-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HVsfnVC/LvIU0eUJ7vyT2PzWyRMW6xh1mPiXMoBv5jGCEa7RU4HVOCZXCw5+H375 dlUQfI4FfX6UQwIwVkZ5Pw== 0000897069-03-000480.txt : 20030422 0000897069-03-000480.hdr.sgml : 20030422 20030422130509 ACCESSION NUMBER: 0000897069-03-000480 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20030421 ITEM INFORMATION: Financial statements and exhibits ITEM INFORMATION: Regulation FD Disclosure FILED AS OF DATE: 20030422 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HENNESSY ADVISORS INC CENTRAL INDEX KEY: 0001145255 STANDARD INDUSTRIAL CLASSIFICATION: INVESTMENT ADVICE [6282] IRS NUMBER: 680176227 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-49872 FILM NUMBER: 03657978 BUSINESS ADDRESS: STREET 1: 750 GRANT AVENUE SUITE 100 CITY: NOVATO STATE: CA ZIP: 94945 MAIL ADDRESS: STREET 1: 750 GRANT AVENUE SUITE 100 CITY: NOVATO STATE: CA ZIP: 94945 8-K 1 dkm349.txt FORM 8-K DATED APRIL 21, 2003 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): April 21, 2003 HENNESSY ADVISORS, INC. (Exact name of registrant as specified in its charter) California 333-66970 68-0176227 (State or other jurisdiction (Commission (IRS Employer of incorporation) File No.) Identification No.) 750 Grant Avenue, Suite 100 Novato, California 94945 (Address of principal executive offices) (Zip Code) Registrant's telephone number including area code: (415) 899-1555 (Former name or former address, if changed since last report) Item 7. Financial Statements and Exhibits. (c) Exhibits Exhibit 99.1 Earnings release issued April 21, 2003, by Hennessy Advisors, Inc., for the six months ended March 31, 2003. Item 9. Regulation FD Disclosure, and Item 12. Disclosure of Results of Operations and Financial Condition The registrant has issued an earnings release for the six months ended March 31, 2003, which is included herein as Exhibit 99.1. 2 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. HENNESSY ADVISORS, INC. April 21, 2003 By: /s/ Neil J. Hennessy -------------------------------------- Neil J. Hennessy President EXHIBIT INDEX Exhibit 99.1 Earnings release issued April 21, 2003, by Hennessy Advisors, Inc., for the six months ended March 31, 2003. 3 EX-99 3 dkm349a.txt EXHIBIT 99.1 - PRESS RELEASE OF EARNINGS Exhibit 99.1 Earnings Release of April 21, 2003 HENNESSY ADVISORS, INC. REPORTS SECOND QUARTER RESULTS Novato, CA - April 21, 2003 - Hennessy Advisors, Inc. (OTCBB:HNNA) President and CEO Neil Hennessy announced earnings per share of $.29 for the six-months ended March 31, 2003, up from $.07 in the comparable 2002 period. The increase was primarily attributable to an increase in mutual fund assets under management as well as the adoption of SFAS 142 which eliminated amortization of management contracts. At March 31, 2002, total mutual fund assets were $261 million, and as of March 31, 2003, the assets increased to $498 million, an increase of 91%. "With the onset of the war in Iraq and fundamental economic indicators reflecting negatively on the financial markets, I feel fortunate that the mutual funds we manage still performed relatively well during the quarter. Many mutual fund management companies experienced heavy redemptions during the period, but at Hennessy Advisors, Inc. we were able to maintain our asset levels. We are hopeful for a swift resolution to the conflict in Iraq and for a worldwide economic rebound in the near future. We anticipate that our investors will be pleased with our earnings and we will continue in our commitment to growing our assets under management for the benefit of our shareholders." Hennessy Advisors, Inc. Financial Highlights Period to Period
- ---------------------------------------------------------------------------------------------------------------- Six Months Ended Fiscal Year-to-Date 31-Mar-03 31-Mar-02 $ Change % Change - ---------------------------------------------------------------------------------------------------------------- Total Revenue $ 1,963,694 $ 925,126 $ 1,038,568 112.3% - ---------------------------------------------------------------------------------------------------------------- Net Income $ 476,491 $ 77,279 $ 399,212 516.6% - ---------------------------------------------------------------------------------------------------------------- Earnings per share (diluted) $ 0.29 $ 0.07 $ 0.22 314.3% - ---------------------------------------------------------------------------------------------------------------- Weighted Average number of shares outstanding 1,631,806 1,051,535 580,271 55.2% - ---------------------------------------------------------------------------------------------------------------- At Period Ending Date 31-Mar-03 31-Mar-02 $ Change % Change - ---------------------------------------------------------------------------------------------------------------- Mutual Fund Assets Under Management $ 497,961,897 $ 260,582,321 $ 237,379,576 91.1% - ----------------------------------------------------------------------------------------------------------------
Hennessy Advisors, Inc., located in Novato, CA, is the advisor to four no-load mutual funds, satisfying a variety of investment horizons and risk tolerance levels. Each of the Hennessy Funds employs a unique and powerful money management approach combining superior, time-tested stock selection formulas with unwavering discipline and consistency. The 4 Company serves clients with integrity, honesty and candor. The Hennessy Funds strategies and performance are fully disclosed. Forward-Looking Statements - -------------------------- Statements in this press release regarding Hennessy Advisors, Inc.'s business, which are not historical facts, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks, uncertainties and other important factors that could cause the actual results and outcomes to differ materially from any future results or outcomes expressed or implied by such forward-looking statements. These risks, uncertainties and other important factors are described in more detail in the "Risk Factors" section of the Company's annual report on Form 10-KSB for the fiscal year ended September 30, 2002, filed December 27, 2002, with the U.S. Securities and Exchange Commission, including, without limitation, the "Risk Factors" section of the Management's Discussion and Analysis and Results of Operations. The following factors affect the actual results of the Company: o Continuing volatility in the equity markets have caused the levels of our assets under management to fluctuate significantly. o Continued weak market conditions may lower our assets under management and reduce our revenues and income. o We face strong competition from numerous and sometimes larger companies. o Changes in the distribution channels on which we depend could reduce our revenues or hinder our growth. o For the next several years, insurance costs are likely to increase materially and we may not be able to obtain the same types or amounts of coverage. o For the next several years, professional service fees are likely to increase due to increased securities industry legislation. o The current conflict in Iraq and the ongoing threat of terrorism may adversely affect the general economy, financial and capital markets and our business. Supplemental Information - ------------------------ Nothing in this section shall be considered a solicitation to buy or an offer to sell a security to any person in any jurisdiction where such offer, solicitation, purchase or sale would be unlawful under the securities laws of such jurisdiction. For more complete information about the Hennessy Funds, including fees and expenses, call 800-966-4354 to obtain a free prospectus. Read it carefully before you invest or send money. The distributor for the Hennessy Funds is Quasar Distributors, LLC. 5 -----END PRIVACY-ENHANCED MESSAGE-----