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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 it repurchased 61,989 of its own shares in July 2023, at a net cost of over $196,000. This represents an increase of approximately 162% from the number of shares purchased the previous month and a significant 951% increase from the same month a year earlier.
The Board of Directors (the "Board") modified the Company's buyback program in December 2022, making it possible for the Company to buy back shares of GROW stock when the price is flat or down from the previous trading day.
Continuation of Monthly Dividends
The Board approved payment of the $0.0075 per share per month dividend beginning in July 2023 and continuing through September 2023. The record dates are August 14 and September 11, and the payment dates will be August 28 and September 25.
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.
Domestic Airlines' Record-Setting Quarter
On a final note, the Company is excited to share details of the domestic airline industry's record-setting quarter ended June 30. American Airlines Group Inc. ("American") and Delta Air Lines Inc. ("Delta") both reported record revenues during the second quarter—American with $14.1 billion and Delta with $15.6 billion—on strong summer travel demand. American raised its full-year 2023 adjusted earnings per share (EPS) guidance to between $3.00 and $3.75, while Delta says it will be using its cash flow to pay down a projected $4 billion in debt by year-end.
United Airlines Holdings Inc. ("United") reported record adjusted EPS of $5.03 during the June quarter and raised its 2023 guidance to between $11 and $12 per share, up from previous guidance of between $10 and $12. The carrier said that it flew 2,400 scheduled flights per day on average in the second quarter, the most in company history.
"American, Delta and United represent three of the largest holdings in the U.S. Global Jets ETF (NYSE:JETS), so we believe the record financial results are highly positive for what remains our largest fund, with approximately $1.8 billion in assets under management (AUM) as of July 31, 2023," says Frank Holmes, the Company's CEO and Chief Investment Officer. "Despite higher rates, fears of a recession appear to be receding as the economy continues to defy expectations and consumers continue to spend. Against this optimistic backdrop, airlines are adding new routes and expanding service into additional countries, with United recently announcing the largest-ever network expansion from the U.S. to the South Pacific. For investors who may be seeking a way to gain exposure to this travel boom, I believe JETS to be an excellent choice."
