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 3, 2016
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)) |
Item 2.02. Results of Operations and Financial Condition
On August 3, 2016, Hennessy Advisors, Inc. issued a press release announcing its financial results for the fiscal quarter ended June 30, 2016. 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 3, 2016, Hennessy Advisors, Inc. issued a press release announcing that it had declared a cash dividend of $0.08 per share on its common stock, payable September 12, 2016, to shareholders of record at the close of business on August 18, 2016. 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 | Description |
| 99.1 | Press release issued August 3, 2016, by Hennessy Advisors, Inc. announcing financial results for the fiscal quarter ended June 30, 2016, and declaration of a cash dividend. |
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 3, 2016 | By: | /s/ Neil J. Hennessy |
| Neil J. Hennessy | ||
| President and CEO | ||
HENNESSY ADVISORS, INC.
Exhibit Index to Current Report on Form 8-K dated August 3, 2016
| Exhibit | Description |
| 99.1 | Press release issued August 3, 2016, by Hennessy Advisors, Inc. announcing financial results for the fiscal quarter ended June 30, 2016, and declaration of a cash dividend. |
Hennessy Advisors, Inc. Reports Third Quarter Earnings Per Share Increase 36%
NOVATO, Calif., Aug. 3, 2016 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ:HNNA) today reported fully diluted earnings per share of $0.76 for the third fiscal quarter ended June 30, 2016, an increase of 36% over the prior comparable quarter ended June 30, 2015. Quarterly revenue totaled $13.0 million, an increase of 9% over the prior comparable period. From June 30, 2015, to June 30, 2016, both total assets under management and average assets under management, upon which revenue is calculated, increased by 4%.
Additionally, the Board of Directors of Hennessy Advisors today declared a quarterly dividend of $0.08 per share. This quarterly dividend will be paid on September 12, 2016, to shareholders of record as of August 18, 2016.
"Through another quarter of uncertainty and turmoil in the markets, we were pleased to deliver solid earnings for our shareholders," said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. "Throughout 2016, we've repeatedly watched the financial markets brace themselves for bad news, such as waiting for the Fed to make an interest rate move or watching the drama of Brexit unfold, yet the markets bounce back. Overall, we believe that volatility will remain, but also believe the sound fundamentals underlying today's markets should continue to allow companies to provide reasonable results and survive that turbulence. We strive to be a source of strength during this volatility by offering investors a wide range of products that have the potential to perform well over a market cycle," added Mr. Hennessy.
Hennessy Advisors, Inc. | ||||
Financial Highlights | ||||
Period to Period | ||||
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| Three Months Ended |
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Third Quarter | June 30, 2016 | June 30, 2015 | $ Change | % Change |
Total Revenue | $ 12,994,745 | $ 11,968,304 | $ 1,026,441 | 9% |
Net Income | $ 3,894,185 | $ 3,303,388 | $ 590,797 | 18% |
Earnings Per Share (Diluted) | $ 0.76 | $ 0.56 | $ 0.20 | 36% |
Weighted Average Number of Shares Outstanding (Diluted) | 5,154,094 | 5,855,397 | (701,303) | -12% |
Mutual Fund Average Assets |
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Under Management | $ 6,440,480,621 | $ 6,180,375,151 | $ 260,105,470 | 4% |
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At Period Ending Date | June 30, 2016 | June 30, 2015 | $ Change | % Change |
Mutual Fund Total Assets |
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Under Management | $ 6,342,901,803 | $ 6,074,905,322 | $ 267,996,481 | 4% |
About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager offering a broad range of domestic equity, balanced and fixed income, and sector and specialty mutual funds. Hennessy Advisors, Inc. is committed to superior service to shareholders and a consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach.
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.
CONTACT: Tania Kelley, Hennessy Advisors, Inc., tania@hennessyadvisors.com, 800-966-4354; Hibre Teklemariam, SunStar Strategic, hteklemariam@sunstarstrategic.com, 202-870-3006