U.S. Global Investors Reports an 89% Increase in Net Income Quarter-over-Quarter, Announces Continuation of Monthly Dividends

SAN ANTONIO, June 22, 2023 (GLOBE NEWSWIRE) -- U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a registered investment advisory firm with longstanding experience in global markets and specialized sectors from gold mining to emerging markets, today reported operating income of $730,000 for the quarter ended March 31, 2023, on total revenues of $3.6 million. The Company recorded net income of $1.6 million, or $0.11 per share, representing an 89% increase over the previous quarter’s net income.

Average assets under management (AUM) for the three-month period ended March 31, 2023, were $2.5 billion, while total AUM at period-end was $2.3 billion.

“As a reminder, we were delayed in submitting our financial results for the quarters ended December 31, 2022, and March 31, 2022, due to prior period restatements. The restatement process took longer than expected, but now that the March 2023 quarter results have been filed, we expect to be back on track reporting quarterly and annual financial statements in a timely manner,” says Frank Holmes, the Company’s CEO and Chief Investment Officer. “We remained profitable in the first calendar quarter of 2023 as key industries that we track ended the period in positive territory, from gold to airlines to luxury goods. Our Global Luxury Goods Fund (USLUX) performed well during the quarter, led by strong advances by Tesla, the fund’s number one holding. In the March quarter, Tesla’s Model Y was the world’s best-selling vehicle, the first time a purely electric automobile took the top spot.¹ Shares of European-listed luxury goods manufacturers and retailers also moved higher on hopes that China’s economic reopening following pandemic lockdowns would increase sales. In April, giant luxury conglomerate LVMH became Europe’s most valuable company when its market cap exceeded $500 billion, the first European company to do so.² In all, I believe we’re very well-positioned for future growth as inflation continues to cool.”

Air Travel Volumes Have Returned to Pre-Pandemic Levels

The Company’s largest fund, the U.S. Global Jets ETF (JETS), ended the first calendar quarter on a strong footing as the number of commercial air passengers continued to increase heading into the busy summer travel season. On June 16, the U.S. Transportation Security Administration (TSA) reported that it screened over 2.78 million people at airports, which is the most since 2019, before the pandemic.³