A West Coast mutual fund firm's team released their earnings results earlier this week, showing AUM, revenue, and earnings all slipping from last year.
| Neil Joseph Hennessy|
Hennessy Advisors, Inc. / Hennessy Funds
Chairman, CEO, Director / Chairman, President, Chief Investment Officer, Portfolio Manager
The team at Novato, California-based Hennessy Advisors
released their fiscal 2019 earnings results on Tuesday. (Hennessy's fiscal 2019 ended on September 30, 2019.) In a press release
, Neil Hennessy
, chairman and CEO of his eponymous fund firm, stated, "The stock market was characterized by volatility and uncertainty during our fiscal year, even as the major market indices flirted with all-time highs. In fact, in November, all three major indices (NASDAQ, S&P 500 Index, and Dow Jones Industrial Average) reached all-time highs. Year to date, the market is up well over 20%, yet headlines continue to focus on the negative news, such as trade tariffs and impeachment."
The Hennessy team reported net income for FY 2019 at $11 million, is a decrease of 46.5 percent from $23.65 million in FY 2018. (Though they note that their fiscal 2018 results were boosted by a one-time tax adjustment.) According to their 10k,
AUM at the end of fiscal year 2019 was at $4.87 billion, down 21.3 percent from closing AUM of $6.19 billion at the end of fiscal year 2018. Net operating income for FY 2019 was $16 million, down 33 percent from $24 million for FY 2018.
Overall, Hennessy reports
GAAP EPS of $1.42 for fiscal 2019, and revenue of $42.72, down 21.7 percent year on year.
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