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Friday, January 30, 2009

Earnings Turn Negative For Another Fund Firm

Reported by Neil Anderson, Managing Editor

2008 took a particularly rough toll on Hennessy Advisors' AUM, but the firm continues to hunt for acquisitions. Like many other assets managers, the Novato, California-based firm saw its earnings swing negative, from $0.12 per share for the quarter ended December 31, 2007 to -$0.01 per share for the quarter ended December 31, 2008. And the firm also saw its assets under management decline from year-over-year from $1.426 billion to $641 million.

"2008 was an absolutely abysmal year for investors and money managers alike," stated president and CEO Neil Hennessy, adding that he's in the midst of a deal. "We are in the midst of a $200 million asset acquisition, and we continue to aggressively seek out and pursue opportunities to acquire additional mutual fund assets."

The firm's outstanding debt also fell 61.6 percent year-over-year to $2.5 million. 

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