NOVATO — Hennessy Advisors, Inc. (OTCBB: HNNA) today announced record earnings for their fiscal year ended Sept. 30, fueled in part by benefits of a $2.2 billion acquisition earlier this year.
With assets under management up 339 percent over the year, the Novato-based investment manager announced annual earnings per share of 83 cents — up 388 percent from fiscal year 2012. The company had over $4 billion in assets under management as of Sept. 30, compared to $919 million at the same time one year prior.
The company had total revenue of $24.3 million for the year — up 243.7 percent — and net income of $4.8 million — up 396.5 percent.
Those gains were significantly supported by the acquisition of $2.2 billion in assets formerly under management of Arlington- Va.-based FBR Funds, a transaction that closed in October. The move nearly tripled the firm’s assets under management, and helped to fuel market appreciation of around $648 million and net capital inflow of $243 million for the year.
Hennessy Advisors surpassed $4 billion in assets under management in mid September, a major milestone for the nearly 25-year-old firm.
“The financial markets have delivered strong results for investors this year, and I continue to believe we will see the Dow Jones Industrial Average hit 20,000 in the next three to five years,” said Neil Hennessy, president, chairman and CEO. ”Looking forward to 2014, Hennessy Advisors will continue our sustained focus on our proven business model of growing our assets under management through acquisitions and through strong marketing and distribution efforts.”
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