Business
Hennessy Advisors, Inc. Reports Third Quarter Results and Announces Quarterly Dividend
NOVATO, Calif., Aug. 6, 2020 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ:HNNA) reported results for its third fiscal quarter of 2020, which ended June 30,
About this update from Hennessy Advisors, Inc.
[{"type":"text","content":"NOVATO, Calif., Aug. 6, 2020 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ:HNNA) reported results for its third fiscal quarter of 2020, which ended June 30, 2020, and announced a quarterly dividend of $0.1375 per share, representing an annualized dividend yield of 6.7%.* The dividend will be paid on September 10, 2020, to shareholders of record as of August 19, 2020.\n\"While uncertainty and volatility persist, I see strong underlying fundamentals that should allow the economy to survive the current challenges,\" said Neil Hennessy, Chairman and CEO. \"The U.S. equity markets rebounded sharply during the most recent quarter, rallying from the March lows. However, a significant portion of the returns was driven by a handful of the largest technology companies, and many sectors of the economy continue to struggle due to the ongoing disruption to normal work, travel, and retail operations. Growth stocks have significantly outperformed value stocks, but I believe it is time to rotate into stocks with the potential for steady earnings and dividend growth,\" he added. \n\"I am inspired each day by the ingenuity of companies to create new business lines or respond to new demand arising from the pandemic. I believe active asset managers are best positioned to uncover these types of opportunities and that active management will play an increasingly important role in investors' portfolios going forward. We are well positioned to capitalize on this trend, and I remain confident in our ability to create shareholder value over the long term,\" said Mr. Hennessy. \n\"Despite heightened market volatility, which has negatively affected our financial results, we continue to diligently pursue strategic acquisitions and organic growth. During the past several months, our team has demonstrated its remarkable dedication to our company and shareholders as we navigate this difficult environment,\" said Teresa Nilsen, President and Chief Operating Officer. \"While total assets under management was down 30% year over year, total assets increased $0.2 billion, or 5%, versus last quarter ended March 31, 2020, which I believe illustrates some resiliency in our asset base,\" she added.\nSummary Highlights (compared to the prior comparable quarter ended June 30, 2019):\nFully diluted earnings per share decreased 29% to $0.24. Total revenue decreased 34% to...