HENNESSY ADVISORS, INC. ANNOUNCES
SECOND QUARTER EARNINGS OF $0.06 PER SHARE AND DECLARES QUARTERLY DIVIDEND
Novato, CA – May 6, 2011 – Hennessy Advisors, Inc. (OTCBB:HNNA) today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.06 for the second quarter which ended March 31, 2011. At the same time, the Board of Directors of Hennessy Advisors, Inc. declared a quarterly cash dividend of 2.5 cents per share. The dividend will be paid on June 9, 2011 to shareholders of record as of May 19, 2011. While total assets under management decreased approximately 5%, there were very small changes to average assets and total revenue versus the prior comparable period. However, net income increased by 58% and earnings per share increased by 50% during the same period due to a reduction in expenses.
“We are pleased to report our quarterly earnings and to announce our quarterly dividend. The company is once again showing an improvement in earnings versus the prior comparable period,” said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. “This first three months of 2011 were a turbulent time for the world and for the financial markets. The long term effects of the devastating earthquake in Japan combined with the unrest in North Africa and the Middle East created uncertainty around the world, but most US investors experienced modest to strong gains for the period. Here at Hennessy Advisors we remain steadfastly focused on our long range business plan and on operating as leanly as possible. We are committed to bringing consistent results to our shareholders. I believe that even through all this global uncertainty, the United States economy is continuing on its road to a steady recovery and that the major financial indices will have solid returns this year,” he added.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager of a wide range of both domestic and international equity products. Hennessy Advisors, Inc. is committed to its consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.
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