Hennessy Advisors, Inc. Announces First Quarter Earnings of $0.04 Per Share
29 Gennaio 2010 - 1:00AM
PR Newswire (US)
NOVATO, Calif., Jan 28 /PRNewswire-FirstCall/ -- Hennessy Advisors,
Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) today announced fully
diluted earnings per share of $0.04 for the first quarter of 2010,
which ended December 31, 2009. Earnings increased 500% versus the
prior comparable period, which were a loss of $(0.01) per share.
The increase in earnings is primarily attributable to increased
mutual fund assets under management. Assets under management grew
from $641 million at December 31, 2008 to $945 million at December
31, 2009, an increase of over 47%. "We are extremely pleased to
once again be reporting earnings to our shareholders, after
reporting a small loss in the prior comparable period and for our
prior fiscal year," said Neil Hennessy, President and CEO of
Hennessy Advisors, Inc. "Last March the markets, our assets under
management, as well as our earnings per share hit low points, but
have since seen steady improvement. I believe the market lows of
last year are behind us and that the financial markets are in the
midst of a sustainable, long-term recovery," added Mr. Hennessy.
"We continue to pursue acquisitions and have strengthened and
broadened our product offering, which now includes both domestic
and international funds, as well as a new series of sub-advised
funds. We have also built a strong distribution platform for these
funds, and while the majority of assets are currently being
invested in fixed income vehicles, I believe that once assets begin
flowing back to equity mutual funds that Hennessy will be in a
strong competitive position," said Mr. Hennessy. Hennessy Advisors,
Inc. Financial Highlights Period to Period Three Months Ended First
Quarter Dec. 31, 2009 Dec. 31, 2008 $Change % Change
------------------------------------------------------------------------
Total Revenue $1,998,643 $1,397,864 $600,779 43.0% Net Income
(Loss) $203,467 $(73,855) $277,322 375.5% Earnings(loss) per share
(diluted) $0.04 $(0.01) $0.05 500.0% Weighted Average number of
shares outstanding 5,692,790 5,666,452 26,338 0.5% At Period Ending
Date Dec. 31, 2009 Dec. 31, 2008 $Change % Change
-------------------------------------------------------------------------
Mutual Fund Assets Under Management $944,915,487 $641,343,758
$303,571,729 47.3% About Hennessy Advisors, Inc. Hennessy Advisors,
Inc. is a publicly traded investment manager of a wide range of
both domestic and international equity products. Hennessy Advisors,
Inc. is committed to a consistent and repeatable investment
process, combining time-tested stock selection strategies with a
highly disciplined, team-managed approach, and to superior service
to shareholders. 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
https://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/
Copyright