NOVATO -- Hennessy Advisors, Inc. (OTCBB: HNNA), a Novato-based investment manager, reported total revenue of $1.73 million in the first three months of 2012, and the board of directors declared a quarterly dividend of 3.125 cents per share.
Revenue for the quarter was 12.6 percent lower than during the same period in 2011, following a 12 percent decrease in the average value of assets under management, according to the company.
Net income was 25.8 percent lower, at $246,000, compared to the same period.
“Hennessy Advisors has remained profitable for the second quarter of the fiscal year and our cash position has grown, allowing the board of directors to once again confidently vote to pay the quarterly dividend to our shareholders,” said Neil Hennessy, president, chairman and CEO, in a statement. “With positive market momentum over the past two quarters, I remain very optimistic that our economy is in a solid and sustainable recovery and that investor confidence will continue to rise.”
Earnings represented 4 cents per share. Retained earnings rose 2.7 percent, to $15.5 million.
The dividend will be paid on June 8 to shareholders of record as of May 18, according to the company.
As of March 31, Hennessy Advisors has $814.9 million in total mutual fund assets under management, an 11 percent reduction from the same point in 2011.