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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, DC 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported):          August 8, 2024
 
HENNESSY ADVISORS, INC.
 
(Exact name of registrant as specified in its charter)
 
California
001-36423
68-0176227
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
7250 Redwood Blvd., Suite 200
               Novato, California               
94945
(Address of principal executive offices)
(Zip code)
 
Registrant’s telephone number including area code: (415) 899-1555
 
Not Applicable
(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)
 
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading symbol
Name of each exchange on which registered
Common stock, no par value
HNNA
The Nasdaq Stock Market LLC
4.875% Notes due 2026
HNNAZ
The Nasdaq Stock Market LLC
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
 
Emerging growth company          ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 
1
 
 
Item 2.02.
Results of Operations and Financial Condition
 
On August 8, 2024, Hennessy Advisors, Inc. (the “Company”) issued a press release announcing its financial results for the fiscal quarter ended June 30, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference herein.
 
Item 7.01.
Regulation FD Disclosure
 
On August 8, 2024, the Company issued a press release announcing that it had declared a cash dividend of $0.1375 per share on its common stock. The cash dividend is payable September 5, 2024, to shareholders of record at the close of business on August 22, 2024. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference herein.
 
Item 9.01.
Financial Statements and Exhibits
 
EXHIBIT INDEX
 
Exhibit
Description
   
99.1
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
2
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
  HENNESSY ADVISORS, INC.  
       
       
       
August 8, 2024 By: /s/ Teresa M. Nilsen  
    Teresa M. Nilsen  
    President  
 
3

Exhibit 99.1

 

 a01.jpg

 

Media Contacts:
Teresa Nilsen 

Hennessy Advisors, Inc.                                    

Terry@hennessyadvisors.com; 800-966-4354          

Hibre Teklemariam

SunStar Strategic

HTeklemariam@sunstarstrategic.com; 703-894-1057

 

 

FOR IMMEDIATE RELEASE

Hennessy Advisors, Inc. Reports 73% Increase in Quarterly
Earnings Per Share and Announces Quarterly Dividend

 

August 8, 2024, Novato, CA - 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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Document And Entity Information
Aug. 08, 2024
Document Information [Line Items]  
Entity, Registrant Name HENNESSY ADVISORS, INC.
Document, Type 8-K
Document, Period End Date Aug. 08, 2024
Entity, Incorporation, State or Country Code CA
Entity, File Number 001-36423
Entity, Tax Identification Number 68-0176227
Entity, Address, Address Line One 7250 Redwood Blvd.
Entity, Address, City or Town Novato
Entity, Address, State or Province CA
Entity, Address, Postal Zip Code 94945
City Area Code 415
Local Phone Number 899-1555
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Entity, Emerging Growth Company false
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Entity, Central Index Key 0001145255
CommonStockNoParValue Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Common stock, no par value
Trading Symbol HNNA
Security Exchange Name NASDAQ
NotesDue20264875 Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security 4.875% Notes due 2026
Trading Symbol HNNAZ
Security Exchange Name NASDAQ
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