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Rating:U.S. Global Experiences a See-Sawing Year Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, September 11, 2009

U.S. Global Experiences a See-Sawing Year

News summary by MFWire's editors

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." 

Edited by: Daniel Tovrov

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