NOVATO -- Fueled by an acquisition that significantly increased its assets under management, Hennessy Advisors, Inc. (OTCBB: HNNA) today announced a 400 percent increase in second-quarter earnings.
Those earnings were equivalent to 20 cents per share, compared with 4 cents per a year before. Net income for the quarter was $1.1 million, up more than 350 percent. Total revenue of $5.9 million represented an annual increase of more than 250 percent.
"We are pleased with our performance during the second quarter of our fiscal year, which was fortified by the solid positive returns in each of the sixteen mutual funds we manage," said Neil Hennessy, president, chairman and CEO of Hennessy Advisors, in the announcement.
After completing its acquisition of fund assets under FBR & Co. in October of last year, assets under management at Hennessy Advisors have increased by 258 percent and were $3.4 billion at the end of the quarter.
The investment management firm's board of directors announced a quarterly dividend of 3-and-one-eigth cents per share, payable on June 17 to shareholders of record as of May 24. The company noted that its stock price at the close of trading on May 8, $6.43 per share, made for a 1.9 percent annualized yield.