HENNESSY ADVISORS, INC. ANNOUNCES QUARTERLY EARNINGS OF $0.30 PER SHARE
FIRM ALSO DECLARES QUARTERLY DIVIDEND
Novato, CA –May 5, 2014 – Hennessy Advisors, Inc. (NASDAQ:HNNA) today reported fully diluted earnings per share of $0.30 for the second fiscal quarter ended March 31, 2014, an increase of 50% over the prior comparable period ended March 31, 2013. During the same time period, total assets under management increased 40% to $4.8 billion, and likewise, average assets under management, upon which revenue is calculated, increased by 43%. The increase in assets under management is attributable to both strong investment performance of and positive net purchases into the Hennessy family of mutual funds.
Additionally, the Board of Directors of Hennessy Advisors, Inc. today declared a quarterly dividend of $0.04 per share. This dividend will be paid on June 12, 2014 to shareholders of record as of May 20, 2014.
“The U.S. economy, the financial markets and our mutual funds all continue to demonstrate positive momentum, and we believe the inflows into our funds are an indication that investors are gradually returning to the equity markets after many years of investing in fixed income products,” said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. “American corporations are producing record profits, which we believe bodes well for the stock market, and at Hennessy Advisors we are focused on building and hopefully expanding the success of our marketing and sales program,” he added.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is. a publicly traded investment manager offering a broad range of domestic equity, sector and specialty, and balanced and fixed income 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.
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.