NOVATO, Calif., Jan. 18, 2011 /PRNewswire/ -- Hennessy Advisors, Inc. (OTC Bulletin Board: HNNA) today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.05 for the first quarter of 2011, which ended December 31, 2010. While total assets under management decreased by approximately 6%, a corresponding reduction in expenses drove an increase in earnings per share of 25% versus the prior comparable period.
"We are pleased to report that our first quarter earnings have increased versus last year, despite tremendous volatility in the financial markets," said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. "We continue to diligently monitor and reduce operational costs wherever possible. The company is lean, and I believe that as the economy continues its recovery, any increase in assets under management will strongly benefit our bottom line," he added.
Hennessy Advisors, Inc. Financial Highlights Period to Period Three Months Ended First Quarter Dec. 31, 2010 Dec. 31, 2009 ------------- ------------- ------------- Total Revenue $1,949,259 $1,998,643 ------------- ---------- ---------- Net Income $266,258 $203,467 ---------- -------- -------- Earnings per share (diluted) $0.05 $0.04 ------------ ----- ----- Weighted Average number of shares outstanding (diluted) 5,719,554 5,697,476 ------------ --------- --------- Mutual Fund Average Assets Under Management $896,409,336 $932,981,918 ----------- ------------ ------------ At Period Ending Date Dec. 31, 2010 Dec. 31, 2009 ------------ ------------- ------------- Mutual Fund Total Assets Under Management $885,353,734 $944,915,487 ----------- ------------ ------------ Retained Earnings $14,944,131 $15,003,850 --------- ----------- ----------- First Quarter $Change % Change ------------- ------- -------- Total Revenue $(49,384) -2.5% ------------- -------- ---- Net Income $62,791 30.9% ---------- ------- ---- Earnings per share (diluted) $0.01 25.0% ------------ ----- ---- Weighted Average number of shares outstanding (diluted) 22,078 0.4% ------------ ------ --- Mutual Fund Average Assets Under Management $(36,572,582) -3.9% ----------- ------------ ---- At Period Ending Date $Change % Change ------------ ------- -------- Mutual Fund Total Assets Under Management $(59,561,753) -6.3% ----------- ------------ ---- Retained Earnings $(59,719) -0.4% --------- -------- ---- About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager of a wide range of both domestic and international equity products. Hennessy Advisors, Inc. is committed to its consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.
Supplemental Information
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Neil J. Hennessy
http://www.profnetconnect.com/neil_hennessy
Hennessy Advisors, Inc.
CONTACT: Tania Kelley of Hennessy Advisors, Inc., 1-800-966-4354,
+1-415-899-1555
Web Site: http://www.hennessyadvisors.com/
