-----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, T/8gibOvYVjhfCJzwElpvlq6wSCzdSjBYenFod4Uc1OMDA3EF1aiQ7VkSQu5wMI+ NSD3HkUIHo5vMU8HW0vP1w== 0000754811-05-000030.txt : 20051114 0000754811-05-000030.hdr.sgml : 20051111 20051114134114 ACCESSION NUMBER: 0000754811-05-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050930 ITEM INFORMATION: Results of Operations and Financial Condition FILED AS OF DATE: 20051114 DATE AS OF CHANGE: 20051114 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: 051199509 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-0905.txt 8-K FOR PRESS RELEASE ON EARNINGS FOR 9/30/2005 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): November 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 November 14, 2005, U.S. Global Investors, Inc. issued a press release reporting earnings and other financial results for its first fiscal quarter of the fiscal year ending June 30, 2006. 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/ Catherine A. Rademacher --------------------------- Catherine A. Rademacher Chief Financial Officer Dated: November 14, 2005 EX-99 2 exh99.txt PRESS RELEASE Contact: Rolf Gatlin Public/Media Relations 210.308.1268 rmgatlin@usfunds.com For Immediate Release U.S. Global Investors Reports Net Income of $0.15 Per Share For First Quarter, a 400% Year-Over-Year Increase Revenues grow 122% year-over-year ************************************************************************ SAN ANTONIO - November 14, 2005 - U.S. Global Investors, Inc. (NASDAQ: GROW), a boutique registered investment advisory firm, announced it posted net income for the quarter ended September 30, 2005, of $1,095,935, or $0.15 income per share, unaudited, compared to net income of $240,462 or $0.03 income per share, unaudited, for the comparable period last year. "We continue to see substantial growth in assets in the natural resource and foreign equity mutual funds the Company manages," says Frank Holmes, Chief Executive Officer of U.S. Global Investors. "This growth in assets, as well as increased transfer agency fees, have contributed to substantial growth in revenues over the past quarter." Revenues for the quarter ended September 30, 2005, increased $3.61 million to approximately $6.57 million, 122 percent higher than the revenues of approximately $2.96 million for the quarter ended September 30, 2004. The Company's investment management services were robust this quarter as shown by a $2.84 million, or 120 percent, increase in investment advisory fees and a $357,000, or 54 percent, increase in transfer agency fees. The increased investment advisory fees were a result of a 78 percent increase in the average assets under management for the quarter ended September 30, 2005, over the quarter ended September 30, 2004. Expenses for the quarter ended September 30, 2005, were approximately $2.23 million higher than the quarter ended September 30, 2004. Consistent with increased fund assets and strong fund performance, certain subadvisory fees, platform distribution costs, and performance-driven compensation costs contributed to the increases in expenses. "We continue to focus on improving our profit margin," continues Holmes. "Management is strategizing to address this issue so that we are on a more level competitive playing field within the mutual fund investment industry. The dramatic rise in third-party platform fees and compliance costs, two external and unexpected factors, have in recent years had significant impact on the Company's profit margins." This increase in costs is consistent with a new survey by the CFA Institute and Investment Adviser Association, which stated that regulatory requirements have led to a 54 percent increase in compliance costs for smaller firms, as reported by Ignites. Cash, cash equivalents and marketable securities have increased from June 30, 2005 to September 30, 2005, by approximately $1 million, or 14 percent, to a total of $8.3 million, or 59 percent of total assets. Financial Highlights (Unaudited) U.S. Global Investors, Inc. Quarter Ended Quarter Ended September 30, 2005 September 30, 2004 Total Revenues $6,574,522 $2,961,649 Total Expenses $4,859,052 $2,630,579 Tax Expense $ 619,535 $ 90,608 Net Income $1,095,935 $ 240,462 Basic and Diluted Net Income Per Share $ 0.15 $ 0.03 Basic Weighted Average Shares Outstanding 7,492,493 7,473,222 Diluted Weighted Average Shares Outstanding 7,587,049 7,530,663 Mutual Fund Average Assets Under Management ($ in billions) $ 2.41 $ 1.35 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 that invest in a variety of investment options, from emerging markets to money markets. 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-----