Hennessy Advisors reports 49% rise in income

NOVATO -- Hennessy Advisors, Inc. (NASDAQ:HNNA) on Wednesday reported fully diluted earnings per share of $0.35 for the third fiscal quarter ended June 30, 2014, an increase of 46 percent over the prior comparable period ended June 30, 2013. Net income rose 49 percent to $2.045 million.

Total assets under management as of June 30, 2014 were $5.4 billion, which represents an increase of almost 50 percent versus June 30, 2013.  Likewise, average assets under management, upon which revenue is calculated, increased by 40 percent from period to period.  The increase in assets under management is attributable to both strong investment performance of and positive net purchases into the Hennessy family of mutual funds. 

The board of directors of Hennessy Advisors, Inc. today also declared a quarterly dividend of $0.04 per share.  This dividend will be paid on Sept. 15, 2014 to shareholders of record as of August 21, 2014.   

 “The financial markets continued to deliver strong results over the quarter, with the Dow Jones Industrial Average recently hitting an all-time high. Our mutual funds demonstrated momentum as well, as each of our sixteen funds delivered positive performance over the 1-, 3-, 5- and 10-year periods (ended June 30, 2014),” said Neil Hennessy, president, chairman and CEO of Hennessy Advisors, Inc. “While the markets may experience short term periods of volatility, I continue to believe that the fundamentals underlying the financial markets are viable and that we should see moderate market returns over the long run. Through any market rallies or inevitable pull-backs, here at Hennessy Advisors, we are committed to building shareholder value by focusing on our business strategy for the long term,” he added.

The price of each Hennessy share at the close of trading Wednesday was $15.95, down 5 cents from Tuesday.

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