$HNNA
HENNESSY ADVISORS INC

2014 Q3 Form 10-K Financial Statement

#000119312515390818 Filed on November 30, 2015

View on sec.gov

Income Statement

Concept 2014 Q3 2014 2013 Q3
Revenue $9.510M $34.53M $7.150M
YoY Change 33.01% 42.04% 274.35%
Cost Of Revenue $1.560M $5.910M $1.230M
YoY Change 26.83% 50.0% 846.15%
Gross Profit $7.950M $28.62M $5.930M
YoY Change 34.06% 40.5% 233.15%
Gross Profit Margin 83.6% 82.89% 82.94%
Selling, General & Admin $3.710M $14.23M $3.070M
YoY Change 20.85% 26.49% 139.84%
% of Gross Profit 46.67% 49.72% 51.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $240.0K $60.00K
YoY Change 0.0% 26.32% 100.0%
% of Gross Profit 0.75% 0.84% 1.01%
Operating Expenses $3.770M $20.38M $3.120M
YoY Change 20.83% 32.52% 140.0%
Operating Profit $4.180M $14.15M $2.810M
YoY Change 48.75% 58.43% 485.42%
Interest Expense -$270.0K $1.085M -$170.0K
YoY Change 58.82% 62.43% 1600.0%
% of Operating Profit -6.46% 7.67% -6.05%
Other Income/Expense, Net $0.00 $1.000K $0.00
YoY Change -100.92%
Pretax Income $3.910M $13.06M $2.630M
YoY Change 48.67% 60.23% 459.57%
Income Tax $1.500M $5.395M $1.060M
% Of Pretax Income 38.36% 41.3% 40.3%
Net Earnings $2.410M $7.667M $1.570M
YoY Change 53.5% 59.07% 481.48%
Net Earnings / Revenue 25.34% 22.21% 21.96%
Basic Earnings Per Share $1.31
Diluted Earnings Per Share $270.5K $1.30 $171.4K
COMMON SHARES
Basic Shares Outstanding 6.000M shares 5.856M shares 5.891M shares
Diluted Shares Outstanding 5.897M shares

Balance Sheet

Concept 2014 Q3 2014 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.700M $7.700M $8.400M
YoY Change -8.33% -8.33% -3.45%
Cash & Equivalents $7.645M $7.600M $8.406M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $444.0K $900.0K $436.0K
YoY Change 1.83% 80.0% 3014.29%
Inventory
Prepaid Expenses $601.0K $269.0K
Receivables $3.142M $3.100M $2.402M
Other Receivables $500.0K $500.0K $400.0K
Total Short-Term Assets $12.18M $12.20M $11.68M
YoY Change 4.27% 4.27% 19.83%
LONG-TERM ASSETS
Property, Plant & Equipment $240.0K $200.0K $258.0K
YoY Change -6.98% -33.33% 73.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $405.0K $400.0K $363.0K
YoY Change 11.57% 0.0% 725.0%
Total Long-Term Assets $63.13M $63.10M $63.05M
YoY Change 0.13% 0.16% 172.33%
TOTAL ASSETS
Total Short-Term Assets $12.18M $12.20M $11.68M
Total Long-Term Assets $63.13M $63.10M $63.05M
Total Assets $75.32M $75.30M $74.73M
YoY Change 0.78% 0.8% 127.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $3.500M $3.100M
YoY Change 12.9% 12.9% 181.82%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.750M $3.800M $1.840M
YoY Change 103.8% 111.11% 194.4%
Total Short-Term Liabilities $7.430M $7.400M $12.47M
YoY Change -40.41% -40.8% 575.09%
LONG-TERM LIABILITIES
Long-Term Debt $22.97M $23.00M $15.03M
YoY Change 52.87% 53.33% 1054.15%
Other Long-Term Liabilities $0.00 $0.00 $11.60M
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $22.97M $23.00M $15.03M
YoY Change 52.87% -13.53% 1054.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.430M $7.400M $12.47M
Total Long-Term Liabilities $22.97M $23.00M $15.03M
Total Liabilities $37.90M $37.90M $44.95M
YoY Change -15.68% -15.59% 485.4%
SHAREHOLDERS EQUITY
Retained Earnings $26.56M $19.84M
YoY Change 33.89% 25.98%
Common Stock $10.85M $9.948M
YoY Change 9.09% 3.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.41M $37.40M $29.79M
YoY Change
Total Liabilities & Shareholders Equity $75.32M $75.30M $74.73M
YoY Change 0.78% 0.8% 127.14%

Cashflow Statement

Concept 2014 Q3 2014 2013 Q3
OPERATING ACTIVITIES
Net Income $2.410M $7.667M $1.570M
YoY Change 53.5% 59.07% 481.48%
Depreciation, Depletion And Amortization $60.00K $240.0K $60.00K
YoY Change 0.0% 26.32% 100.0%
Cash From Operating Activities $3.330M $9.410M $2.320M
YoY Change 43.53% 52.81% 209.33%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K $140.0K -$80.00K
YoY Change -25.0% -44.66% -69.23%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$60.00K -$19.29M -$80.00K
YoY Change -25.0% -6.04% -69.23%
FINANCING ACTIVITIES
Cash Dividend Paid $898.0K
YoY Change 23.18%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.432M
YoY Change 116.53%
Cash From Financing Activities -2.120M 9.120M -590.0K
YoY Change 259.32% -35.08% 73.53%
NET CHANGE
Cash From Operating Activities 3.330M 9.410M 2.320M
Cash From Investing Activities -60.00K -19.29M -80.00K
Cash From Financing Activities -2.120M 9.120M -590.0K
Net Change In Cash 1.150M -760.0K 1.650M
YoY Change -30.3% 134.57% 1000.0%
FREE CASH FLOW
Cash From Operating Activities $3.330M $9.410M $2.320M
Capital Expenditures -$60.00K $140.0K -$80.00K
Free Cash Flow $3.390M $9.270M $2.400M
YoY Change 41.25% 56.99% 137.62%

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CY2014 us-gaap Increase Decrease In Deferred Liabilities
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110000
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1085000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-19292000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
9118000
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DeferredIncomeTaxExpenseBenefit
1494000
CY2014 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
821000
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
453000
CY2014 us-gaap Proceeds From Stock Options Exercised
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314000
CY2014 us-gaap Proceeds From Bank Debt
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CY2014 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
85000
CY2014 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4365000
CY2014 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-44000
CY2014 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
3080000
CY2014 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
3901000
CY2014 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
104000
CY2014 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
898000
CY2014 us-gaap Depreciation And Amortization
DepreciationAndAmortization
242000
CY2014 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
12000
CY2014 hnna Tax Expense Benefit From Restricted Stock Unit
TaxExpenseBenefitFromRestrictedStockUnit
427000
CY2014 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.004 pure
CY2014 hnna Stock Option Repurchased To Pay Option Exercised During Period Value
StockOptionRepurchasedToPayOptionExercisedDuringPeriodValue
900000
CY2014 hnna Distribution Expense
DistributionExpense
2450000
CY2014 hnna Restricted Stock Units Repurchased For Employee Tax Withholding
RestrictedStockUnitsRepurchasedForEmployeeTaxWithholding
85000
CY2015 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2015 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.91
CY2015 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
-0.021 pure
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14456000
CY2015 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2015-11-16
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 dei Amendment Flag
AmendmentFlag
false
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
More than 50% of the outstanding shares
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0001145255
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.50 pure
CY2015 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.024 pure
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.039 pure
CY2015 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.23
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
HENNESSY ADVISORS INC
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5960689 shares
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
73293 shares
CY2015 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2015-10-30
CY2015 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3750000
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5887396 shares
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-09-30
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td width="4%">&#xA0;</td> <td valign="top" width="4%" align="left">(j)</td> <td valign="top" align="left">Use of Estimates</td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p> </div>
CY2015 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
178000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
438000
CY2015 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
910000
CY2015 dei Trading Symbol
TradingSymbol
HNNA
CY2015 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2015-12-09
CY2015 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.93
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.394 pure
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
258000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
11389000
CY2015 us-gaap Revenues
Revenues
44739000
CY2015 us-gaap Interest Paid
InterestPaid
1004000
CY2015 us-gaap Gain Loss On Investments
GainLossOnInvestments
3000
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2015 us-gaap Payments Of Dividends
PaymentsOfDividends
1386000
CY2015 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
192000
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25056000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
19814000
CY2015 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
91000
CY2015 us-gaap Income Taxes Paid
IncomeTaxesPaid
5194000
CY2015 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2015 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
392000
CY2015 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
3000
CY2015 us-gaap Servicing Fees
ServicingFees
3562000
CY2015 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2000
CY2015 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
18803000
CY2015 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
692000
CY2015 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
448000
CY2015 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-1308000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2015 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
16000
CY2015 us-gaap Repayments Of Bank Debt
RepaymentsOfBankDebt
22972000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
55000
CY2015 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
41177000
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7414000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
692000
CY2015 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
3000
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1444000
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-136000
CY2015 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
7284000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-4559000
CY2015 us-gaap Operating Expenses
OperatingExpenses
24925000
CY2015 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
9750000
CY2015 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-48000
CY2015 us-gaap Interest Expense
InterestExpense
1012000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-462000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-18553000
CY2015 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1308000
CY2015 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
1089000
CY2015 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1161000
CY2015 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
139000
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5223000
CY2015 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
1097000
CY2015 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
5017000
CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
6106000
CY2015 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25056000
CY2015 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1386000
CY2015 us-gaap Depreciation And Amortization
DepreciationAndAmortization
265000
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0
CY2015 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
13000
CY2015 hnna Tax Expense Benefit From Restricted Stock Unit
TaxExpenseBenefitFromRestrictedStockUnit
178000
CY2015 hnna Contractual Agreement Termination Date
ContractualAgreementTerminationDate
2015-02-28
CY2015 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.002 pure
CY2015 hnna Maximum Aggregate Fair Market Value Of Options Granted To Individual
MaximumAggregateFairMarketValueOfOptionsGrantedToIndividual
100000
CY2015 hnna Distribution Expense
DistributionExpense
2403000
CY2015 hnna Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
12000
CY2015 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16 Funds
CY2015 hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
CY2015 hnna Restricted Stock Units Repurchased For Employee Tax Withholding
RestrictedStockUnitsRepurchasedForEmployeeTaxWithholding
139000
CY2015 hnna Repurchase Of Common Stock Cost
RepurchaseOfCommonStockCost
55655000
CY2015 hnna Proceeds From New Bank Loan
ProceedsFromNewBankLoan
35000000

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