PR Newswire
NOVATO, Calif., Aug. 2, 2023
NOVATO, Calif., Aug. 2, 2023 /PRNewswire/ -- Hennessy Advisors, Inc. (Nasdaq:HNNA) reported results for its third fiscal quarter of 2023, which ended June 30, 2023. The firm also announced a quarterly dividend of $0.1375 per share to be paid on September 6, 2023, to shareholders of record as of August 23, 2023, which represents an annualized dividend yield of 7.8%.*
"The three major market indices were up during the quarter ended June 30, 2023. Our economy is currently experiencing moderate inflation, employment remains consistently strong, and corporate earnings are looking better than earlier projected," said Neil Hennessy, Chairman and CEO of Hennessy Advisors, Inc. "Even if the Federal Reserve incrementally increases interest rates, I believe the U.S. economy will still continue to show favorable signs for extended growth," he added.
"In a market where eight stocks in the S&P 500 Index (Microsoft, Tesla, Meta, Apple, Amazon, Netflix, Nvidia, and Alphabet) are producing approximately 75% of the index's performance (year to date as of June 30), it is encouraging to see value investing, based on practical fundamentals, producing solid gains. Our mutual funds continue to deliver healthy returns as evidenced by recent accolades," he added.
"This recent quarter reflects the continued execution of our consistent business model to drive organic growth and to identify strategic acquisitions," said Teresa Nilsen, President and COO. "Although our total assets under management were down since June last year, our assets under management have increased over 4% in the last three months, and in April of this year we announced the intent to acquire the assets of the CCM Equity Funds. Pending shareholder approval of the transaction, the CCM Equity Fund assets will be reorganized into the Hennessy Stance ESG ETF."
"We also continue diligently managing our balance sheet as cash, net of debt, is up 11% in the last 12 months," she added.
Summary Highlights (compared to the prior comparable quarter ended June 30, 2022):
| | | | | | | ||
| | Three Months Ended June 30, | | Change | ||||
| | 2023 | | 2022 | | Dollar | | Percent |
Total Revenue | | $ 5,701,330 | | $ 6,909,032 | | $ (1,207,702) | | -17.5 % |
Net Income | | 1,116,039 | | 1,301,132 | | (185,093) | | -14.2 % |
Earnings Per Share (Diluted) | | 0.15 | | 0.17 | | (0.02) | | -11.8 % |
Weighted Average Number of Shares Outstanding (Diluted) | | 7,605,689 | | 7,577,134 | | 28,555 | | 0.4 % |
Average Assets Under Management | | 2,850,912,822 | | 3,439,130,612 | | (588,217,790) | | -17.1 % |
| | | | | | | | |
| | As of June 30, | | | | | ||
| | 2023 | | 2022 | | | | |
Total Assets Under Management | | $ 2,964,013,210 | | $ 3,155,565,937 | | $ (191,552,727) | | -6.1 % |
Cash and Cash Equivalents, Net of Gross Debt Balance | | 19,149,184 | | 17,230,311 | | 1,918,873 | | 11.1 % |
* Based on the closing stock price of $7.01 on August 1, 2023, and an annualized dividend of $0.55 per share.
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager offering a broad range of domestic equity, multi-asset, and sector and specialty funds. Hennessy Advisors, Inc. is committed to providing superior service to shareholders and employing a consistent and disciplined approach to investing based on a buy‑and‑hold philosophy that rejects the idea of market timing.
Supplemental Information
Nothing in this press release shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase, or sale would be unlawful under the securities laws of such jurisdiction.
Forward-Looking Statements
This press release contains "forward-looking statements" for which Hennessy Advisors, Inc. claims the protection of the safe harbor contained in the Private Securities Litigation Reform Act of 1995. Forward‑looking statements relate to expectations and projections about future events based on currently available information. Forward‑looking statements are not a guarantee of future performance or results and are not necessarily accurate indications of the times at which, or means by which, such performance or results may be achieved. Forward‑looking statements are subject to risks, uncertainties, and assumptions, including those described in the sections entitled "Risk Factors" and elsewhere in the reports that Hennessy Advisors, Inc. files with the Securities and Exchange Commission. Unforeseen developments could cause actual performance or results to differ substantially from those expressed in, or suggested by, the forward‑looking statements. Hennessy Advisors, Inc. management does not assume responsibility for the accuracy or completeness of the forward-looking statements and undertakes no responsibility to update any such statement after the date of this press release to conform to actual results or to changes in expectations.
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SOURCE Hennessy Advisors, Inc.
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