U.S. Global Investors (GROW) reported improved revenues, earnings and cash flow in fiscal year 2010 over 2009 levels, according to the San Antonio, Texas-based firm's webcast on Friday, September 10. One of a handful of publicly-traded asset managers in the U.S., the company reported diluted earnings per share (EPS) of $0.35 for the fiscal year ended June 30, versus a loss of $0.15 for the year earlier period. Net income for 2010 was $5.35 million on revenues of $35.03 million, versus a $2.237 million loss for fiscal 2009 on revenues of $23.14 million.
U.S. Global is "debt free," the company said during the webcast.
Expenses are slightly down year-over-year for FY 2010, at $26.52 million versus $26.75 million for FY 2009.
Assets under management (AUM) have grown to $2.60 billion (including retail and institutional assets) as of June 30, 2010, from $2.15 billion on June 30, 2009. U.S. Global Investors CEO and CIO, Frank Holmes, said during the webcast that "the industry is seeing net redemptions" of assets; "investors as a whole across all asset classes are redeeming."
