Hennessy Advisors, Inc. Reports Annual Earnings

Hennessy Advisors, Inc. today reported results for the fiscal year ended September 30, 2021.

"The U.S. economy continues to show solid growth despite the lingering effects of COVID-19, some inflation, and supply chain hurdles," said Neil Hennessy, Chairman and CEO. "U.S. equities had positive performance for the 12 months ended September 30, 2021, with the DJIA (Dow Jones Industrial Average) returning 24.15% for the period. Over the past year, we have seen widespread availability of vaccines and an ever-increasing number of people traveling, eating in restaurants, and returning to work. 

The markets are showing true resiliency, with the DJIA recently breaking through to new all-time highs, and I am confident there is still room for further growth," he added.

"Hennessy Advisors continues to deliver positive earnings and generate strong operating cash flows," said Teresa Nilsen, President and COO. "The accumulation of our cash and cash equivalents, coupled with our recent bond offering, which occurred after our fiscal year end, gives us large reserves that can be utilized for future opportunities," she added.

Summary Highlights for the Fiscal Year (compared to fiscal year 2020):

• Total revenue of $32.8 million, a decrease of 1.9%.
• Net income of $7.9 million, an increase of 0.8%.
• Fully diluted earnings per share of $1.07, an increase of 0.9%.
• Average assets under management, upon which revenue is earned, of $4.0 billion, a decrease of 2.7%.
• Total assets under management of $4.1 billion, an increase of 14.1%.
• Cash and cash equivalents of $15.8 million, an increase of 59.1%.

Financial Highlights
		Twelve Months Ended Sept. 30,		Change
		2021		2020		Dollar		Percent
Total Revenue		$ 32,760,482		$ 33,388,696		$ (628,214)		-1.9%
Net Income		7,902,060		7,840,670		61,390		0.8%
Earnings Per Share (Diluted)		1.07		1.06		0.01		0.9%
Weighted Average Number of Shares Outstanding (Diluted)		7,409,112		7,378,729		30,383		0.4%
Mutual Fund Average Assets Under Management		3,989,300,458		4,098,404,288		(109,103,830)		-2.7%
		As of Sept. 30,
		2021		2020
Mutual Fund Total Assets Under Management		$ 4,065,922,008		$ 3,564,597,465		$ 501,324,543		14.1%
Cash and Cash Equivalents		15,835,907		9,954,791		5,881,116		59.1%

November 25, 2021