NOVATO, Calif., Aug. 7, 2013 /PRNewswire/ -- Hennessy
Advisors, Inc. (OTCBB:HNNA) today reported financial results
for the third quarter of fiscal 2013, which show the company's
continued momentum in growth of earnings and assets under
management. Fully diluted earnings per share were
$0.24 for the quarter ended
June 30, 2013, an increase of 380%
versus earnings of $0.05 per share
for the quarter ended June 30,
2012. Fully diluted earnings per share for the nine months
ended June 30, 2013 were $0.56 per share, an increase of 367% from
$0.12 for the nine months ended
June 30, 2012. The increase in
earnings is attributable to increased mutual fund assets under
management, primarily due to the purchase of mutual fund assets
from FBR & Co. in October, 2012. Net purchases in the
firm's domestic equity, specialty, balanced and fixed income mutual
funds and strong market appreciation also contributed to the
increase in assets under management. The increase in
average assets under management, the asset levels upon which
the firm's fees are earned, increased 341% over the three-month and
286% over the nine-month prior comparable periods, respectively,
creating a corresponding rise in revenue, net income and earnings
per share.
"We are very pleased with our third quarter results, which were
aided by increased investor interest in our products," said
Neil Hennessy, President, Chairman
and CEO of Hennessy Advisors, Inc. "With the successful integration
of the mutual funds from our last acquisition, I believe we are
well positioned to continue to serve and retain our shareholders by
offering a broad line-up of solidly performing products and to
attract new investors by maintaining an aggressive marketing and
sales program," he added.
The Board of Directors of Hennessy Advisors, Inc. today also
declared a quarterly dividend of $0.03125 per share to be paid on September 15, 2013 to shareholders of record as
of August 22, 2013. Based on
the Hennessy Advisors, Inc. stock price at the close of business on
August 7, 2013 of $8.25 per share, this dividend, when annualized,
represents a 1.5% yield.
"The third quarter of our fiscal year was marked by good returns
in the overall financial markets, which I feel validates my
long-standing belief that we are in a long term, sustainable bull
market and economic recovery," noted Mr. Hennessy. "Hennessy
Advisors will maintain its strong commitment to the business model
of organic growth and strategic asset purchases. We apply a
diligent work ethic to that business model in order to generate
positive financial results, and that firm-wide focus keeps the
shareholders' interest our top priority," he added.
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Hennessy Advisors,
Inc.
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Financial
Highlights
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Period to
Period
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Three Months
Ended
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Third
Quarter
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Jun. 30,
2013
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Jun. 30,
2012
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$
Change
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%
Change
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Total
Revenue
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$
6,505,770
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$
1,714,716
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$
4,791,054
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279.4%
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Net
Income
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$
1,369,792
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$
303,183
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$
1,066,609
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351.8%
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Earnings per share
(diluted)
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$
0.24
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$
0.05
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$
0.19
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380.0%
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Weighted Average
number of
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shares outstanding
(diluted)
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5,720,926
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5,706,122
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14,804
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0.3%
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Mutual Fund Average
Assets
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Under
Management
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$
3,567,795,425
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$
809,173,084
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$
2,758,622,341
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340.9%
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Nine Months
Ended
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Year-to-date
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Jun. 30,
2013
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Jun. 30,
2012
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$
Change
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%
Change
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Total
Revenue
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$
17,155,991
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$
5,160,979
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$
11,995,012
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232.4%
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Net
Income
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$
3,254,960
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$
701,499
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$
2,553,461
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364.0%
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Earnings per share
(diluted)
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$
0.56
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$
0.12
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$
0.44
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366.7%
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Weighted Average
number of
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shares outstanding
(diluted)
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5,794,775
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5,750,423
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44,352
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0.8%
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Mutual Fund Average
Assets
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Under
Management
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$
3,081,806,623
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$
798,489,961
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$
2,283,316,662
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286.0%
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At Period Ending
Date
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Jun. 30,
2013
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Jun. 30,
2012
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$
Change
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%
Change
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Mutual Fund Total
Assets
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Under
Management
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$
3,593,673,417
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$
821,406,362
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$
2,772,267,055
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337.5%
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Retained
Earnings
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$
18,458,347
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$
15,658,558
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$
2,799,789
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17.9%
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About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager
offering a broad range of domestic equity, specialty, balanced and
fixed income mutual funds. 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.
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=100270
SOURCE Hennessy Advisors, Inc.