Hennessy Advisors Announces Third Quarter Results
05 Agosto 2009 - 11:37PM
PR Newswire (US)
NOVATO, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Hennessy Advisors,
Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) President and Chief
Executive Officer, Neil Hennessy, today announced that fully
diluted earnings per share for Hennessy Advisors, Inc. were $0.00
for the third quarter, which ended June 30, 2009, versus earnings
of $0.06 per share for the prior comparable period. "While earnings
broke even in Q3, this represents an improvement over previous
quarters this year, where we reported small losses. We are very
pleased to once again return to positive net income this quarter,"
said Neil Hennessy. The decline in earnings versus the prior
comparable period is primarily attributable to decreased mutual
fund assets under management in the year over year period. Assets
under management were $775 million as of June 30, 2009, compared to
$1.095 billion as of June 30, 2008, a decline of 29%. "Our assets
under management were most significantly impacted by market
depreciation, with the major indices each losing well over 20% in
the one-year period ending June 30, 2009. While shareholders did
make new purchases into the funds totaling $150 million during the
period, we experienced net outflows as nervous investors moved into
cash as the markets tumbled," said Mr. Hennessy. "During my 30
years in the financial industry, I have never seen the kind of
crisis of confidence that we experienced at the end of
February/beginning of March. As retirement account balances and
home values plummeted, even the most disciplined, long-term
investors had simply had enough and began moving their money to the
sidelines. For me, that signaled a turning point and suggested that
the markets and consumer confidence had hit bottom," Hennessy
added. Since market lows on March 9, 2009, the major indices have
rebounded over 30%. Hennessy Advisors, Inc. closed the $158 million
acquisition of the Tamarack Funds on March 23, 2009 and recently
announced a definitive agreement to acquire two Japan-focused funds
from SPARX Investment and Research, USA before the firm's fiscal
year end of September 30, 2009. "The current crisis in the
financial industry has actually presented a number of strong
acquisition opportunities as companies are choosing to exit the
mutual fund business. We will continue our aggressive pursuit of
accretive acquisitions," Mr. Hennessy commented. Hennessy Advisors,
Inc. Financial Highlights Period to Period Three Months Ended Third
Quarter June 30, 2009 June 30, 2008 $ Change % Change Total Revenue
$1,568,243 $2,318,452 ($750,209) -32.4% Net Income $23,382 $340,662
($317,280) -93.1% Earnings per share (diluted) $0.00 $0.06 ($0.06)
-100.0% Weighted Average number of shares outstanding - diluted
5,677,748 5,801,472 (123,724) -2.1% Nine Months Ended Year-to-Date
June 30, 2009 June 30, 2008 $ Change % Change Total Revenue
$4,160,633 $8,114,303 ($3,953,670) -48.7% Net Income (Loss)
($183,987) $1,456,279 ($1,640,266) -112.6% Earnings (Loss) per
share (diluted) ($0.03) $0.25 ($0.28) -112.0% Weighted Average
number of shares outstanding - diluted 5,670,212 5,822,314
(152,102) -2.6% At Period Ending Date June 30, 2009 June 30, 2008 $
Change % Change Mutual Fund Assets Under Management $774,518,082
$1,094,790,511 ($320,272,429) -29.3% Hennessy Advisors, Inc. is a
publicly traded investment advisor to a family of mutual funds
committed to their time-tested stock selection strategies 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: Tania Kelley of
Hennessy Advisors, Inc., 1-800-966-4354, +1-415-899-1555 Web Site:
http://www.hennessyadvisors.com/
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