NOVATO -- Assets under management at Hennessy Advisors, Inc. (OTCBB: HNNA) increased 22.7 percent for the fiscal year ended Sept. 30, to $919 million, according to an announcement today.

The period does not include impact from the firm's acquisition of ten investment funds under management of Arlington Va.-based FBR Funds, a major move orchestrated throughout that fiscal year that ultimately increased Hennessy's total assets under management to more than $3 billion.

Net revenue was $7.1 million for the fiscal year ended Sept. 30, a 7.5 percent decline from the prior year and leading to 17 cents in diluted earnings per share. Net income declined 20 percent, to nearly $971,000.

"Despite strong returns for major U.S. financial market indices and positive performance for each of the Hennessy funds, we believe that investors are still fearful that confidence has not yet fully returned, and net flows into our funds were roughly flat for the year," said Neil Hennessy, president chairman and CEO of Hennessy Advisors, in a statement.

He noted the significance of the $28 million FBR acquisition -- the 14th acquisition for Hennessy Advisors.

"Fiscal 2012 did present a fantastic opportunity for Hennessy Advisors, Inc. to make a strategic purchase of assets," he said. "The Hennessy family of funds now includes sixteen mutual funds, including traditional domestic equity, sector specific and specialty categories, as well as more conservative balanced and fixed income funds."