NOVATO, Calif., Nov. 30, 2015 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ:HNNA) today reported fully diluted
earnings per share for the fiscal year ended September 30, 2015 of $1.91, which represents an increase of 47% from
the prior fiscal year earnings of $1.30 per share. Annual revenue totaled almost
$45 million, an increase of 30%
versus the prior year. While total assets under management
increased by $467 million for the
fiscal year, average assets under management, upon which fees are
calculated, increased by nearly $1.2
billion, or 24%, driving increases in revenue, net income
and earnings per share versus the prior year. The growth in
assets was primarily attributable to net sales of $642 million into the firm's mutual funds.
"In a year where the stock market experienced significant ups
and down, I was very pleased that we were able to grow our assets
and generate solid financial results. We began this fiscal
year with over $5.5 billion in assets
under management, and we ended with approximately $6 billion. This asset growth produced new
highs for assets, revenue, income and earnings," said Neil Hennessy, President, Chairman and CEO of
Hennessy Advisors, Inc. "Going forward, we remain committed to our
proven business model of organic growth and strategic acquisition,"
he noted.
"I believe we've been in a correction for over a year, but it's
been a sideways correction, as the market has exhibited some
fatigue after a long bull run. Currently we are experiencing slow
but steady economic growth, and stocks are generally trading right
in line with their long-term historical averages. I believe
corporate balance sheets are in excellent shape, oil prices are
down, and inflation is low," said Mr. Hennessy. "In my view, taken
together, these fundamentals signal a continuation of the bull
market that began six years ago. And with investor worries
over volatility and higher interest rates keeping sentiment
subdued, I firmly believe there is room for this market to move
higher in the coming years," he added.
Hennessy Advisors,
Inc.
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Financial
Highlights
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Year to
Year
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Twelve Months
Ended
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Fiscal
Year
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Sept. 30,
2015
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Sept. 30,
2014
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$
Change
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%
Change
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Total
Revenue
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$
44,739,264
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$
34,525,772
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$
10,213,492
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29.6%
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Net Income
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$
11,389,279
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$
7,666,453
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$
3,722,826
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48.6%
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Earnings per share
(diluted)
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$
1.91
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$
1.30
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$
0.61
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46.9%
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Weighted Average
number of
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shares outstanding
(diluted)
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5,960,689
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5,896,733
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63,956
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1.1%
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Mutual Fund Average
Assets
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Under
Management
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$ 6,005,635,508
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$ 4,843,936,132
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$ 1,161,699,376
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24.0%
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At Period Ending
Date
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Sept. 30,
2015
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Sept. 30,
2014
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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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$ 5,987,985,422
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$ 5,520,802,377
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$
467,183,045
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8.5%
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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.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/hennessy-advisors-inc-reports-record-high-annual-earnings-and-revenue-300185546.html
SOURCE Hennessy Advisors, Inc.