Contact:
Tracy Peterson
Chief Financial Officer
210.308.1241
tcpeterson@usfunds.com
Rolf Gatlin
Public Relations
210.308.1268
rmgatlin@usfunds.com
For Immediate Release
U.S. Global Investors Reports Positive Net Income of $0.17 Per
Share For Second Quarter
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SAN ANTONIO - February 13, 2004 - U.S. Global Investors, Inc. (NASDAQ: GROW)
(the Company), a registered investment advisory firm, announced it posted net
income for the quarter ended December 31, 2003, of approximately $1.2 million,
$0.17 income per share, unaudited, compared to net income of approximately
$142,000, $0.02 income per share, unaudited, for the comparable period last
year. For the six-month period ended December 31, 2003, the Company posted net
income of approximately $1.9 million, $0.26 income per share, unaudited,
compared to net income of approximately $253,000, $0.03 income per share,
unaudited, for the six months ended December 31, 2002.
Revenues for the quarter ended December 31, 2003, were approximately $2.3
million higher than the quarter ended December 31, 2002. In addition, revenues
for the six-month period ended December 31, 2003, increased approximately $3.0
million as compared to the six months ended December 31, 2002.
"These increases were largely due to substantial growth in the assets of the
Company's gold, natural resource and foreign equity funds," says Frank Holmes,
Chief Executive Officer of U.S. Global Investors. "The tremendous growth we have
witnessed over the past year has largely been the result of the performance of
our funds, which in turn has led to strong recognition from the industry's
leading rating agencies."
Expenses for the quarter ended December 31, 2003 were approximately $610,000
higher than the quarter ended December 31, 2002. The expenses for the six-month
period ended December 31, 2003, increased approximately $699,000 as compared to
the six months ended December 31, 2002. Consistent with increased fund assets
and strong fund performance, certain sub-advisory fees, omnibus distribution
costs, and performance-driven personnel costs contributed to the increases in
expenses.
Financial Highlights (Unaudited)
U.S. Global Investors, Inc.
Quarter Ended Quarter Ended Six Months Ended Six Months Ended
December 31, 2003 December 31, 2002 December 31, 2003 December 31, 2002
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Total Revenues 4,337,177 2,040,743 6,966,066 4,011,698
Total Expenses 2,513,800 1,903,461 4,459,581 3,760,115
Tax Expense (Benefit) 574,884 (4,695) 570,481 (1,501)
Net Income 1,248,493 141,977 1,936,004 253,084
Basic and Diluted Net
Income Per Share 0.17 0.02 0.26 0.03
Weighted Average Diluted
Shares Outstanding 7,542,424 7,464,993 7,523,340 7,467,909
Average Assets under
Management
($ in millions) 1,310 1,059 1,188 1,084
About U.S. Global Investors, Inc. U.S. Global Investors, Inc. is a registered
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investment adviser with a focus on profitable niche markets around the world.
Headquartered in San Antonio, Texas, the company offers financial solutions and
provides transfer agency and other services to U.S. Global Investors Funds and
U.S. Global Accolade Funds. The groups consist of 12 no-load mutual funds that
invest in a variety of investment options, from emerging markets to money
markets. For more information about U.S. Global Investors and a prospectus for
any of our funds, visit us online at www.usfunds.com, or call 1-800-US-FUNDS.
This news release may include certain "forward-looking statements" including
statements relating to revenues, expenses, and expectations regarding market
conditions. These statements involve certain risks and uncertainties. There can
be no assurance that such statements will prove accurate and actual results and
future events could differ materially from those anticipated in such statements.