Hennessy Advisors, Inc. Annual Earnings Increase 151%
15 Dicembre 2004 - 12:06AM
PR Newswire (US)
Hennessy Advisors, Inc. Annual Earnings Increase 151% NOVATO,
Calif., Dec. 14 /PRNewswire-FirstCall/ -- Hennessy Advisors, Inc.
(OTC:HNNA) (BULLETIN BOARD: HNNA) Chief Executive Officer and
President, Neil Hennessy, announced fully diluted earnings per
share of $1.63 for the fiscal year ended September 30, 2004, up
from $.65 in the prior fiscal year, an increase of 151%. Growth in
income is primarily attributable to increased mutual fund assets
under management. Total mutual fund assets increased by almost 50%,
growing by $387 million to $1.222 billion at September 30, 2004,
compared to $835 million at September 30, 2003. "I am extremely
pleased with our financial results, particularly in light of the
volatile market we've experienced this year and the increasing
challenges in managing mutual funds," said Mr. Hennessy. "With our
revenue nearly doubling and income and earnings each increasing
over 150% versus last year, we anticipate that our investors will
be quite happy with our results. We will continue our commitment to
grow our assets under management for the benefit of our
shareholders." Hennessy Advisors, Inc. Financial Highlights Period
to Period Twelve Months Ended Fiscal Year Sept. 30, 2004 Sept. 30,
2003 $ Change % Change Total Revenue $9,545,189 $4,787,528
$4,757,661 99.4% Net Income $2,765,006 $1,061,988 $1,703,018 160.4%
Earnings per share (diluted) $1.63 $0.65 $0.98 150.8% Weighted
Average number of shares outstanding 1,700,559 1,635,691 64,868
4.0% At Period Ending Date Sept. 30, 2004 Sept. 30, 2003 $ Change %
Change Mutual Fund Assets Under Management $1,222,073,102
$835,138,565 $386,934,537 46.3% Hennessy Advisors, Inc., located in
Novato, CA, is the advisor to five no-load mutual funds. The
Hennessy Funds employ superb, time-tested stock selection formulas
and manage their funds with unwavering discipline and consistency.
Hennessy Funds serves clients with integrity, honesty and candor,
and their 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, 2004, filed December 14, 2004, with the U.S.
Securities and Exchange Commission, including, without limitation,
the "Risk Factors" section of the 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. -- 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.
Mutual fund investing involves risk; loss of principal is possible.
While the Hennessy Funds are no-load, management and distribution
fees and other expenses apply. 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. Available Topic Expert(s): For information on
the listed expert(s), click appropriate link. Neil J. Hennessy
http://www.profnet.com/ud_public.jsp?userid=496838 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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