Thanks to its latest acquisition, Hennessy Advisors reported
hefty earnings and assets growth during the quarter ended Dec. 31, 2012.
The growth comes after Hennessy closed
its purchase of FBR Funds
on October 26.
The firm reported fully diluted earnings per share of $0.13 for the first quarter, an increase of 333 percent over the previous period ended December 31, 2011. Total assets under management increased 287 percent to over $3 billion, and average assets increased by 216 percent, producing a corresponding increase in revenue, net income and earnings per share versus the prior comparable period.
The company also reported that its board of directors declared a quarterly dividend of $0.03125 per share to be paid on February 25, 2013 to shareholders of record as of February 1, 2013. Based on the Hennessy Advisors, Inc. stock price at the close of business on January 17, 2013 of $5.44 per share, this dividend, when annualized, represents a 2.3% yield.
"Financial performance for the first quarter was clearly impacted by the purchase of the assets related to the management contracts of the FBR Funds, which took place on October 26, 2012. We are excited to now manage over $3 billion in assets and offer shareholders a broader and more diversified lineup of mutual fund products," stated Neil Hennessy
, president, chairman and CEO of Hennessy. "We remain committed to our long-range business model and to our core value that our shareholders always come first. We will continue to focus on growing our mutual fund assets through marketing and sales, and to diligently search for strategic asset purchases," Hennessy noted.
Stay ahead of the news ... Sign up for our email alerts now