NOVATO -- Hennessy Advisors, Inc. (OTCBB: HNNA) on Thursday announced a 92.3 percent year-over-year increase in earnings per share for their first fiscal quarter ended Dec. 31.
Noting a year of growth in the aftermath of a major acquisition in October of 2012, the Novato-based investment management firm saw quarterly net income rise 89.7 percent, to $1.46 million, for the three-month period. Hennessy Advisors earned 25 cents per share, and announced a 28 percent increase in its quarterly dividend.
"We believe we offer a strong and compelling suite of investment products, and we are pleased that such a large number of financial advisers and individual investors nationally have now chosen Hennessy," said Neil Hennessy, president, chairman and chief executive, in a statement.
Hennessy Advisors grew approximately three-fold, to around $3 billion in assets under management, after the acquisition of assets under the former FBR funds. The company most recently reported $4.48 billion in assets under management and 16 mutual funds.
"We are also pleased with the performance of our products, with each of our 16 funds delivering positive performance in 2013, and to report such strong financial results and an increased dividend for our Hennessy Advisors, Inc. shareholders," Mr. Hennessy said.
The company has increased its dividend six times since it began paying a dividend to shareholders in 2005. It will pay four cents per share on March 10 to shareholders of record as of Feb. 14.
Total revenue increased 68.4 percent, to $7.9 million.