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Share Name | Share Symbol | Market | Type |
---|---|---|---|
US Global Investors Inc | NASDAQ:GROW | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.37% | 2.68 | 2.61 | 2.77 | 2.72 | 2.67 | 2.69 | 26,753 | 01:00:00 |
U.S. GLOBAL INVESTORS, INC.
|
(Exact name of registrant as specified in its charter)
|
Texas
|
74-1598370
|
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer Identification No.)
|
|
|
7900 Callaghan Road
San Antonio, Texas
|
78229
(Zip Code)
|
(Address of principal executive offices)
|
|
Large accelerated filer
☐
|
Accelerated filer
☐
|
Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
☒
|
Emerging growth company
☐
|
|
|
|
|
PART I. FINANCIAL INFORMATION
|
1
|
|
|
1
|
|
1
|
|
2
|
|
3
|
|
4
|
|
5
|
|
20
|
|
25
|
|
26
|
|
|
|
PART II. OTHER INFORMATION
|
27
|
|
|
27
|
|
27
|
|
28
|
|
28
|
|
|
|
29
|
Assets
|
December 31, 2017
|
June 30, 2017
|
||||||
(dollars in thousands)
|
(UNAUDITED)
|
|||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$
|
2,977
|
$
|
3,958
|
||||
Restricted cash
|
1,000
|
1,000
|
||||||
Investment securities - trading, at fair value
|
7,433
|
9,720
|
||||||
Accounts and other receivables
|
1,177
|
520
|
||||||
Note receivable
|
1,977
|
1,952
|
||||||
Prepaid expenses
|
399
|
315
|
||||||
Total Current Assets
|
14,963
|
17,465
|
||||||
Net Property and Equipment
|
2,092
|
2,212
|
||||||
Other Assets
|
||||||||
Investment securities - available-for-sale, at fair value
|
22,372
|
3,401
|
||||||
Other investments
|
2,109
|
2,130
|
||||||
Equity method investment
|
3,252
|
-
|
||||||
Note receivable, long term
|
234
|
234
|
||||||
Other assets, long term
|
53
|
78
|
||||||
Total Other Assets
|
28,020
|
5,843
|
||||||
Total Assets
|
$
|
45,075
|
$
|
25,520
|
||||
Liabilities and Shareholders’ Equity
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$
|
198
|
$
|
118
|
||||
Accrued compensation and related costs
|
425
|
390
|
||||||
Dividends payable
|
114
|
114
|
||||||
Other accrued expenses
|
827
|
544
|
||||||
Total Current Liabilities
|
1,564
|
1,166
|
||||||
Long-Term Liabilities
|
||||||||
Deferred tax liability
|
3,923
|
-
|
||||||
Total Long-Term Liabilities
|
3,923
|
-
|
||||||
Total Liabilities
|
5,487
|
1,166
|
||||||
Commitments and Contingencies (Note 11)
|
||||||||
Shareholders’ Equity
|
||||||||
Common stock (class A) - $0.025 par value; nonvoting; authorized, 28,000,000 shares; issued, 13,866,691 shares and 13,866,601 shares at December 31, 2017, and June 30, 2017, respectively
|
347
|
347
|
||||||
Common stock (class B) - $0.025 par value; nonvoting; authorized, 4,500,000 shares; no shares issued
|
-
|
-
|
||||||
Convertible common stock (class C) - $0.025 par value; voting; authorized, 3,500,000 shares; issued, 2,068,857 shares and 2,068,947 shares at December 31, 2017, and June 30, 2017, respectively
|
52
|
52
|
||||||
Additional paid-in-capital
|
15,647
|
15,646
|
||||||
Treasury stock, class A shares at cost; 790,421 and 751,303 shares at December 31, 2017, and June 30, 2017, respectively
|
(1,876
|
)
|
(1,760
|
)
|
||||
Accumulated other comprehensive income, net of tax
|
13,703
|
264
|
||||||
Retained earnings
|
11,112
|
9,321
|
||||||
Total U.S. Global Investors Inc. Shareholders’ Equity
|
38,985
|
23,870
|
||||||
Non-Controlling Interest in Subsidiary
|
603
|
484
|
||||||
Total Shareholders’ Equity
|
39,588
|
24,354
|
||||||
Total Liabilities and Shareholders’ Equity
|
$
|
45,075
|
$
|
25,520
|
Six Months Ended December 31,
|
Three Months Ended December 31,
|
|||||||||||||||
(dollars in thousands, except per share data)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Operating Revenues
|
||||||||||||||||
Advisory fees
|
$
|
3,362
|
$
|
3,460
|
$
|
1,929
|
$
|
1,569
|
||||||||
Administrative services fees
|
121
|
163
|
64
|
73
|
||||||||||||
3,483
|
3,623
|
1,993
|
1,642
|
|||||||||||||
Operating Expenses
|
||||||||||||||||
Employee compensation and benefits
|
2,041
|
1,886
|
1,140
|
899
|
||||||||||||
General and administrative
|
1,862
|
1,733
|
914
|
863
|
||||||||||||
Advertising
|
86
|
80
|
27
|
51
|
||||||||||||
Depreciation and amortization
|
122
|
127
|
61
|
63
|
||||||||||||
4,111
|
3,826
|
2,142
|
1,876
|
|||||||||||||
Operating Loss
|
(628
|
)
|
(203
|
)
|
(149
|
)
|
(234
|
)
|
||||||||
Other Income
|
||||||||||||||||
Investment income
|
452
|
502
|
243
|
249
|
||||||||||||
Income from equity method investment
|
2,731
|
-
|
1,218
|
-
|
||||||||||||
Other income
|
17
|
-
|
14
|
-
|
||||||||||||
3,200
|
502
|
1,475
|
249
|
|||||||||||||
Income Before Income Taxes
|
2,572
|
299
|
1,326
|
15
|
||||||||||||
Provision for Income Taxes
|
||||||||||||||||
Tax expense (benefit)
|
452
|
10
|
442
|
(10
|
)
|
|||||||||||
Net Income
|
2,120
|
289
|
884
|
25
|
||||||||||||
Less: Net Income Attributable to Non-Controlling Interest
|
101
|
18
|
135
|
17
|
||||||||||||
Net Income Attributable to U.S. Global Investors, Inc.
|
$
|
2,019
|
$
|
271
|
$
|
749
|
$
|
8
|
||||||||
Earnings Per Share Attributable to U.S. Global Investors, Inc.
|
||||||||||||||||
Basic
|
$
|
0.13
|
$
|
0.02
|
$
|
0.05
|
$
|
-
|
||||||||
Diluted
|
$
|
0.13
|
$
|
0.02
|
$
|
0.05
|
$
|
-
|
||||||||
Basic weighted average number of common shares outstanding
|
15,171,620
|
15,229,845
|
15,160,589
|
15,218,734
|
||||||||||||
Diluted weighted average number of common shares outstanding
|
15,171,620
|
15,229,845
|
15,160,589
|
15,218,734
|
Six months ended December 31,
|
Three Months Ended December 31,
|
|||||||||||||||
(dollars in thousands)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net Income Attributable to U.S. Global Investors, Inc.
|
$
|
2,019
|
$
|
271
|
$
|
749
|
$
|
8
|
||||||||
Other Comprehensive Income (Loss), Net of Tax:
|
||||||||||||||||
Unrealized gains (losses) on available-for-sale securities arising during period
|
13,417
|
369
|
4,277
|
(308
|
)
|
|||||||||||
Less: reclassification adjustment for gains/losses included in net income
|
(31
|
)
|
(15
|
)
|
(24
|
)
|
(31
|
)
|
||||||||
Net change from available-for-sale investments, net of tax
|
13,386
|
354
|
4,253
|
(339
|
)
|
|||||||||||
Foreign currency translation adjustment
|
71
|
(54
|
)
|
17
|
(39
|
)
|
||||||||||
Other Comprehensive Income (Loss)
|
13,457
|
300
|
4,270
|
(378
|
)
|
|||||||||||
Comprehensive Income (Loss)
|
15,476
|
571
|
5,019
|
(370
|
)
|
|||||||||||
Less: Comprehensive Income (Loss) Attributable to Non-Controlling Interest
|
18
|
(19
|
)
|
-
|
(14
|
)
|
||||||||||
Comprehensive Income (Loss) Attributable to U.S. Global Investors, Inc.
|
$
|
15,458
|
$
|
590
|
$
|
5,019
|
$
|
(356
|
)
|
Six Months Ended December 31,
|
||||||||
(dollars in thousands)
|
2017
|
2016
|
||||||
Cash Flows from Operating Activities:
|
||||||||
Net income
|
$
|
2,120
|
$
|
289
|
||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
122
|
127
|
||||||
Net recognized (gain) loss on securities
|
675
|
(15
|
)
|
|||||
Net income from equity method investment
|
(2,731
|
)
|
-
|
|||||
Provision for deferred taxes
|
417
|
-
|
||||||
Stock bonuses
|
14
|
3
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts and notes receivable
|
(678
|
)
|
122
|
|||||
Prepaid and other assets
|
(58
|
)
|
(109
|
)
|
||||
Trading securities
|
1,551
|
425
|
||||||
Accounts payable and accrued expenses
|
391
|
(124
|
)
|
|||||
Total adjustments
|
(297
|
)
|
429
|
|||||
Net cash provided by operating activities
|
1,823
|
718
|
||||||
Cash Flows from Investing Activities:
|
||||||||
Purchase of equity method investment
|
(501
|
)
|
-
|
|||||
Purchase of available-for-sale securities
|
(2,420
|
)
|
(457
|
)
|
||||
Purchase of other investments
|
-
|
(776
|
)
|
|||||
Proceeds on sale of available-for-sale securities
|
401
|
649
|
||||||
Return of capital on investment
|
22
|
29
|
||||||
Net cash used in investing activities
|
(2,498
|
)
|
(555
|
)
|
||||
Cash Flows from Financing Activities:
|
||||||||
Issuance of common stock
|
3
|
3
|
||||||
Repurchases of common stock
|
(131
|
)
|
(80
|
)
|
||||
Dividends paid
|
(227
|
)
|
(228
|
)
|
||||
Net cash used in financing activities
|
(355
|
)
|
(305
|
)
|
||||
Effect of exchange rate changes on cash and cash equivalents
|
49
|
(50
|
)
|
|||||
Net decrease in cash and cash equivalents
|
(981
|
)
|
(192
|
)
|
||||
Beginning cash and cash equivalents
|
3,958
|
3,993
|
||||||
Ending cash and cash equivalents
|
$
|
2,977
|
$
|
3,801
|
||||
Supplemental Disclosures of Cash Flow Information
|
||||||||
Cash paid for income taxes
|
$
|
-
|
$
|
12
|
December 31, 2017
|
||||||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
(Losses)
|
Fair Value
|
||||||||||||
Trading securities
1
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
7,035
|
$
|
26
|
$
|
-
|
$
|
7,061
|
||||||||
Mutual funds - Domestic equity
|
535
|
-
|
(163
|
)
|
372
|
|||||||||||
Other
|
45
|
-
|
(45
|
)
|
-
|
|||||||||||
Offshore fund
|
-
|
-
|
-
|
-
|
||||||||||||
Total trading securities
|
7,615
|
26
|
(208
|
)
|
7,433
|
|||||||||||
Available-for-sale securities
2
|
||||||||||||||||
Common stock - Domestic
|
-
|
-
|
-
|
-
|
||||||||||||
Common stock - International
|
2,554
|
16,704
|
-
|
19,258
|
||||||||||||
Corporate debt
3
|
1,071
|
632
|
-
|
1,703
|
||||||||||||
Mutual funds - Fixed income
|
1,000
|
-
|
(5
|
)
|
995
|
|||||||||||
Mutual funds - Domestic equity
|
394
|
22
|
-
|
416
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Total available-for-sale securities
4
|
5,019
|
17,358
|
(5
|
)
|
22,372
|
|||||||||||
Total securities at fair value
|
$
|
12,634
|
$
|
17,384
|
$
|
(213
|
)
|
$
|
29,805
|
June 30, 2017
|
||||||||||||||||
(dollars in thousands)
|
Cost
|
Gains
|
(Losses)
|
Fair Value
|
||||||||||||
Trading securities
1
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
8,884
|
$
|
50
|
$
|
(7
|
)
|
$
|
8,927
|
|||||||
Mutual funds - Domestic equity
|
535
|
-
|
(157
|
)
|
378
|
|||||||||||
Other
|
45
|
-
|
(45
|
)
|
-
|
|||||||||||
Offshore fund
|
1,184
|
-
|
(769
|
)
|
415
|
|||||||||||
Total trading securities
|
|
10,648
|
|
50
|
|
(978
|
)
|
|
9,720
|
|||||||
Available-for-sale securities
2
|
||||||||||||||||
Common stock - Domestic
|
|
109
|
|
4
|
|
-
|
|
113
|
||||||||
Common stock - International
|
191
|
12
|
-
|
203
|
||||||||||||
Corporate debt
3
|
1,042
|
427
|
-
|
1,469
|
||||||||||||
Mutual funds - Fixed income
|
1,148
|
1
|
(5
|
)
|
1,144
|
|||||||||||
Mutual funds - Domestic equity
|
394
|
12
|
-
|
406
|
||||||||||||
Other
|
56
|
10
|
-
|
66
|
||||||||||||
Total available-for-sale securities
4
|
|
2,940
|
|
466
|
|
(5
|
)
|
|
3,401
|
|||||||
Total securities at fair value
|
$
|
13,588
|
$
|
516
|
$
|
(983
|
)
|
$
|
13,121
|
1 |
Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
|
2 |
Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a separate component of shareholders’ equity until realized.
|
3 |
Corporate debt matures in 2024.
|
4 |
Net unrealized gains (losses) on available-for-sale securities gross and net of tax as of December 31, 2017, are $17,353
and $13,847, respectively, and as of June 30, 2017, are $461 and $461, respectively.
|
• |
realized gains and losses on sales of securities;
|
• |
unrealized gains and losses on trading securities;
|
• |
realized foreign currency gains and losses;
|
• |
other-than-temporary impairments on available-for-sale securities;
|
• |
other-than-temporary impairments on held-at-cost securities; and
|
• |
dividend and interest income.
|
Six Months Ended
|
Three Months Ended
|
|||||||||||||||
(dollars in thousands)
|
December 31,
|
December 31,
|
||||||||||||||
Investment Income
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Realized gains on sales of available-for-sale securities
|
$
|
31
|
$
|
31
|
$
|
24
|
$
|
31
|
||||||||
Realized losses on sales of trading securities
|
(736
|
)
|
-
|
(82
|
)
|
-
|
||||||||||
Unrealized gains (losses) on trading securities
|
746
|
(26
|
)
|
60
|
(125
|
)
|
||||||||||
Realized foreign currency gains (losses)
|
(19
|
)
|
(5
|
)
|
3
|
(7
|
)
|
|||||||||
Other-than-temporary declines in available-for-sale securities
|
-
|
(16
|
)
|
-
|
-
|
|||||||||||
Dividend and interest income
|
430
|
518
|
238
|
350
|
||||||||||||
Total Investment Income
|
$
|
452
|
$
|
502
|
$
|
243
|
$
|
249
|
December 31, 2017
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Gross
Unrealized
|
Gross
Unrealized
|
Gross
Unrealized
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
Available-for-sale securities
|
||||||||||||||||||||||||
Common stock - Domestic
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Common stock - International
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Corporate debt
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Mutual funds - Fixed income
|
995
|
(5
|
)
|
-
|
-
|
995
|
(5
|
)
|
||||||||||||||||
Mutual funds - Domestic equity
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total available-for-sale securities
|
$
|
995
|
$
|
(5
|
)
|
$
|
-
|
$
|
-
|
$
|
995
|
$
|
(5
|
)
|
June 30, 2017
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or Greater
|
Total
|
||||||||||||||||||||||
Gross
Unrealized
|
Gross
Unrealized
|
Gross
Unrealized
|
||||||||||||||||||||||
(dollars in thousands)
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
Fair Value
|
Losses
|
||||||||||||||||||
Available-for-sale securities
|
||||||||||||||||||||||||
Common stock - Domestic
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||||||
Common stock - International
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Corporate debt
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Mutual funds - Fixed income
|
-
|
-
|
95
|
(5
|
)
|
95
|
(5
|
)
|
||||||||||||||||
Mutual funds - Domestic equity
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Total available-for-sale securities
|
$
|
-
|
$
|
-
|
$
|
95
|
$
|
(5
|
)
|
$
|
95
|
$
|
(5
|
)
|
December 31, 2017
|
||||||||||||||||
Quoted Prices
|
Significant
Other
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(dollars in thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Trading securities
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
7,061
|
$
|
-
|
$
|
-
|
$
|
7,061
|
||||||||
Mutual funds - Domestic equity
|
372
|
-
|
-
|
372
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Offshore fund investment measured at net asset value
1
|
-
|
|||||||||||||||
Total trading securities
|
7,433
|
-
|
-
|
7,433
|
||||||||||||
Available-for-sale securities
|
||||||||||||||||
Common stock - Domestic
|
-
|
-
|
-
|
-
|
||||||||||||
Common stock - International
|
158
|
19,100
|
-
|
19,258
|
||||||||||||
Corporate debt
|
-
|
1,703
|
-
|
1,703
|
||||||||||||
Mutual funds - Fixed income
|
995
|
-
|
-
|
995
|
||||||||||||
Mutual funds - Domestic equity
|
416
|
-
|
-
|
416
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Total available-for-sale securities
|
1,569
|
20,803
|
-
|
22,372
|
||||||||||||
Total securities at fair value
|
$
|
9,002
|
$
|
20,803
|
$
|
-
|
$
|
29,805
|
June 30, 2017
|
||||||||||||||||
Quoted Prices
|
Significant
Other
Inputs
|
Significant
Unobservable
Inputs
|
||||||||||||||
(dollars in thousands)
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Total
|
||||||||||||
Trading securities
|
||||||||||||||||
Mutual funds - Fixed income
|
$
|
8,927
|
$
|
-
|
$
|
-
|
$
|
8,927
|
||||||||
Mutual funds - Domestic equity
|
378
|
-
|
-
|
378
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Offshore fund investment measured at net asset value
1
|
415
|
|||||||||||||||
Total trading securities
|
9,305
|
-
|
-
|
9,720
|
||||||||||||
Available-for-sale securities
|
||||||||||||||||
Common stock - Domestic
|
113
|
-
|
-
|
113
|
||||||||||||
Common stock - International
|
203
|
-
|
-
|
203
|
||||||||||||
Corporate debt
|
1,469
|
-
|
-
|
1,469
|
||||||||||||
Mutual funds - Fixed income
|
1,144
|
-
|
-
|
1,144
|
||||||||||||
Mutual funds - Domestic equity
|
406
|
-
|
-
|
406
|
||||||||||||
Other
|
66
|
-
|
-
|
66
|
||||||||||||
Total available-for-sale securities
|
3,401
|
-
|
-
|
3,401
|
||||||||||||
Total securities at fair value
|
$
|
12,706
|
$
|
-
|
$
|
-
|
$
|
13,121
|
Galileo Partners Fund
|
||||
Summary Financial Information
|
||||
For the Period from August 31, 2017 (investment) to December 31, 2017
|
||||
(dollars in thousands)
|
||||
Realized gains on sales of investments
|
$
|
1,921
|
||
Unrealized gains on investments
|
9,612
|
|||
Fund fees and expenses, including performance fees
|
(2,810
|
)
|
||
Net income of fund
|
$
|
8,723
|
||
Company's share of income from equity method investment
|
$
|
2,731
|
Six Months Ended December 31,
|
Three Months Ended December 31,
|
|||||||||||||||
(dollars in thousands, except per share data)
|
2017
|
2016
|
2017
|
2016
|
||||||||||||
Net Income
|
$
|
2,120
|
$
|
289
|
$
|
884
|
$
|
25
|
||||||||
Less: Net Income Attributable to Non-Controlling Interest
|
101
|
18
|
135
|
17
|
||||||||||||
Net Income Attributable to U.S. Global Investors, Inc.
|
$
|
2,019
|
$
|
271
|
$
|
749
|
$
|
8
|
||||||||
Weighted average number of outstanding shares
|
||||||||||||||||
Basic
|
15,171,620
|
15,229,845
|
15,160,589
|
15,218,734
|
||||||||||||
Effect of dilutive securities
|
||||||||||||||||
Employee stock options
|
-
|
-
|
-
|
-
|
||||||||||||
Diluted
|
15,171,620
|
15,229,845
|
15,160,589
|
15,218,734
|
||||||||||||
Earnings Per Share Attributable to U.S. Global Investors, Inc.
|
||||||||||||||||
Basic
|
$
|
0.13
|
$
|
0.02
|
$
|
0.05
|
$
|
-
|
||||||||
Diluted
|
$
|
0.13
|
$
|
0.02
|
$
|
0.05
|
$
|
-
|
(dollars in thousands)
|
Unrealized gains (losses) on available-for-sale investments
1
|
Foreign currency adjustment
|
Total
|
|||||||||
Six months ended December 31, 2017
|
||||||||||||
Balance at June 30, 2017
|
$
|
461
|
$
|
(197
|
)
|
$
|
264
|
|||||
Other comprehensive income before reclassifications
|
16,923
|
53
|
16,976
|
|||||||||
Tax effect
|
(3,506
|
)
|
-
|
(3,506
|
)
|
|||||||
Amount reclassified from AOCI
|
(31
|
)
|
-
|
(31
|
)
|
|||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Net other comprehensive income for six months ended December 31, 2017
|
13,386
|
53
|
13,439
|
|||||||||
Balance at December 31, 2017
|
$
|
13,847
|
$
|
(144
|
)
|
$
|
13,703
|
|||||
Three Months Ended December 31, 2017
|
||||||||||||
Balance at September 30, 2017
|
$
|
9,594
|
$
|
(161
|
)
|
$
|
9,433
|
|||||
Other comprehensive income before reclassifications
|
7,783
|
17
|
7,800
|
|||||||||
Tax effect
|
(3,506
|
)
|
-
|
(3,506
|
)
|
|||||||
Amount reclassified from AOCI
|
(24
|
)
|
-
|
(24
|
)
|
|||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Net other comprehensive income for quarter
|
4,253
|
17
|
4,270
|
|||||||||
Balance at December 31, 2017
|
$
|
13,847
|
$
|
(144
|
)
|
$
|
13,703
|
(dollars in thousands)
|
Unrealized gains (losses) on available-for-sale investments
1
|
Foreign currency adjustment
|
Total
|
|||||||||
Six months ended December 31, 2016
|
||||||||||||
Balance at June 30, 2016
|
$
|
45
|
$
|
(194
|
)
|
$
|
(149
|
)
|
||||
Other comprehensive income (loss) before reclassifications
|
369
|
(35
|
)
|
334
|
||||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Amount reclassified from AOCI
|
(15
|
)
|
-
|
(15
|
)
|
|||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Net other comprehensive income (loss) for six months ended December 31, 2016
|
354
|
(35
|
)
|
319
|
||||||||
Balance at December 31, 2016
|
$
|
399
|
$
|
(229
|
)
|
$
|
170
|
|||||
Three Months Ended December 31, 2016
|
||||||||||||
Balance at September 30, 2016
|
$
|
738
|
$
|
(204
|
)
|
$
|
534
|
|||||
Other comprehensive income (loss) before reclassifications
|
(308
|
)
|
(25
|
)
|
(333
|
)
|
||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Amount reclassified from AOCI
|
(31
|
)
|
-
|
(31
|
)
|
|||||||
Tax effect
|
-
|
-
|
-
|
|||||||||
Net other comprehensive income (loss) for quarter
|
(339
|
)
|
(25
|
)
|
(364
|
)
|
||||||
Balance at December 31, 2016
|
$
|
399
|
$
|
(229
|
)
|
$
|
170
|
1.
|
Amounts reclassified from unrealized gains (losses) on available-for-sale investments, net of tax, were recorded in investment income (loss) on the Consolidated Statements of Operations.
|
(dollars in thousands)
|
Investment Management Services
|
Investment Management
Services - Canada
|
Corporate Investments
|
Consolidated
|
||||||||||||
Six months ended December 31, 2017
|
||||||||||||||||
Net operating revenues
|
$
|
2,514
|
$
|
969
|
$
|
-
|
$
|
3,483
|
||||||||
Net other income
|
$
|
7
|
$
|
10
|
$
|
3,183
|
$
|
3,200
|
||||||||
Income (loss) before income taxes
|
$
|
(915
|
)
|
$
|
305
|
$
|
3,182
|
$
|
2,572
|
|||||||
Depreciation and amortization
|
$
|
116
|
$
|
6
|
$
|
-
|
$
|
122
|
||||||||
Capital expenditures
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Gross identifiable assets at December 31, 2017
|
$
|
8,702
|
$
|
2,137
|
$
|
34,236
|
$
|
45,075
|
||||||||
Deferred tax asset
|
$
|
-
|
||||||||||||||
Consolidated total assets at December 31, 2017
|
$
|
45,075
|
||||||||||||||
Six months ended December 31, 2016
|
||||||||||||||||
Net operating revenues
|
$
|
3,020
|
$
|
603
|
$
|
-
|
$
|
3,623
|
||||||||
Net other income
|
$
|
-
|
$
|
-
|
$
|
502
|
$
|
502
|
||||||||
Income (loss) before income taxes
|
$
|
(223
|
)
|
$
|
30
|
$
|
492
|
$
|
299
|
|||||||
Depreciation and amortization
|
$
|
119
|
$
|
8
|
$
|
-
|
$
|
127
|
||||||||
Capital expenditures
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Three months ended December 31, 2017
|
||||||||||||||||
Net operating revenues
|
$
|
1,242
|
$
|
751
|
$
|
-
|
$
|
1,993
|
||||||||
Net other income
|
$
|
5
|
$
|
10
|
$
|
1,460
|
$
|
1,475
|
||||||||
Income (loss) before income taxes
|
$
|
(515
|
)
|
$
|
381
|
$
|
1,460
|
$
|
1,326
|
|||||||
Depreciation and amortization
|
$
|
58
|
$
|
3
|
$
|
-
|
$
|
61
|
||||||||
Capital expenditures
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Three months ended December 31, 2016
|
||||||||||||||||
Net operating revenues
|
$
|
1,339
|
$
|
303
|
$
|
-
|
$
|
1,642
|
||||||||
Net other income
|
$
|
-
|
$
|
-
|
$
|
249
|
$
|
249
|
||||||||
Income (loss) before income taxes
|
$
|
(275
|
)
|
$
|
33
|
$
|
257
|
$
|
15
|
|||||||
Depreciation and amortization
|
$
|
59
|
$
|
4
|
$
|
-
|
$
|
63
|
||||||||
Capital expenditures
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
Changes in Assets Under Management
|
||||||||||||||||||||||||
Six Months Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
(dollars in thousands)
|
Equity
|
Fixed Income
|
Total
|
Equity
|
Fixed Income
|
Total
|
||||||||||||||||||
Beginning Balance
|
$
|
442,916
|
$
|
136,500
|
$
|
579,416
|
$
|
525,778
|
$
|
177,242
|
$
|
703,020
|
||||||||||||
Market appreciation (depreciation)
|
36,345
|
22
|
36,367
|
(45,536
|
)
|
(1,947
|
)
|
(47,483
|
)
|
|||||||||||||||
Dividends and distributions
|
(34,479
|
)
|
(660
|
)
|
(35,139
|
)
|
(7,723
|
)
|
(898
|
)
|
(8,621
|
)
|
||||||||||||
Net shareholder purchases (redemptions)
|
2,660
|
(17,315
|
)
|
(14,655
|
)
|
(22,508
|
)
|
(22,302
|
)
|
(44,810
|
)
|
|||||||||||||
Ending Balance
|
$
|
447,442
|
$
|
118,547
|
$
|
565,989
|
$
|
450,011
|
$
|
152,095
|
$
|
602,106
|
||||||||||||
Average investment management fee
|
1.00
|
%
|
0.08
|
%
|
0.80
|
%
|
0.96
|
%
|
0.00
|
%
|
0.73
|
%
|
||||||||||||
Average net assets
|
$
|
450,124
|
$
|
129,908
|
$
|
580,032
|
$
|
536,384
|
$
|
174,116
|
$
|
710,500
|
Changes in Assets Under Management
|
||||||||||||||||||||||||
Three Months Ended December 31,
|
||||||||||||||||||||||||
2017
|
2016
|
|||||||||||||||||||||||
(dollars in thousands)
|
Equity
|
Fixed Income
|
Total
|
Equity
|
Fixed Income
|
Total
|
||||||||||||||||||
Beginning Balance
|
$
|
460,960
|
$
|
129,571
|
$
|
590,531
|
$
|
578,588
|
$
|
181,217
|
$
|
759,805
|
||||||||||||
Market appreciation (depreciation)
|
8,284
|
1,582
|
9,866
|
(96,256
|
)
|
(1,773
|
)
|
(98,029
|
)
|
|||||||||||||||
Dividends and distributions
|
(34,480
|
)
|
(357
|
)
|
(34,837
|
)
|
(7,722
|
)
|
(459
|
)
|
(8,181
|
)
|
||||||||||||
Net shareholder purchases (redemptions)
|
12,678
|
(12,249
|
)
|
429
|
(24,599
|
)
|
(26,890
|
)
|
(51,489
|
)
|
||||||||||||||
Ending Balance
|
$
|
447,442
|
$
|
118,547
|
$
|
565,989
|
$
|
450,011
|
$
|
152,095
|
$
|
602,106
|
||||||||||||
Average investment management fee
|
1.00
|
%
|
0.17
|
%
|
0.82
|
%
|
0.94
|
%
|
0.00
|
%
|
0.70
|
%
|
||||||||||||
Average net assets
|
$
|
445,890
|
$
|
125,819
|
$
|
571,709
|
$
|
492,403
|
$
|
167,635
|
$
|
660,038
|
• |
Advisory fees increased by $360,000, or 22.9 percent, primarily as a result of performance fees from Galileo clients. Advisory fees are comprised of two components: a base management fee and a performance fee.
|
• |
Base management fees increased $79,000, primarily due to an increase in ETF unitary management fees resulting from an increase in ETF average assets under management, partially offset by a decrease in base fees for USGIF and Galileo clients primarily as a result of lower average assets under management, largely due to shareholder redemptions. The effect of the decline in net assets on base fees for USGIF was offset in the current period by a decline in management fee waivers. Base management fees for the offshore funds decreased due to these funds liquidating in the current year.
|
• |
Performance fees for USGIF paid out in the current period were $192,000 compared to $9,000 in fees paid out in the corresponding period in the prior year, reducing revenue by $183,000. The performance fee, which applies to the USGIF equity funds only, is a fulcrum fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months.
|
• |
Performance fees for Galileo clients received in the current period were $464,000 compared to none in the corresponding period in the prior year, increasing revenue by $464,000. Galileo may receive performance fees from certain clients when market appreciation or realized net gains exceeds established benchmarks. The majority of the performance fees recorded in the quarter are annual performance fees calculated at calendar year-end.
|
• |
Administrative services fee revenue decreased by $9,000, or 12.3 percent, due to lower average net assets under management upon which these fees are based in the current period.
|
• |
Advisory fees decreased by $98,000, or 2.8 percent, primarily as a result of lower assets under management. Advisory fees are comprised of two components: a base management fee and a performance fee.
|
• |
Base management fees decreased $224,000. Base fees for USGIF and Galileo clients decreased primarily as a result of lower average assets under management, primarily due to shareholder redemptions. Base management fees for the offshore funds decreased due to these funds liquidating in the current year. These decreases were somewhat offset by an increase in ETF unitary management fees due to an increase in ETF average assets under management.
|
• |
Performance fees paid out in the current period were $308,000 compared to $30,000 in fees received in the corresponding period in the prior year, reducing revenue by $338,000. The performance fee, which applies to the USGIF equity funds only, is a fulcrum fee that is adjusted upwards or downwards by 0.25 percent when there is a performance difference of 5 percent or more between a fund’s performance and that of its designated benchmark index over the prior rolling 12 months.
|
• |
Performance fees for Galileo clients received in the current period were $464,000 compared to none in the corresponding period in the prior year, increasing revenue by $464,000. Galileo may receive performance fees from certain clients when market appreciation or realized net gains exceeds established benchmarks. The majority of the performance fees recorded in the period are annual performance fees calculated at calendar year-end.
|
• |
Administrative services fee revenue decreased by $42,000, or 25.8 percent, due to lower average net assets under management upon which these fees are based in the current period.
|
(dollars in thousands)
|
Fair Value at
December 31, 2017
|
Hypothetical Percentage Change
|
Estimated Fair Value After Hypothetical Price Change
|
Increase (Decrease) in Shareholders’ Equity, Net of Tax
|
|||||||||
Trading securities ¹
|
$
|
7,433
|
25% increase
|
$
|
9,291
|
$
|
1,858
|
||||||
25% decrease
|
$
|
5,575
|
$
|
(1,858
|
)
|
||||||||
Available-for-sale securities ²
|
$
|
22,372
|
25% increase
|
$
|
27,965
|
$
|
4,584
|
||||||
25% decrease
|
$
|
16,779
|
$
|
(4,584
|
)
|
1 |
Unrealized and realized gains and losses on trading securities are included in earnings in the statement of operations.
|
2 |
Unrealized gains and losses on available-for-sale securities are excluded from earnings and recorded in other comprehensive income as a component of shareholders’ equity until realized.
|
(dollars in thousands, except price data)
|
||||||||||||||||||||
Period
|
Total Number of Shares
Purchased
1
|
Total Amount Purchased
|
Average Price Paid Per Share
2
|
Total Number of Shares Purchased as Part of Publicly Announced Plan
3
|
Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plan
|
|||||||||||||||
10-01-17 to 10-31-17
|
10,000
|
$
|
23
|
$
|
2.29
|
10,000
|
$
|
2,679
|
||||||||||||
11-01-17 to 11-31-17
|
19,748
|
64
|
3.26
|
19,748
|
2,615
|
|||||||||||||||
12-01-17 to 12-31-17
|
7,000
|
30
|
4.29
|
7,000
|
2,585
|
|||||||||||||||
Total
|
36,748
|
$
|
117
|
$
|
3.19
|
36,748
|
2 |
The average price paid per share of stock repurchased under the stock repurchase program includes the commissions paid to brokers.
|
3 |
The repurchase plan was approved on December 7, 2012, and renewed on December 12, 2013, December 10, 2014, December 9, 2015, December 6, 2016, and December 5, 2017, and will continue through calendar year 2018. The total amount of shares that may be repurchased in 2018 under the renewed program is $2.75 million.
|
|
|
U.S. GLOBAL INVESTORS, INC.
|
|
|
|
|
|
DATED:
|
February 14, 2018
|
BY: /s/ Frank E. Holmes
|
|
|
|
Frank E. Holmes
|
|
|
|
Chief Executive Officer
|
|
|
|
|
|
DATED:
|
February 14, 2018
|
BY: /s/ Lisa C. Callicotte
|
|
|
|
Lisa C. Callicotte
|
|
|
|
Chief Financial Officer
|
1 Year US Global Investors Chart |
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