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Hennessy Advisors earnings per share rises by 388 per cent

Hennessy Advisors has reported fully diluted earnings per share for the fiscal year ended 30 September 2013 of USD0.83, an increase of 388 per cent from the prior year (USD0.17 per share), and an all-time high for the company. 

Total assets under management increased 339 per cent from USD919m at the beginning of the fiscal year to USD4.034bn at the end of the fiscal year, and average assets under management increased by almost 300 per cent, producing a corresponding increase in revenue, net income and earnings per share versus the prior comparable period. 
The asset growth was driven by the approximately USD2.2bn purchase of the assets of the FBR Funds in October 2012, strong market appreciation of approximately USD648m, and net inflows of approximately USD243m.
"We surpassed USD4bn in assets under management in mid-September, and our growth in assets produced record-setting net income of USD4.8m on revenue of USD24.3m," says Neil Hennessy, president, chairman and chief executive of Hennessy Advisors. "The financial markets have delivered strong results for investors this year, and I continue to believe we will see the Dow Jones Industrial Average hit 20,000 in the next three to five years." 

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