Hennessy Advisors, Inc. (OTC Bulletin Board: HNNA) today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.16 for the fiscal year ended September 30, 2010. Earnings increased over 633% versus the prior fiscal year, which were a loss of $(0.03) per share. The increase in earnings is attributable to assets under management as well as a reduction in fixed costs. While 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.
"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," said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. "Our balance sheet remains strong, we continued to pay our annual dividend and we initiated a stock buyback program this year," he added.
"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," said Mr. Hennessy.
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