Hennessy Advisors, Inc. First Quarter Earnings Increase 48%
28 Gennaio 2005 - 2:00AM
PR Newswire (US)
Hennessy Advisors, Inc. First Quarter Earnings Increase 48% NOVATO,
Calif., Jan. 27 /PRNewswire-FirstCall/ -- Hennessy Advisors, Inc.
(OTC:HNNA) (BULLETIN BOARD: HNNA) Chief Executive Officer and
President, Neil Hennessy, announced fully diluted earnings per
share of $0.46 for the three months ended December 31, 2004, up
from $0.31 in the prior comparable period, an increase of 48%.
Growth in income is primarily attributable to increased mutual fund
assets under management. Total mutual fund assets increased by 36%,
growing $363 million to $1.376 billion at December 31, 2004,
compared to $1.013 billion at December 31, 2003. "I am extremely
pleased with our financial results, particularly in light of
increasing challenges in managing mutual funds and in managing a
publicly traded company," said Mr. Hennessy. "We anticipate that
our investors will be pleased with our results. We will continue
our commitment to grow assets under management for the benefit of
our shareholders." Hennessy Advisors, Inc. Financial Highlights
Period to Period Three Months Ended First Quarter Dec. 31, 2004
Dec. 31, 2003 $ Change % Change Total Revenue $2,700,264 $2,011,518
$688,746 34.2% Net Income $778,000 $524,507 $253,493 48.3% Earnings
per share (diluted) $0.46 $0.31 $0.15 48.4% Weighted Average number
of shares outstanding 1,691,491 1,672,817 18,674 1.1% At Period
Ending Date Dec. 31, 2004 Dec. 31, 2003 $ Change % Change Mutual
Fund Assets Under Management $1,376,303,290 $1,012,902,908
$363,400,382 35.9% Hennessy Advisors, Inc., located in Novato, CA,
is the advisor to five no- load mutual funds. The Hennessy Funds
employ superb, time-tested stock selection formulas and manage
their funds with unwavering discipline and consistency. Hennessy
Funds serves clients with integrity, honesty and candor, and their
strategies and performance are fully disclosed. Forward-Looking
Statements Statements in this press release regarding Hennessy
Advisors, Inc.'s business, which are not historical facts, are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve a number of risks, uncertainties and other
important factors that could cause the actual results and outcomes
to differ materially from any future results or outcomes expressed
or implied by such forward-looking statements. These risks,
uncertainties and other important factors are described in more
detail in the "Risk Factors" section of the Company's annual report
on Form 10-KSB for the fiscal year ended September 30, 2004, filed
December 14, 2004, with the U.S. Securities and Exchange
Commission, including, without limitation, the "Risk Factors"
section of Management's Discussion and Analysis and Results of
Operations. The following factors may affect the actual results of
the Company: > Continuing volatility in the equity markets may
cause the levels of our assets under management to fluctuate
significantly. > Weak market conditions or loss of investor
confidence in the mutual fund industry may lower our assets under
management and reduce our revenues and income. > We face strong
competition from numerous and sometimes larger companies. >
Changes in the distribution channels on which we depend could
reduce our revenues or hinder our growth. > For the next several
years, insurance costs are likely to increase materially and we may
not be able to obtain the same types or amounts of coverage. >
For the next several years, professional service fees and
compliance costs are likely to increase due to increased securities
industry legislation. > Changes in accounting regulations may
also have adverse effects on our earnings per share. >
International conflicts and the ongoing threat of terrorism may
adversely affect the general economy, financial and capital markets
and our business. Supplemental Information Nothing in this section
shall be considered a solicitation to buy or an offer to sell a
security to any person in any jurisdiction where such offer,
solicitation, purchase or sale would be unlawful under the
securities laws of such jurisdiction. Mutual fund investing
involves risk; loss of principal is possible. While the Hennessy
Funds are no-load, management and distribution fees and other
expenses apply. For more complete information about the Hennessy
Funds, including fees and expenses, call 800-966-4354 to obtain a
free prospectus. Read it carefully before you invest or send money.
The distributor for the Hennessy Funds is Quasar Distributors, LLC.
DATASOURCE: Hennessy Advisors, Inc. CONTACT: Terry Nilsen of
Hennessy Advisors, Inc., +1-415-899-1555, or fax, +1-415-899-1559
Web site: http://www.hennessyadvisors.com/
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