Hennessy Advisors, Inc. Reports Quarterly Earnings Per Share and Announces Quarterly Dividend

About this update from Hennessy Advisors, Inc.

[{"type":"text","content":"NOVATO, Calif., Feb. 9, 2023 /PRNewswire/ -- Hennessy Advisors, Inc. (Nasdaq:HNNA) reported results for its first fiscal quarter of 2023, which ended December 31, 2022. The firm also announced a quarterly dividend of $0.1375 per share to be paid on March 6, 2023, to shareholders of record as of February 21, 2023, which represents an annualized dividend yield of 5.6%.*\n\"There is no doubt that 2022 was a tumultuous year in the financial markets. All the major indices suffered losses as our economy dealt with inflation, oil price shocks, interest rate increases, war, political division, and the rumors of an impending recession. I feel certain that volatility actually created a shifting investment landscape as investors had to go back to basics and invest utilizing fundamentals while they watched FAANG stocks fall from all-time highs, cryptocurrency implode, and meme-stock euphoria subside. Here at Hennessy, six of our sixteen mutual funds were positive in 2022, as we stick to value investing for the long-term,\" said Neil Hennessy, Chairman and CEO. \"Although we will likely see continued volatility, I remain confident that our economy is in good shape. The unemployment rate is low at 3.5%, and in the final quarter of 2022 real GDP grew at an annualized rate of 2.9%, even amidst interest rate hikes and inflationary pressure. We may continue to have corrections along the way, but I believe we have the potential for real growth in the market and in our economy over the longer term,\" he added.\n\"We are excited to add the first ETF to our line-up, the Hennessy Stance ESG Large Cap ETF (NYSE: STNC). While our assets under management were down year over year, we feel confident that expanding our product offerings while adapting and innovating our sales and marketing program with broader digital engagement will help support organic growth in the future,\" said Teresa Nilsen, President and COO. \"We have experienced many market cycles in our years in the investment industry, and we have maintained a conservative balance sheet and an income statement with significant variable costs to navigate a variety of market environments. Our available cash net of debt has grown 17.9% this calendar year, and we are both optimistic and prepared for new strategic acquisition opportunities when they arise,\" she added.\nSummary Highlights (compared to...

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