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Rating:Hennessy Posts Profit in Q3 Not Rated 0.0 Email Routing List Email & Route  Print Print
Friday, August 03, 2012

Hennessy Posts Profit in Q3

Reported by Irene Park

Amid companies reporting losses and decreased profits, Novato, California-based Hennessy Advisors [profile] is one of the few to announce increased earnings this month.

Net income for the third quarter rose 23 percent to $303,183 from $246,049, despite a slight 0.8 percent fall in revenue to $1.71 million from $1.73 million. Total ssets under management in Hennessy mutual funds rose 0.8 percent to $821 million from $815 million last quarter.

Hennessy also announced a quarterly dividend of just over 3 cents per share to be paid on Sept. 5, 2012 to shareholders.

"I am very encouraged that Hennessy Advisors continued to turn a profit during our third fiscal quarter.  While assets were down from the prior period, we have begun to see steady inflows into our mutual funds and we continue to build cash and strengthen our balance sheet for our shareholders, allowing the Board of Directors to confidently vote to pay our quarterly dividend,"stated president, chairman and CEO Neil Hennessy in a press release

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