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North Bay Business Journal

Thursday, August 2, 2012, 5:17 pm

Hennessy Advisors reports lower third-quarter profit, declares dividend

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    NOVATO — Hennessy Advisors, Inc. (OTCBB: HNNA) today reported net income decreased nearly 14 percent in its third fiscal quarter.

    Net income in its third quarter, ended June 30, was $352,272, a 13.9 percent decrease from a year before.

    Despite that dip, and citing steady growth to mutual funds and a strong balance sheet, the company’s board of directors approved a quarterly dividend of 31/8 cents per share, payable Sept. 5 to shareholders of record as of Aug. 20.

    Average assets under management decreased 9.4 percent compared with the same quarter last year, with $809.2 million under management as of June 30.

    “I am very encouraged that Hennessy Advisors continued to turn a profit during our third fiscal quarter,” said Neil Hennessy, president, chairman and CEO. “I am more convinced than ever that our economy is in a slow but steady recovery.”

    Hennessy Advisors announced a definitive agreement to purchase assets managed by Arlington, Va.-based FBR funds in June, a move expected to grow the company’s assets under management to $2.7 billion. The purchase is expected to be completed in Hennessy’s fourth quarter.

    Hennessy’s stock price was unchanged at $2.82 a share Thursday.

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