Hennessy Advisors, Inc. Reports Third Quarter Results
10 Agosto 2004 - 11:27PM
PR Newswire (US)
Hennessy Advisors, Inc. Reports Third Quarter Results NOVATO,
Calif., Aug. 10 /PRNewswire-FirstCall/ -- Hennessy Advisors, Inc.
(OTCBB: HNNA) Chief Executive Officer and President, Neil Hennessy,
today reported diluted earnings per share of $.46 for the third
quarter ended June 30, 2004, up from $.17 in the prior comparable
period or +170.6%. Diluted earnings per share for the nine months
ended June 30, 2004, were $1.17, up from $.42 in the prior
comparable period or +178.6%. The results for the quarter and nine
months ended June 30, 2004 are primarily attributable to increased
mutual fund assets under management, derived from acquisition of
Lindner Fund management contracts, increased market valuations and
net new investments. As of June 30, 2004, mutual fund assets under
management were $1.28 billion as compared to $663.2 million in the
prior comparable period, an increase of $621.5 million or +93.7%.
"I am pleased that our business strategies of growing our assets
under management through acquisition and through promoting our
Hennessy formula- driven mutual funds have produced very strong
third quarter and nine month earnings. Navigating through this
economic environment has been difficult, but we believe that
economic conditions are improving and that the financial markets
will respond and improve, as well. Our team of professionals will
remain committed to growing our business and to improving
shareholder value." Hennessy Advisors, Inc. Financial Highlights
Period to Period Three Months Ended June 30, June 30, $ % Third
Quarter 2004 2003 Change Change Total Revenue $2,601,735 $1,218,110
$1,383,625 113.6% Net Income $777,344 $285,082 $492,262 172.7%
Earnings per share (diluted) $0.46 $0.17 $0.29 170.6% Weighted
Average number of shares outstanding 1,678,662 1,635,142 43,520
2.7% Hennessy Advisors, Inc. Financial Highlights Period to Period
Nine Months Ended June 30, June 30, $ % Year-to-date 2004 2003
Change Change Total Revenue $7,003,986 $3,181,804 $3,822,182 120.1%
Net Income $1,977,623 $679,505 $1,298,118 191.0% Earnings per share
(diluted) $1.17 $0.42 $0.75 178.6% Weighted Average number of
shares outstanding 1,695,045 1,633,078 61,967 3.8% June 30, June
30, $ % At Period Ending Date 2004 2003 Change Change Mutual Fund
Assets Under Management $1,284,719,759 $663,243,091 $621,476,668
93.7% Hennessy Advisors, Inc., located in Novato, CA, is the
advisor to five no- load mutual funds, satisfying a variety of
investment objectives and risk tolerance levels. Each of the
Hennessy Funds employs a unique and powerful money management
approach combining time-tested stock selection formulas with
unwavering discipline and consistency. The Company serves clients
with integrity, honesty and candor. The Hennessy Funds strategies
and performance are fully disclosed. Forward-Looking Statements
Statements in this press release regarding Hennessy Advisors,
Inc.'s business, which are not historical facts, are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve a number of risks, uncertainties and other
important factors that could cause the actual results and outcomes
to differ materially from any future results or outcomes expressed
or implied by such forward-looking statements. These risks,
uncertainties and other important factors are described in more
detail in the "Risk Factors" section of the Company's annual report
on Form 10-KSB for the fiscal year ended September 30, 2003, filed
December 22, 2003, with the U.S. Securities and Exchange Commission
including, without limitation, the "Risk Factors" section of
Management's Discussion and Analysis and Results of Operations. The
following factors may affect the actual results of the Company: --
Continuing volatility in the equity markets may cause the levels of
our assets under management to fluctuate significantly. -- Weak
market conditions or loss of investor confidence in the mutual fund
industry may lower our assets under management and reduce our
revenues and income. -- We face strong competition from numerous
and sometimes larger companies. -- Changes in the distribution
channels on which we depend could reduce our revenues or hinder our
growth. -- For the next several years, insurance costs are likely
to increase materially and we may not be able to obtain the same
types or amounts of coverage. -- For the next several years,
professional service fees are likely to increase due to increased
securities industry legislation. -- Business growth through asset
acquisitions may not proceed as planned and result in significant
expenses adversely affecting earnings. -- Retaining the mutual fund
assets associated with acquired management contracts may prove
difficult and result in lower than expected revenues. --
International conflicts and the ongoing threat of terrorism may
adversely affect the general economy, financial and capital markets
and our business. 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. For more complete information
about the Hennessy Funds, including fees and expenses, call
800-966-4354 to obtain a free prospectus. Read it carefully before
you invest or send money. The distributor for the Hennessy Funds is
Quasar Distributors, LLC. DATASOURCE: Hennessy Advisors, Inc.
CONTACT: Terry Nilsen of Hennessy Advisors, Inc., +1-415-899-1555
or, fax, +1-415-899-1559 Web site: http://www.hennessy-funds.com/
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