false
0001145255
0001145255
2023-08-02
2023-08-02
0001145255
hnna:CommonStockNoParValueCustomMember
2023-08-02
2023-08-02
0001145255
hnna:NotesDue20264875CustomMember
2023-08-02
2023-08-02
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 2, 2023
HENNESSY ADVISORS, INC.
(Exact name of registrant as specified in its charter)
|
California
|
001-36423
|
68-0176227
|
|
(State or other jurisdiction
of incorporation)
|
(Commission
File Number)
|
(IRS Employer
Identification No.)
|
|
7250 Redwood Blvd., Suite 200
Novato, California
|
94945
|
|
(Address of principal executive offices)
|
(Zip code)
|
Registrant’s telephone number including area code: (415) 899-1555
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a‑12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
|
Title of each class
|
Trading symbol
|
Name of each exchange on which registered
|
|
Common stock, no par value
|
HNNA
|
The NASDAQ Stock Market LLC
|
|
4.875% Notes due 2026
|
HNNAZ
|
The NASDAQ Stock Market LLC
|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition
On August 2, 2023, Hennessy Advisors, Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference herein.
Item 7.01. Regulation FD Disclosure
On August 2, 2023, the Company issued a press release announcing that it had declared a cash dividend of $0.1375 per share on its common stock. The cash dividend is payable September 6, 2023, to shareholders of record at the close of business on August 23, 2023. A copy of the press release is being furnished as Exhibit 99.1 to this Current Report on Form 8‑K and is incorporated by reference herein.
Item 9.01. Financial Statements and Exhibits
EXHIBIT INDEX
|
Exhibit
|
Description
|
| |
|
|
99.1
|
|
| |
|
|
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
|
HENNESSY ADVISORS, INC.
|
|
|
|
|
|
|
|
|
|
|
|
|
August 2, 2023
|
By:
|
/s/ Teresa M. Nilsen
|
|
|
|
|
Teresa M. Nilsen
|
|
|
|
|
President
|
|
Exhibit 99.1
Media Contacts:
Teresa Nilsen Hibre Teklemariam
Hennessy Advisors, Inc. SunStar Strategic
Terry@hennessyadvisors.com; 800-966-4354 HTeklemariam@sunstarstrategic.com; 703-894-1057
FOR IMMEDIATE RELEASE
Hennessy Advisors, Inc. Reports Earnings and Announces Dividend
August 2, 2023, Novato, CA - 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.
| |
o
|
3 Top-Performing Mutual Funds to Consider for Your Retirement Portfolio. (July 20, 2023). Zacks Equity Research. The Hennessy Cornerstone Mid Cap 30 Fund is named in the article.
|
| |
o
|
On July 8, 2023, the Wall Street Journal announced its Winner’s Circle. The Hennessy Cornerstone Mid Cap 30 was ranked 6th with 12-month performance through June 30, 2023, of 35.1%.
|
| |
o
|
Are these 3 Top-Ranked Mutual Funds in Your Retirement Portfolio? (June 29, 2023). Zacks Equity Research. The Hennessy Cornerstone Mid Cap 30 Fund is named in the article.
|
| |
o
|
Tyler Bundy. (June 22, 2023). The 20 Best Large-Cap Mutual Funds to Buy Now. TheStreet. The Hennessy Cornerstone Value Fund was ranked number 16 in the article.
|
| |
o
|
Lewis Braham. (June 15, 2023). How to Find Funds that Can Play Both Offense and Defense. Barron’s. The Hennessy Cornerstone Mid Cap 30 Fund is named in the article.
|
| |
o
|
David Trainor. (May 18, 2023). How to Find the Best Style Funds 2Q23. Forbes. The Hennessy Cornerstone Value Fund is ranked first overall in the article.
|
“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):
| |
●
|
Total revenue of $5.7 million, a decrease of 18%.
|
| |
●
|
Net income of $1.1 million, a decrease of 14%.
|
| |
●
|
Fully diluted earnings per share of $0.15, a decrease of 12%.
|
| |
●
|
Average assets under management, upon which revenue is earned, of $2.9 billion, a decrease of 17%.
|
| |
●
|
Total assets under management of $3.0 billion, a decrease of 6%.
|
| |
●
|
Cash and cash equivalents, net of gross debt, of over $19.1 million, an increase of 11%.
|
| |
|
|
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.
v3.23.2
Document And Entity Information
|
Aug. 02, 2023 |
| Document Information [Line Items] |
|
| Entity, Registrant Name |
HENNESSY ADVISORS, INC.
|
| Document, Type |
8-K
|
| Document, Period End Date |
Aug. 02, 2023
|
| Entity, Incorporation, State or Country Code |
CA
|
| Entity, File Number |
001-36423
|
| Entity, Tax Identification Number |
68-0176227
|
| Entity, Address, Address Line One |
7250 Redwood Blvd., Suite 200
|
| Entity, Address, City or Town |
Novato
|
| Entity, Address, State or Province |
CA
|
| Entity, Address, Postal Zip Code |
94945
|
| City Area Code |
415
|
| Local Phone Number |
899-1555
|
| Written Communications |
false
|
| Soliciting Material |
false
|
| Pre-commencement Tender Offer |
false
|
| Pre-commencement Issuer Tender Offer |
false
|
| Entity, Emerging Growth Company |
false
|
| Amendment Flag |
false
|
| Entity, Central Index Key |
0001145255
|
| CommonStockNoParValue Custom [Member] |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
Common stock, no par value
|
| Trading Symbol |
HNNA
|
| Security Exchange Name |
NASDAQ
|
| NotesDue20264875 Custom [Member] |
|
| Document Information [Line Items] |
|
| Title of 12(b) Security |
4.875% Notes due 2026
|
| Trading Symbol |
HNNAZ
|
| Security Exchange Name |
NASDAQ
|
| X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
| Name: |
dei_AmendmentFlag |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
| Name: |
dei_DocumentPeriodEndDate |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:dateItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
| Name: |
dei_DocumentType |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:submissionTypeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
| Name: |
dei_EntityAddressAddressLine1 |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Definition
+ References
+ Details
| Name: |
dei_EntityAddressCityOrTown |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCode for the postal or zip code
| Name: |
dei_EntityAddressPostalZipCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the state or province.
| Name: |
dei_EntityAddressStateOrProvince |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:stateOrProvinceItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityCentralIndexKey |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:centralIndexKeyItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionIndicate if registrant meets the emerging growth company criteria. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityEmergingGrowthCompany |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
| Name: |
dei_EntityFileNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:fileNumberItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
| Name: |
dei_EntityIncorporationStateCountryCode |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarStateCountryItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityRegistrantName |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
| Name: |
dei_EntityTaxIdentificationNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:employerIdItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionLocal phone number for entity.
| Name: |
dei_LocalPhoneNumber |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:normalizedStringItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
| Name: |
dei_PreCommencementIssuerTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
| Name: |
dei_PreCommencementTenderOffer |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTitle of a 12(b) registered security. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
| Name: |
dei_Security12bTitle |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:securityTitleItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionName of the Exchange on which a security is registered. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
| Name: |
dei_SecurityExchangeName |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:edgarExchangeCodeItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Section 14a
-Number 240
-Subsection 12
| Name: |
dei_SolicitingMaterial |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
| Name: |
dei_TradingSymbol |
| Namespace Prefix: |
dei_ |
| Data Type: |
dei:tradingSymbolItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionBoolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act. Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
| Name: |
dei_WrittenCommunications |
| Namespace Prefix: |
dei_ |
| Data Type: |
xbrli:booleanItemType |
| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=hnna_CommonStockNoParValueCustomMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementClassOfStockAxis=hnna_NotesDue20264875CustomMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
Hennessy Advisors (NASDAQ:HNNA)
Historical Stock Chart
From Apr 2024 to May 2024
Hennessy Advisors (NASDAQ:HNNA)
Historical Stock Chart
From May 2023 to May 2024
