NOVATO,
Calif., Aug. 8, 2024 /PRNewswire/ -- Hennessy
Advisors, Inc. (Nasdaq: HNNA) reported results for its third
fiscal quarter of 2024, which ended June 30,
2024. The firm also announced a quarterly dividend of
$0.1375 per share to be paid on
September 5, 2024, to shareholders of
record as of August 22, 2024, which
represents an annualized dividend yield of 6.6%.*
"The U.S. stock market continues to perform well in 2024, with
the Dow Jones Industrial Average up 4.79% and the S&P
500® Index up 15.29% for the calendar year-to-date
through June 30, 2024. Even the most
persistent stock market naysayers seem to have come to a consensus
that the markets will likely remain positive through the end of the
year. Investors appear to be optimistic about lower inflation data,
continued earnings growth, possible interest rate cuts, and solid
2.3% GDP growth estimates for 2024 – and rightly so in my opinion,"
said Neil Hennessy, Chairman and
CEO. "We at Hennessy Funds are proud to manage a successful fund
lineup. Our family of funds has delivered both recent solid returns
and consistent long-term results," he added.
"We are both pleased with our product performance and encouraged
by the flows into our funds. In the nine months ended June 30, 2024, we have grown assets under
management by nearly $1 billion, due
to our three-pronged effort of fund acquisitions of $72 million, net inflows of $364 million, and fund performance of
$560 million," said Teresa Nilsen, President and COO. "With our
total assets under management over $4 billion, we are notably
increasing net income, earnings per share, and cash flow over prior
periods," she added.
Summary Highlights (compared to the prior comparable
quarter ended June 30, 2023):
- Total revenue of $7.8 million, an
increase of 37%.
- Net income of $2.0 million, an
increase of 82%.
- Fully diluted earnings per share of $0.26, an increase of 73%.
- Average assets under management, upon which revenue is earned,
of $3.9 billion, an increase of
37%.
- Total assets under management of $4.0
billion, an increase of 36%.
- Cash and cash equivalents, net of gross debt, of $21.8 million, an increase of 14%.
|
|
Three Months Ended
June 30,
|
|
Change
|
|
|
2024
|
|
2023
|
|
Amount
|
|
Percent
|
|
Total
Revenue
|
|
$
7,784,523
|
|
$
5,701,330
|
|
$
2,083,193
|
|
36.5 %
|
|
Net Income
|
|
2,029,527
|
|
1,116,039
|
|
913,488
|
|
81.9 %
|
|
Earnings Per Share
(Diluted)
|
|
0.26
|
|
0.15
|
|
0.11
|
|
73.3 %
|
|
Weighted Average Number
of Shares Outstanding (Diluted)
|
|
7,732,068
|
|
7,605,689
|
|
126,379
|
|
1.7 %
|
|
Average Fund
Assets Under Management
|
|
3,893,131,722
|
|
2,850,912,822
|
|
1,042,218,900
|
|
36.6 %
|
|
|
|
|
|
|
|
|
|
|
|
As of June
30,
|
|
|
|
|
|
|
2024
|
|
2023
|
|
|
|
|
|
Total Fund
Assets Under Management
|
|
$
4,027,830,779
|
|
$
2,964,013,210
|
|
$
1,063,817,569
|
|
35.9 %
|
|
Cash and Cash
Equivalents, Net of Gross Debt Balance
|
|
21,767,015
|
|
19,149,184
|
|
2,617,831
|
|
13.7 %
|
* Based on the closing stock price of $8.34 on August 7,
2024, and an annualized dividend of $0.55 per share.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc.
is a publicly traded investment manager offering a broad range of
domestic equity, multi-asset, and sector and specialty funds.
Hennessy Advisors, Inc. is committed to providing superior service
to shareholders and employing a consistent and disciplined approach
to investing based on a buy‑and‑hold philosophy that rejects the
idea of market timing.
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.
Forward-Looking Statements
This press release contains
"forward-looking statements" for which Hennessy Advisors, Inc.
claims the protection of the safe harbor contained in the Private
Securities Litigation Reform Act of 1995. Forward‑looking
statements relate to expectations and projections about future
events based on currently available information. Forward‑looking
statements are not a guarantee of future performance or results and
are not necessarily accurate indications of the times at which, or
means by which, such performance or results may be
achieved. Forward‑looking statements are subject to risks,
uncertainties, and assumptions, including those described in the
sections entitled "Risk Factors" and elsewhere in the reports that
Hennessy Advisors, Inc. files with the Securities and Exchange
Commission. Unforeseen developments could cause actual performance
or results to differ substantially from those expressed in, or
suggested by, the forward‑looking statements. Hennessy Advisors,
Inc. management does not assume responsibility for the accuracy or
completeness of the forward-looking statements and undertakes no
responsibility to update any such statement after the date of this
press release to conform to actual results or to changes in
expectations.
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SOURCE Hennessy Advisors, Inc.
