Advisors, Inc. Reports Fiscal Year 2002 Results
2002-11-20 09:00 (New York)
NOVATO, Calif., Nov. 20 /PRNewswire-FirstCall/ -- Hennessy Advisors,
Inc. (OTC Bulletin Board: HNNA) President and CEO Neil Hennessy
announced earnings per share of $.23 for the fiscal year ended September
30, 2002, an increase of 9.5% from $.21 in the comparable 2001 period.
This year's results include a $.07 per share increase from a gain
on extinguishment of debt. As of June 30, 2002, the Company had
no outstanding debt. Net income increased 55.3% to
$308,697 from $198,739 last year. These increases were attributable
to an increase in mutual fund assets under management of 92.3% to
$373.6 million. The strong performance of the mutual funds under
management, combined with a public relations campaign directly attributed
to the growth of Hennessy Advisors' assets.
Hennessy stated, "I was pleased that the Company was able to
grow its asset base under the current financial market conditions.
In an environment where most asset managers were losing assets from
market impact or from poor performance, Hennessy Advisors was able
to grow substantially. Our focus on disciplined investing and our
straightforward management style has produced great results. Our
mutual fund customers and the financial media are
beginning to see the benefits of the way we manage money."
Hennessy also gave credit to his team. "The Hennessy team of
talented and dedicated professionals has done an excellent job of
serving our customers and building our assets. I believe that we
are in a strong position to continue to grow our market share and
we are all committed to growing our earnings per share for our shareholders."
Advisors, Inc., located in Novato, CA, is the advisor to four no-
load mutual funds, satisfying a variety of investment horizons and
risk tolerance levels. Each of the Hennessy Funds employs a unique
and powerful money management approach combining superior, 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.
Hennessy Advisors, Inc.
to Year Comparison
Fiscal Year October 1, 2001 to September 30, 2002
THREE MONTHS ENDED
Average number of shares outstanding
Averagenumber of shares outstanding
Period Ending Date
Fund Assets Under Management
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 recent Form SB-2 Registration
Statement filed November 21, 2001 with the U.S. Securities and Exchange
Commission, including, without limitation, the "Risk Factors"
section of the Management's Discussion and Analysis of Financial
Condition and Results of Operations. The following
affect the actual results of the Company:
Continuing volatility in the equity markets have caused the levels
our assets under management to fluctuate significantly.
Continued weak market conditions may lower our assets under management
and reduce our revenues and income.
We face strong competition from numerous and sometimes larger
Changes in the distribution channels on which we depend could
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
The ongoing threat of terrorism may adversely affect the general
economy, financial and capital markets and our business.
Nothing in this section shall be considered a solicitation to buy
offer to sell a security to any person in any jurisdiction where
solicitation, purchase or sale would be unlawful under the securities