U.S. Global Investors Announces the Filing of Non-Cash Restatements for Periods Ended June and September 2022, and the Continuation of Dividends and Stock Buybacks
May 24 2023 - 4:05PM
U.S. Global Investors, Inc. (NASDAQ: GROW) (the “Company”), a
registered investment advisory firm with longstanding experience in
global markets and specialized sectors, today is pleased to
announce that its restated financial statements for the fiscal year
ended June 30, 2022, and the fiscal quarter ended September 30,
2022, have been filed. The Company is working diligently to file
its financial statements for the quarter ended December 31, 2022,
and then will work on the quarter ended March 31, 2023.
As was noted in a previous press release, these were non-cash
restatements of the Company’s consolidated financial statements and
related disclosures. The adjustments were related to the correction
of fair value of certain investments. No changes or adjustments
were made to the Company’s operating revenue or cash flow.
Shareholders can read more about non-cash charges by clicking
here.
Restated net income for the 12-month period ended June 30, 2022,
was $3.8 million, an approximately $1.7 million decrease from what
was originally reported, mainly due to an increase in unrealized
losses on investments, a non-cash adjustment. Net income per share
was $0.25, a decrease of $0.12 from what was originally reported.
For the quarter ended September 30, 2022, net income was restated
at $107,000, lower than the $118,000 originally stated, with no
change reported to net income per share.
“Restating our results for two separate reporting periods was a
lengthy process that I’m glad is now behind us,” says the Company’s
CEO and Chief Investment Officer, Frank Holmes. “We look forward to
sharing our results for the December 2022 and March 2023
quarters.”
Continuation of Dividends and Stock Buybacks
The Company is also pleased to announce the continuation of
monthly dividends and stock buybacks in the fourth fiscal quarter
of 2023.
The dividend of $0.0075 per GROW share per month was paid on
Monday, May 22. The next record date is June 12, and the next
payment date is June 26. At the end of this period, the Company
will have paid monthly GROW dividends for more than 13 years. The
continuation of future cash dividends will be determined by the
Board, at its sole discretion, after review of the Company’s
financial performance and other factors, and is dependent on
earnings, operations, capital requirements, general financial
condition of the Company and general business conditions.
In April 2023, the Company bought back 27,109 shares of its own
stock, a 74% increase over the number of shares it repurchased in
the same month a year earlier.
In December 2022, the Company’s Board of Directors agreed to
modify the Company’s buyback algorithm. The Company may now buy
back shares of GROW stock when the price is flat or down from the
previous trading day.
About U.S. Global Investors, Inc.
The story of U.S. Global Investors goes back more than 50 years
when it began as an investment club. Today, U.S. Global Investors,
Inc. (www.usfunds.com) is a registered investment adviser that
focuses on niche markets around the world. Headquartered in San
Antonio, Texas, the Company provides investment advisory services
to U.S. Global Investors Funds and U.S. Global ETFs.
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Joseph Guyer
U.S. Global Investors, Inc.
210.308.1221
jguyer@usfunds.com
US Global Investors (NASDAQ:GROW)
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