Earnings Call Excerpt
US Global Investors Inc. (GROW)
F3Q08 (Qtr End 3/31/08) Earnings Call
May 9, 2008 11:00 am ET
Executives
Terry Badger - Director of Communications
Frank Holmes - CEO and CIO
Catherine Rademacher - CFO
Susan McGee - President and General Counsel
Presentation
Operator
Welcome to US Global Investors exclusive webcast, US Global Investors Third Quarter of Fiscal Year 2008 Earnings Announcement. Please note, that the slides you see on your screen are controlled by the presenters. Also, you may print a copy of today's slides at any time by clicking on the Print Slides button on your screen. A question-and-answer session will follow today's presentation. (Operator Instructions).
We would now like to begin by introducing Terry Badger, Director of Communications at US Global Investors. Mr. Badger, please begin.
Terry Badger
Thank you, operator. Welcome everyone to our webcast announcing results for the third fiscal quarter of 2008. Our presenters for today's program are Frank Holmes, US Global Investors' CEO and Chief Investment Officer; Susan McGee, President and General Counsel; and Catherine Rademacher, Chief Financial Officer.
During this webcast, we may make forward-looking statements about our relative business outlook. Any forward-looking statements and all other statements made during this webcast that don't pertain to historical facts are subject to risks and uncertainties that may materially affect actual results. Please refer to our press release and corresponding Form 10-Q filing for more detail on factors that could cause actual results to differ materially from any described today in forward-looking statements. Any such statements are made as of today and US Global Investors accepts no obligations to update them in the future.
I would now like to turn the presentation over to Frank Holmes, CEO and CIO, for an overview of the first quarter. Frank?
Frank Holmes
Thank you, Terry, and welcome ladies and gentlemen to today's presentation. I want to read in and out in this presentation as we go to page 4. If we could move to page 4 and highlight some of the differences that we are seeing between revenue and net income and earnings per share.
As you can see in this financial snapshot, which Catherine Rademacher will go in to more detail in a few minutes, the revenue decline. Now let’s look underneath the core, look at our core revenue as the expression is let’s look under the hood. And what is important here is that, our offshore fund business, which is growing, which I will show you in assets, was basically flat for the quarter in performance fees. And that is the big difference between revenue a year ago to this year.
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