Hennessy Advisors, Inc. Announces Annual Results
04 Dicembre 2009 - 8:06PM
PR Newswire (US)
NOVATO, Calif., Dec. 4 /PRNewswire-FirstCall/ -- Hennessy Advisors,
Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) today announced a fully
diluted loss per share of $(0.03) for the fiscal year ended
September 30, 2009. Earnings decreased approximately 111% versus
the prior fiscal year, which were $0.28 per share. The decline in
earnings is primarily attributable to decreased mutual fund assets
under management throughout the year. Assets under management
actually increased during the year, from $876 million at September
30, 2008 to $923 million at September 30, 2009. However, amidst the
recent upheaval and crisis in the financial markets, assets dipped
to a low of $475 million in March, 2009 and have since rebounded
significantly. "This has been a year marked by extreme movements in
the financial markets, one that I think many investors will be glad
to have behind them. In the first half of our fiscal year, the
major indices plummetted approximately 30-35%, and Hennessy
Advisors experienced a loss of $248 million in assets under
management due solely to market depreciation. Then, in the second
half of the fiscal year, the indices rallied back, gaining roughly
30-35%, and we saw our assets increase by $214 million due to
market appreciation," said Neil Hennessy, President and CEO of
Hennessy Advisors, Inc. "While we had new purchases into the
Hennessy Funds totaling $80 million for the year, we experienced
net outflows as nervous investors moved their investments into cash
as the markets tumbled. Many investors, in my opinion, remain
paralyzed with fear and may be missing the current recovery by
keeping their money on the sidelines," added Mr. Hennessy. During
the fiscal year ended September 30, 2009, Hennessy Advisors, Inc.
acquired four mutual funds, totaling $232 million in assets, and
launched the "Hennessy Select Series," a series of actively managed
mutual funds that employ seasoned and highly qualified
sub-advisors. The Hennessy Select SPARX Japan Fund and the Hennessy
Select SPARX Japan Smaller Companies Fund, which launched in
September, mark the company's first international product
offerings. Additionally, Hennessy Advisors reduced its total debt
by 70% and ends the fiscal year with a strong balance sheet,
consisting of a cash balance of nearly three times the total debt.
"We have navigated the company through an extremely tumultuous
market, and although we are reporting a small loss per share, I am
proud to report that Hennessy Advisors remains strong, stable and
resolute in our business strategy. We have aggressively built our
distribution platforms and pursued accretive acquisitions
throughout the past year, and we will continue working hard to try
to build on these successes in the future," said Mr. Hennessy.
Financial Highlights Year to Year Twelve Months Ended Fiscal Year
Sept. 30, 2009 Sept. 30, 2008 $Change % Change -----------
-------------- -------------- ------- -------- Total Revenue
$5,812,632 $10,275,043 $(4,262,411) -43.4% ------------- ----------
----------- ----------- ----- Net Income (Loss) $(195,349)
$1,611,434 $(1,803,783) -112.1% ----------------- ---------
---------- ----------- ------ Earnings (Loss) per share diluted
$(0.03) $0.28 $(0.31) -110.7% ------------------- ------ -----
------ ------ Weighted Average number of shares outstanding
5,673,628 5,748,279 (74,651) -1.3% ------------------ ---------
--------- ------- ---- At Period Ending Date Sept. 30, 2009 Sept.
30, 2008 $Change % Change ---------------- --------------
-------------- ------- -------- Mutual Fund Assets Under Management
$923,404,609 $876,069,040 $47,335,569 5.4% ---------- ------------
------------ ----------- --- Total Debt, including current portion
$1,950,000 $6,508,694 $(4,558,694) -70.0% ------------------
---------- ---------- ----------- ----- Retained Earnings
$14,800,724 $15,513,537 $(712,813) -4.6% -----------------
----------- ----------- --------- ---- About Hennessy Advisors,
Inc. Hennessy Advisors, Inc. is a publicly traded investment
manager of a wide range of both domestic and international equity
products. Hennessy Advisors, Inc. is committed to their 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 section 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.
DATASOURCE: Hennessy Advisors, Inc. CONTACT: Tania Kelley of
Hennessy Advisors, Inc., 1-800-966-4354, or +1-415-899-1555 Web
Site: http://www.hennessyadvisors.com/
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