NOVATO, Calif., Dec. 4, 2013 /PRNewswire/ -- Hennessy
Advisors, Inc. (OTCBB:HNNA) today reported fully diluted
earnings per share for the fiscal year ended September 30, 2013 of $0.83, an increase of 388% from the prior fiscal
year earnings of $0.17 per share, and
an all-time high for the company. Total assets under
management increased 339% from $919
million at the beginning of the fiscal year to $4.034 billion at the end of the fiscal year, and
average assets under management increased by almost 300%, producing
a corresponding increase in revenue, net income and earnings per
share versus the prior comparable period. The asset growth
was driven by the approximately $2.2
billion purchase of the assets of the FBR Funds in October,
2012, strong market appreciation of approximately $648 million, and net inflows of approximately
$243 million.
"We surpassed $4 billion in assets
under management in mid-September, and our growth in assets
produced record-setting net income of $4.8 million on revenue of $24.3 million," said Neil Hennessy, President, Chairman and CEO of
Hennessy Advisors, Inc. "The financial markets have delivered
strong results for investors this year, and I continue to believe
we will see the Dow Jones Industrial Average hit 20,000 in the next
three to five years," Mr. Hennessy noted. "Looking
forward to 2014, Hennessy Advisors will continue our sustained
focus on our proven business model of growing our assets under
management through acquisitions and through strong marketing and
distribution efforts," he added.
|
Hennessy Advisors,
Inc.
|
Financial
Highlights
|
Year to
Year
|
|
|
|
|
Twelve Months
Ended
|
|
|
Fiscal
Year
|
|
Sept. 30,
2013
|
Sept. 30,
2012
|
$
Change
|
%
Change
|
Total
Revenue
|
|
$
24,308,435
|
$
7,071,709
|
$
17,236,726
|
243.7%
|
Net Income
|
|
$
4,820,447
|
$
970,875
|
$
3,849,572
|
396.5%
|
Earnings per share
(diluted)
|
$
0.83
|
$
0.17
|
$
0.66
|
388.2%
|
Weighted Average
number of
|
|
|
|
|
shares outstanding
(diluted)
|
5,810,431
|
5,754,336
|
56,095
|
1.0%
|
Mutual Fund Average
Assets
|
|
|
|
|
Under
Management
|
|
$
3,284,478,084
|
$
823,432,620
|
$
2,461,045,464
|
298.9%
|
|
|
|
|
|
|
|
At Period Ending
Date
|
Sept. 30,
2013
|
Sept. 30,
2012
|
$
Change
|
%
Change
|
Mutual Fund Total
Assets
|
|
|
|
|
Under
Management
|
|
$
4,034,180,973
|
$
919,261,936
|
$
3,114,919,037
|
338.8%
|
Retained
Earnings
|
|
$
19,839,498
|
$
15,747,939
|
$
4,091,559
|
26.0%
|
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc.
is a publicly traded investment manager offering a broad range of
domestic equity, balanced and fixed income, and specialty 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: For information on the listed expert,
click appropriate link.
Neil J. Hennessy
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=100270
SOURCE Hennessy Advisors, Inc.