Hennessy Advisors, Inc. Announces Year-to-Date Earnings of $0.19 Per Share
08 Maggio 2008 - 7:19PM
PR Newswire (US)
NOVATO, Calif., May 8 /PRNewswire-FirstCall/ -- Hennessy Advisors,
Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) President and Chief
Executive Officer, Neil Hennessy, today announced fully diluted
earnings per share for Hennessy Advisors, Inc. of $0.19 for the
year to date period ended March 31, 2008. Diluted earnings per
share for the prior comparable period were $0.36. The decline in
earnings is attributable to decreased mutual fund assets under
management. Total mutual fund assets were $1.1 billion at March 31,
2008, compared to $1.9 billion at March 31, 2007. "Historically low
levels of consumer confidence in the economy, coupled with recent
declines in the financial markets and in the performance of some of
our funds, have negatively affected our assets under management,
and correspondingly our earnings per share. Despite negative
sentiments by many, I believe the economy is fundamentally strong
and that the markets are beginning to settle down," said Mr.
Hennessy. "We will continue to navigate the company through these
volatile times using our disciplined and time-tested investing
techniques, and I believe we are in a strong position to take
advantage of an upturn in the markets," he added. "Despite the
decrease in earnings, we continue to build financial strength for
our shareholders, as evidenced by a 4.2% increase in retained
earnings and a 12.2% reduction in total debt since the prior fiscal
year end." Hennessy Advisors, Inc. Financial Highlights Period to
Period Six Months Ended Second Quarter Mar. 31, 2008 Mar. 31, 2007
$ Change % Change Total Revenue $5,795,851 $8,355,381 $(2,559,530)
-30.6% Net Income $1,115,618 $2,129,541 $(1,013,923) -47.6%
Earnings per share (diluted) $0.19 $0.36 $(0.17) -47.2% Weighted
Average number of shares outstanding 5,868,322 5,962,250 (93,928)
-1.6% At Period Ending Date Mar. 31, 2008 Mar. 31, 2007 $ Change %
Change Mutual Fund Assets Under Management $1,098,694,513
$1,899,943,737 $(801,249,224) -42.2% At Period Ending Date Mar. 31,
2008 Sep. 30, 2007 $ Change % Change Total Debt, including current
portion $7,553,952 $8,599,210 $(1,045,258) -12.2% Retained Earnings
$15,017,721 $14,417,331 $600,390 4.2% Hennessy Advisors, Inc.,
located in Novato, CA, is a publicly traded investment advisor to
six no-load mutual funds. Hennessy Advisors, Inc. is committed to
their time-tested, quantitative stock selection formulas and
disciplined money management approach. 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. Available Topic
Expert(s): For information on the listed expert(s), click
appropriate link. Neil J. Hennessy
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=36873
DATASOURCE: Hennessy Advisors, Inc. CONTACT: Terry Nilsen of
Hennessy Advisors, Inc., +1-415-899-1555, fax, +1-415-899-1559 Web
site: http://www.hennessyadvisors.com/
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