NOVATO, Calif., Jan. 30, 2014 /PRNewswire/ -- Hennessy
Advisors, Inc. (OTCBB:HNNA) today reported fully diluted
earnings per share of $0.25 for the
first fiscal quarter ended December 31,
2013, an increase of 92.3% over the previous period ended
December 31, 2012. During the
same time period, total assets under management increased 48.2% to
$4.5 billion, due to both strong net
sales and performance of the firm's mutual funds.
Additionally, average assets under management, upon which
revenue is calculated, increased by 73.5%, benefitting additionally
from the purchase of assets related to the management of the FBR
Funds in late‑October 2012. Revenue, net income and earnings
per share versus the prior comparable period all increased as
well.
Additionally, the Board of Directors of Hennessy Advisors, Inc.
today declared a quarterly dividend of $0.04 per share, which represents a 28% increase
over the previous quarterly dividend. This quarterly dividend
will be paid on March 10, 2014 to
shareholders of record as of February
14, 2014. Hennessy Advisors, Inc. has paid dividends
each year since 2005, and this is the company's sixth increase to
the dividend it pays to shareholders.
"We believe we offer a strong and compelling suite of investment
products, and we are pleased that such a large number of financial
advisors and individual investors nationally have now chosen
Hennessy," said Neil Hennessy,
President, Chairman and CEO of Hennessy Advisors, Inc. "We are also
pleased with the performance of our products, with each of our 16
funds delivering positive performance in 2013, and to report such
strong financial results and an increased dividend for our Hennessy
Advisors, Inc. shareholders," he added.
"The robust returns of the U.S. equity markets in 2013 may have
surprised some, but I believe it is proof of the strength and
ingenuity of corporate America. I believe the economic
recovery will continue and that we will see hiring increases in
earnest as soon as businesses receive clarity from our leaders in
Washington on taxes, healthcare
and regulations," noted Mr. Hennessy. "In the meantime, here
at Hennessy Advisors, we will continue focusing on managing the
company in the best interest of our shareholders, continuing to
look for strategic acquisitions and capitalizing on our marketing
and sales momentum," he added.
Hennessy Advisors,
Inc.
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Financial
Highlights
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Period to
Period
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Three Months
Ended
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First
Quarter
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Dec. 31,
2013
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Dec. 31,
2012
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$
Change
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%
Change
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Total
Revenue
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$
7,921,323
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$
4,703,013
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$
3,218,310
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68.4%
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Net
Income
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$
1,456,776
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$
767,995
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$
688,781
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89.7%
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Earnings Per Share
(Diluted)
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$
0.25
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$
0.13
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$
0.12
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92.3%
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Weighted Average
Number of
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Shares Outstanding
(Diluted)
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5,797,260
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5,705,781
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91,479
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1.6%
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Mutual Fund Average
Assets
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Under
Management
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$
4,265,147,048
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$
2,458,220,685
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$
1,806,926,363
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73.5%
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At Period Ending
Date
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Dec. 31,
2013
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Dec. 31,
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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$
4,480,322,229
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$
3,024,068,111
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$
1,456,254,118
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48.2%
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Retained
Earnings
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$
21,111,938
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$
16,335,637
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$
4,776,301
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29.2%
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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 sector 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(s): For information on the listed
expert(s), click appropriate link.
Neil J. Hennessy
http://www.profnetconnect.com/neil_hennessy
SOURCE Hennessy Advisors, Inc.