NOVATO, Calif., Dec. 1, 2016 /PRNewswire/ -- Hennessy
Advisors, Inc. (NASDAQ:HNNA) today reported fully diluted
earnings per share of $2.79 for the
fiscal year ended September 30, 2016,
an increase of 46% from the prior fiscal year's earnings per share
of $1.91. Revenue for the fiscal year
totaled over $51 million, an increase
of 15% over the prior year. Total assets under management reached
$6.7 billion as of September 30, 2016, an increase of $711 million from September 30, 2015, due in part to completing the
acquisition of $435 million in assets
from The Westport Funds on September 26,
2016. Average assets under management, upon which fees are
calculated, reached $6.3 billion, an increase of over
$319 million, which drove increases
in revenue, net income and earnings versus the prior year.
"Despite operating in a challenging competitive environment,
Hennessy Advisors recorded another year of solid growth in revenue,
earnings and assets under management. We recently completed our
eighth successful acquisition, and we remain focused on our proven
business model of growing organically and through strategic
acquisitions," said Neil Hennessy,
President, Chairman and CEO of Hennessy Advisors, Inc.
"Although we anticipate continued volatility, we are optimistic
that sound fundamentals and low bond yields will continue to
support the equity market. And, while worry over rising interest
rates may be subduing investor confidence, we believe there is room
for the market to move higher in the medium term," said Mr.
Hennessy. "We strive to deliver value to our investors over the
long-term by providing a range of investment products that have the
potential to perform well in various market conditions," he
added.
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Hennessy Advisors,
Inc.
|
|
Financial
Highlights
|
|
Year to
Year
|
|
|
|
|
|
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Twelve Months
Ended
|
|
|
|
Fiscal
Year
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Sept. 30,
2016
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Sept. 30,
2015
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$
Change
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%
Change
|
|
Total
Revenue
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$
51,410,385
|
$
44,739,264
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$
6,671,121
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15%
|
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Net Income
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$
14,366,776
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$
11,389,279
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$
2,977,497
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26%
|
|
Earnings Per Share
(diluted)
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$
2.79
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$
1.91
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$
0.88
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46%
|
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Weighted Average
Number of Shares Outstanding (diluted)
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5,145,310
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5,960,689
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(815,379)
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-14%
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Mutual Fund Average
Assets Under Management
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$
6,325,090,706
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$
6,005,635,508
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$
319,455,198
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5%
|
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At Period Ending
Date
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Sept. 30,
2016
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Sept. 30,
2015
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$
Change
|
%
Change
|
|
Mutual Fund Total
Assets Under Management
|
$
6,698,518,905
|
$
5,987,979,421
|
$
710,539,484
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12%
|
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
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https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=100270
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SOURCE Hennessy Advisors, Inc.