Financial Information by Business Segment |
FINANCIAL INFORMATION BY BUSINESS SEGMENT The Company manages the following business segments: | | 1. | Investment Management Services, by which the Company offers, through USGIF, offshore clients, and an ETF client a range of investment management products and services to meet the needs of individual and institutional investors; |
| | 2. | Investment Management Services - Canada, through which, as of June 1, 2014, the Company owns a 65% controlling interest in Galileo Global Equity Advisors Inc., a privately held Toronto-based asset management firm which offers investment management products and services in Canada; and |
| | 3. | Corporate Investments, through which the Company invests for its own account in an effort to add growth and value to its cash position. Although the Company generates the majority of its revenues from its investment advisory segments, the Company holds a significant amount of its total assets in investments. |
The following schedule details total revenues and income by business segment: | | | | | | | | | | | | | | | | | | (dollars in thousands) | | Investment Management Services | | Investment Management Services - Canada | | Corporate Investments | | Consolidated | Year ended June 30, 2015 | | | | | | | | | Net operating revenues | | $ | 7,364 |
| 1 | $ | 2,007 |
| 2 | $ | — |
| | $ | 9,371 |
| Net other income | | $ | — |
| | $ | — |
| | $ | 434 |
| | $ | 434 |
| Income (loss) from continuing operations before income taxes | | $ | (3,555 | ) | | $ | 9 |
| | $ | 392 |
| | $ | (3,154 | ) | Loss from discontinued operations | | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| Depreciation and amortization | | $ | 253 |
| | $ | 74 |
| | $ | — |
| | $ | 327 |
| Capital expenditures | | $ | 40 |
| | $ | — |
| | $ | — |
| | $ | 40 |
| Gross identifiable assets at June 30, 2015 | | $ | 6,519 |
| | $ | 1,841 |
| | $ | 22,410 |
| | $ | 30,770 |
| Deferred tax asset | | | | | | | | $ | — |
| Consolidated total assets at June 30, 2015 | | | | | | | | $ | 30,770 |
| | | | | | | | | | Year ended June 30, 2014 | | | | | | | | | Net operating revenues | | $ | 11,205 |
| 1 | $ | 234 |
| 2 | $ | — |
| | $ | 11,439 |
| Net other income | | $ | — |
| | $ | — |
| | $ | 2,165 |
| | $ | 2,165 |
| Income (loss) from continuing operations before income taxes | | $ | (3,426 | ) | | $ | 31 |
| | $ | 2,158 |
| | $ | (1,237 | ) | Loss from discontinued operations | | $ | (243 | ) | | $ | — |
| | $ | — |
| | $ | (243 | ) | Depreciation and amortization | | $ | 252 |
| | $ | 7 |
| | $ | — |
| | 259 |
| Capital expenditures | | $ | 30 |
| | $ | — |
| | $ | — |
| | $ | 30 |
| | | | | | | | | | Year ended June 30, 2013 | | | | | | | | | Net operating revenues | | $ | 17,318 |
| 1 | $ | — |
| 2 | $ | — |
| | $ | 17,318 |
| Net other income | | $ | — |
| | $ | — |
| | $ | 262 |
| | $ | 262 |
| Income (loss) from continuing operations before income taxes | | $ | (178 | ) | | $ | — |
| | $ | 249 |
| | $ | 71 |
| Loss from discontinued operations | | $ | (165 | ) | | $ | — |
| | $ | — |
| | $ | (165 | ) | Depreciation and amortization | | $ | 275 |
| | $ | — |
| | $ | — |
| | 275 |
| Capital expenditures | | $ | 39 |
| | $ | — |
| | $ | — |
| | $ | 39 |
|
| | 1 | Includes operating revenues from USGIF of $7,208, $11,011 and $17,000 in fiscal years 2015, 2014, and 2013, respectively. |
| | 2 | Includes operating revenues from Galileo Funds of $1,638, $184 and $0; and other advisory clients of $354, $48 |
and $0 in fiscal years 2015, 2014, and 2013, respectively.
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