Hennessy Advisors, Inc. announced on Friday fully diluted earnings per share of $0.16 for the fiscal year ended September 30, 2010. Earnings increased over 633 percent versus the prior fiscal year, which were a loss of $(0.03) per share. The increase in earnings is due to assets under management and a reduction in fixed costs.
Total assets under management decreased slightly from the beginning of fiscal year 2010 to the end ($923 million on Sept. 30, 2009 to $892 million on Sept. 30, 2010). The average level of assets during the entire year was $903 million. By comparison, during fiscal year 2009 assets averaged $713 million over the entire year.
Mr. Neil Hennessy, President, Chairman, and CEO of Hennessy Advisors, Inc., said, “We are very pleased to announce that the company has returned to profitability, with strong earnings for fiscal 2010 following a small loss per share in 2009. Our balance sheet remains strong, we continued to pay our annual dividend and we initiated a stock buyback program this year.”
Mr. Hennessy further said, “Hennessy Advisors is made up of a strong team of professionals who work together for the common goal of serving our long-term shareholders. We will continue to build on past successes, seek acquisitions and pursue strategic marketing and sales opportunities.”
Headquartered in Novato, California, Hennessy Advisors, Inc. is a publicly traded investment manager of a broad spectrum of domestic and international equity products. Hennessy Advisors manages two series of funds – The Cornerstone Series and the Select Series.
The Cornerstone Series consists of funds that follow purely quantitative formulas and are managed directly by Hennessy Advisors. The Select Series consists of funds that are actively managed and employ seasoned, highly qualified sub-advisors. Hennessy offers both Original and Institutional share classes. The Company is committed to their consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.
For more information visit: www.hennessyadvisors.com