NOVATO, Calif., Dec. 2, 2014 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ:HNNA) today reported fully diluted
earnings per share for the fiscal year ended September 30, 2014 of $1.30, which represents an increase of 57% from
the prior fiscal year earnings of $0.83 per share, and an all-time high for the
company. Total assets under management increased 37% from
$4.03 billion at the beginning of the
fiscal year to $5.52 billion at the
end of the fiscal year, and average assets under management
increased by almost 50%, producing a corresponding increase in
revenue, net income and earnings per share versus the prior
year. The asset growth was driven by strong net sales into
the firm's mutual funds of approximately $837 million, as well as by positive fund
performance of approximately $650
million.
"We started this fiscal year with $4
billion in assets under management, surpassed $5 billion in May and were able to continue to
grow assets to end our fiscal year at over $5.5 billion. This solid asset growth
produced record-setting annual net income of $7.7 million on revenue of $34.5 million," said Neil Hennessy, President, Chairman and CEO of
Hennessy Advisors, Inc. "As we look toward 2015 and beyond, we
will continue to follow our proven business model of organic growth
and strategic acquisitions," he added.
"I firmly believe that we are in the midst of a long-term bull
market and that the fundamentals of corporate America are solid and
growing stronger. Despite recent volatility, I also still
believe we will continue to see market highs in the coming months
and years," noted Mr. Hennessy.
Hennessy Advisors,
Inc.
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Financial
Highlights
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Year to
Year
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Twelve Months
Ended
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Fiscal
Year
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Sept. 30,
2014
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Sept. 30,
2013
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$
Change
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%
Change
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Total
Revenue
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$ 34,525,772
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$ 24,308,435
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$ 10,217,337
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42.0%
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Net Income
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$
7,666,453
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$
4,820,447
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$
2,846,006
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59.0%
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Earnings per share
(diluted)
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$
1.30
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$
0.83
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$
0.47
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56.6%
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Weighted Average
number of
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shares outstanding
(diluted)
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5,896,714
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5,810,431
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86,283
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1.5%
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Mutual Fund Average
Assets
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Under
Management
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$ 4,843,936,132
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$ 3,284,478,084
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$ 1,559,458,048
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47.5%
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At Period Ending
Date
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Sept. 30,
2014
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Sept. 30,
2013
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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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$ 5,520,802,377
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$ 4,034,180,973
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$ 1,486,621,404
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36.9%
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Retained
Earnings
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$ 26,561,725
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$ 17,852,202
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$ 8,709,523
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48.8%
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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 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.
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SOURCE Hennessy Advisors, Inc.