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U.S. Global Investors Inc. (GROW+0.21%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a decrease in total assets under management to approximately $1.5 billion from $2.1 billion in the same period the previous year. The decrease is attributed to market depreciation and dividends and distributions.
Total consolidated operating revenues for the three months ended December 31, 2024, decreased by 20.8% compared to the same period in 2023, primarily due to lower advisory fees resulting from decreased average assets under management in ETFs.
Operating expenses increased by 5.5% for the quarter, mainly due to higher employee compensation and benefits.
The company reported a net loss of $86,000 for the quarter, compared to net income of $1.2 million in the previous year. This change is attributed to decreased operating revenues and net investment income.
Net investment income for the quarter was $354,000, down from $1.4 million in the previous year, impacted by unrealized losses on equity securities and realized foreign currency losses.
The company has access to a $1.0 million credit facility for working capital purposes, which remains unutilized as of December 31, 2024.
U.S. Global Investors continues to focus on managing its investment management services and corporate investments, with a reported total shareholders' equity of $47.3 million as of December 31, 2024.
The filing also details the company's stock repurchase program, which allowed for the repurchase of 236,731 shares during the quarter.
The company identified a material weakness in its internal controls over financial reporting, which was also present as of December 31, 2024.
U.S. Global Investors is monitoring various market risks, including equity price risk and foreign currency risk, which could impact its financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the U.S. Global Investors Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.