-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F7y+hGbkPRYpUnbwnJcKlQErM9NuhuKY/txLlhJKfjMDs9FxIt9rubAUojL1qd4G WrzBrZY+GBwOkCIqkJY6bQ== 0000754811-04-000011.txt : 20040517 0000754811-04-000011.hdr.sgml : 20040517 20040517165254 ACCESSION NUMBER: 0000754811-04-000011 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040331 ITEM INFORMATION: FILED AS OF DATE: 20040517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: U S GLOBAL INVESTORS INC CENTRAL INDEX KEY: 0000754811 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 741598370 STATE OF INCORPORATION: TX FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-13928 FILM NUMBER: 04813196 BUSINESS ADDRESS: STREET 1: 7900 CALLAGHAN RD CITY: SAN ANTONIO STATE: TX ZIP: 78229 BUSINESS PHONE: 2103081234 MAIL ADDRESS: STREET 1: 7900 CALLAGHAN ROAD CITY: SAN ANTONIO STATE: TX ZIP: 78229 FORMER COMPANY: FORMER CONFORMED NAME: UNITED SERVICES ADVISORS INC /TX/ DATE OF NAME CHANGE: 19950321 8-K 1 r8k-0504.txt FORM 8-K PRESS RELEASE ON EARNINGS FOR 3/31/2004 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 17, 2004 U.S. GLOBAL INVESTORS, INC. - -------------------------------------------------------------------------------- (Exact name of registrant as specified in its charter) Texas 0-13928 74-1598370 - -------------------------------------------------------------------------------- (State of other juris- (Commission IRS Employer diction of incorporation) File Number) Identification No.) 7900 Callaghan Road, San Antonio, Texas 78229 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: 210-308-1234 - -------------------------------------------------------------------------------- (Former name or former address, if changed since last report) Item 12. Results of Operations and Financial Condition. On May 17, 2004, U.S. Global Investors, Inc. issued a press release reporting earnings and other financial results for its first quarter of 2004, which ended March 31, 2004. A copy of the press release is attached and being furnished as Exhibit 99. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. U.S. Global Investors, Inc. By:/s/ Susan B. McGee ------------------------ Susan B. McGee President/General Counsel Dated: May 17, 2004 EX-99 2 exh99.txt PRESS RELEASE Contact: Valerie Kimball Investor Relations 303.703.1210 vkimball@epochfinancial.com Rolf Gatlin Public Relations For Immediate Release 210.308.1268 rmgatlin@usfunds.com Strong Performance Drives Significant Growth in Assets, Revenues and Earnings for U.S. Global Investors' Third Quarter ************************************************************************ SAN ANTONIO - May 17, 2004 - U.S. Global Investors, Inc. (NASDAQ: GROW) (the Company), a registered investment advisory firm, announced it posted net income for the quarter ended March 31, 2004, of approximately $240,000, $0.03 income per share, unaudited, compared to a net loss of approximately $70,000, $0.01 loss per share, unaudited, for the comparable period last year. This is a positive reversal of more than 400 percent. For the nine-month period ending March 31, 2004, the Company posted net income of approximately $2.2 million, $0.29 income per share, unaudited, compared to net income of approximately $183,000, $0.02 income per share, unaudited, for the nine months ending March 31, 2003. "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 superior relative performance of our specialty funds, which in turn has led to strong recognition from the industry's leading rating agencies and a broader acceptance of these unique asset classes." Revenues for the quarter ending March 31, 2004, were approximately $1.3 million, or 72 percent, higher than the quarter ending March 31, 2003. In addition, revenues for the nine-month period ending March 31, 2004, increased approximately $4.3 million, or 73 percent, as compared to the nine months ending March 31, 2003. Expenses for the quarter ending March 31, 2004, were approximately $921,000, or 47 percent, higher than the quarter ending March 31, 2003. The expenses for the nine-month period ended March 31, 2004, increased approximately $1.6 million, or 28 percent, as compared to the nine months ending March 31, 2003. 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 Nine Months Ended Nine Months Ended March 31, 2004 March 31, 2003 March 31, 2004 March 31, 2003 -------------- -------------- -------------- -------------- Total Revenues $3,216,977 $1,873,995 $10,183,043 $5,885,693 Total Expenses $2,869,649 $1,948,229 $ 7,329,230 $5,708,344 Tax Expense (Benefit) $ 107,431 $ (4,384) $ 677,912 $ (5,885) ---------- ---------- ----------- ----------- Net Income (Loss) $ 239,897 $ (69,850) $ 2,175,901 $ 183,234 Basic and Diluted Net Income (Loss) Per Share $ 0.03 $ (0.01) $ 0.29 $ 0.02 Weighted Average Diluted Shares Outstanding $7,551,696 $7,486,856 $ 7,534,856 $7,470,222 Average Assets under Management ($ in millions) $ 1,543 $ 1,070 $ 1,305 $ 1,080
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. In general, trends in assets are the critical drivers of revenue and earnings trends. 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. -----END PRIVACY-ENHANCED MESSAGE-----