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Financial Information by Business Segment
12 Months Ended
Jun. 30, 2015
Segment Reporting [Abstract]  
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.