U.S. Global Investors
' net income is turning around. On Thursday the San Antonio, Texas-based asset manager unveiled its fiscal 2009 results, posting net income of $1 million for the quarter ended June 30. Although a significant increase from last quarter's $300,000 net income, over fiscal 2009 U.S. Global reported a net loss of $2.2 million, a 20 percent decrease from $10 million in 2008. Similarly, assets under management dropped $2.91 billion, going from $5.44 to $2.53 billion.
“Our fiscal year 2009 can be divided into two parts – nine months of global liquidation due to the banking crisis that accelerated a worldwide recession, followed by three months of healthy rebound in emerging markets and natural resources,” stated Frank Holmes
, chief executive officer and chief investment officer. "In our final quarter of the fiscal year, revenue was up 30 percent from the third quarter and our net income nearly tripled."
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