EX-99 3 ex99.txt PRESS RELEASE 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 ************************************************************************ 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 $699,000 as compared to the six months ended December 31, 2002. Consistent with increased fund assets and strong fund performance, certain sub-advisory fees, omnibus distribution costs, and performance-driven personnel costs contributed to the increases in expenses.
Financial Highlights (Unaudited) U.S. Global Investors, Inc. Quarter Ended Quarter Ended Six Months Ended Six Months Ended December 31, 2003 December 31, 2002 December 31, 2003 December 31, 2002 ----------------- ----------------- ----------------- ----------------- Total Revenues 4,337,177 2,040,743 6,966,066 4,011,698 Total Expenses 2,513,800 1,903,461 4,459,581 3,760,115 Tax Expense (Benefit) 574,884 (4,695) 570,481 (1,501) Net Income 1,248,493 141,977 1,936,004 253,084 Basic and Diluted Net Income Per Share 0.17 0.02 0.26 0.03 Weighted Average Diluted Shares Outstanding 7,542,424 7,464,993 7,523,340 7,467,909 Average Assets under Management ($ in millions) 1,310 1,059 1,188 1,084
About U.S. Global Investors, Inc. U.S. Global Investors, Inc. is a registered ----- ---- ------ ---------- ---- 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.