-----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, SbDOIizsmWerq6S6IUQHxijPM2gi/0sr2EYJHf/Yll+2zfOlvx6w8bLiUVHYzx4B orr5dXj+z/6tvKvpfELZPA== 0000754811-05-000005.txt : 20050214 0000754811-05-000005.hdr.sgml : 20050214 20050214171052 ACCESSION NUMBER: 0000754811-05-000005 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041231 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20050214 DATE AS OF CHANGE: 20050214 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: 05612140 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-0205.txt 8-K FOR PRESS RELEASE ON EARNINGS FOR 12/31/2004 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): February 14, 2005 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 2.02. Results of Operations and Financial Condition. On February 14, 2005, U.S. Global Investors, Inc. issued a press release reporting earnings and other financial results for its second fiscal quarter of the fiscal year ending June 30, 2005. 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: February 14, 2005 EX-99 2 exh99.txt PRESS RELEASE Contact: Rolf Gatlin Public/Media Relations 210.308.1268 rolf@usfunds.com Valerie Kimball Investor Relations 888.917.5109 vkimball@epochfinancial.com For Immediate Release U.S. Global Investors Reports Positive Net Income of $0.05 Per Share For Second Quarter ************************************************************************ SAN ANTONIO - February 14, 2005 - U.S. Global Investors, Inc. (NASDAQ: GROW), a registered investment advisory firm, announced it posted net income for the quarter ended December 31, 2004, of approximately $407,000, or $0.05 income per share, unaudited, compared to net income of approximately $1.25 million, or $0.17 income per share, unaudited, for the comparable period last year. Although U.S. Global Investors' (the "Company") earnings per share decreased quarter-over-quarter, its revenues from core mutual fund operations were more robust this quarter, increasing 35 percent to $4.0 million for the quarter ended December 31, 2004, versus $3.0 million for the quarter ended December 31, 2003. In addition, cash, cash equivalents and marketable securities have increased by approximately $1.7 million, or 38 percent, from December 31, 2003, to December 31, 2004, to a total of $6.2 million. The increase in mutual fund advisory fees is primarily the result of a 27.5 percent increase in average assets under management from $1.31 billion for the quarter ended December 31, 2003, to $1.67 billion for the quarter ended December 31, 2004. Total assets have grown from $1.49 billion to $1.81 billion, or 21.5 percent year-over-year as of December 31, 2004. The decline in earnings is primarily attributable to a decrease in the unrealized gains on trading securities in the Company's investment portfolio. In accordance with generally accepted accounting principles, changes in unrealized gains and losses on trading securities are recorded in net income. As a result, investment income decreased by $1.3 million to $57,000 for the quarter ended December 31, 2004, compared to the same quarter last year. "Although our investment income has declined in comparison to the same quarter last year, we continue to see increases in management fees due to substantial growth in assets in the foreign equity, gold and natural resource mutual funds we manage," says Chief Executive Officer Frank Holmes. "At the end of 2004 our Eastern European Fund (EUROX) had grown from roughly $68 million to $459 million, year-over-year. Our expertise in these unique asset classes and the support of our fund shareholders has led us to launch the Global Emerging Markets Fund, which will open this month." Increased fund assets and strong fund performance have led to an increase in certain sub-advisory fees, platform distribution costs and performance-driven compensation costs. Total expenses for the quarter ended December 31, 2004, were approximately $982,000, or 39% higher than the quarter ended December 31, 2003. Financial Highlights (Unaudited) U.S. Global Investors, Inc. Quarter Ended Quarter Ended December 31, 2004 December 31, 2003 ----------------- ----------------- Total Revenues $ 4,105,898 $ 4,337,177 Total Expenses $ 3,495,481 $ 2,513,798 Tax Expense $ 203,230 $ 574,884 Net Income $ 407,187 $ 1,248,495 Basic and Diluted Net Income $ 0.05 $ 0.17 Per Share Basic Weighted Average 7,480,792 7,473,542 Shares Outstanding Diluted Weighted Average 7,546,380 7,542,424 Shares Outstanding Mutual Fund Average Assets $ 1.67 $ 1.31 under Management ($ in billions) 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 13 no-load mutual funds, representing approximately $1.9 billion in assets that invest in a variety of investment options, from emerging markets to money markets. Please consider carefully the fund's investment objectives, risks, charges and expenses. For this and other important information, obtain a fund prospectus by visiting www.usfunds.com or by calling 1-800-US-FUNDS (1-800-873-8637). Read it carefully before investing. Distributed by U.S. Global Brokerage, Inc. Foreign and emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk. 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-----