8-K
HENNESSY ADVISORS INC (HNNA)
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): November 24, 2021
HENNESSY ADVISORS, INC.
(Exact name of registrant as specified in its charter)
| California | 001-36423 | 68-0176227 |
|---|---|---|
| (State or other jurisdiction<br>of incorporation) | (Commission<br>File Number) | (IRS Employer<br>Identification No.) |
| 7250 Redwood Blvd., Suite 200<br><br><br>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 November 24, 2021, Hennessy Advisors, Inc. issued a press release announcing its financial results for the fiscal year ended September 30, 2021. 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
The exhibit listed in the exhibit index below is furnished under Item 2.02 of this Current Report on Form 8-K.
EXHIBIT INDEX
| Exhibit | Description |
|---|---|
| 99.1 | Press release. |
| 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.
| November 24, 2021 | By: | /s/ Teresa M. Nilsen |
|---|---|---|
| Teresa M. Nilsen | ||
| President |
3
Exhibit 99.1
Hennessy Advisors, Inc. Reports Annual Earnings
NOVATO, Calif., Nov. 24, 2021 /PRNewswire/ -- Hennessy Advisors, Inc. (Nasdaq:HNNA) 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<br>(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% |
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 mutual 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.
Media Contacts: Teresa Nilsen, Hennessy Advisors, Inc., terry@hennessyadvisors.com; 800-966-4354; Melissa Murphy, SunStar Strategic, MMurphy@sunstarstrategic.com; 703-894-1061