“Government Fund”). Prior to the conversion, while the fund was a money market fund, the amount held in the fund was classified as a cash equivalent. After the conversion, the amount held in the fund is classified as a Level 1 trading mutual fund investment. The amount held in the fund by the Company as of the conversion date was $14.1 million. | |||||||||||||||||||||||||
The following details the components of the Company’s investments recorded at fair value as of June 30, 2014, and 2013: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | (Losses) | Fair Value | |||||||||||||||||||||
Trading securities 1 | |||||||||||||||||||||||||
Offshore fund | $ | 1,184 | $ | — | $ | (186 | ) | $ | 998 | ||||||||||||||||
Mutual funds - Fixed income | 16,241 | 92 | — | 16,333 | |||||||||||||||||||||
Mutual funds - Domestic equity | 535 | — | (76 | ) | 459 | ||||||||||||||||||||
Other | 107 | — | (80 | ) | 27 | ||||||||||||||||||||
Total trading securities | $ | 18,067 | $ | 92 | $ | (342 | ) | $ | 17,817 | ||||||||||||||||
Available-for-sale securities 2 | |||||||||||||||||||||||||
Common stock - Domestic | $ | 535 | $ | 586 | $ | (3 | ) | $ | 1,118 | ||||||||||||||||
Common stock - International | 607 | 802 | — | 1,409 | |||||||||||||||||||||
Corporate debt | 1,706 | — | (74 | ) | 1,632 | ||||||||||||||||||||
Mutual funds - Fixed income | 1,228 | 21 | (2 | ) | 1,247 | ||||||||||||||||||||
Mutual funds - Domestic equity | 543 | 7 | — | 550 | |||||||||||||||||||||
Other | 232 | 9 | (1 | ) | 240 | ||||||||||||||||||||
Total available-for-sale securities 3 | $ | 4,851 | $ | 1,425 | $ | (80 | ) | $ | 6,196 | ||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | (Losses) | Fair Value | |||||||||||||||||||||
Trading securities 1 | |||||||||||||||||||||||||
Offshore fund | $ | 1,184 | $ | — | $ | (398 | ) | $ | 786 | ||||||||||||||||
Mutual funds - International equity | 516 | — | (156 | ) | 360 | ||||||||||||||||||||
Mutual funds - Fixed income | 3,116 | 75 | — | 3,191 | |||||||||||||||||||||
Mutual funds - Domestic equity | 535 | — | (136 | ) | 399 | ||||||||||||||||||||
Other | 107 | — | (85 | ) | 22 | ||||||||||||||||||||
Total trading securities | $ | 5,458 | $ | 75 | $ | (775 | ) | $ | 4,758 | ||||||||||||||||
Available-for-sale securities 2 | |||||||||||||||||||||||||
Common stock - Domestic | $ | 266 | $ | 313 | $ | — | $ | 579 | |||||||||||||||||
Common stock - International | 604 | 216 | (5 | ) | 815 | ||||||||||||||||||||
Offshore fund | 5,000 | — | (288 | ) | 4,712 | ||||||||||||||||||||
Mutual funds - Fixed income | 1,000 | 4 | — | 1,004 | |||||||||||||||||||||
Mutual funds - Domestic equity | 1,010 | 756 | — | 1,766 | |||||||||||||||||||||
Other | 185 | — | (8 | ) | 177 | ||||||||||||||||||||
Total available-for-sale securities 3 | $ | 8,065 | $ | 1,289 | $ | (301 | ) | $ | 9,053 | ||||||||||||||||
1 | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | ||||||||||||||||||||||||
2 | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders’ equity until realized. | ||||||||||||||||||||||||
3 | Net unrealized gains on available-for-sale securities gross and net of tax as of June 30, 2014, are $1,345 and $888, respectively, and as of June 30, 2013, are $988 and $652, respectively. | ||||||||||||||||||||||||
The following summarizes investment income (loss) reflected in earnings for the periods presented: | |||||||||||||||||||||||||
(dollars in thousands) | Year Ended June 30, | ||||||||||||||||||||||||
Investment Income (Loss) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Realized losses on sales of trading securities | $ | (163 | ) | $ | (245 | ) | $ | (2 | ) | ||||||||||||||||
Realized gains on sales of available-for-sale securities | 1,044 | 266 | 179 | ||||||||||||||||||||||
Unrealized gains (losses) on trading securities | 450 | 45 | (485 | ) | |||||||||||||||||||||
Realized gain on Galileo acquisition | 290 | — | — | ||||||||||||||||||||||
Realized foreign currency gains (losses) | 1 | 1 | (2 | ) | |||||||||||||||||||||
Other-than-temporary declines in available-for-sale securities | (3 | ) | (47 | ) | (19 | ) | |||||||||||||||||||
Dividend and interest income | 526 | 188 | 152 | ||||||||||||||||||||||
Total Investment Income (Loss) | $ | 2,145 | $ | 208 | $ | (177 | ) | ||||||||||||||||||
Unrealized Losses | |||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - Domestic | $ | 125 | $ | (3 | ) | $ | — | $ | — | $ | 125 | $ | (3 | ) | |||||||||||
Corporate debt | 1,382 | (74 | ) | — | — | 1,382 | (74 | ) | |||||||||||||||||
Mutual funds - Fixed income | 151 | (2 | ) | — | — | 151 | (2 | ) | |||||||||||||||||
Other | 118 | (1 | ) | — | — | 118 | (1 | ) | |||||||||||||||||
Total available-for-sale securities | $ | 1,776 | $ | (80 | ) | $ | — | $ | — | $ | 1,776 | $ | (80 | ) | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - International | $ | 95 | $ | (5 | ) | $ | — | $ | — | $ | 95 | $ | (5 | ) | |||||||||||
Offshore fund | — | — | 4,712 | (288 | ) | 4,712 | (288 | ) | |||||||||||||||||
Other | 166 | (8 | ) | — | — | 166 | (8 | ) | |||||||||||||||||
Total available-for-sale securities | $ | 261 | $ | (13 | ) | $ | 4,712 | $ | (288 | ) | $ | 4,973 | $ | (301 | ) | ||||||||||
Many of the investments included above are early-stage or start-up businesses whose fair values fluctuate. | |||||||||||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||||||||||
ASC 820, Fair Value Measurement and Disclosures, defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. ASC 820 establishes a hierarchy that prioritizes inputs to valuation techniques used to measure fair value and requires companies to disclose the fair value of their financial instruments according to a fair value hierarchy (i.e., Levels 1, 2, and 3 inputs, as defined below). The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. Additionally, companies are required to provide enhanced disclosures regarding instruments in the Level 3 category (which have inputs to the valuation techniques that are unobservable and require significant management judgment), including a reconciliation of the beginning and ending values separately for each major category of assets or liabilities. | |||||||||||||||||||||||||
Financial instruments measured and reported at fair value are classified and disclosed in one of the following categories: | |||||||||||||||||||||||||
Level 1 – Valuations based on quoted prices in active markets for identical assets or liabilities at the reporting date. Since valuations are based on quoted prices that are readily and regularly available in an active market, value of these products does not entail a significant degree of judgment. | |||||||||||||||||||||||||
Level 2 – Valuations based on quoted prices in markets for which not all significant inputs are observable, directly or indirectly. Corporate debt securities valued in accordance with the evaluated price supplied by an independent service are categorized as Level 2 in the hierarchy. Other securities categorized as Level 2 included securities valued at the mean between the last reported bid and ask quotation. | |||||||||||||||||||||||||
Level 3 – Valuations based on inputs that are unobservable and significant to the fair value measurement. | |||||||||||||||||||||||||
The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the financial instrument. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with the investing in those securities. Because of the inherent uncertainties of valuation, the values reflected may materially differ from the values received upon actual sale of those investments. | |||||||||||||||||||||||||
For actively traded securities, the Company values investments using the closing price of the securities on the exchange or market on which the securities principally trade. If the security is not traded on the last business day of the quarter, it is generally valued at the mean between the last bid and ask quotation. Mutual funds, which include open- and closed-end funds, exchange-traded funds, and offshore funds are valued at net asset value or closing price, as applicable. Certain corporate debt securities are valued by an independent pricing service using an evaluated quote based on such factors as institutional-size trading in similar groups of securities, yield, quality maturity, coupon rate, type of issuance and individual trading characteristics and other market data. As part of its independent price verification process, the Company periodically reviews the fair value provided by the pricing service using information such as transactions in these investments, broker quotes, market transactions in comparable investments, general market conditions and the issuer’s financial condition. Debt securities that are not valued by an independent pricing service are valued based on review of similarly structured issuances in similar jurisdictions when possible. The Company also takes into consideration numerous other factors that could affect valuation such as overall market conditions, liquidity of the security and bond structure. Securities for which market quotations are not readily available are valued at their fair value as determined by the portfolio management team. The portfolio management team includes representatives from the investment, accounting and legal/compliance departments. The portfolio management team meets periodically to consider a number of factors in determining a security’s fair value, including the security’s trading volume, market values of similar class issuances, investment personnel’s judgment regarding the market experience of the issuer, financial status of the issuer, the issuer’s management, and back testing, as appropriate. The fair values may differ from what may have been used had a broader market for these securities existed. The portfolio management team reviews inputs and assumptions and reports material items to the board of directors. | |||||||||||||||||||||||||
Prior to March 31, 2014, the Company classified investments that were valued using the mean between the last reported bid ask quotation as Level 1 investments. The Company has determined that it is reasonable to classify these securities as Level 2 investments. This reclassification does not affect balance sheet presentation, net income or earnings per share. | |||||||||||||||||||||||||
The following presents fair value measurements, as of each balance sheet date, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Fair Value Measurement using | |||||||||||||||||||||||||
(dollars in thousands) | Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
(Level 1) | Inputs | Unobservable Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||||
Offshore fund | $ | — | $ | 998 | $ | — | $ | 998 | |||||||||||||||||
Mutual funds - Fixed income | 16,333 | — | — | 16,333 | |||||||||||||||||||||
Mutual funds - Domestic equity | 459 | — | — | 459 | |||||||||||||||||||||
Other | 27 | — | — | 27 | |||||||||||||||||||||
Total trading securities | 16,819 | 998 | — | 17,817 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - Domestic | 1,118 | — | — | 1,118 | |||||||||||||||||||||
Common stock - International | 1,406 | 3 | — | 1,409 | |||||||||||||||||||||
Corporate debt | 292 | 1,090 | 250 | 1,632 | |||||||||||||||||||||
Mutual funds - Fixed income | 1,247 | — | — | 1,247 | |||||||||||||||||||||
Mutual funds - Domestic equity | 550 | — | — | 550 | |||||||||||||||||||||
Other | 240 | — | — | 240 | |||||||||||||||||||||
Total available-for-sale securities | 4,853 | 1,093 | 250 | 6,196 | |||||||||||||||||||||
Total | $ | 21,672 | $ | 2,091 | $ | 250 | $ | 24,013 | |||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Fair Value Measurement using | |||||||||||||||||||||||||
(dollars in thousands) | Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
(Level 1) | Inputs | Unobservable Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||||
Offshore fund | $ | — | $ | 786 | $ | — | $ | 786 | |||||||||||||||||
Mutual funds - International equity | 360 | — | — | 360 | |||||||||||||||||||||
Mutual funds - Fixed income | 3,191 | — | — | 3,191 | |||||||||||||||||||||
Mutual funds - Domestic equity | 399 | — | — | 399 | |||||||||||||||||||||
Other | 22 | — | — | 22 | |||||||||||||||||||||
Total trading securities | 3,972 | 786 | — | 4,758 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - Domestic | 579 | — | — | 579 | |||||||||||||||||||||
Common stock - International | 720 | — | 95 | 815 | |||||||||||||||||||||
Offshore fund | — | 4,712 | — | 4,712 | |||||||||||||||||||||
Mutual funds - Fixed income | 1,004 | — | — | 1,004 | |||||||||||||||||||||
Mutual funds - Domestic equity | 1,766 | — | — | 1,766 | |||||||||||||||||||||
Other | 14 | — | 163 | 177 | |||||||||||||||||||||
Total available-for-sale securities | 4,083 | 4,712 | 258 | 9,053 | |||||||||||||||||||||
Total | $ | 8,055 | $ | 5,498 | $ | 258 | $ | 13,811 | |||||||||||||||||
As of June 30, 2014, approximately 90 percent of the Company’s financial assets, measured at fair value, are derived from Level 1 inputs, including SEC-registered mutual funds and equity securities traded on an active market; nine percent are derived from Level 2 inputs, including investments in offshore funds; and the remaining one percent are Level 3 inputs. As of June 30, 2013, approximately 58 percent of the Company’s financial assets measured at fair value are derived from Level 1 inputs including SEC-registered mutual funds and equity securities traded on an active market, 40 percent are derived from Level 2 inputs, including investments in offshore funds, and the remaining two percent are Level 3 inputs. The Company recognizes transfers between levels at the end of each quarter. | |||||||||||||||||||||||||
In Level 2, the Company has an investment in an affiliated offshore fund, classified as trading, with a fair value of $998,000 and $786,000 as of June 30, 2014, and 2013, respectively, based on the net asset value per share, which invests in companies in the energy and natural resources sectors. The Company may redeem this investment on the first business day of each month after providing a redemption notice at least forty-five days prior to the proposed redemption date. | |||||||||||||||||||||||||
In addition, the Company has investments in corporate debt securities, classified as available-for-sale, of $1.1 million as of June 30, 2014, categorized as Level 2 which the Company valued in accordance with the evaluated price supplied by an independent service. | |||||||||||||||||||||||||
The Company also had a Level 2 investment in an affiliated offshore fund with a fair value of $4.7 million as of June 30, 2013, classified as available-for-sale, which invested in dividend-paying equity and debt securities of companies located around the world. The fund liquidated in November 2013, and the Company received the fund’s underlying investments as a non-taxable redemption-in-kind. | |||||||||||||||||||||||||
The corporate debt in Level 3 is valued based on review of similarly structured issuances in similar jurisdictions. At June 30, 2014, the Level 3 corporate debt is valued at cost, which approximates fair value as a result of the Company’s review of similarly structured issuances in comparable jurisdictions. | |||||||||||||||||||||||||
At March 31, 2014, approximately $385,000 in investments in private and venture capital securities were transferred out of available-for-sale Level 3 assets and classified as other investments. | |||||||||||||||||||||||||
The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3) were used in determining fair value during the years ended June 30, 2014, and 2013: | |||||||||||||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Common Stock - International | Corporate Debt | Other | Common Stock - International | Other | ||||||||||||||||||||
Beginning Balance | $ | 95 | $ | — | $ | 163 | $ | — | $ | 168 | |||||||||||||||
Return of capital | — | — | (43 | ) | — | — | |||||||||||||||||||
Total gains or losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings (investment income) | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income (loss) | 5 | — | 5 | — | (5 | ) | |||||||||||||||||||
Purchases | — | 250 | 160 | 95 | — | ||||||||||||||||||||
Sales | — | — | — | — | — | ||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||||||||
Transfers out of Level 3 | (100 | ) | — | (285 | ) | — | — | ||||||||||||||||||
Ending Balance | $ | — | $ | 250 | $ | — | $ | 95 | $ | 163 | |||||||||||||||
Investment_Management_and_Othe
Investment Management and Other Fees | 12 Months Ended |
Jun. 30, 2014 | |
Text Block [Abstract] | ' |
Investment Management and Other Fees | ' |
INVESTMENT MANAGEMENT AND OTHER FEES | |
The Company serves as investment adviser to USGIF and receives a fee based on a specified percentage of net assets under management. | |
The advisory agreement for the equity funds within USGIF provides for a base advisory fee that is adjusted upwards or downwards by 0.25 percent if there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months. For the years ended June 30, 2014, 2013, and 2012, the Company realized a decrease in its base advisory fee of $815,000; $133,000; and $2.2 million; respectively. | |
The following changes were made during the current fiscal year to the mutual funds the Company manages: (1) the Global Emerging Markets Fund liquidated on October 31, 2013, (2) the MegaTrends Fund was reorganized into the Holmes Growth Fund (renamed Holmes Macro Trends Fund), (3) the Tax Free Fund was reorganized into the Near-Term Tax Free Fund, (4) the U.S. Government Securities Savings Fund changed from a money market fund to the U.S. Government Securities Ultra-Short Bond Fund, and (5) the U.S. Treasury Securities Cash Fund was liquidated on December 27, 2013. | |
The Company agreed to contractually limit the expenses of the Near-Term Tax Free Fund through December 2014. The Company has voluntarily waived or reduced its fees and/or agreed to pay expenses on the remaining funds. These caps will continue on a voluntary basis at the Company’s discretion. The aggregate fees waived and expenses borne by the Company were $2.4 million; $3.3 million; and $3.1 million; for the years ended June 30, 2014, 2013, and 2012, respectively. | |
Prior to the U.S. Treasury Securities Cash Fund liquidation and the Government Fund conversion, the Company voluntarily agreed to waive fees and/or reimburse these funds to the extent necessary to maintain the respective fund’s yield at a certain level as determined by the Company (Minimum Yield). The above waived fees include fees waived and/or expenses reimbursed for these funds as a result of this agreement totaling $583,000 for the year ended June 30, 2014. | |
The Company may recapture any fees waived and/or expenses reimbursed to maintain Minimum Yield within three years after the end of the funds’ fiscal year of such waiver and/or reimbursement to the extent that such recapture would not cause the funds’ yield to fall below the Minimum Yield. Thus, $737,000 of the waiver for the Government Fund is recoverable by the Company through December 31, 2014; $510,000 through December 31, 2015; and $498,000 through December 31, 2016. The U.S. Treasury Securities Cash Fund also had waivers subject to future recapture; however, because the fund was liquidated in December 2013, there will be no recapture. Management cannot predict the impact of the waivers due to the number of variables and the range of potential outcomes. | |
In addition, effective December 2013, the Funds’ board of trustees increased the administrative services fees paid to the Company from an annual rate of 0.08 percent to 0.10 percent per investor class and from 0.06 percent to 0.08 percent per institutional class of each Fund, based on average daily net assets, plus $10,000 per Fund. | |
In connection with obtaining and/or providing administrative services to the beneficial owners of USGIF through broker-dealers, banks, trust companies and similar institutions which provide such services, the Company receives shareholder services fees at an annual rate of up to 0.20 percent of the value of shares held in accounts at the institutions. The Company receives distribution and administrative services fees from USGIF based on average net assets. | |
The Company’s Board of Directors formally agreed on August 23, 2013, to exit the transfer agency business so that the Company could focus more on its core strength of investment management. USSI served as transfer agent to USGIF until conversion to a new transfer agent on December 9, 2013. Before the conversion, USSI received fees based on the number of shareholder accounts, transaction and activity-based fees and certain miscellaneous fees. The transfer agency fees are included in “discontinued operations” in the Consolidated Statements of Operations. | |
The Company provided advisory services to three offshore clients and received a monthly advisory fee based on the net asset values of the clients and performance fees based on the overall increase in net asset values, if any. One of the offshore funds liquidated in November 2013. The contracts between the Company and the offshore clients expire periodically, and management anticipates that its remaining offshore clients will renew the contracts. The Company recorded advisory and performance fees from these clients totaling $190,000 and $4,000 for the year ended June 30, 2014; $299,000 and $19,000 for the year ended June 30, 2013; and $352,000 and $6,000 for the year ended June 30, 2012, respectively. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property and Equipment | ' | ||||||||
PROPERTY AND EQUIPMENT | |||||||||
Property and equipment are composed of the following: | |||||||||
June 30, | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Building and land | $ | 4,608 | $ | 4,608 | |||||
Furniture, equipment, and other | 2,795 | 1,415 | |||||||
7,403 | 6,023 | ||||||||
Accumulated depreciation | (4,379 | ) | (2,938 | ) | |||||
Net property and equipment | $ | 3,024 | $ | 3,085 | |||||
Depreciation expense totaled $255,000; $275,000; and $282,000 in 2014, 2013, and 2012, respectively. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||
Intangible Assets | ' | ||||||
INTANGIBLE ASSETS | |||||||
Intangible assets consisted of the following as of June 30, 2014: | |||||||
June 30, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Intangible asset - Non-compete agreement 1 | |||||||
Gross carrying amount | $ | 90 | N/A | ||||
Accumulated amortization | (4 | ) | N/A | ||||
Net carrying amount | $ | 86 | |||||
1. | There were no intangible assets outstanding at June 30, 2013. | ||||||
The non-compete agreement included as an intangible asset was acquired effective June 1, 2014, in connection with the acquisition of Galileo. This finite-lived identifiable intangible asset is amortized on a straight-line basis over its estimated useful life. As of June 30, 2014, the remaining weighted-average estimated useful life is approximately 1.9 years. | |||||||
Amortization expense totaled $4,000 for the year ended June 30, 2014. There was no amortization expense for the years ended June 30, 2013, and 2012. Amortization expense is included in depreciation and amortization on the Consolidated Statements of Operations. | |||||||
Estimated aggregate annual amortization expense for the intangible asset in each of the five succeeding fiscal years assuming no new acquisitions or impairments is as follows: | |||||||
(dollars in thousands) | Amortization Expense | ||||||
2015 | $ | 45 | |||||
2016 | 41 | ||||||
2017 | — | ||||||
2018 | — | ||||||
2019 | — | ||||||
Other_Accrued_Expenses
Other Accrued Expenses | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Other Accrued Expenses | ' | ||||||||
OTHER ACCRUED EXPENSES | |||||||||
Other accrued expenses consist of the following: | |||||||||
June 30, | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Legal, professional and consulting fees | $ | 325 | $ | 266 | |||||
Vendors payable | 246 | 236 | |||||||
Investments payable | 187 | — | |||||||
Platform fees | 170 | 195 | |||||||
Taxes payable | 131 | 68 | |||||||
Other | 5 | 5 | |||||||
Other accrued expenses | $ | 1,064 | $ | 770 | |||||
Borrowings
Borrowings | 12 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Borrowings | ' |
BORROWINGS | |
As of June 30, 2014, the Company has no long-term liabilities. | |
The Company has access to a $1 million credit facility with a one year maturity for working capital purposes. The credit agreement was renewed effective April 25, 2014, and requires the Company to maintain certain quarterly financial covenants to access the line of credit. The amended credit agreement will expire on May 31, 2015, and the Company intends to renew annually. The Company has been in compliance with all financial covenants during the fiscal year. As of June 30, 2014, the credit facility remains unutilized by the Company. |
Lease_Commitments
Lease Commitments | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Lease Commitments | ' | |||
LEASE COMMITMENTS | ||||
The Company has operating leases for office equipment that expire between fiscal years 2015 and 2018 and for office facilities in Canada that expire in 2018. Lease expenses totaled $494,000; $491,000; and $572,000; in fiscal years 2014, 2013, and 2012, respectively. Minimum non-cancelable lease payments required under operating leases for future periods, are as follows: | ||||
(dollars in thousands) | ||||
Fiscal Year | Amount | |||
2015 | $ | 291 | ||
2016 | 251 | |||
2017 | 185 | |||
2018 | 117 | |||
2019 | — | |||
Total | $ | 844 | ||
Benefit_Plans
Benefit Plans | 12 Months Ended |
Jun. 30, 2014 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Benefit Plans | ' |
BENEFIT PLANS | |
The Company offers a savings and investment plan qualified under Section 401(k) of the Internal Revenue Code covering substantially all employees. In connection with this 401(k) plan, participants can voluntarily contribute a portion of their compensation, up to certain limitations, to this plan, and the Company will match 100 percent of participants’ contributions up to the first 3 percent of compensation and 50 percent of the next 2 percent of compensation. The Company has recorded expenses related to the 401(k) plan for contributions of $175,000; $220,000; and $205,000; for fiscal years 2014, 2013, and 2012, respectively. | |
The 401(k) plan allows for a discretionary profit sharing contribution by the Company, as authorized by the Board of Directors. The Company made no profit sharing contribution in fiscal years 2014 and 2013. The Company made a profit sharing contribution of $400,000 in fiscal year 2012. | |
The Company offers employees, including its executive officers, an opportunity to participate in savings programs using mutual funds managed by the Company. Employees may contribute to an IRA, and the Company matches these contributions on a limited basis. Similarly, certain employees may contribute to the Near-Term Tax Free Fund (formerly the Tax Free Fund), and the Company will match these contributions on a limited basis. A similar savings plan utilizing Uniform Gifts to Minors Act (“UGMA”) accounts is offered to employees to save for their minor relatives. The Company match, reflected in base salary expense, aggregated in all programs to $58,000; $79,000; and $77,000 in fiscal years 2014, 2013, and 2012, respectively. | |
The Company has an Employee Stock Purchase Plan, subject to a current registration statement, whereby eligible employees can purchase treasury shares at market price, and the Company will match their contributions up to 3 percent of gross salary. During fiscal years 2014, 2013, and 2012, employees purchased 52,191; 48,679; and 28,998, respectively, shares of treasury stock from the Company. | |
Additionally, the Company self-funds its employee health care plan. The Company has obtained reinsurance with both a specific and an aggregate stop-loss in the event of catastrophic claims. The Company has accrued an amount representing the Company’s estimate of claims incurred but not paid at June 30, 2014. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Shareholders' Equity | ' | ||||||||||||||||||
SHAREHOLDERS’ EQUITY | |||||||||||||||||||
Dividends | |||||||||||||||||||
The monthly dividend of $0.005 is authorized through December 31, 2014, and will be considered for continuation at that time by the Board of Directors. Payment of cash dividends is within the discretion of the Company’s Board of Directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company and general business conditions. On a per share basis, the holders of the class C common stock and the nonvoting class A common stock participate equally in dividends as declared by the Company’s Board of Directors. | |||||||||||||||||||
Share Repurchase Plan | |||||||||||||||||||
The Board of Directors approved a share repurchase program on December 7, 2012, authorizing the Company to purchase up to $2.75 million of its outstanding common shares, as market and business conditions warrant, on the open market in compliance with Rule 10b-18 of the Securities Exchange Act of 1934 through December 31, 2013. On December 12, 2013, the Board of Directors renewed the repurchase program for calendar year 2014. The total amount of shares that may be repurchased in 2014 under the renewed program is $2.75 million. The acquired shares may be used for corporate purposes, including shares issued to employees in the Company’s stock-based compensation programs. As of June 30, 2014, there remains approximately $2.57 million available for repurchase under this authorization. | |||||||||||||||||||
During fiscal years 2014 and 2013, the Company repurchased 93,351 and 55,052, respectively, of its class A shares on the open market using cash of $289,000 and $174,000, respectively. To date, the Company has repurchased a total of 148,403 class A shares under the repurchase program using cash of $463,000. The Company did not repurchase any of its class A common stock during fiscal year 2012. | |||||||||||||||||||
Other Activity | |||||||||||||||||||
The Company did not grant any shares of class A common stock to employees during fiscal year 2014 and 2013. During fiscal year 2012, the Company granted 15,600 shares of class A common stock to certain employees at a weighted average fair value on grant date of $4.73. Grants vest immediately after issuance. | |||||||||||||||||||
The Company granted 3,600; 3,600; and 3,600 shares of class A common stock at a weighted average fair value of $3.07, $4.16, and $6.65 to its non-employee directors in fiscal years 2014, 2013, and 2012, respectively. Grants vest immediately after issuance. | |||||||||||||||||||
Shareholders of class C shares are allowed to convert to class A. During fiscal years 2014, 2013, and 2012, 1,340; 2,516; and 60 shares, respectively, were converted from class C to class A. Conversions are one class A share for one class C share and are recorded at par value. There are no restrictions or requirements to convert. | |||||||||||||||||||
Stock-based compensation | |||||||||||||||||||
In November 1989, the Board of Directors adopted the 1989 Non-Qualified Stock Option Plan (“1989 Plan”), amended in December 1991, which provides for the granting of options to purchase 1,600,000 shares of the Company’s class A common stock to directors, officers and employees of the Company and its subsidiaries. Options issued under the 1989 Plan vest six months from the grant date or 20 percent on the first, second, third, fourth, and fifth anniversaries of the grant date. Options issued under the 1989 Plan expire ten years after issuance. As of June 30, 2014, there were no options outstanding under the 1989 Plan. | |||||||||||||||||||
In April 1997, the Board of Directors adopted the 1997 Non-Qualified Stock Option Plan (“1997 Plan”), which provides for the granting of stock appreciation rights (SARs) and/or options to purchase 400,000 shares of the Company’s class A common stock to directors, officers, and employees of the Company and its subsidiaries. Options issued under the 1997 Plan expire ten years after issuance. No options were granted in fiscal years 2014 and 2013. One option for 5,000 shares was granted in fiscal year 2012 with a fair value, net of tax, of $8,000 and was to vest over five years with 20 percent vesting on each anniversary date. This option was forfeited in fiscal year 2014. | |||||||||||||||||||
The estimated fair value of options granted is amortized to expense over the options’ vesting period. The fair value of these options is estimated at the date of the grant using a Black-Scholes option pricing model with the following assumptions for the option granted in fiscal year 2012: expected volatility factor based on historical volatility of 49.9 percent, risk-free interest rate of 2.4 percent and an expected life of 5.67. | |||||||||||||||||||
Stock option transactions under the various employee stock option plans for the past three fiscal years are summarized below: | |||||||||||||||||||
(dollars in thousands, except price data) | Shares | Weighted Average | Weighted | Aggregate Intrinsic | |||||||||||||||
Exercise Price | Average Remaining | Value (net of tax) | |||||||||||||||||
Contractual Life in Years | |||||||||||||||||||
Outstanding June 30, 2011 | 25,300 | $ | 19.4 | ||||||||||||||||
Granted | 5,000 | 6.54 | |||||||||||||||||
Exercised | — | n/a | |||||||||||||||||
Forfeited | 1,300 | $ | 22.63 | ||||||||||||||||
Outstanding June 30, 2012 | 29,000 | $ | 17.03 | ||||||||||||||||
Granted | — | n/a | |||||||||||||||||
Exercised | — | n/a | |||||||||||||||||
Forfeited | — | n/a | |||||||||||||||||
Outstanding June 30, 2013 | 29,000 | $ | 17.03 | ||||||||||||||||
Granted | — | n/a | |||||||||||||||||
Exercised | — | n/a | |||||||||||||||||
Forfeited | 7,000 | $ | 11.74 | ||||||||||||||||
Outstanding June 30, 2014 | 22,000 | $ | 18.72 | 3.44 | $ | 165 | |||||||||||||
As of June 30, 2014, 2013, and 2012, exercisable employee stock options totaled 22,000; 25,000; and 22,000 shares and had weighted average exercise prices of $18.72; $18.71; and $19.21 per share, respectively. | |||||||||||||||||||
Class A common stock options outstanding and exercisable under the employee stock option plans at June 30, 2014, were as follows: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Date of | Number | Remaining | Weighted | Number | Weighted | ||||||||||||||
Option | Outstanding | Life in Years | Average | Exercisable | Average | ||||||||||||||
Grant | Exercise | Option Price | |||||||||||||||||
Price ($) | ($ ) | ||||||||||||||||||
1997 Plan Class A | 10/3/07 | 20,000 | 3.25 | $ | 19.36 | 20,000 | $ | 19.36 | |||||||||||
10/7/09 | 2,000 | 5.27 | $ | 12.31 | 2,000 | $ | 12.31 | ||||||||||||
22,000 | 3.44 | $ | 18.72 | 22,000 | $ | 18.72 | |||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Income Taxes | ' | |||||||||||||||||||||
INCOME TAXES | ||||||||||||||||||||||
The Company and its non-Canadian subsidiaries file a consolidated federal income tax return. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes, resulting from the use of the liability method of accounting for income taxes. At June 30, 2014, the current deferred tax asset primarily consists of temporary differences in the deductibility of prepaid expenses, accrued liabilities and unrealized gains on trading securities. The long-term deferred tax asset is composed primarily of unrealized losses and other than temporary impairments on available-for-sale securities and capital loss carryovers. | ||||||||||||||||||||||
For federal income tax purposes at June 30, 2014, the Company has capital loss carryovers of approximately $754,000 expiring in fiscal year 2019. The Company also has charitable contribution carryovers of approximately $68,000 expiring in fiscal year 2018 and $34,000 expiring in fiscal year 2019. | ||||||||||||||||||||||
A valuation allowance is provided when it is more likely than not that some portion of the deferred tax amount will not be realized. At June 30, 2014 and 2013, a valuation allowance of $35,000 and $27,000, respectively, was included related to the charitable contribution carryover. No valuation allowance was included at June 30, 2012. | ||||||||||||||||||||||
The reconciliation of income tax computed for continuing operations at the U.S. federal statutory rates to income tax expense is: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2014 | % of Pretax | 2013 | % of Pretax | 2012 | % of Pretax | ||||||||||||||||
Tax expense (benefit) | $ | (421 | ) | 34 | % | $ | 24 | 34 | % | $ | 905 | 34 | % | |||||||||
at statutory rate - continuing operations | ||||||||||||||||||||||
Nondeductible gain on business combination | (99 | ) | 8 | % | — | — | % | — | — | % | ||||||||||||
Nondeductible membership dues | 25 | (2.0 | )% | 27 | 38 | % | 27 | 1 | % | |||||||||||||
Nondeductible meals and entertainment | 25 | (2.0 | )% | 44 | 62 | % | 41 | 1.5 | % | |||||||||||||
Other | (47 | ) | 3.8 | % | 5 | 7 | % | 51 | 1.9 | % | ||||||||||||
Total tax expense (benefit) - continuing operations | $ | (517 | ) | 41.8 | % | $ | 100 | 141 | % | $ | 1,024 | 38.4 | % | |||||||||
Components of total tax expense (benefit) are as follows: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Continuing Operations | ||||||||||||||||||||||
Current tax expense (benefit) | $ | (904 | ) | $ | 91 | $ | 1,307 | |||||||||||||||
Deferred tax expense (benefit) | 387 | 9 | (283 | ) | ||||||||||||||||||
Total tax expense (benefit) - continuing operations | $ | (517 | ) | $ | 100 | $ | 1,024 | |||||||||||||||
Tax expense (benefit) - continuing operations | $ | (517 | ) | $ | 100 | $ | 1,024 | |||||||||||||||
Tax benefit - discontinued operations | (125 | ) | (85 | ) | (55 | ) | ||||||||||||||||
Total tax expense (benefit) | $ | (642 | ) | $ | 15 | $ | 969 | |||||||||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred assets and liabilities using the effective statutory tax rate (34 percent for 2014 and 2013) are as follows: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||
Book/tax differences in the balance sheet | ||||||||||||||||||||||
Trading securities | 84 | 238 | ||||||||||||||||||||
Prepaid expenses | (142 | ) | (152 | ) | ||||||||||||||||||
Accumulated depreciation | 120 | 85 | ||||||||||||||||||||
Available-for-sale securities | (176 | ) | (55 | ) | ||||||||||||||||||
Equity method | — | (19 | ) | |||||||||||||||||||
Accrued expenses | 108 | 111 | ||||||||||||||||||||
Stock-based compensation expense | 103 | 117 | ||||||||||||||||||||
Tax Carryovers | ||||||||||||||||||||||
Capital loss carryover | 252 | 549 | ||||||||||||||||||||
Charitable contributions carryover | 35 | 27 | ||||||||||||||||||||
Valuation Allowance | (35 | ) | (27 | ) | ||||||||||||||||||
Net deferred tax asset | 349 | 874 | ||||||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
The following table sets forth the computation for basic and diluted earnings per share (EPS): | |||||||||||||
Year Ended June 30, | |||||||||||||
(dollars in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income (loss) | |||||||||||||
Income (loss) from continuing operations | $ | (720 | ) | $ | (29 | ) | $ | 1,638 | |||||
Less: Income attributable to non-controlling interest in subsidiary | 7 | — | — | ||||||||||
Income (loss) from continuing operations attributable to U.S. Global Investors, Inc. | (727 | ) | (29 | ) | 1,638 | ||||||||
Loss from discontinued operations attributable to U.S. Global Investors, Inc. | (243 | ) | (165 | ) | (108 | ) | |||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | (970 | ) | $ | (194 | ) | $ | 1,530 | |||||
Weighted average number of outstanding shares | |||||||||||||
Basic | 15,459,022 | 15,482,612 | 15,441,464 | ||||||||||
Effect of dilutive securities | |||||||||||||
Employee stock options | — | — | 118 | ||||||||||
Diluted | 15,459,022 | 15,482,612 | 15,441,582 | ||||||||||
Earnings (loss) per share attributable to U.S. Global Investors, Inc. | |||||||||||||
Basic | |||||||||||||
Income (loss) from continuing operations | $ | (0.04 | ) | $ | 0 | $ | 0.11 | ||||||
Loss from discontinued operations | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | (0.06 | ) | $ | (0.01 | ) | $ | 0.1 | |||||
Diluted | |||||||||||||
Income (loss) from continuing operations | $ | (0.04 | ) | $ | 0 | $ | 0.11 | ||||||
Loss from discontinued operations | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | (0.06 | ) | $ | (0.01 | ) | $ | 0.1 | |||||
The diluted EPS calculation excludes the effect of stock options when their exercise prices exceed the average market price for the period. For the years ended June 30, 2014, 2013, and 2012, employee stock options for 22,000; 29,000; and 24,000 shares were excluded from diluted EPS. | |||||||||||||
During fiscal years 2014 and 2013, the Company repurchased class A shares on the open market. Repurchased shares are classified as treasury shares and are deducted from outstanding shares in the earnings per share calculation. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||
ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) | |||||||||||||
The following table presents changes in accumulated other comprehensive income (loss) by component: | |||||||||||||
(dollars in thousands) | Unrealized gains (losses) on available-for-sale investments 1 | Foreign currency translation adjustment | Total | ||||||||||
Balance at June 30, 2011 | $ | 1,042 | $ | — | $ | 1,042 | |||||||
Other comprehensive loss before reclassifications | (703 | ) | — | (703 | ) | ||||||||
Tax effect | 239 | — | 239 | ||||||||||
Amount reclassified from AOCI | (170 | ) | — | (170 | ) | ||||||||
Tax effect | 58 | — | 58 | ||||||||||
Net other comprehensive loss for 2012 | (576 | ) | — | (576 | ) | ||||||||
Balance at June 30, 2012 | 466 | — | 466 | ||||||||||
Other comprehensive income before reclassifications | 530 | — | 530 | ||||||||||
Tax effect | (180 | ) | — | (180 | ) | ||||||||
Amount reclassified from AOCI | (248 | ) | — | (248 | ) | ||||||||
Tax effect | 84 | — | 84 | ||||||||||
Net other comprehensive income for 2013 | 186 | — | 186 | ||||||||||
Balance at June 30, 2013 | 652 | — | 652 | ||||||||||
Other comprehensive income before reclassifications | 1,399 | 18 | 1,417 | ||||||||||
Tax effect | (476 | ) | — | (476 | ) | ||||||||
Amount reclassified from AOCI | (1,041 | ) | — | (1,041 | ) | ||||||||
Tax effect | 354 | — | 354 | ||||||||||
Net other comprehensive income for 2014 | 236 | 18 | 254 | ||||||||||
Balance at June 30, 2014 | $ | 888 | $ | 18 | $ | 906 | |||||||
1. | Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations. |
Financial_Information_by_Busin
Financial Information by Business Segment | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Financial Information by Business Segment | ' | ||||||||||||||||
FINANCIAL INFORMATION BY BUSINESS SEGMENT | |||||||||||||||||
The Company manages the following business segments: | |||||||||||||||||
1 | Investment Management Services, by which the Company offers, through USGIF, a Delaware statutory trust, and offshore clients, a broad range of investment management products and services to meet the needs of individual and institutional investors; | ||||||||||||||||
2 | Investment Management Services - Canada, through which, as of June 1, 2014, the Company owns a 65% controlling interest in Galileo Global Equity Advisors Inc., a privately held Toronto-based asset management firm which offers investment management products and services in Canada; and | ||||||||||||||||
3 | Corporate Investments, through which the Company invests for its own account in an effort to add growth and value to its cash position. Although the Company generates the majority of its revenues from its investment advisory segments, the Company holds a significant amount of its total assets in investments. | ||||||||||||||||
The following schedule details total revenues and income by business segment: | |||||||||||||||||
(dollars in thousands) | Investment Management Services | Investment Management Services - Canada | Corporate Investments | Consolidated | |||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
Net operating revenues | $ | 11,205 | $ | 234 | $ | — | $ | 11,439 | |||||||||
Net other income | $ | — | $ | — | $ | 2,165 | $ | 2,165 | |||||||||
Income (loss) from continuing operations before income taxes | $ | (3,426 | ) | $ | 31 | $ | 2,158 | $ | (1,237 | ) | |||||||
Loss from discontinued operations | $ | (243 | ) | $ | — | $ | — | $ | (243 | ) | |||||||
Depreciation and amortization | $ | 252 | $ | 7 | $ | — | $ | 259 | |||||||||
Capital expenditures | $ | 30 | $ | — | $ | — | $ | 30 | |||||||||
Gross identifiable assets at June 30, 2014 | $ | 9,843 | $ | 2,159 | $ | 25,495 | $ | 37,497 | |||||||||
Deferred tax asset | $ | 349 | |||||||||||||||
Consolidated total assets at June 30, 2014 | $ | 37,846 | |||||||||||||||
Year ended June 30, 2013 | |||||||||||||||||
Net operating revenues | $ | 17,318 | $ | — | $ | — | $ | 17,318 | |||||||||
Net other income | $ | — | $ | — | $ | 262 | $ | 262 | |||||||||
Income (loss) from continuing operations before income taxes | $ | (178 | ) | $ | — | $ | 249 | $ | 71 | ||||||||
Loss from discontinued operations | $ | (165 | ) | $ | — | $ | — | $ | (165 | ) | |||||||
Depreciation | $ | 275 | $ | — | $ | — | 275 | ||||||||||
Capital expenditures | $ | 39 | $ | — | $ | — | $ | 39 | |||||||||
Year ended June 30, 2012 | |||||||||||||||||
Net operating revenues | $ | 22,374 | $ | — | $ | — | $ | 22,374 | |||||||||
Net other loss | $ | — | $ | — | $ | (177 | ) | $ | (177 | ) | |||||||
Income (loss) from continuing operations before income taxes | $ | 2,851 | $ | — | $ | (189 | ) | $ | 2,662 | ||||||||
Loss from discontinued operations | $ | (108 | ) | $ | — | $ | — | $ | (108 | ) | |||||||
Depreciation | $ | 282 | $ | — | $ | — | 282 | ||||||||||
Capital expenditures | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
RELATED PARTY TRANSACTIONS | |
On June 30, 2014, and 2013, the Company had $19.4 million and $29.7 million, respectively, at fair value invested in USGIF and offshore clients the Company advises. These amounts were included in the Consolidated Balance Sheet as “trading securities” and “available-for-sale securities” in 2014, and in “cash and cash equivalents”, “trading securities” and “available-for-sale securities” in 2013. The Company recorded $132,000; $114,000; and $117,000 in dividend income and ($143,000); $(147,000); and $50,000 in net unrealized gains (losses) on its investments in the Funds and offshore clients for fiscal years 2014, 2013, and 2012, respectively. | |
In addition, the Company and its subsidiaries record receivables from mutual funds for investment advisory fees, administrative fees, distribution fees, shareholder services fees and out-of-pocket expenses, net of amounts payable to the mutual funds. As of June 30, 2014, and 2013, the Company had $1.3 million and $964,000, respectively, of receivables from mutual funds included in the Consolidated Balance Sheets with “receivables”. Frank Holmes, a director and Chief Executive Officer of the Company, is a trustee of USGIF. | |
The Company provides advisory services for two offshore funds: the Meridian Global Gold and Resources Fund Ltd. and the Meridian Global Energy and Resources Fund Ltd. The Company also provided advisory services to another offshore fund, the Meridian Global Dividend Income Fund Ltd., prior to its liquidation in November 2013. Mr. Holmes is a director of each offshore fund and is also a director of Meridian Fund Managers Ltd., the manager of the offshore funds. For each offshore fund, the Company receives a monthly advisory fee and a performance fee, based on the overall increase in value of the net assets in the fund, if any. The Company recorded total fees from the offshore funds of $194,000; $318,000; and $358,000 for the years ended June 30, 2014, 2013, and 2012, respectively. In addition, the Company has an investment in the Meridian Global Energy and Resources Fund Ltd. classified as trading with a fair value of $998,000 and $786,000 at June 30, 2014 and 2013, respectively. The Company also had an investment in Meridian Global Dividend Income Fund Ltd. classified as available-for-sale with a fair value of $4.7 million as of June 30, 2013. When the fund liquidated in November 2013, the Company received the fund’s underlying investments as a non-taxable redemption-in-kind. | |
The Company holds a position in Charlemagne Capital Limited on June 30, 2014, with a fair value of approximately $1.3 million and recorded as an available-for-sale security. Charlemagne Capital (IOM) Limited, a wholly owned subsidiary of Charlemagne Capital Limited, specializes in emerging markets and, through July 31, 2014, was the non-discretionary subadviser to the Emerging Europe Fund, a fund within USGIF. |
Contingencies_and_Commitments
Contingencies and Commitments | 12 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Contingencies and Commitments | ' |
CONTINGENCIES AND COMMITMENTS | |
The Company continuously reviews all investor, employee, and vendor complaints and pending or threatened litigation. The likelihood that a loss contingency exists is evaluated through consultation with legal counsel, and a loss contingency is recorded if probable and reasonably estimable. | |
During the normal course of business, the Company may be subject to claims, legal proceedings, and other contingencies. These matters are subject to various uncertainties, and it is possible that some of these matters may be resolved unfavorably. The Company establishes accruals for matters for which the outcome is probable and can be reasonably estimated. Management believes that any liability in excess of these accruals upon the ultimate resolution of these matters will not have a material adverse effect on the consolidated financial statements of the Company. | |
The Board of Directors has authorized a monthly dividend of $0.005 per share through December 2014, at which time it will be considered for continuation by the Board of Directors. Payment of cash dividends is within the discretion of the Company’s Board of Directors and is dependent on earnings, operations, capital requirements, general financial condition of the Company and general business conditions. The total amount of cash dividends to be paid to class A and class C shareholders from July 2014 to December 2014 will be approximately $463,000. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | ||||||||||||||||||||
SELECTED QUARTERLY FINANCIAL DATA (Unaudited) | |||||||||||||||||||||
Note that quarterly per share amounts may not add to the annual total due to rounding. | |||||||||||||||||||||
Quarters | |||||||||||||||||||||
Fiscal 2014 | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||
(dollars in thousands except per share data) | |||||||||||||||||||||
Operating revenues | $ | 3,052 | $ | 2,740 | $ | 2,742 | $ | 2,905 | $ | 11,439 | |||||||||||
Income (loss) from continuing operations before income taxes | (23 | ) | (1,424 | ) | (12 | ) | 222 | (1,237 | ) | ||||||||||||
Tax expense (benefit) | (14 | ) | (466 | ) | 14 | (51 | ) | (517 | ) | ||||||||||||
Income (loss) from continuing operations | (9 | ) | (958 | ) | (26 | ) | 273 | (720 | ) | ||||||||||||
Loss on discontinued operations | (28 | ) | (207 | ) | (2 | ) | (6 | ) | (243 | ) | |||||||||||
Net income (loss) | (37 | ) | (1,165 | ) | (28 | ) | 267 | (963 | ) | ||||||||||||
Net income attributable to non-controlling interest | — | — | — | 7 | 7 | ||||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | (37 | ) | (1,165 | ) | (28 | ) | 260 | (970 | ) | ||||||||||||
Comprehensive income (loss) | (236 | ) | (1,052 | ) | 151 | 437 | (700 | ) | |||||||||||||
Comprehensive income (loss) attributable to U.S. Global Investors, Inc. | (236 | ) | (1,052 | ) | 151 | 421 | (716 | ) | |||||||||||||
Earnings (loss) per share attributable to U.S. Global Investors, Inc.: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | (0.06 | ) | $ | 0 | $ | 0.02 | $ | (0.04 | ) | |||||||||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | 0 | (0.02 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | (0.08 | ) | $ | 0 | $ | 0.02 | $ | (0.06 | ) | |||||||||
Diluted | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | (0.06 | ) | $ | 0 | $ | 0.02 | $ | (0.04 | ) | |||||||||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | 0 | (0.02 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | (0.08 | ) | $ | 0 | $ | 0.02 | $ | (0.06 | ) | |||||||||
Fiscal 2013 | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||
(dollars in thousands except per share data) | |||||||||||||||||||||
Operating revenues | 4,413 | 4,973 | 4,473 | 3,459 | 17,318 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | 157 | 323 | 199 | (608 | ) | 71 | |||||||||||||||
Tax expense (benefit) | 64 | 145 | 84 | (193 | ) | 100 | |||||||||||||||
Income (loss) from continuing operations | 93 | 178 | 115 | (415 | ) | (29 | ) | ||||||||||||||
Loss on discontinued operations | (44 | ) | (12 | ) | (74 | ) | (35 | ) | (165 | ) | |||||||||||
Net income (loss) | 49 | 166 | 41 | (450 | ) | (194 | ) | ||||||||||||||
Net income (loss) attributable to non-controlling interest | — | — | — | — | — | ||||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | 49 | 166 | 41 | (450 | ) | (194 | ) | ||||||||||||||
Comprehensive income (loss) | 151 | (31 | ) | 470 | (598 | ) | (8 | ) | |||||||||||||
Comprehensive income (loss) attributable to U.S. Global Investors, Inc. | 151 | (31 | ) | 470 | (598 | ) | (8 | ) | |||||||||||||
Earnings (loss) per share attributable to U.S. Global Investors, Inc.: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | 0 | ||||||||||
Loss from discontinued operations | 0 | 0 | (0.01 | ) | 0 | (0.01 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | 0.01 | $ | 0 | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||
Diluted | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | 0 | ||||||||||
Loss from discontinued operations | 0 | 0 | (0.01 | ) | 0 | (0.01 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | 0.01 | $ | 0 | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Principles of Consolidation | ' |
Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: USSI, USGB, USGG, USBERM and USCAN. | |
In addition, effective June 1, 2014, the Company, through USCAN, completed its purchase of an additional 15 percent interest in Galileo from the company’s founder, Michael Waring. This additional investment brings USCAN’s ownership to 65 percent of the issued and outstanding shares of Galileo and represents a controlling interest of Galileo. With the additional investment, the Company expects to increase its presence in Canada. The non-controlling interest in this subsidiary is included in “non-controlling interest in subsidiary” in the equity section of the Consolidated Balance Sheets. See Note 3 Business Combination for additional information. After the purchase of the additional interest, Galileo changed its fiscal year end from December 31 to June 30, effective June 30, 2014, to correspond to the Company’s year end. This change was treated as a change in accounting principle. | |
The Company’s evaluation for consolidation includes whether entities in which it has an interest are variable interest entities (“VIEs”) and whether the Company is the primary beneficiary of any VIEs identified in its analysis. A VIE is an entity in which either (a) the equity investment at risk is not sufficient to permit the entity to finance its own activities without additional financial support or (b) the group of holders of the equity investment at risk lack certain characteristics of a controlling financial interest. The primary beneficiary is the entity that has the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses of or right to receive benefits from the VIE that could potentially be significant to the VIE. If the VIE qualifies for the investment company deferral, the primary beneficiary is the entity that has the obligation to absorb a majority of the expected losses or the right to receive the majority of the residual returns. | |
The Company holds variable interests in, but is not deemed to be the primary beneficiary of, the funds it advises. The Company has determined that these entities qualify for the Investment Company deferral in ASC 810-10-65-2 (aa) and thus determines whether it is the primary beneficiary of these entities by virtue of its exposure to the expected losses and expected residual returns of the entity. The Company’s interests in these entities consist of the Company’s direct ownership therein, which in each case is insignificant to the total ownership of the fund, and any fees earned but uncollected. In the ordinary course of business, the Company may choose to waive certain fees or assume operating expenses of the funds it advises for competitive, regulatory or contractual reasons (see Note 6 Investment Management and Other Fees for information regarding fee waivers). The Company has not provided financial support to any of these entities outside the ordinary course of business. The Company’s risk of loss with respect to these managed entities is limited to the carrying value of its investments in, and fees receivable from, the entities. The Company does not consolidate these VIEs because it is not the primary beneficiary of these VIEs. | |
Prior to March 31, 2014, the Company classified investments in private and venture capital companies as available-for-sale Level 3 securities. Since these equity investments do not have readily determinable fair values, these investments should have been classified as “other investments” on the Consolidated Balance Sheets and accounted for under the cost method of accounting rather than at fair value. The Company determined that the difference between the fair value and the value using the cost method of accounting for these securities is not material to “accumulated other comprehensive income (loss)” or “other comprehensive income (loss)” and did not affect net income or earnings per share. To correct this balance sheet misclassification, the Company has reclassified $385,000 of investments as “other investments” on the face of the Consolidated Balance Sheets at cost adjusted for impairments. This reclassification was not material to “accumulated other comprehensive income (loss)” or “other comprehensive income (loss)” and did not affect net income or earnings per share. | |
All significant intercompany balances and transactions have been eliminated in consolidation. Certain amounts have been reclassified for comparative purposes. | |
Business Combinations | ' |
Business Combinations. Business combinations are accounted for under the acquisition method of accounting. Results of operations of an acquired business are included from the date of acquisition. Management estimates the fair value of the acquired assets, including identifiable intangible assets, assumed liabilities, and non-controlling interest in the acquiree based on their estimated fair values as of the date of acquisition. Any excess acquisition date fair value of the consideration transferred over fair value of the acquired net assets, if any, is recorded as “goodwill” on the Consolidated Balance Sheets. Any excess fair value of the acquired net assets over the acquisition date fair value of the consideration transferred is recorded as a gain on the Consolidated Statements of Operations. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents. Cash and cash equivalents include highly liquid investments with original maturities of three months or less. | |
Investments | ' |
Investments. The Company classifies its investments based on intent at the time of purchase and reevaluates such designation as of each reporting period date. The Company records security transactions on trade date. Realized gains (losses) from security transactions are calculated on the first-in/first-out cost basis, unless otherwise identifiable, and are recorded in earnings on the date of sale. | |
Trading Securities. Securities that are purchased and held principally for the purpose of selling in the near term are classified as trading securities and reported at fair value. Unrealized gains and losses on these securities are included in Investment income (loss). | |
Held-to-Maturity Securities. Investments in debt securities that are purchased with the intent and ability to hold until maturity are classified as held-to-maturity and measured at amortized cost. The Company currently has no investments in held-to-maturity securities. | |
Available-for-sale Securities. Investments that are neither trading securities nor held-to-maturity securities and for which the Company does not have significant influence are classified as available-for-sale securities and reported at fair value. Unrealized gains and losses on these available-for-sale securities are excluded from earnings, reported net of tax as a separate component of shareholders’ equity, and recorded in earnings on the date of sale. | |
The Company evaluates its available-for-sale investments for other-than-temporary decline in value on a periodic basis. This may exist when the fair value of an investment security has been below the current value for an extended period of time. When a security in the Company’s investment portfolio has an unrealized loss in fair value that is deemed to be other than temporary, the Company reduces the book value of such security to its current fair value, recognizing the credit related decline as a realized loss in the Consolidated Statements of Operations and a revised GAAP cost basis for the security is established. For available-for-sale securities with declines in value deemed other than temporary, the unrealized loss recorded net of tax in accumulated other comprehensive income (loss) is realized as a charge to net income. | |
Other Investments. Other investments consist of equity investments in entities over which the Company is unable to exercise significant influence and which do not have readily determinable fair values. These equity investments are accounted for under the cost method of accounting and evaluated for impairment. The Company considers many factors in determining impairment, including the severity and duration of the decline in value below cost, the Company’s interest and ability to hold the security for a period of time sufficient for an anticipated recovery in value, and the financial condition and specific events related to the issuer. | |
Equity Method Investments (Investment in Galileo) | ' |
Equity Method Investments (Investment in Galileo). Investments classified as equity method consist of investments in companies in which the Company is able to exercise significant influence but not control. Under the equity method of accounting, the Company’s proportional share of investee’s underlying net income or loss is recorded as a component of “other income” with a corresponding increase or decrease to the carrying value of the investment. Distributions received from the investee reduce the Company’s carrying value of the investment. These investments are evaluated for impairment if events or circumstances arise that indicate that the carrying amount of such assets may not be recoverable. No impairment was recognized for the Company’s equity method investment during the years presented. No investments were held at June 30, 2014, that are accounted for using the equity method. See Note 3 Business Combination for further information. | |
Fair Value of Financial Instruments | ' |
Fair Value of Financial Instruments. The financial instruments of the Company are reported on the Consolidated Balance Sheets at market or fair values or at carrying amounts that approximate fair values because of the short maturity of the instruments. | |
Receivables | ' |
Receivables. Receivables consist primarily of monthly advisory and other fees owed to the Company by USGIF as well as receivables related to offshore investment advisory fees. Receivables also include advisory fees owed to Galileo by the funds and clients it manages. Management considers various factors including current sales amounts, historical charge-offs and specific accounts identified as high risk. Uncollectible accounts receivable, if any, are charged against the allowance for doubtful accounts when all reasonable efforts to collect the amounts due have been exhausted. The Company had no allowance for doubtful accounts as of June 30, 2014, and 2013. | |
Property and Equipment | ' |
Property and Equipment. Fixed assets are recorded at cost. Other than as noted below, depreciation for fixed assets is recorded using the straight-line method over the estimated useful life of each asset as follows: furniture and equipment are depreciated over 3 to 10 years, and the building and related improvements are depreciated over 14 to 40 years. Galileo fixed assets, consisting of furniture, equipment and leasehold improvements, are depreciated over 2 to 5 years. | |
Impairment of Long-Lived Assets | ' |
Impairment of Long-Lived Assets. The Company reviews property and equipment and other long-lived assets for impairment whenever events or changes in business circumstances indicate the net book values of the assets may not be recoverable. Impairment is indicated when the assets’ net book value is less than fair value of the asset. If this occurs, an impairment loss is recognized for the difference between the fair value and net book value. Factors that indicate potential impairment include: a significant decrease in the market value of the asset or a significant change in the asset’s physical condition or use. No impairments of long-lived assets were recorded during the years included in these financial statements. | |
Intangible Asset | ' |
Intangible Asset. An intangible asset, consisting of a non-compete agreement, acquired in connection with the acquisition of Galileo shares effective June 1, 2014, is recorded at fair value determined using a discounted cash flow model as of the date of acquisition. The discounted cash flow model included various factors to project future cash flows expected to be generated from the asset, including: (1) an estimated rate of change for underlying managed assets; (2) expected revenue per managed assets; (3) incremental operating expenses; and (4) a discount rate. Management estimates a rate of change for underlying managed assets based on an estimated net redemption or sales rate. Expected revenue per managed assets and incremental operating expenses of the acquired assets are generally based on contract terms. | |
The Company has determined that the non-compete agreement has a finite useful life. The Company will amortize this finite-lived identifiable intangible asset on a straight-line basis over its estimated useful life, currently expected to be approximately 2 years. Management periodically evaluates the remaining useful lives and carrying values of intangible assets to determine whether events and circumstances indicate that a change in the useful life or impairment in value may have occurred. Indicators of impairment monitored by management include a decline in the level of managed assets, changes to contractual provisions underlying the intangible assets and reductions in underlying operating cash flows. Should there be an indication of a change in the useful life or impairment in value of the finite-lived intangible asset, the Company compares the carrying value of the asset and its related useful life to the projected discounted cash flows expected to be generated from the underlying managed assets over its remaining useful life to determine whether impairment has occurred. If the carrying value of the asset exceeds the discounted cash flows, the asset is written down to its fair value determined using discounted cash flows. | |
Non-Controlling Interests | ' |
Non-Controlling Interests. The Company reports “non-controlling interest in subsidiary” as equity, separate from parent’s equity, on the Consolidated Balance Sheets. In addition, the Company’s Consolidated Statements of Operations includes “net income (loss) attributable to non-controlling interest.” | |
Treasury Stock | ' |
Treasury Stock. Treasury stock purchases are accounted for under the cost method. The subsequent issuances of these shares are accounted for based on their weighted-average cost basis. | |
Stock-Based Compensation | ' |
Stock-Based Compensation. Stock-based compensation expense is measured at the grant date based on the fair value of the award, and the cost is recognized as expense ratably over the award’s vesting period. | |
Income Taxes | ' |
Income Taxes. The Company and its subsidiaries file a consolidated federal income tax return. Provisions for income taxes include deferred taxes for temporary differences in the bases of assets and liabilities for financial and tax purposes resulting from the use of the liability method of accounting for income taxes. The liability method requires that deferred tax assets be reduced by a valuation allowance in cases where it is more likely than not that the deferred tax assets will not be realized. | |
The Company accounts for income taxes in accordance with ASC 740, Income Taxes. The Company’s policy is to recognize interest and penalties related to uncertain tax positions in income tax expense. As of June 30, 2014, the Company did not have any accrued interest or penalties related to uncertain tax positions. The tax years from 2010 through 2013 remain open to examination by the tax jurisdictions to which the Company is subject. | |
Revenue Recognition | ' |
Revenue Recognition. The Company earns substantially all of its revenues from advisory, distribution services, and administrative fees that are calculated as a percentage of assets under management and are recorded as revenue as services are performed. Offshore advisory client contracts provide for monthly management fees, in addition to performance fees. The advisory contract for the equity funds within USGIF provides for a performance fee on the base advisory fee that are calculated and recorded monthly. Shareholder services fees are based on the assets of the funds held through institutions. Revenue shown on the Consolidated Statements of Operations is net of fee waivers. | |
Dividends and Interest | ' |
Dividends and Interest. Dividends are recorded on the ex-dividend date, and interest income is recorded on an accrual basis. Both dividends and interest income are included in investment income. | |
Advertising Costs | ' |
Advertising Costs. The Company expenses advertising costs as they are incurred. Certain sales materials, which are considered tangible assets, are capitalized and then expensed during the period in which they are distributed. Net advertising expenditures were $615,000; $862,000; and $1.2 million during fiscal years 2014, 2013, and 2012, respectively. | |
Foreign Exchange | ' |
Foreign Exchange. The balance sheets of certain foreign subsidiaries of the Company and certain foreign-denominated investment products are translated at the current exchange rate as of the end of the accounting period and the related income or loss is translated at the average exchange rate in effect during the period. Net exchange gains and losses resulting from these translations are excluded from income and are recorded in “accumulated other comprehensive income (loss)” on the Consolidated Balance Sheets. Investment transactions denominated in foreign currencies are converted to U.S. dollars using the exchange rate on the date of the transaction and any related gain or loss is included in “investment income (loss)” on the Consolidated Statements of Operations. | |
Use of Estimates | ' |
Use of Estimates. The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
Earnings Per Share | ' |
Earnings Per Share. The Company computes and presents earnings per share attributable to U.S. Global Investors, Inc. in accordance with ASC 260, Earnings Per Share. Basic earnings per share (“EPS”) excludes dilution and is computed by dividing net income (loss) attributable to U.S. Global Investors, Inc. by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution of EPS that could occur if options to issue common stock were exercised. The Company has two classes of common stock with outstanding shares. Both classes share equally in dividend and liquidation preferences. | |
Accumulated Other Comprehensive Income (Loss) | ' |
Accumulated Other Comprehensive Income (Loss). Accumulated other comprehensive income (loss) (“AOCI”), net of tax is reported in the Consolidated Balance Sheets and the Consolidated Statements of Shareholders’ Equity and includes the unrealized gains and losses on securities classified as available-for-sale and foreign currency translation adjustments. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (“ASU 2013-11”). ASU 2013-11 became effective for the Company on July 1, 2014. Management is evaluating the ASU and its potential impact on the financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Presentation of Financial Statements and Property, Plant, and Equipment - Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). ASU 2014-08 will become effective for the Company on July 1, 2015. Management is evaluating the ASU and its potential impact on the financial statements. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. | |
The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU 2014-09 recognized at the date of adoption (which includes additional footnote disclosures). We are currently evaluating the impact of our pending adoption of ASU 2014-09 on our consolidated financial statements and have not yet determined the method by which we will adopt the standard in 2017. |
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Summary of Purchase Price Allocation | ' | ||||||||||||
The table below presents the preliminary purchase price allocation as of the June 1, 2014, acquisition date: | |||||||||||||
(dollars in thousands) | |||||||||||||
Fair value of acquisition components | |||||||||||||
Current assets | $ | 1,788 | |||||||||||
Property and equipment | 149 | ||||||||||||
Intangible asset re: non-compete agreement | 90 | ||||||||||||
Other noncurrent assets | 13 | ||||||||||||
Current liabilities | (278 | ) | |||||||||||
Non-controlling interest in subsidiary | (617 | ) | |||||||||||
Gain on purchase of 15% | (129 | ) | |||||||||||
$ | 1,016 | ||||||||||||
Fair value of consideration as of June 1, 2014 | |||||||||||||
Fair value of March 31, 2013 initial investment for 50% of stock | $ | 836 | |||||||||||
June 1, 2014 acquisition for 15% of stock for cash | 180 | ||||||||||||
$ | 1,016 | ||||||||||||
Schedule of Pro Forma Information | ' | ||||||||||||
The information below reflects certain nonrecurring adjustments to remove the Company’s equity in earnings of Galileo and include amortization of the intangible asset. | |||||||||||||
Year Ended June 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Operating revenues | $ | 13,771 | $ | 20,234 | $ | 25,229 | |||||||
Net income (loss) | (856 | ) | (13 | ) | 1,475 | ||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | (916 | ) | (99 | ) | 1,484 | ||||||||
Net Income (Loss) per Share | |||||||||||||
Income (loss) from continuing operations - basic | $ | (0.04 | ) | $ | 0 | $ | 0.11 | ||||||
Income (loss) from continuing operations - diluted | (0.04 | ) | 0 | 0.11 | |||||||||
Business Combination - Post-Acquisition Financial Information | ' | ||||||||||||
The following amounts associated with the acquisition of Galileo, subsequent to the June 1, 2014, effective date, are included in the Consolidated Statements of Operations: | |||||||||||||
(dollars in thousands) | |||||||||||||
Total revenues | $ | 234 | |||||||||||
Net income | 18 | ||||||||||||
Net income attributable to U.S. Global Investors, Inc. | 12 | ||||||||||||
Costs associated with the acquisition 1 | 33 | ||||||||||||
1. | Costs associated with the Galileo acquisition are included in general and administrative expenses in the Consolidated Statements of Operations. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | ||||||||||||
Schedule of Components of Discontinued Operations | ' | ||||||||||||
The components of loss from discontinued operations were as follows: | |||||||||||||
Year Ended June 30, | |||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | ||||||||||
Operating revenue | $ | 529 | $ | 1,348 | $ | 1,654 | |||||||
Operating expenses | 897 | 1,598 | 1,817 | ||||||||||
Loss from discontinued operations before income taxes | (368 | ) | (250 | ) | (163 | ) | |||||||
Income tax benefit | (125 | ) | (85 | ) | (55 | ) | |||||||
Loss from discontinued operations, net of tax | $ | (243 | ) | $ | (165 | ) | $ | (108 | ) |
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Trading and Available-for-Sale Securities | ' | ||||||||||||||||||||||||
The following details the components of the Company’s investments recorded at fair value as of June 30, 2014, and 2013: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | (Losses) | Fair Value | |||||||||||||||||||||
Trading securities 1 | |||||||||||||||||||||||||
Offshore fund | $ | 1,184 | $ | — | $ | (186 | ) | $ | 998 | ||||||||||||||||
Mutual funds - Fixed income | 16,241 | 92 | — | 16,333 | |||||||||||||||||||||
Mutual funds - Domestic equity | 535 | — | (76 | ) | 459 | ||||||||||||||||||||
Other | 107 | — | (80 | ) | 27 | ||||||||||||||||||||
Total trading securities | $ | 18,067 | $ | 92 | $ | (342 | ) | $ | 17,817 | ||||||||||||||||
Available-for-sale securities 2 | |||||||||||||||||||||||||
Common stock - Domestic | $ | 535 | $ | 586 | $ | (3 | ) | $ | 1,118 | ||||||||||||||||
Common stock - International | 607 | 802 | — | 1,409 | |||||||||||||||||||||
Corporate debt | 1,706 | — | (74 | ) | 1,632 | ||||||||||||||||||||
Mutual funds - Fixed income | 1,228 | 21 | (2 | ) | 1,247 | ||||||||||||||||||||
Mutual funds - Domestic equity | 543 | 7 | — | 550 | |||||||||||||||||||||
Other | 232 | 9 | (1 | ) | 240 | ||||||||||||||||||||
Total available-for-sale securities 3 | $ | 4,851 | $ | 1,425 | $ | (80 | ) | $ | 6,196 | ||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
(dollars in thousands) | Cost | Gains | (Losses) | Fair Value | |||||||||||||||||||||
Trading securities 1 | |||||||||||||||||||||||||
Offshore fund | $ | 1,184 | $ | — | $ | (398 | ) | $ | 786 | ||||||||||||||||
Mutual funds - International equity | 516 | — | (156 | ) | 360 | ||||||||||||||||||||
Mutual funds - Fixed income | 3,116 | 75 | — | 3,191 | |||||||||||||||||||||
Mutual funds - Domestic equity | 535 | — | (136 | ) | 399 | ||||||||||||||||||||
Other | 107 | — | (85 | ) | 22 | ||||||||||||||||||||
Total trading securities | $ | 5,458 | $ | 75 | $ | (775 | ) | $ | 4,758 | ||||||||||||||||
Available-for-sale securities 2 | |||||||||||||||||||||||||
Common stock - Domestic | $ | 266 | $ | 313 | $ | — | $ | 579 | |||||||||||||||||
Common stock - International | 604 | 216 | (5 | ) | 815 | ||||||||||||||||||||
Offshore fund | 5,000 | — | (288 | ) | 4,712 | ||||||||||||||||||||
Mutual funds - Fixed income | 1,000 | 4 | — | 1,004 | |||||||||||||||||||||
Mutual funds - Domestic equity | 1,010 | 756 | — | 1,766 | |||||||||||||||||||||
Other | 185 | — | (8 | ) | 177 | ||||||||||||||||||||
Total available-for-sale securities 3 | $ | 8,065 | $ | 1,289 | $ | (301 | ) | $ | 9,053 | ||||||||||||||||
1 | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | ||||||||||||||||||||||||
2 | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholders’ equity until realized. | ||||||||||||||||||||||||
3 | Net unrealized gains on available-for-sale securities gross and net of tax as of June 30, 2014, are $1,345 and $888, respectively, and as of June 30, 2013, are $988 and $652, respectively. | ||||||||||||||||||||||||
Investment Income (Loss) Reflected in Earnings | ' | ||||||||||||||||||||||||
The following summarizes investment income (loss) reflected in earnings for the periods presented: | |||||||||||||||||||||||||
(dollars in thousands) | Year Ended June 30, | ||||||||||||||||||||||||
Investment Income (Loss) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Realized losses on sales of trading securities | $ | (163 | ) | $ | (245 | ) | $ | (2 | ) | ||||||||||||||||
Realized gains on sales of available-for-sale securities | 1,044 | 266 | 179 | ||||||||||||||||||||||
Unrealized gains (losses) on trading securities | 450 | 45 | (485 | ) | |||||||||||||||||||||
Realized gain on Galileo acquisition | 290 | — | — | ||||||||||||||||||||||
Realized foreign currency gains (losses) | 1 | 1 | (2 | ) | |||||||||||||||||||||
Other-than-temporary declines in available-for-sale securities | (3 | ) | (47 | ) | (19 | ) | |||||||||||||||||||
Dividend and interest income | 526 | 188 | 152 | ||||||||||||||||||||||
Total Investment Income (Loss) | $ | 2,145 | $ | 208 | $ | (177 | ) | ||||||||||||||||||
Summary of Gross Unrealized Losses and Fair Values of Available-for-Sale Investment Securities | ' | ||||||||||||||||||||||||
The following tables show the gross unrealized losses and fair values of available-for-sale investment securities with unrealized losses aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - Domestic | $ | 125 | $ | (3 | ) | $ | — | $ | — | $ | 125 | $ | (3 | ) | |||||||||||
Corporate debt | 1,382 | (74 | ) | — | — | 1,382 | (74 | ) | |||||||||||||||||
Mutual funds - Fixed income | 151 | (2 | ) | — | — | 151 | (2 | ) | |||||||||||||||||
Other | 118 | (1 | ) | — | — | 118 | (1 | ) | |||||||||||||||||
Total available-for-sale securities | $ | 1,776 | $ | (80 | ) | $ | — | $ | — | $ | 1,776 | $ | (80 | ) | |||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||||
(dollars in thousands) | Fair | Gross | Fair | Gross | Fair | Gross | |||||||||||||||||||
Value | Unrealized | Value | Unrealized | Value | Unrealized | ||||||||||||||||||||
Losses | Losses | Losses | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - International | $ | 95 | $ | (5 | ) | $ | — | $ | — | $ | 95 | $ | (5 | ) | |||||||||||
Offshore fund | — | — | 4,712 | (288 | ) | 4,712 | (288 | ) | |||||||||||||||||
Other | 166 | (8 | ) | — | — | 166 | (8 | ) | |||||||||||||||||
Total available-for-sale securities | $ | 261 | $ | (13 | ) | $ | 4,712 | $ | (288 | ) | $ | 4,973 | $ | (301 | ) | ||||||||||
Fair Value Measurements on Recurring Basis | ' | ||||||||||||||||||||||||
The following presents fair value measurements, as of each balance sheet date, for the major categories of U.S. Global’s investments measured at fair value on a recurring basis: | |||||||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||||||
Fair Value Measurement using | |||||||||||||||||||||||||
(dollars in thousands) | Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
(Level 1) | Inputs | Unobservable Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||||
Offshore fund | $ | — | $ | 998 | $ | — | $ | 998 | |||||||||||||||||
Mutual funds - Fixed income | 16,333 | — | — | 16,333 | |||||||||||||||||||||
Mutual funds - Domestic equity | 459 | — | — | 459 | |||||||||||||||||||||
Other | 27 | — | — | 27 | |||||||||||||||||||||
Total trading securities | 16,819 | 998 | — | 17,817 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - Domestic | 1,118 | — | — | 1,118 | |||||||||||||||||||||
Common stock - International | 1,406 | 3 | — | 1,409 | |||||||||||||||||||||
Corporate debt | 292 | 1,090 | 250 | 1,632 | |||||||||||||||||||||
Mutual funds - Fixed income | 1,247 | — | — | 1,247 | |||||||||||||||||||||
Mutual funds - Domestic equity | 550 | — | — | 550 | |||||||||||||||||||||
Other | 240 | — | — | 240 | |||||||||||||||||||||
Total available-for-sale securities | 4,853 | 1,093 | 250 | 6,196 | |||||||||||||||||||||
Total | $ | 21,672 | $ | 2,091 | $ | 250 | $ | 24,013 | |||||||||||||||||
30-Jun-13 | |||||||||||||||||||||||||
Fair Value Measurement using | |||||||||||||||||||||||||
(dollars in thousands) | Quoted Prices | Significant Other | Significant | Total | |||||||||||||||||||||
(Level 1) | Inputs | Unobservable Inputs | |||||||||||||||||||||||
(Level 2) | (Level 3) | ||||||||||||||||||||||||
Trading securities | |||||||||||||||||||||||||
Offshore fund | $ | — | $ | 786 | $ | — | $ | 786 | |||||||||||||||||
Mutual funds - International equity | 360 | — | — | 360 | |||||||||||||||||||||
Mutual funds - Fixed income | 3,191 | — | — | 3,191 | |||||||||||||||||||||
Mutual funds - Domestic equity | 399 | — | — | 399 | |||||||||||||||||||||
Other | 22 | — | — | 22 | |||||||||||||||||||||
Total trading securities | 3,972 | 786 | — | 4,758 | |||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||
Common stock - Domestic | 579 | — | — | 579 | |||||||||||||||||||||
Common stock - International | 720 | — | 95 | 815 | |||||||||||||||||||||
Offshore fund | — | 4,712 | — | 4,712 | |||||||||||||||||||||
Mutual funds - Fixed income | 1,004 | — | — | 1,004 | |||||||||||||||||||||
Mutual funds - Domestic equity | 1,766 | — | — | 1,766 | |||||||||||||||||||||
Other | 14 | — | 163 | 177 | |||||||||||||||||||||
Total available-for-sale securities | 4,083 | 4,712 | 258 | 9,053 | |||||||||||||||||||||
Total | $ | 8,055 | $ | 5,498 | $ | 258 | $ | 13,811 | |||||||||||||||||
Summary of Investments Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||||||||||
The following table is a reconciliation of investments recorded at fair value for which unobservable inputs (Level 3) were used in determining fair value during the years ended June 30, 2014, and 2013: | |||||||||||||||||||||||||
Changes in Level 3 Assets Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||
Year Ended June 30, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
(dollars in thousands) | Common Stock - International | Corporate Debt | Other | Common Stock - International | Other | ||||||||||||||||||||
Beginning Balance | $ | 95 | $ | — | $ | 163 | $ | — | $ | 168 | |||||||||||||||
Return of capital | — | — | (43 | ) | — | — | |||||||||||||||||||
Total gains or losses (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings (investment income) | — | — | — | — | — | ||||||||||||||||||||
Included in other comprehensive income (loss) | 5 | — | 5 | — | (5 | ) | |||||||||||||||||||
Purchases | — | 250 | 160 | 95 | — | ||||||||||||||||||||
Sales | — | — | — | — | — | ||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | ||||||||||||||||||||
Transfers out of Level 3 | (100 | ) | — | (285 | ) | — | — | ||||||||||||||||||
Ending Balance | $ | — | $ | 250 | $ | — | $ | 95 | $ | 163 | |||||||||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Components of Property and Equipment | ' | ||||||||
Property and equipment are composed of the following: | |||||||||
June 30, | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Building and land | $ | 4,608 | $ | 4,608 | |||||
Furniture, equipment, and other | 2,795 | 1,415 | |||||||
7,403 | 6,023 | ||||||||
Accumulated depreciation | (4,379 | ) | (2,938 | ) | |||||
Net property and equipment | $ | 3,024 | $ | 3,085 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||
Schedule of Intangible Assets and Liabilities | ' | ||||||
Intangible assets consisted of the following as of June 30, 2014: | |||||||
June 30, | |||||||
(dollars in thousands) | 2014 | 2013 | |||||
Intangible asset - Non-compete agreement 1 | |||||||
Gross carrying amount | $ | 90 | N/A | ||||
Accumulated amortization | (4 | ) | N/A | ||||
Net carrying amount | $ | 86 | |||||
1. | There were no intangible assets outstanding at June 30, 2013. | ||||||
Schedule of Future Amortization Income (Expense) | ' | ||||||
Estimated aggregate annual amortization expense for the intangible asset in each of the five succeeding fiscal years assuming no new acquisitions or impairments is as follows: | |||||||
(dollars in thousands) | Amortization Expense | ||||||
2015 | $ | 45 | |||||
2016 | 41 | ||||||
2017 | — | ||||||
2018 | — | ||||||
2019 | — | ||||||
Other_Accrued_Expenses_Tables
Other Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Components of Other Accrued Expenses | ' | ||||||||
Other accrued expenses consist of the following: | |||||||||
June 30, | |||||||||
(dollars in thousands) | 2014 | 2013 | |||||||
Legal, professional and consulting fees | $ | 325 | $ | 266 | |||||
Vendors payable | 246 | 236 | |||||||
Investments payable | 187 | — | |||||||
Platform fees | 170 | 195 | |||||||
Taxes payable | 131 | 68 | |||||||
Other | 5 | 5 | |||||||
Other accrued expenses | $ | 1,064 | $ | 770 | |||||
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | |||
Jun. 30, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Summary of Minimum Non-Cancelable Lease Payments Required under Operating Leases | ' | |||
Minimum non-cancelable lease payments required under operating leases for future periods, are as follows: | ||||
(dollars in thousands) | ||||
Fiscal Year | Amount | |||
2015 | $ | 291 | ||
2016 | 251 | |||
2017 | 185 | |||
2018 | 117 | |||
2019 | — | |||
Total | $ | 844 | ||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||
Stock Option Transactions Under the Various Employee Stock Option Plans | ' | ||||||||||||||||||
Stock option transactions under the various employee stock option plans for the past three fiscal years are summarized below: | |||||||||||||||||||
(dollars in thousands, except price data) | Shares | Weighted Average | Weighted | Aggregate Intrinsic | |||||||||||||||
Exercise Price | Average Remaining | Value (net of tax) | |||||||||||||||||
Contractual Life in Years | |||||||||||||||||||
Outstanding June 30, 2011 | 25,300 | $ | 19.4 | ||||||||||||||||
Granted | 5,000 | 6.54 | |||||||||||||||||
Exercised | — | n/a | |||||||||||||||||
Forfeited | 1,300 | $ | 22.63 | ||||||||||||||||
Outstanding June 30, 2012 | 29,000 | $ | 17.03 | ||||||||||||||||
Granted | — | n/a | |||||||||||||||||
Exercised | — | n/a | |||||||||||||||||
Forfeited | — | n/a | |||||||||||||||||
Outstanding June 30, 2013 | 29,000 | $ | 17.03 | ||||||||||||||||
Granted | — | n/a | |||||||||||||||||
Exercised | — | n/a | |||||||||||||||||
Forfeited | 7,000 | $ | 11.74 | ||||||||||||||||
Outstanding June 30, 2014 | 22,000 | $ | 18.72 | 3.44 | $ | 165 | |||||||||||||
Class A Common Stock Options Outstanding and Exercisable Under the Employee Stock Option Plans | ' | ||||||||||||||||||
Class A common stock options outstanding and exercisable under the employee stock option plans at June 30, 2014, were as follows: | |||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||
Date of | Number | Remaining | Weighted | Number | Weighted | ||||||||||||||
Option | Outstanding | Life in Years | Average | Exercisable | Average | ||||||||||||||
Grant | Exercise | Option Price | |||||||||||||||||
Price ($) | ($ ) | ||||||||||||||||||
1997 Plan Class A | 10/3/07 | 20,000 | 3.25 | $ | 19.36 | 20,000 | $ | 19.36 | |||||||||||
10/7/09 | 2,000 | 5.27 | $ | 12.31 | 2,000 | $ | 12.31 | ||||||||||||
22,000 | 3.44 | $ | 18.72 | 22,000 | $ | 18.72 | |||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||||||||
Schedule of Effective Income Tax and Tax Rate Reconciliation | ' | |||||||||||||||||||||
The reconciliation of income tax computed for continuing operations at the U.S. federal statutory rates to income tax expense is: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2014 | % of Pretax | 2013 | % of Pretax | 2012 | % of Pretax | ||||||||||||||||
Tax expense (benefit) | $ | (421 | ) | 34 | % | $ | 24 | 34 | % | $ | 905 | 34 | % | |||||||||
at statutory rate - continuing operations | ||||||||||||||||||||||
Nondeductible gain on business combination | (99 | ) | 8 | % | — | — | % | — | — | % | ||||||||||||
Nondeductible membership dues | 25 | (2.0 | )% | 27 | 38 | % | 27 | 1 | % | |||||||||||||
Nondeductible meals and entertainment | 25 | (2.0 | )% | 44 | 62 | % | 41 | 1.5 | % | |||||||||||||
Other | (47 | ) | 3.8 | % | 5 | 7 | % | 51 | 1.9 | % | ||||||||||||
Total tax expense (benefit) - continuing operations | $ | (517 | ) | 41.8 | % | $ | 100 | 141 | % | $ | 1,024 | 38.4 | % | |||||||||
Components of Total Tax Expense (Benefit) | ' | |||||||||||||||||||||
Components of total tax expense (benefit) are as follows: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||
Continuing Operations | ||||||||||||||||||||||
Current tax expense (benefit) | $ | (904 | ) | $ | 91 | $ | 1,307 | |||||||||||||||
Deferred tax expense (benefit) | 387 | 9 | (283 | ) | ||||||||||||||||||
Total tax expense (benefit) - continuing operations | $ | (517 | ) | $ | 100 | $ | 1,024 | |||||||||||||||
Tax expense (benefit) - continuing operations | $ | (517 | ) | $ | 100 | $ | 1,024 | |||||||||||||||
Tax benefit - discontinued operations | (125 | ) | (85 | ) | (55 | ) | ||||||||||||||||
Total tax expense (benefit) | $ | (642 | ) | $ | 15 | $ | 969 | |||||||||||||||
Deferred Assets and Liabilities using the Effective Statutory Tax Rate | ' | |||||||||||||||||||||
The Company’s deferred assets and liabilities using the effective statutory tax rate (34 percent for 2014 and 2013) are as follows: | ||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||
(dollars in thousands) | 2014 | 2013 | ||||||||||||||||||||
Book/tax differences in the balance sheet | ||||||||||||||||||||||
Trading securities | 84 | 238 | ||||||||||||||||||||
Prepaid expenses | (142 | ) | (152 | ) | ||||||||||||||||||
Accumulated depreciation | 120 | 85 | ||||||||||||||||||||
Available-for-sale securities | (176 | ) | (55 | ) | ||||||||||||||||||
Equity method | — | (19 | ) | |||||||||||||||||||
Accrued expenses | 108 | 111 | ||||||||||||||||||||
Stock-based compensation expense | 103 | 117 | ||||||||||||||||||||
Tax Carryovers | ||||||||||||||||||||||
Capital loss carryover | 252 | 549 | ||||||||||||||||||||
Charitable contributions carryover | 35 | 27 | ||||||||||||||||||||
Valuation Allowance | (35 | ) | (27 | ) | ||||||||||||||||||
Net deferred tax asset | 349 | 874 | ||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation for Basic and Diluted Earnings Per Share | ' | ||||||||||||
The following table sets forth the computation for basic and diluted earnings per share (EPS): | |||||||||||||
Year Ended June 30, | |||||||||||||
(dollars in thousands, except per share data) | 2014 | 2013 | 2012 | ||||||||||
Net income (loss) | |||||||||||||
Income (loss) from continuing operations | $ | (720 | ) | $ | (29 | ) | $ | 1,638 | |||||
Less: Income attributable to non-controlling interest in subsidiary | 7 | — | — | ||||||||||
Income (loss) from continuing operations attributable to U.S. Global Investors, Inc. | (727 | ) | (29 | ) | 1,638 | ||||||||
Loss from discontinued operations attributable to U.S. Global Investors, Inc. | (243 | ) | (165 | ) | (108 | ) | |||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | (970 | ) | $ | (194 | ) | $ | 1,530 | |||||
Weighted average number of outstanding shares | |||||||||||||
Basic | 15,459,022 | 15,482,612 | 15,441,464 | ||||||||||
Effect of dilutive securities | |||||||||||||
Employee stock options | — | — | 118 | ||||||||||
Diluted | 15,459,022 | 15,482,612 | 15,441,582 | ||||||||||
Earnings (loss) per share attributable to U.S. Global Investors, Inc. | |||||||||||||
Basic | |||||||||||||
Income (loss) from continuing operations | $ | (0.04 | ) | $ | 0 | $ | 0.11 | ||||||
Loss from discontinued operations | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | (0.06 | ) | $ | (0.01 | ) | $ | 0.1 | |||||
Diluted | |||||||||||||
Income (loss) from continuing operations | $ | (0.04 | ) | $ | 0 | $ | 0.11 | ||||||
Loss from discontinued operations | (0.02 | ) | (0.01 | ) | (0.01 | ) | |||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | (0.06 | ) | $ | (0.01 | ) | $ | 0.1 | |||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary of Changes in Accumulated Other Comprehensive Income | ' | ||||||||||||
The following table presents changes in accumulated other comprehensive income (loss) by component: | |||||||||||||
(dollars in thousands) | Unrealized gains (losses) on available-for-sale investments 1 | Foreign currency translation adjustment | Total | ||||||||||
Balance at June 30, 2011 | $ | 1,042 | $ | — | $ | 1,042 | |||||||
Other comprehensive loss before reclassifications | (703 | ) | — | (703 | ) | ||||||||
Tax effect | 239 | — | 239 | ||||||||||
Amount reclassified from AOCI | (170 | ) | — | (170 | ) | ||||||||
Tax effect | 58 | — | 58 | ||||||||||
Net other comprehensive loss for 2012 | (576 | ) | — | (576 | ) | ||||||||
Balance at June 30, 2012 | 466 | — | 466 | ||||||||||
Other comprehensive income before reclassifications | 530 | — | 530 | ||||||||||
Tax effect | (180 | ) | — | (180 | ) | ||||||||
Amount reclassified from AOCI | (248 | ) | — | (248 | ) | ||||||||
Tax effect | 84 | — | 84 | ||||||||||
Net other comprehensive income for 2013 | 186 | — | 186 | ||||||||||
Balance at June 30, 2013 | 652 | — | 652 | ||||||||||
Other comprehensive income before reclassifications | 1,399 | 18 | 1,417 | ||||||||||
Tax effect | (476 | ) | — | (476 | ) | ||||||||
Amount reclassified from AOCI | (1,041 | ) | — | (1,041 | ) | ||||||||
Tax effect | 354 | — | 354 | ||||||||||
Net other comprehensive income for 2014 | 236 | 18 | 254 | ||||||||||
Balance at June 30, 2014 | $ | 888 | $ | 18 | $ | 906 | |||||||
1. | Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations. |
Financial_Information_by_Busin1
Financial Information by Business Segment (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule Details of Financial Information by Business Segment | ' | ||||||||||||||||
The following schedule details total revenues and income by business segment: | |||||||||||||||||
(dollars in thousands) | Investment Management Services | Investment Management Services - Canada | Corporate Investments | Consolidated | |||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
Net operating revenues | $ | 11,205 | $ | 234 | $ | — | $ | 11,439 | |||||||||
Net other income | $ | — | $ | — | $ | 2,165 | $ | 2,165 | |||||||||
Income (loss) from continuing operations before income taxes | $ | (3,426 | ) | $ | 31 | $ | 2,158 | $ | (1,237 | ) | |||||||
Loss from discontinued operations | $ | (243 | ) | $ | — | $ | — | $ | (243 | ) | |||||||
Depreciation and amortization | $ | 252 | $ | 7 | $ | — | $ | 259 | |||||||||
Capital expenditures | $ | 30 | $ | — | $ | — | $ | 30 | |||||||||
Gross identifiable assets at June 30, 2014 | $ | 9,843 | $ | 2,159 | $ | 25,495 | $ | 37,497 | |||||||||
Deferred tax asset | $ | 349 | |||||||||||||||
Consolidated total assets at June 30, 2014 | $ | 37,846 | |||||||||||||||
Year ended June 30, 2013 | |||||||||||||||||
Net operating revenues | $ | 17,318 | $ | — | $ | — | $ | 17,318 | |||||||||
Net other income | $ | — | $ | — | $ | 262 | $ | 262 | |||||||||
Income (loss) from continuing operations before income taxes | $ | (178 | ) | $ | — | $ | 249 | $ | 71 | ||||||||
Loss from discontinued operations | $ | (165 | ) | $ | — | $ | — | $ | (165 | ) | |||||||
Depreciation | $ | 275 | $ | — | $ | — | 275 | ||||||||||
Capital expenditures | $ | 39 | $ | — | $ | — | $ | 39 | |||||||||
Year ended June 30, 2012 | |||||||||||||||||
Net operating revenues | $ | 22,374 | $ | — | $ | — | $ | 22,374 | |||||||||
Net other loss | $ | — | $ | — | $ | (177 | ) | $ | (177 | ) | |||||||
Income (loss) from continuing operations before income taxes | $ | 2,851 | $ | — | $ | (189 | ) | $ | 2,662 | ||||||||
Loss from discontinued operations | $ | (108 | ) | $ | — | $ | — | $ | (108 | ) | |||||||
Depreciation | $ | 282 | $ | — | $ | — | 282 | ||||||||||
Capital expenditures | $ | 18 | $ | — | $ | — | $ | 18 | |||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||||||||||||||||||||
Quarterly Financial Information of Income Statement | ' | ||||||||||||||||||||
Note that quarterly per share amounts may not add to the annual total due to rounding. | |||||||||||||||||||||
Quarters | |||||||||||||||||||||
Fiscal 2014 | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||
(dollars in thousands except per share data) | |||||||||||||||||||||
Operating revenues | $ | 3,052 | $ | 2,740 | $ | 2,742 | $ | 2,905 | $ | 11,439 | |||||||||||
Income (loss) from continuing operations before income taxes | (23 | ) | (1,424 | ) | (12 | ) | 222 | (1,237 | ) | ||||||||||||
Tax expense (benefit) | (14 | ) | (466 | ) | 14 | (51 | ) | (517 | ) | ||||||||||||
Income (loss) from continuing operations | (9 | ) | (958 | ) | (26 | ) | 273 | (720 | ) | ||||||||||||
Loss on discontinued operations | (28 | ) | (207 | ) | (2 | ) | (6 | ) | (243 | ) | |||||||||||
Net income (loss) | (37 | ) | (1,165 | ) | (28 | ) | 267 | (963 | ) | ||||||||||||
Net income attributable to non-controlling interest | — | — | — | 7 | 7 | ||||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | (37 | ) | (1,165 | ) | (28 | ) | 260 | (970 | ) | ||||||||||||
Comprehensive income (loss) | (236 | ) | (1,052 | ) | 151 | 437 | (700 | ) | |||||||||||||
Comprehensive income (loss) attributable to U.S. Global Investors, Inc. | (236 | ) | (1,052 | ) | 151 | 421 | (716 | ) | |||||||||||||
Earnings (loss) per share attributable to U.S. Global Investors, Inc.: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | (0.06 | ) | $ | 0 | $ | 0.02 | $ | (0.04 | ) | |||||||||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | 0 | (0.02 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | (0.08 | ) | $ | 0 | $ | 0.02 | $ | (0.06 | ) | |||||||||
Diluted | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | (0.06 | ) | $ | 0 | $ | 0.02 | $ | (0.04 | ) | |||||||||
Loss from discontinued operations | 0 | (0.02 | ) | 0 | 0 | (0.02 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | (0.08 | ) | $ | 0 | $ | 0.02 | $ | (0.06 | ) | |||||||||
Fiscal 2013 | 1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | Total | ||||||||||||||||
(dollars in thousands except per share data) | |||||||||||||||||||||
Operating revenues | 4,413 | 4,973 | 4,473 | 3,459 | 17,318 | ||||||||||||||||
Income (loss) from continuing operations before income taxes | 157 | 323 | 199 | (608 | ) | 71 | |||||||||||||||
Tax expense (benefit) | 64 | 145 | 84 | (193 | ) | 100 | |||||||||||||||
Income (loss) from continuing operations | 93 | 178 | 115 | (415 | ) | (29 | ) | ||||||||||||||
Loss on discontinued operations | (44 | ) | (12 | ) | (74 | ) | (35 | ) | (165 | ) | |||||||||||
Net income (loss) | 49 | 166 | 41 | (450 | ) | (194 | ) | ||||||||||||||
Net income (loss) attributable to non-controlling interest | — | — | — | — | — | ||||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | 49 | 166 | 41 | (450 | ) | (194 | ) | ||||||||||||||
Comprehensive income (loss) | 151 | (31 | ) | 470 | (598 | ) | (8 | ) | |||||||||||||
Comprehensive income (loss) attributable to U.S. Global Investors, Inc. | 151 | (31 | ) | 470 | (598 | ) | (8 | ) | |||||||||||||
Earnings (loss) per share attributable to U.S. Global Investors, Inc.: | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | 0 | ||||||||||
Loss from discontinued operations | 0 | 0 | (0.01 | ) | 0 | (0.01 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | 0.01 | $ | 0 | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||
Diluted | |||||||||||||||||||||
Income (loss) from continuing operations | $ | 0 | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | 0 | ||||||||||
Loss from discontinued operations | 0 | 0 | (0.01 | ) | 0 | (0.01 | ) | ||||||||||||||
Net income (loss) attributable to U.S. Global Investors, Inc. | $ | 0 | $ | 0.01 | $ | 0 | $ | (0.02 | ) | $ | (0.01 | ) | |||||||||
Significant_Accounting_Policie2
Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 |
Furniture and equipment [Member] | Furniture and equipment [Member] | Building and related improvements [Member] | Building and related improvements [Member] | Galileo Global Equity Advisors Inc [Member] | Galileo [Member] | Galileo [Member] | Non-compete agreement [Member] | Private and venture capital securities [Member] | |||||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | ||||||||
Significant Of Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of additional equity shares | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' |
Percentage of shares issued and outstanding of Galileo | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' |
Other Investments transferred out of Level 3 assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $385 |
Equity method investments | 0 | 0 | 654 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation Period | ' | ' | ' | ' | '3 years | '10 years | '14 years | '40 years | ' | '2 years | '5 years | ' | ' |
Estimated useful life | '1 year 11 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' |
Net advertising expenditures | ' | $615 | $862 | $1,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Combination_Additiona
Business Combination - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Mar. 31, 2013 | Jun. 01, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Jun. 30, 2014 |
Galileo Global Equity Advisors Inc [Member] | Galileo Global Equity Advisors Inc [Member] | Galileo Global Equity Advisors Inc [Member] | Galileo Global Equity Advisors Inc [Member] | Galileo, Additional 15% Purchase [Member] | |||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares issued and outstanding of Galileo purchased | ' | ' | ' | 50.00% | ' | ' | ' | 50.00% | ' |
Purchase of Galileo shares | $0 | $600 | $0 | ' | ' | $600 | ' | ' | ' |
Purchase of additional equity shares | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' |
Payments to acquire additional interest in subsidiary | ' | ' | ' | ' | 180 | ' | ' | ' | ' |
Percentage of shares issued and outstanding of Galileo | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' |
Equity method profit (loss) | 20 | 54 | 0 | ' | ' | ' | ' | ' | ' |
Realized gain on Galileo acquisition | $290 | $0 | $0 | ' | ' | ' | $161 | ' | $129 |
Business_Combination_Purchase_
Business Combination - Purchase Price Allocation (Details) (USD $) | 0 Months Ended | |
In Thousands, unless otherwise specified | Jun. 01, 2014 | Mar. 31, 2013 |
Business Acquisition [Line Items] | ' | ' |
Percentage of shares issued and outstanding of Galileo purchased | ' | 50.00% |
Current assets | 1,788 | ' |
Property and equipment | 149 | ' |
Intangible asset re: non-compete agreement | 90 | ' |
Other noncurrent assets | 13 | ' |
Current liabilities | -278 | ' |
Non-controlling interest in subsidiary | -617 | ' |
Gain on purchase of 15% | -129 | ' |
Total purchase price | 1,016 | ' |
Fair value of March 31, 2013 initial investment for 50% of stock | 836 | ' |
June 1, 2014 acquisition for 15% of stock for cash | 180 | ' |
Fair Value of Galileo Considerations | 1,016 | ' |
Galileo Global Equity Advisors Inc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Purchase of additional equity shares | 15.00% | ' |
Percentage of shares issued and outstanding of Galileo purchased | ' | 50.00% |
Business_Combination_Pro_Forma
Business Combination - Pro Forma Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Business Combinations [Abstract] | ' | ' | ' |
Operating revenues | $13,771 | $20,234 | $25,229 |
Net income (loss) | -856 | -13 | 1,475 |
Net income (loss) attributable to U.S. Global Investors, Inc. | ($916) | ($99) | $1,484 |
Income (loss) from continuing operations - basic (in dollars per share) | ($0.04) | $0 | $0.11 |
Income (loss) from continuing operations - diluted (in dollars per share) | ($0.04) | $0 | $0.11 |
Business_Combination_PostAcqui
Business Combination - Post-Acquisition Financial Information (Details) (Galileo [Member], USD $) | 1 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | |
Galileo [Member] | ' | |
Business Acquisition [Line Items] | ' | |
Total revenues | $234 | |
Net income | 18 | |
Net income attributable to U.S. Global Investors, Inc. | 12 | |
Costs associated with the acquisition | $33 | [1] |
[1] | Costs associated with the Galileo acquisition are included in general and administrative expenses in the Consolidated Statements of Operations. |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expenses related to leased equipment that will not be utilized | ' | ' | ' | ' | ' | ' | ' | ' | $65 | ' | ' |
Liabilities related to discontinued operation | 47 | ' | ' | ' | 73 | ' | ' | ' | 47 | 73 | ' |
Operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 529 | 1,348 | 1,654 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 897 | 1,598 | 1,817 |
Loss from discontinued operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -368 | -250 | -163 |
Income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -85 | -55 |
Loss from Discontinued Operations | ($6) | ($2) | ($207) | ($28) | ($35) | ($74) | ($12) | ($44) | ($243) | ($165) | ($108) |
Investments_Additional_Informa
Investments - Additional Information (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2013 | |||||
Private and venture capital securities [Member] | Offshore fund [Member] | Offshore fund [Member] | Offshore fund [Member] | Corporate debt securities [Member] | Trading Securities [Member] | Trading Securities [Member] | Trading Securities [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Government Fund [Member] | ||||||||
Significant Other Inputs (Level 2) [Member] | Offshore fund [Member] | Offshore fund [Member] | Offshore fund [Member] | Offshore fund [Member] | Corporate debt securities [Member] | Mutual Funds [Member] | ||||||||||||
Energy and natural resource sectors [Member] | Significant Other Inputs (Level 2) [Member] | Significant Other Inputs (Level 2) [Member] | Significant Other Inputs (Level 2) [Member] | Significant Other Inputs (Level 2) [Member] | ||||||||||||||
Energy and natural resource sectors [Member] | Energy and natural resource sectors [Member] | Dividend paying equity and debt securities [Member] | ||||||||||||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Fair value of investments held | $24,013,000 | $13,811,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Cost basis of investments held | 22,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Market value of investments to Company's total assets | 63.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Other investments | 1,413,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of financial assets derived from Level 1 inputs measured at fair value | 90.00% | 58.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of financial assets derived from Level 2 inputs measured at fair value | 9.00% | 40.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of financial assets derived from Level 3 inputs measured at fair value | 1.00% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Trading, fair value | 17,817,000 | [1] | 4,758,000 | [1] | ' | 998,000 | [1] | 786,000 | [1] | 786,000 | ' | ' | 998,000 | 786,000 | ' | ' | 14,100,000 | |
Minimum redemption notice | ' | ' | ' | ' | ' | ' | ' | '45 days | ' | ' | ' | ' | ' | |||||
Available-for-sale securities, fair value | 6,196,000 | [2],[3] | 9,053,000 | [2],[3] | ' | ' | 4,712,000 | [3] | ' | 1,632,000 | [3] | ' | ' | ' | 4,700,000 | 1,100,000 | ' | |
Other Investments transferred out of Level 3 assets | ' | ' | $385,000 | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | |||||
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | |||||||||||||||||
[2] | Net unrealized gains on available-for-sale securities gross and net of tax as of JuneB 30, 2014, are $1,345 and $888, respectively, and as of JuneB 30, 2013, are $988 and $652, respectively. | |||||||||||||||||
[3] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholdersb equity until realized. |
Investments_Investment_Activit
Investments - Investment Activity (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Trading, cost | $18,067 | [1] | $5,458 | [1] |
Trading, gross unrealized gain | 92 | [1] | 75 | [1] |
Trading, gross unrealized (losses) | -342 | [1] | -775 | [1] |
Trading, fair value | 17,817 | [1] | 4,758 | [1] |
Available-for-sale, cost | 4,851 | [2],[3] | 8,065 | [2],[3] |
Available-for-sale, gross unrealized gains | 1,425 | [2],[3] | 1,289 | [2],[3] |
Available-for-sale, gross unrealized (losses) | -80 | [2],[3] | -301 | [2],[3] |
Available-for-sale securities, fair value | 6,196 | [2],[3] | 9,053 | [2],[3] |
Available-for-sale securities, gross unrealized gain (loss) | 1,345 | 988 | ||
Available-for-sale securities, net unrealized gain (loss) | 888 | 652 | ||
Common stock - Domestic [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Available-for-sale, cost | 535 | [3] | 266 | [3] |
Available-for-sale, gross unrealized gains | 586 | [3] | 313 | [3] |
Available-for-sale, gross unrealized (losses) | -3 | [3] | 0 | [3] |
Available-for-sale securities, fair value | 1,118 | [3] | 579 | [3] |
Common stock - International [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Available-for-sale, cost | 607 | [3] | 604 | [3] |
Available-for-sale, gross unrealized gains | 802 | [3] | 216 | [3] |
Available-for-sale, gross unrealized (losses) | 0 | [3] | -5 | [3] |
Available-for-sale securities, fair value | 1,409 | [3] | 815 | [3] |
Offshore fund [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Trading, cost | 1,184 | [1] | 1,184 | [1] |
Trading, gross unrealized gain | 0 | [1] | 0 | [1] |
Trading, gross unrealized (losses) | -186 | [1] | -398 | [1] |
Trading, fair value | 998 | [1] | 786 | [1] |
Available-for-sale, cost | ' | 5,000 | [3] | |
Available-for-sale, gross unrealized gains | ' | 0 | [3] | |
Available-for-sale, gross unrealized (losses) | ' | -288 | [3] | |
Available-for-sale securities, fair value | ' | 4,712 | [3] | |
Mutual funds - International equity [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Trading, cost | ' | 516 | [1] | |
Trading, gross unrealized gain | ' | 0 | [1] | |
Trading, gross unrealized (losses) | ' | -156 | [1] | |
Trading, fair value | ' | 360 | [1] | |
Mutual funds - Fixed income [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Trading, cost | 16,241 | [1] | 3,116 | [1] |
Trading, gross unrealized gain | 92 | [1] | 75 | [1] |
Trading, gross unrealized (losses) | 0 | [1] | 0 | [1] |
Trading, fair value | 16,333 | [1] | 3,191 | [1] |
Available-for-sale, cost | 1,228 | [3] | 1,000 | [3] |
Available-for-sale, gross unrealized gains | 21 | [3] | 4 | [3] |
Available-for-sale, gross unrealized (losses) | -2 | [3] | 0 | [3] |
Available-for-sale securities, fair value | 1,247 | [3] | 1,004 | [3] |
Mutual funds - Domestic equity [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Trading, cost | 535 | [1] | 535 | [1] |
Trading, gross unrealized gain | 0 | [1] | 0 | [1] |
Trading, gross unrealized (losses) | -76 | [1] | -136 | [1] |
Trading, fair value | 459 | [1] | 399 | [1] |
Available-for-sale, cost | 543 | [3] | 1,010 | [3] |
Available-for-sale, gross unrealized gains | 7 | [3] | 756 | [3] |
Available-for-sale, gross unrealized (losses) | 0 | [3] | 0 | [3] |
Available-for-sale securities, fair value | 550 | [3] | 1,766 | [3] |
Corporate debt [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Available-for-sale, cost | 1,706 | [3] | ' | |
Available-for-sale, gross unrealized gains | 0 | [3] | ' | |
Available-for-sale, gross unrealized (losses) | -74 | [3] | ' | |
Available-for-sale securities, fair value | 1,632 | [3] | ' | |
Other [Member] | ' | ' | ||
Schedule of Trading Securities and Available-for-Sale Securities [Line Items] | ' | ' | ||
Trading, cost | 107 | [1] | 107 | [1] |
Trading, gross unrealized gain | 0 | [1] | 0 | [1] |
Trading, gross unrealized (losses) | -80 | [1] | -85 | [1] |
Trading, fair value | 27 | [1] | 22 | [1] |
Available-for-sale, cost | 232 | [3] | 185 | [3] |
Available-for-sale, gross unrealized gains | 9 | [3] | 0 | [3] |
Available-for-sale, gross unrealized (losses) | -1 | [3] | -8 | [3] |
Available-for-sale securities, fair value | $240 | [3] | $177 | [3] |
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | |||
[2] | Net unrealized gains on available-for-sale securities gross and net of tax as of JuneB 30, 2014, are $1,345 and $888, respectively, and as of JuneB 30, 2013, are $988 and $652, respectively. | |||
[3] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholdersb equity until realized. |
Investments_Investment_Income_
Investments - Investment Income (Loss) Reflected in Earnings (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Marketable Securities, Gain (Loss) [Abstract] | ' | ' | ' |
Realized losses on sales of trading securities | ($163) | ($245) | ($2) |
Realized gains on sales of available-for-sale securities | 1,044 | 266 | 179 |
Unrealized gains (losses) on trading securities | 450 | 45 | -485 |
Realized gain on Galileo acquisition | 290 | 0 | 0 |
Realized foreign currency gains (losses) | 1 | 1 | -2 |
Other-than-temporary declines in available-for-sale securities | -3 | -47 | -19 |
Dividend and interest income | 526 | 188 | 152 |
Total Investment Income (Loss) | $2,145 | $208 | ($177) |
Investments_Summary_of_Gross_U
Investments - Summary of Gross Unrealized Losses and Fair Values of Available-For-Sale Investment Securities (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | $1,776 | $261 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | -80 | -13 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 4,712 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | 0 | -288 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,776 | 4,973 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | -80 | -301 |
Common stock - Domestic [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 125 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | -3 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | 0 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 125 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | -3 | ' |
Common stock - International [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | ' | 95 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | ' | -5 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | ' | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | ' | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | 95 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | ' | -5 |
Corporate debt [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 1,382 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | -74 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | 0 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 1,382 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | -74 | ' |
Mutual funds - Fixed income [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 151 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | -2 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | 0 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 151 | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | -2 | ' |
Offshore fund [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | ' | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | ' | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | ' | 4,712 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | ' | -288 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | ' | 4,712 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | ' | -288 |
Other [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Fair Value | 118 | 166 |
Available-for-sale securities, Continuous Unrealized Loss Position, Less Than 12 Months, Gross Unrealized Losses | -1 | -8 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Fair Value | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, 12 Months or Greater, Gross Unrealized Losses | 0 | 0 |
Available-for-sale securities, Continuous Unrealized Loss Position, Fair Value, Total | 118 | 166 |
Available-for-sale securities, Continuous Unrealized Loss Position, Gross Unrealized Losses, Total | ($1) | ($8) |
Investments_Fair_Value_Measure
Investments - Fair Value Measurements on Recurring Basis (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | $17,817 | [1] | $4,758 | [1] |
Total available-for-sale securities | 6,196 | [2],[3] | 9,053 | [2],[3] |
Total Investments | 24,013 | 13,811 | ||
Common stock - Domestic [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,118 | [3] | 579 | [3] |
Common stock - International [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,409 | [3] | 815 | [3] |
Offshore fund [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 998 | [1] | 786 | [1] |
Total available-for-sale securities | ' | 4,712 | [3] | |
Mutual funds - International equity [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | ' | 360 | [1] | |
Corporate debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,632 | [3] | ' | |
Mutual funds - Fixed income [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 16,333 | [1] | 3,191 | [1] |
Total available-for-sale securities | 1,247 | [3] | 1,004 | [3] |
Mutual funds - Domestic equity [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 459 | [1] | 399 | [1] |
Total available-for-sale securities | 550 | [3] | 1,766 | [3] |
Other [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 27 | [1] | 22 | [1] |
Total available-for-sale securities | 240 | [3] | 177 | [3] |
Quoted Prices (Level 1) [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 16,819 | 3,972 | ||
Total available-for-sale securities | 4,853 | 4,083 | ||
Total Investments | 21,672 | 8,055 | ||
Quoted Prices (Level 1) [Member] | Common stock - Domestic [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,118 | 579 | ||
Quoted Prices (Level 1) [Member] | Common stock - International [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,406 | 720 | ||
Quoted Prices (Level 1) [Member] | Offshore fund [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | ' | 0 | ||
Quoted Prices (Level 1) [Member] | Mutual funds - International equity [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | ' | 360 | ||
Quoted Prices (Level 1) [Member] | Corporate debt [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 292 | ' | ||
Quoted Prices (Level 1) [Member] | Mutual funds - Fixed income [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 16,333 | 3,191 | ||
Total available-for-sale securities | 1,247 | 1,004 | ||
Quoted Prices (Level 1) [Member] | Mutual funds - Domestic equity [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 459 | 399 | ||
Total available-for-sale securities | 550 | 1,766 | ||
Quoted Prices (Level 1) [Member] | Other [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 27 | 22 | ||
Total available-for-sale securities | 240 | 14 | ||
Significant Other Inputs (Level 2) [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 998 | 786 | ||
Total available-for-sale securities | 1,093 | 4,712 | ||
Total Investments | 2,091 | 5,498 | ||
Significant Other Inputs (Level 2) [Member] | Common stock - Domestic [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Other Inputs (Level 2) [Member] | Common stock - International [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 3 | 0 | ||
Significant Other Inputs (Level 2) [Member] | Offshore fund [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 998 | 786 | ||
Total available-for-sale securities | ' | 4,712 | ||
Significant Other Inputs (Level 2) [Member] | Mutual funds - International equity [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | ' | 0 | ||
Significant Other Inputs (Level 2) [Member] | Corporate debt [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 1,090 | ' | ||
Significant Other Inputs (Level 2) [Member] | Mutual funds - Fixed income [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Other Inputs (Level 2) [Member] | Mutual funds - Domestic equity [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Other Inputs (Level 2) [Member] | Other [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 250 | 258 | ||
Total Investments | 250 | 258 | ||
Significant Unobservable Inputs (Level 3) [Member] | Common stock - Domestic [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Common stock - International [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 0 | 95 | ||
Significant Unobservable Inputs (Level 3) [Member] | Offshore fund [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | ' | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Mutual funds - International equity [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | ' | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate debt [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | 250 | ' | ||
Significant Unobservable Inputs (Level 3) [Member] | Mutual funds - Fixed income [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Mutual funds - Domestic equity [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Other [Member] | Recurring basis [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Trading securities, at fair value | 0 | 0 | ||
Total available-for-sale securities | 0 | 163 | ||
Available-for-sale Securities [Member] | Significant Other Inputs (Level 2) [Member] | Corporate debt [Member] | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ||
Total available-for-sale securities | ' | $1,100 | ||
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | |||
[2] | Net unrealized gains on available-for-sale securities gross and net of tax as of JuneB 30, 2014, are $1,345 and $888, respectively, and as of JuneB 30, 2013, are $988 and $652, respectively. | |||
[3] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholdersb equity until realized. |
Investments_Summary_of_Investm
Investments - Summary of Investments Measured at Fair Value on a Recurring Basis (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Common Stock - International [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning Balance | $95 | $0 |
Return of capital | 0 | 0 |
Total gains or losses (realized/unrealized) | ' | ' |
Included in earnings (investment income) | 0 | 0 |
Included in other comprehensive income | 5 | 0 |
Purchases | 0 | 95 |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | -100 | 0 |
Ending Balance | 0 | 95 |
Corporate debt [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning Balance | 0 | ' |
Return of capital | 0 | ' |
Total gains or losses (realized/unrealized) | ' | ' |
Included in earnings (investment income) | 0 | ' |
Included in other comprehensive income | 0 | ' |
Purchases | 250 | ' |
Sales | 0 | ' |
Transfers into Level 3 | 0 | ' |
Transfers out of Level 3 | 0 | ' |
Ending Balance | 250 | ' |
Other [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Beginning Balance | 163 | 168 |
Return of capital | -43 | 0 |
Total gains or losses (realized/unrealized) | ' | ' |
Included in earnings (investment income) | 0 | 0 |
Included in other comprehensive income | 5 | -5 |
Purchases | 160 | 0 |
Sales | 0 | 0 |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | -285 | 0 |
Ending Balance | $0 | $163 |
Investment_Management_and_Othe1
Investment Management and Other Fees - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Investment [Line Items] | ' | ' | ' | ' |
Base percentage adjustment, fund performance not within benchmark index | ' | 0.25% | ' | ' |
Minimum performance to designated benchmark over prior rolling twelve months, percent | ' | 5.00% | ' | ' |
Increase (decrease) in base advisory fees realized | ' | ($815,000) | ($133,000) | ($2,200,000) |
Aggregate fees waived and expenses borne | ' | 2,400,000 | 3,300,000 | 3,100,000 |
Fees waived and or expenses reimbursed U.S. Treasury Securities Cash Fund to maintain minimum yield | ' | 583,000 | ' | ' |
Minimum yield waivers recoverable through 12/31/14 | ' | 737,000 | ' | ' |
Minimum yield waivers recoverable through 12/31/15 | ' | 510,000 | ' | ' |
Minimum yield waivers recoverable through 12/31/16 | ' | 498,000 | ' | ' |
Administrative services fee, per fund | 10,000 | ' | ' | ' |
Advisory fees | ' | 7,760,000 | 12,189,000 | 14,933,000 |
Investor Class Shares [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Previous administrative fee rate | 0.08% | ' | ' | ' |
Administrative fee rate | 0.10% | ' | ' | ' |
Institutional Class Shares [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Previous administrative fee rate | 0.06% | ' | ' | ' |
Administrative fee rate | 0.08% | ' | ' | ' |
Offshore clients | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Advisory fees | ' | 190,000 | 299,000 | 352,000 |
Performance fees | ' | $4,000 | $19,000 | $6,000 |
Investment Advisory Services [Member] | Offshore fund [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Number of Customers | ' | 3 | ' | ' |
Maximum [Member] | ' | ' | ' | ' |
Investment [Line Items] | ' | ' | ' | ' |
Shareholder services fee, percentage of share value in account | ' | 0.20% | ' | ' |
Property_and_Equipment_Compone
Property and Equipment - Components of Property and Equipment (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property and equipment | $7,403 | $6,023 |
Accumulated depreciation | -4,379 | -2,938 |
Net property and equipment | 3,024 | 3,085 |
Building and land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property and equipment | 4,608 | 4,608 |
Furniture, equipment, and other [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Gross property and equipment | $2,795 | $1,415 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation expense | $255 | $275 | $282 |
Intangible_Assets_Details
Intangible Assets (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | |||
Intangible asset - Non-compete agreement | ' | ' | ' | |||
Net carrying amount | $86 | $86 | $0 | |||
Remaining weighted-average useful life | '1 year 11 months | ' | ' | |||
Amortization expense | ' | 4 | ' | |||
Non-compete agreement [Member] | ' | ' | ' | |||
Intangible asset - Non-compete agreement | ' | ' | ' | |||
Gross carrying amount | 90 | [1] | 90 | [1] | ' | |
Accumulated amortization | -4 | [1] | -4 | [1] | ' | |
Net carrying amount | $86 | [1] | $86 | [1] | $0 | [1] |
Remaining weighted-average useful life | '2 years | ' | ' | |||
[1] | There were no intangible assets outstanding at JuneB 30, 2013. |
Intangible_Assets_Future_Amort
Intangible Assets - Future Amortization Income and Expense (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
2015 | $45 |
2016 | 41 |
2017 | 0 |
2018 | 0 |
2019 | $0 |
Other_Accrued_Expenses_Compone
Other Accrued Expenses - Components of Other Accrued Expenses (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Legal, professional and consulting fees | $325 | $266 |
Vendors payable | 246 | 236 |
Investments payable | 187 | 0 |
Platform fees | 170 | 195 |
Taxes payable | 131 | 68 |
Other | 5 | 5 |
Other accrued expenses | $1,064 | $770 |
Borrowings_Additional_Informat
Borrowings - Additional Information (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Long-term liabilities | $0 |
Credit facility with a one-year maturity for working capital | $1,000,000 |
Credit facility maturity period | '1 year |
Credit agreement current renewal date | 25-Apr-14 |
Amended credit agreement expiration date | 31-May-15 |
Lease_Commitments_Additional_I
Lease Commitments - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Leases [Abstract] | ' | ' | ' |
Lease expenses | $494 | $491 | $572 |
Lease_Commitments_Summary_of_M
Lease Commitments - Summary of Minimum Non-Cancelable Lease Payments Required under Operating Leases (Details) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2015 | $291 |
2016 | 251 |
2017 | 185 |
2018 | 117 |
2019 | 0 |
Operating lease total | $844 |
Benefit_Plans_Additional_Infor
Benefit Plans - Additional Information (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company percentage match of participants contributions for the first three percent of compensation | 100.00% | ' | ' |
Percentage of first compensation | 3.00% | ' | ' |
Company percentage match of participants contributions for next two percent of compensation | 50.00% | ' | ' |
Percentage of next compensation | 2.00% | ' | ' |
Company 401(k) Match | $175,000 | $220,000 | $205,000 |
Profit sharing contributions | 0 | 0 | 400,000 |
Company match of savings programs | $58,000 | $79,000 | $77,000 |
Employee Stock Purchase Plan [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Shares of treasury stock purchased by employees | 52,191 | 48,679 | 28,998 |
Employee Stock Purchase Plan [Member] | Maximum [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Company Employee Stock Purchase Plan percentage match of employee's contributions of gross salary | 3.00% | ' | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 18 Months Ended | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 07, 2012 | Jun. 30, 2014 | Dec. 31, 2014 | |
1989 Plan [Member] | 1997 Plan [Member] | 1997 Plan [Member] | 1997 Plan [Member] | Employees [Member] | Employees [Member] | Employees [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class A [Member] | Common Class C [Member] | Share Repurchase Plan, December 2012 and Renewal, December 2013 [Member] | Share Repurchase Plan - December 2012 [Member] | Share Repurchase Renewal, December 2013 [Member] | Forecast [Member] | |||||
1989 Plan [Member] | Employees [Member] | Director [Member] | Director [Member] | Director [Member] | Common Class A [Member] | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Monthly dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 |
Stock repurchase program, authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,750,000 | ' | ' |
Remaining authorized repurchase amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,570,000 | ' |
Class A common stock purchased | 93,351 | 55,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,351 | 55,052 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchasing amount | 289,000 | 174,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 289,000 | 174,000 | ' | ' | ' | ' | ' | ' | ' | 463,000 | ' | ' | ' |
Number of shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 148,403 | ' | ' | ' |
Class A common stock granted (shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,600 | 3,600 | 3,600 | 3,600 | ' | ' | ' | ' | ' |
Class A common stock granted (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.73 | $3.07 | $4.16 | $6.65 | ' | ' | ' | ' | ' |
Conversion of shares of class C common stock for class A common stock, Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,340 | 2,516 | 60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, shares converted (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion ratio, shares issued as a result of stock conversion (per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' |
Number of shares authorized under Stock Option Plan | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual award vesting, percentage | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of options outstanding | 22,000 | 29,000 | 29,000 | 25,300 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options issued under Stock Option Plan expiration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Options Granted | 0 | 0 | 5,000 | ' | ' | 0 | 0 | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options Granted Under 1997 Plan, Fair Value | ' | ' | ' | ' | ' | ' | ' | $8,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | '6 months | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected volatility factor based on historical volatility | ' | ' | 49.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | ' | ' | 2.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected life | ' | ' | '5 years 8 months 1 day | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options exercisable | 22,000 | ' | ' | ' | ' | ' | ' | ' | 22,000 | 25,000 | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price (in dollars per share) | $18.72 | ' | ' | ' | ' | ' | ' | ' | $18.72 | $18.71 | $19.21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders_Equity_Stock_Opti
Shareholders' Equity - Stock Option Transactions Under the Various Employee Stock Option Plans (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Beginning Balance, Shares | 29,000 | 29,000 | 25,300 |
Granted, Shares | 0 | 0 | 5,000 |
Exercised, Shares | 0 | 0 | 0 |
Forfeited, Shares | 7,000 | 0 | 1,300 |
Ending Balance, Shares | 22,000 | 29,000 | 29,000 |
Beginning Balance, Weighted Average Exercise Price (in dollars per share) | $17.03 | $17.03 | $19.40 |
Granted, Weighted Average Exercise Price | ' | ' | $6.54 |
Forfeited, Weighted Average Exercise Price | $11.74 | ' | $22.63 |
Ending Balance, Weighted Average Exercise Price (in dollars per share) | $18.72 | $17.03 | $17.03 |
Weighted Average Remaining Contractual Life in Years, Outstanding | '3 years 5 months 9 days | ' | ' |
Aggregate Intrinsic Value (net of tax), Outstanding | $165 | ' | ' |
Shareholders_Equity_Class_A_Co
Shareholders' Equity - Class A Common Stock Options Outstanding and Exercisable Under the Employee Stock Option Plans (Details) (USD $) | 12 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Options Outstanding, Shares | 22,000 | 29,000 | 29,000 | 25,300 |
Weighted Average Remaining Contractual Life, in Years | '3 years 5 months 9 days | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $18.72 | $17.03 | $17.03 | $19.40 |
Options Exercisable, Shares | 22,000 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $18.72 | ' | ' | ' |
October 3, 2007 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Date of Option Grant | 3-Oct-07 | ' | ' | ' |
Options Outstanding, Shares | 20,000 | ' | ' | ' |
Weighted Average Remaining Contractual Life, in Years | '3 years 3 months | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $19.36 | ' | ' | ' |
Options Exercisable, Shares | 20,000 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $19.36 | ' | ' | ' |
October 7, 2009 [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Date of Option Grant | 7-Oct-09 | ' | ' | ' |
Options Outstanding, Shares | 2,000 | ' | ' | ' |
Weighted Average Remaining Contractual Life, in Years | '5 years 3 months 7 days | ' | ' | ' |
Options Outstanding, Weighted Average Exercise Price (in dollars per share) | $12.31 | ' | ' | ' |
Options Exercisable, Shares | 2,000 | ' | ' | ' |
Options Exercisable, Weighted Average Exercise Price (in dollars per share) | $12.31 | ' | ' | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax [Line Items] | ' | ' | ' |
Tax expense at capital loss carryovers | $252 | $549 | ' |
Tax expense at charitable contribution carryovers | 35 | 27 | ' |
Valuation allowance | 35 | 27 | ' |
Tax expense at statutory rate, % of Pretax | 34.00% | 34.00% | 34.00% |
Charitable Contribution Carryover [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Valuation allowance | 35 | 27 | 0 |
Expiration 2018 [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Tax expense at charitable contribution carryovers | 68 | ' | ' |
Expiration 2019 [Member] | ' | ' | ' |
Income Tax [Line Items] | ' | ' | ' |
Tax expense at capital loss carryovers | 754 | ' | ' |
Tax expense at charitable contribution carryovers | $34 | ' | ' |
Income_Taxes_Schedule_of_effec
Income Taxes - Schedule of effective income tax and tax rate reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax expense (benefit) at statutory rate, amount | ' | ' | ' | ' | ' | ' | ' | ' | ($421) | $24 | $905 |
Nondeductible gain on business combination, amount | ' | ' | ' | ' | ' | ' | ' | ' | -99 | 0 | 0 |
Nondeductible membership dues, amount | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 27 | 27 |
Nondeductible meals and entertainment, amount | ' | ' | ' | ' | ' | ' | ' | ' | 25 | 44 | 41 |
Other, amount | ' | ' | ' | ' | ' | ' | ' | ' | -47 | 5 | 51 |
Total tax expense (benefit) - continuing operations | ($51) | $14 | ($466) | ($14) | ($193) | $84 | $145 | $64 | ($517) | $100 | $1,024 |
Tax expense (benefit) at statutory rate, % of Pretax | ' | ' | ' | ' | ' | ' | ' | ' | 34.00% | 34.00% | 34.00% |
Nondeductible gain on business combination, % of Pretax | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 0.00% | 0.00% |
Nondeductible membership dues, % of Pretax | ' | ' | ' | ' | ' | ' | ' | ' | -2.00% | 38.00% | 1.00% |
Nondeductible meals and entertainment, % of Pretax | ' | ' | ' | ' | ' | ' | ' | ' | -2.00% | 62.00% | 1.50% |
Other, % of Pretax | ' | ' | ' | ' | ' | ' | ' | ' | 3.80% | 7.00% | 1.90% |
Total tax expense, % of Pretax | ' | ' | ' | ' | ' | ' | ' | ' | 41.80% | 141.00% | 38.40% |
Income_Taxes_Components_of_tot
Income Taxes - Components of total tax expense (benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ($904) | $91 | $1,307 |
Deferred tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | 387 | 9 | -283 |
Total tax expense (benefit) - continuing operations | -51 | 14 | -466 | -14 | -193 | 84 | 145 | 64 | -517 | 100 | 1,024 |
Tax expense (benefit) - continuing operations | -51 | 14 | -466 | -14 | -193 | 84 | 145 | 64 | -517 | 100 | 1,024 |
Tax benefit - discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | -125 | -85 | -55 |
Total tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ($642) | $15 | $969 |
Income_Taxes_Deferred_assets_a
Income Taxes - Deferred assets and liabilities using the effective statutory tax rate (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ' | ' |
Trading securities | $84 | $238 |
Prepaid expenses | -142 | -152 |
Accumulated depreciation | 120 | 85 |
Available-for-sale securities & equity method | -176 | -55 |
Equity method | 0 | -19 |
Accrued expenses | 108 | 111 |
Stock-based compensation expense | 103 | 117 |
Capital loss carryover | 252 | 549 |
Charitable contributions carryover | 35 | 27 |
Valuation Allowance | -35 | -27 |
Net deferred tax asset | $349 | $874 |
Earnings_Per_Share_Computation
Earnings Per Share - Computation for Basic and Diluted Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations | $273 | ($26) | ($958) | ($9) | ($415) | $115 | $178 | $93 | ($720) | ($29) | $1,638 |
Less: Income attributable to non-controlling interest in subsidiary | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 0 |
Income (Loss) from Continuing Operations Attributable to Parent | ' | ' | ' | ' | ' | ' | ' | ' | -727 | -29 | 1,638 |
Loss on discontinued operations | -6 | -2 | -207 | -28 | -35 | -74 | -12 | -44 | -243 | -165 | -108 |
Net income (loss) | $260 | ($28) | ($1,165) | ($37) | ($450) | $41 | $166 | $49 | ($970) | ($194) | $1,530 |
Weighted average number of outstanding shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic weighted average number of common shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,459,022 | 15,482,612 | 15,441,464 |
Employee stock options (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 118 |
Diluted weighted average number of common shares outstanding (shares) | ' | ' | ' | ' | ' | ' | ' | ' | 15,459,022 | 15,482,612 | 15,441,582 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.02 | $0 | ($0.06) | $0 | ($0.02) | $0.01 | $0.01 | $0 | ($0.04) | $0 | $0.11 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | ($0.02) | $0 | $0 | ($0.01) | $0 | $0 | ($0.02) | ($0.01) | ($0.01) |
Net income (loss) (in dollars per share) | $0.02 | $0 | ($0.08) | $0 | ($0.02) | $0 | $0.01 | $0 | ($0.06) | ($0.01) | $0.10 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.02 | $0 | ($0.06) | $0 | ($0.02) | $0.01 | $0.01 | $0 | ($0.04) | $0 | $0.11 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | ($0.02) | $0 | $0 | ($0.01) | $0 | $0 | ($0.02) | ($0.01) | ($0.01) |
Net income (loss) (in dollars per share) | $0.02 | $0 | ($0.08) | $0 | ($0.02) | $0 | $0.01 | $0 | ($0.06) | ($0.01) | $0.10 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Details) (Employee stock options [Member]) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Employee stock options [Member] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Employee stock options excluded from diluted EPS | 22,000 | 29,000 | 24,000 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Income (Loss) - Changes in Comprehensive Income (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income, balance | $652 | $466 | $1,042 | |||
Other comprehensive income (loss) before reclassifications | 1,417 | 530 | -703 | |||
Other comprehensive income (loss), before reclassification adjustments, tax effect | -476 | -180 | 239 | |||
Amount reclassified from AOCI, before tax | -1,041 | -248 | -170 | |||
Amount reclassified from AOCI, tax effect | 354 | 84 | 58 | |||
Net other comprehensive income (loss) | 263 | 186 | -576 | |||
Net other comprehensive income for 2014 | 254 | ' | ' | |||
Accumulated other comprehensive income, balance | 906 | 652 | 466 | |||
Unrealized gains (losses) on available-for-sale investments | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income, balance | 652 | [1] | 466 | [1] | 1,042 | [1] |
Other comprehensive income (loss) before reclassifications | 1,399 | [1] | 530 | [1] | -703 | [1] |
Other comprehensive income (loss), before reclassification adjustments, tax effect | -476 | [1] | -180 | [1] | 239 | [1] |
Amount reclassified from AOCI, before tax | -1,041 | [1] | -248 | [1] | -170 | [1] |
Amount reclassified from AOCI, tax effect | 354 | [1] | 84 | [1] | 58 | [1] |
Net other comprehensive income (loss) | ' | 186 | [1] | -576 | [1] | |
Net other comprehensive income for 2014 | 236 | [1] | ' | ' | ||
Accumulated other comprehensive income, balance | 888 | [1] | 652 | [1] | 466 | [1] |
Foreign currency translation adjustment | ' | ' | ' | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ' | ' | ' | |||
Accumulated other comprehensive income, balance | 0 | 0 | 0 | |||
Other comprehensive income (loss) before reclassifications | 18 | 0 | 0 | |||
Other comprehensive income (loss), before reclassification adjustments, tax effect | 0 | 0 | 0 | |||
Amount reclassified from AOCI, before tax | 0 | 0 | 0 | |||
Amount reclassified from AOCI, tax effect | 0 | 0 | 0 | |||
Net other comprehensive income (loss) | ' | 0 | 0 | |||
Net other comprehensive income for 2014 | 18 | ' | ' | |||
Accumulated other comprehensive income, balance | $18 | $0 | $0 | |||
[1] | Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations. |
Recovered_Sheet1
Financial Information By Business Segments - Schedule Details of Financial Information by Business Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 01, 2014 |
Investment Management Services [Member] | Investment Management Services [Member] | Investment Management Services [Member] | Investment Management Services - Canada [Member] | Investment Management Services - Canada [Member] | Investment Management Services - Canada [Member] | Corporate Investments [Member] | Corporate Investments [Member] | Corporate Investments [Member] | Galileo Global Equity Advisors Inc [Member] | ||||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares issued and outstanding of Galileo | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65.00% |
Net operating revenues | $2,905 | $2,742 | $2,740 | $3,052 | $3,459 | $4,473 | $4,973 | $4,413 | $11,439 | $17,318 | $22,374 | $11,205 | $17,318 | $22,374 | $234 | $0 | $0 | $0 | $0 | $0 | ' |
Net other income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 2,165 | 262 | -177 | 0 | 0 | 0 | 0 | 0 | 0 | 2,165 | 262 | -177 | ' |
Income (loss) from continuing operations before income taxes | 222 | -12 | -1,424 | -23 | -608 | 199 | 323 | 157 | -1,237 | 71 | 2,662 | -3,426 | -178 | 2,851 | 31 | 0 | 0 | 2,158 | 249 | -189 | ' |
Loss from discontinued operations | -6 | -2 | -207 | -28 | -35 | -74 | -12 | -44 | -243 | -165 | -108 | -243 | -165 | -108 | 0 | 0 | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 259 | 275 | 282 | 252 | ' | ' | 7 | ' | ' | 0 | ' | ' | ' |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 255 | 275 | 282 | ' | 275 | 282 | ' | 0 | 0 | ' | 0 | 0 | ' |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | 30 | 39 | 18 | 30 | 39 | 18 | 0 | 0 | 0 | 0 | 0 | 0 | ' |
Gross identifiable assets | 37,497 | ' | ' | ' | ' | ' | ' | ' | 37,497 | ' | ' | 9,843 | ' | ' | 2,159 | ' | ' | 25,495 | ' | ' | ' |
Deferred tax asset | 349 | ' | ' | ' | ' | ' | ' | ' | 349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated total assets | $37,846 | ' | ' | ' | $38,683 | ' | ' | ' | $37,846 | $38,683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Advisory fees | $7,760,000 | $12,189,000 | $14,933,000 | ||
Trading, fair value | 17,817,000 | [1] | 4,758,000 | [1] | ' |
Available-for-sale securities, fair value | 6,196,000 | [2],[3] | 9,053,000 | [2],[3] | ' |
USGIF and offshore clients [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Fair Value investment included in Cash and Cash Equivalents and trading securities | 19,400,000 | 29,700,000 | ' | ||
Dividend income | 132,000 | 114,000 | 117,000 | ||
Unrealized gain (losses) on related party securities | -143,000 | -147,000 | 50,000 | ||
Chief Executive Officer, Trustee of USGIF [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Investment advisory fees receivable | 1,300,000 | 964,000 | ' | ||
Charlemagne Capital Limited [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Available-for-sale securities, fair value | 1,300,000 | ' | ' | ||
Offshore fund [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Number of funds to which Company provides advisory services | 2 | ' | ' | ||
Trading, fair value | 998,000 | [1] | 786,000 | [1] | ' |
Available-for-sale securities, fair value | ' | 4,712,000 | [3] | ' | |
Offshore fund [Member] | Chief Executive Officer, Director of Meridian Offshore Funds [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Advisory fees | 194,000 | 318,000 | 358,000 | ||
Offshore fund [Member] | Energy and natural resource sectors [Member] | Significant Other Inputs (Level 2) [Member] | ' | ' | ' | ||
Related Party Transaction [Line Items] | ' | ' | ' | ||
Trading, fair value | ' | $786,000 | ' | ||
[1] | Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations. | ||||
[2] | Net unrealized gains on available-for-sale securities gross and net of tax as of JuneB 30, 2014, are $1,345 and $888, respectively, and as of JuneB 30, 2013, are $988 and $652, respectively. | ||||
[3] | Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income (loss) as a separate component of shareholdersb equity until realized. |
Contingencies_and_Commitments_
Contingencies and Commitments - Additional Information (Details) (Forecast [Member], USD $) | 6 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 |
Forecast [Member] | ' |
Dividends Payable [Line Items] | ' |
Monthly dividend declared | $0.01 |
Amount of cash dividends to be paid to class A and class C shareholders | $463 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Quarterly Financial Information of Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating revenues | $2,905 | $2,742 | $2,740 | $3,052 | $3,459 | $4,473 | $4,973 | $4,413 | $11,439 | $17,318 | $22,374 |
Income (loss) from continuing operations before income taxes | 222 | -12 | -1,424 | -23 | -608 | 199 | 323 | 157 | -1,237 | 71 | 2,662 |
Tax expense (benefit) | -51 | 14 | -466 | -14 | -193 | 84 | 145 | 64 | -517 | 100 | 1,024 |
Income (loss) from continuing operations | 273 | -26 | -958 | -9 | -415 | 115 | 178 | 93 | -720 | -29 | 1,638 |
Loss on discontinued operations | -6 | -2 | -207 | -28 | -35 | -74 | -12 | -44 | -243 | -165 | -108 |
Net income (loss) | 267 | -28 | -1,165 | -37 | -450 | 41 | 166 | 49 | -963 | -194 | 1,530 |
Net income attributable to non-controlling interest | 7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7 | 0 | 0 |
Net income (loss) attributable to U.S. Global Investors, Inc. | 260 | -28 | -1,165 | -37 | -450 | 41 | 166 | 49 | -970 | -194 | 1,530 |
Comprehensive income (loss) | 437 | 151 | -1,052 | -236 | -598 | 470 | -31 | 151 | -700 | -8 | 954 |
Comprehensive income (loss) attributable to U.S. Global Investors, Inc. | $421 | $151 | ($1,052) | ($236) | ($598) | $470 | ($31) | $151 | ($716) | ($8) | $954 |
Basic | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.02 | $0 | ($0.06) | $0 | ($0.02) | $0.01 | $0.01 | $0 | ($0.04) | $0 | $0.11 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | ($0.02) | $0 | $0 | ($0.01) | $0 | $0 | ($0.02) | ($0.01) | ($0.01) |
Net income (loss) (in dollars per share) | $0.02 | $0 | ($0.08) | $0 | ($0.02) | $0 | $0.01 | $0 | ($0.06) | ($0.01) | $0.10 |
Diluted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations (in dollars per share) | $0.02 | $0 | ($0.06) | $0 | ($0.02) | $0.01 | $0.01 | $0 | ($0.04) | $0 | $0.11 |
Loss from discontinued operations (in dollars per share) | $0 | $0 | ($0.02) | $0 | $0 | ($0.01) | $0 | $0 | ($0.02) | ($0.01) | ($0.01) |
Net income (loss) (in dollars per share) | $0.02 | $0 | ($0.08) | $0 | ($0.02) | $0 | $0.01 | $0 | ($0.06) | ($0.01) | $0.10 |