NOVATO — Hennessy Advisors, Inc. (Nasdaq: HNNA) on Monday announced a 57.5 percent increase in net income comparing the first three months of 2014 to the same period last year.
The Novato-based mutual fund and investment firm had net income of $1.8 million in its second fiscal quarter. Those earnings were equivalent to 30 cents per share.
The company’s board of directors on Monday also approved a four-cent quarterly dividend, payable on June 12 to shareholders of record as of May 20.
Average assets under management grew 43.2 percent over the 12-month period, averaging $4.6 billion for the recent quarter. Retained earnings of $22.6 million had increased 31 percent for the same period.
“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, in the announcement.
Hennessy Advisors shifted its shares to the Nasdaq one week prior to its earnings announcement. The company has traded over the counter since 2002.
Copyright © 1988–2015 North Bay Business Journal
View the policy for linking to website content.