NOVATO, Calif., May 8, 2013 /PRNewswire/ -- Hennessy
Advisors, Inc. (OTCBB:HNNA) today reported fully diluted
earnings per share of $0.20 for the
second quarter ended March 31, 2013,
an increase of 400% versus earnings of $0.04 per share for the quarter ended
March 31, 2012. Fully diluted
earnings per share for the six months ended March 31, 2013 were $0.33 per share, an increase of 371% from
$0.07 for the six months ended
March 31, 2012. The increase in
earnings is attributable to increased mutual fund assets under
management, primarily due to our purchase of mutual fund assets
from FBR & Co. in October, 2012. Average assets increased
by 299% and 258%, respectively, over the 3-month and 6-month prior
comparable periods, causing a corresponding rise in revenue, net
income and earnings per share.
The Board of Directors of Hennessy Advisors, Inc. today also
declared a quarterly dividend of $0.03125 per share to be paid on June 17, 2013 to shareholders of record as of
May 24, 2013. Based on the
Hennessy Advisors, Inc. stock price at the close of business on
May 8, 2013 of $6.43 per share, this dividend, when annualized,
represents a 1.9% yield.
"We are pleased with our performance during the second quarter
of our fiscal year, which was fortified by the solid positive
returns in each of the sixteen mutual funds we manage. We are
excited to manage over $3.4 billion
in assets and to offer shareholders a comprehensive line-up of
equity, specialty and fixed income mutual fund products," said
Neil Hennessy, President, Chairman
and CEO of Hennessy Advisors, Inc. "Our commitment to our
long-range business model is rivaled only by our dedication to our
shareholders. Through the first six months of our fiscal
year, we continued to implement our focused business strategy by
growing our mutual fund assets through marketing and sales, and
diligently seeking out strategic asset purchases," Hennessy
noted.
"I am confident in the fundamentals of the current stock market
and the U.S. economy. I believe we are in the midst of a
sustainable bull market driven by a strong Corporate America.
Economic growth may appear gradual, but historically it has been
slow and steady growth that has rewarded investors over the long
run," added Mr. Hennessy.
Hennessy Advisors, Inc.
|
|
|
|
|
|
Financial Highlights
|
|
|
|
|
|
Period
to Period
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
Second
Quarter
|
Mar.
31, 2013
|
Mar.
31, 2012
|
$
Change
|
%
Change
|
Total
Revenue
|
$
5,947,208
|
$
1,729,353
|
$
4,217,855
|
243.9%
|
Net
Income
|
$
1,117,173
|
$
246,049
|
$
871,124
|
354.0%
|
Earnings
per share (diluted)
|
$
0.20
|
$
0.04
|
$
0.16
|
400.0%
|
Weighted
Average number of shares
outstanding (diluted)
|
5,714,559
|
5,703,509
|
11,050
|
0.2%
|
Mutual
Fund Average Assets Under
Management
|
$
3,227,861,349
|
$
809,465,615
|
$
2,418,395,734
|
298.8%
|
|
|
|
|
|
|
|
|
|
|
|
Six
Months Ended
|
|
|
Year-to-date
|
Mar.
31, 2013
|
Mar.
31, 2012
|
$
Change
|
%
Change
|
Total
Revenue
|
$
10,650,221
|
$
3,446,263
|
$
7,203,958
|
209.0%
|
Net
Income
|
$
1,885,167
|
$
398,316
|
$
1,486,851
|
373.3%
|
Earnings
per share (diluted)
|
$
0.33
|
$
0.07
|
$
0.26
|
371.4%
|
Weighted
Average number of shares
outstanding (diluted)
|
5,757,333
|
5,745,235
|
12,098
|
0.2%
|
Mutual
Fund Average Assets Under
Management
|
$
2,838,812,223
|
$
793,177,588
|
$
2,045,634,635
|
257.9%
|
|
|
|
|
|
|
|
|
|
|
At
Period Ending Date
|
Mar.
31, 2013
|
Mar.
31, 2012
|
$
Change
|
%
Change
|
Mutual
Fund Total Assets Under
Management
|
$
3,406,426,286
|
$
814,943,681
|
$
2,591,482,605
|
318.0%
|
Retained
Earnings
|
$
17,272,435
|
$
15,535,371
|
$
1,737,064
|
11.2%
|
|
|
|
|
|
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 its 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 press release 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.
SOURCE Hennessy Advisors, Inc.