$HNNA
HENNESSY ADVISORS INC

2014 Q1 Form 10-Q Financial Statement

#000119312514182568 Filed on May 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q1
Revenue $8.310M $5.947M
YoY Change 39.73% 243.76%
Cost Of Revenue $1.460M $950.0K
YoY Change 53.68% 578.57%
Gross Profit $6.850M $5.000M
YoY Change 37.0% 214.47%
Gross Profit Margin 82.43% 84.08%
Selling, General & Admin $3.610M $2.900M
YoY Change 24.48% 158.93%
% of Gross Profit 52.7% 58.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $40.00K
YoY Change 50.0% 33.33%
% of Gross Profit 0.88% 0.8%
Operating Expenses $5.131M $3.894M
YoY Change 31.77% 238.61%
Operating Profit $3.179M $2.053M
YoY Change 54.85% 366.59%
Interest Expense $286.0K $179.0K
YoY Change 59.78% -1890.0%
% of Operating Profit 9.0% 8.72%
Other Income/Expense, Net $1.000K $1.000K
YoY Change 0.0%
Pretax Income $2.894M $1.875M
YoY Change 54.35% 336.05%
Income Tax $1.135M $758.0K
% Of Pretax Income 39.22% 40.43%
Net Earnings $1.759M $1.117M
YoY Change 57.48% 346.8%
Net Earnings / Revenue 21.17% 18.78%
Basic Earnings Per Share $0.31 $0.20
Diluted Earnings Per Share $0.30 $0.20
COMMON SHARES
Basic Shares Outstanding 5.725M shares 5.715M shares
Diluted Shares Outstanding 5.805M shares 5.715M shares

Balance Sheet

Concept 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.100M $6.200M
YoY Change -33.87% -24.39%
Cash & Equivalents $4.101M $6.145M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $300.0K $900.0K
YoY Change -66.67% 350.0%
Inventory
Prepaid Expenses $245.0K
Receivables $2.928M $2.100M
Other Receivables $400.0K $300.0K
Total Short-Term Assets $7.830M $9.400M
YoY Change -16.7% 3.3%
LONG-TERM ASSETS
Property, Plant & Equipment $250.0K $200.0K
YoY Change 25.0% 100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $433.0K $200.0K
YoY Change 116.5%
Total Long-Term Assets $63.17M $43.00M
YoY Change 46.91% 87.77%
TOTAL ASSETS
Total Short-Term Assets $7.830M $9.400M
Total Long-Term Assets $63.17M $43.00M
Total Assets $71.00M $52.40M
YoY Change 35.5% 63.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.900M $2.200M
YoY Change 31.82% 340.0%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.750M $1.800M
YoY Change 108.33% 200.0%
Total Short-Term Liabilities $6.685M $4.100M
YoY Change 63.05% 241.67%
LONG-TERM LIABILITIES
Long-Term Debt $24.85M $15.90M
YoY Change 56.27% 893.75%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $24.85M $15.90M
YoY Change 56.27% 893.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.685M $4.100M
Total Long-Term Liabilities $24.85M $15.90M
Total Liabilities $38.23M $25.20M
YoY Change 51.69% 260.0%
SHAREHOLDERS EQUITY
Retained Earnings $22.64M
YoY Change
Common Stock $10.14M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $32.80M $27.20M
YoY Change
Total Liabilities & Shareholders Equity $71.00M $52.40M
YoY Change 35.5% 63.75%

Cashflow Statement

Concept 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income $1.759M $1.117M
YoY Change 57.48% 346.8%
Depreciation, Depletion And Amortization $60.00K $40.00K
YoY Change 50.0% 33.33%
Cash From Operating Activities $2.210M $1.960M
YoY Change 12.76% 188.24%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$100.0K
YoY Change -70.0% 900.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$30.00K -$100.0K
YoY Change -70.0% 900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.100M -640.0K
YoY Change 71.87% 100.0%
NET CHANGE
Cash From Operating Activities 2.210M 1.960M
Cash From Investing Activities -30.00K -100.0K
Cash From Financing Activities -1.100M -640.0K
Net Change In Cash 1.080M 1.220M
YoY Change -11.48% 248.57%
FREE CASH FLOW
Cash From Operating Activities $2.210M $1.960M
Capital Expenditures -$30.00K -$100.0K
Free Cash Flow $2.240M $2.060M
YoY Change 8.74% 198.55%

Facts In Submission

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dei Entity Registrant Name
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HENNESSY ADVISORS INC
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dei Document Type
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us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0583 pure
us-gaap Revenues
Revenues
16231000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-42000
us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
153000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-890000
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
5723000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
526000
us-gaap Net Income Loss
NetIncomeLoss
3216000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
96000
us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
15776000
us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
22000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
72000
us-gaap Payments Of Dividends
PaymentsOfDividends
420000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-154000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2255000
us-gaap Proceeds From Bank Debt
ProceedsFromBankDebt
13287000
us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
2859000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
11232000
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
879200
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
420000
us-gaap Share Based Compensation
ShareBasedCompensation
96000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
120000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4305000
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
-32000
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3647000
us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
364500
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-19224000
us-gaap Interest Expense
InterestExpense
532000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-40000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
735300
us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
312500
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
74000
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
143900
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
1627800
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
1263300
us-gaap Operating Expenses
OperatingExpenses
9977000
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
40079
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2507000
hnna Distribution Expense
DistributionExpense
1096000
hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.0033 pure
hnna Minimum Percentage Of Likelihood Of Indefinite Lived Intangible Assets Being Impaired
MinimumPercentageOfLikelihoodOfIndefiniteLivedIntangibleAssetsBeingImpaired
0.50 pure
hnna Effective Income Tax Rate Normal Percentage
EffectiveIncomeTaxRateNormalPercentage
0.40 pure
hnna Line Of Credit Facility Loan Cost
LineOfCreditFacilityLoanCost
376226
hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
hnna Amortized Period Of Line Of Credit Facility Cost
AmortizedPeriodOfLineOfCreditFacilityCost
P60M
hnna Number Of Investment Fund
NumberOfInvestmentFund
16 Funds
hnna Maximum Aggregate Fair Market Value Of Options Granted To Individual
MaximumAggregateFairMarketValueOfOptionsGrantedToIndividual
100000
hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16 Funds
hnna Weighted Average Vesting Period For Recognition Of Compensation Expenses
WeightedAverageVestingPeriodForRecognitionOfCompensationExpenses
P3Y6M
hnna Share Based Compensation Arrangement By Share Based Payment Award Award Grant Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardGrantPeriod
P10Y
hnna Number Of Monthly Installments
NumberOfMonthlyInstallments
47 Installment
hnna Increase In Management Contracts Capitalized Transaction Costs
IncreaseInManagementContractsCapitalizedTransactionCosts
58232
hnna Tax Expense Benefit From Restricted Stock Unit
TaxExpenseBenefitFromRestrictedStockUnit
22000
CY2012Q4 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
100000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.50 pure
CY2013Q4 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2013-11-15
CY2014Q1 hnna Initial Period Of Management Agreements
InitialPeriodOfManagementAgreements
P2Y
CY2014Q1 hnna Initial Management Agreement Renewal Period
InitialManagementAgreementRenewalPeriod
P1Y
CY2014Q1 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2014-02-14
CY2012Q4 us-gaap Payments To Acquire Management Contract Rights
PaymentsToAcquireManagementContractRights
3400000
CY2012Q4 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
16300000
CY2013 hnna Payment Of Contingent Purchase Price Payable
PaymentOfContingentPurchasePricePayable
19193595
CY2013 hnna Payment Of Contingent Purchase Price Current
PaymentOfContingentPurchasePriceCurrent
7567712
CY2013Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.20
CY2013Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5714559 shares
CY2013Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.20
CY2013Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5714559 shares
CY2013Q1 us-gaap Revenues
Revenues
5947000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2013Q1 us-gaap Servicing Fees
ServicingFees
221000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
2053000
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1875000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
1117000
CY2013Q1 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
5726000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
698000
CY2013Q1 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
950000
CY2013Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
45000
CY2013Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1850000
CY2013Q1 us-gaap Interest Expense
InterestExpense
179000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
3894000
CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
758000
CY2013Q1 hnna Distribution Expense
DistributionExpense
351000
CY2014Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5805340 shares
CY2014Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5724821 shares
CY2014Q1 us-gaap Revenues
Revenues
8310000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2014Q1 us-gaap Servicing Fees
ServicingFees
227000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3179000
CY2014Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
2894000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
1759000
CY2014Q1 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
8083000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1207000
CY2014Q1 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
1464000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
60000
CY2014Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1877000
CY2014Q1 us-gaap Interest Expense
InterestExpense
286000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
5131000
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1135000
CY2014Q1 hnna Distribution Expense
DistributionExpense
523000

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