Hennessy Advisors, Inc. Announces Annual Earnings of $0.17 Per Share PR Newswire NOVATO, Calif., Dec. 6, 2012 NOVATO, Calif., Dec. 6, 2012 /PRNewswire/ --Hennessy Advisors, Inc. (OTCBB:HNNA) today reported fully diluted earnings per share for the fiscal year ended September 30, 2012 of $0.17, a decrease from the prior fiscal year earnings of $0.21 per share. Total assets under management increased almost 23% from $749 million at the beginning of the fiscal year to $919 million at the end of the fiscal year, primarily driven by positive market impact. However, based on the timing of asset flows throughout the fiscal year, the average level of assets under management during the period dropped to $823 million from $883 million for the previous year. "Our business strategy is two-fold: to grow our mutual fund assets under management through marketing and sales, and to strategically purchase management related assets. Despite strong returns for the major U.S. financial market indices and positive performance for each of the Hennessy Funds, we believe that investors are still fearful and that confidence has not yet fully returned, and net flows into our Funds were roughly flat for the year," said Neil Hennessy, President, Chairman & CEO of Hennessy Advisors, Inc. "Fiscal 2012 did present a fantastic opportunity for Hennessy Advisors, Inc. to make a strategic purchase of assets. On October 26th, 2012, we successfully completed the purchase of the assets of the family of ten FBR Funds, bringing our total assets under management to $3.1 billion. The Hennessy Family of Funds now includes sixteen mutual funds, including traditional domestic equity, sector specific and specialty categories, as well as more conservative balanced and fixed income funds," he added. "All of us at Hennessy Advisors are confident that continuing to focus on our successful and proven business model, while showcasing the newly expanded Hennessy Funds line-up, positions the company well for today and for the future," said Mr. Hennessy. About Hennessy Advisors, Inc. Hennessy Advisors, Inc. is the publicly traded investment manager of the Hennessy Funds. Hennessy offers a broad range of domestic equity, sector and specialty, and balanced and fixed income products. Hennessy employs a consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach. 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. Hennessy Advisors, Inc. Financial Highlights Year to Year Twelve Months Ended Fiscal Year Sept. 30, 2012 Sept. 30, 2011 $ Change % Change Total Revenue $ $ $ -7.5% 7,071,709 7,644,116 (572,407) Net Income $ $ $ -20.1% 970,875 1,214,959 (244,084) Earnings per share $ $ $ -19.0% (diluted) 0.17 0.21 (0.04) Weighted Average number of shares outstanding 5,754,336 5,743,628 10,708 0.2% (diluted) Mutual Fund Average Assets Under Management $ $ $ -6.8% 823,432,620 883,819,028 (60,386,408) At Period Ending Sept. 30, 2012 Sept. 30, 2011 $ Change % Change Date Mutual Fund Total Assets Under Management $ $ $ 22.7% 919,261,936 749,310,346 169,951,590 Retained Earnings $ $ $ 1.8% 15,747,939 15,462,221 285,718 SOURCE Hennessy Advisors, Inc. Website: http://www.hennessyadvisors.com Contact: Tania Kelley, Hennessy Advisors, Inc., +1-800-966-4354, +1-415-899-1555
Hennessy Advisors, Inc. Announces Annual Earnings of $0.17 Per Share
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