$HNNA
HENNESSY ADVISORS INC

2016 Q3 Form 10-K Financial Statement

#000119312516782532 Filed on December 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 2015 Q3
Revenue $13.07M $51.41M $12.48M
YoY Change 4.73% 14.91% 31.23%
Cost Of Revenue $2.310M $8.740M $2.030M
YoY Change 13.79% 20.05% 30.13%
Gross Profit $10.76M $42.67M $10.45M
YoY Change 2.97% 13.91% 31.45%
Gross Profit Margin 82.33% 83.0% 83.73%
Selling, General & Admin $4.720M $18.52M $4.430M
YoY Change 6.55% 6.56% 19.41%
% of Gross Profit 43.87% 43.4% 42.39%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $80.00K $210.0K $70.00K
YoY Change 14.29% 16.67% 16.67%
% of Gross Profit 0.74% 0.49% 0.67%
Operating Expenses $7.126M $27.62M $4.500M
YoY Change 58.36% 10.81% 19.36%
Operating Profit $5.944M $23.79M $5.950M
YoY Change -0.1% 20.07% 42.34%
Interest Expense $283.0K $1.232M -$260.0K
YoY Change -208.85% 21.74% -3.7%
% of Operating Profit 4.76% 5.18% -4.37%
Other Income/Expense, Net $0.00 $2.000K $0.00
YoY Change 100.0%
Pretax Income $5.661M $22.56M $5.700M
YoY Change -0.68% 19.98% 45.78%
Income Tax $2.121M $8.193M $2.270M
% Of Pretax Income 37.47% 36.32% 39.82%
Net Earnings $3.540M $14.37M $3.430M
YoY Change 3.21% 26.15% 42.32%
Net Earnings / Revenue 27.08% 27.95% 27.48%
Basic Earnings Per Share $0.47 $1.89
Diluted Earnings Per Share $0.45 $1.86 $383.2K
COMMON SHARES
Basic Shares Outstanding 5.067M shares 7.601M shares 6.025M shares
Diluted Shares Outstanding 7.718M shares

Balance Sheet

Concept 2016 Q3 2016 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.500M $3.500M $3.100M
YoY Change 12.9% 12.9% -59.74%
Cash & Equivalents $3.535M $3.500M $3.086M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $580.0K $1.800M $535.0K
YoY Change 8.41% 5.88% 20.5%
Inventory
Prepaid Expenses $1.175M $1.049M
Receivables $4.230M $4.200M $4.052M
Other Receivables $580.0K $600.0K $500.0K
Total Short-Term Assets $10.14M $10.10M $9.412M
YoY Change 7.68% 7.45% -22.73%
LONG-TERM ASSETS
Property, Plant & Equipment $296.0K $300.0K $319.0K
YoY Change -7.21% 0.0% 32.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $149.0K $100.0K $709.0K
YoY Change -78.98% -85.71% 75.06%
Total Long-Term Assets $74.80M $74.80M $63.72M
YoY Change 17.39% 17.43% 0.93%
TOTAL ASSETS
Total Short-Term Assets $10.14M $10.10M $9.412M
Total Long-Term Assets $74.80M $74.80M $63.72M
Total Assets $84.94M $84.90M $73.13M
YoY Change 16.14% 16.14% -2.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.600M $6.600M $4.700M
YoY Change 40.43% 40.43% 34.29%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.228M $4.200M $4.375M
YoY Change -3.36% -4.55% 16.67%
Total Short-Term Liabilities $11.22M $11.20M $10.27M
YoY Change 9.31% 8.74% 38.16%
LONG-TERM LIABILITIES
Long-Term Debt $25.96M $26.00M $30.63M
YoY Change -15.25% -15.03% 33.31%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $25.96M $26.00M $30.63M
YoY Change -15.25% -15.03% 33.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.22M $11.20M $10.27M
Total Long-Term Liabilities $25.96M $26.00M $30.63M
Total Liabilities $47.61M $47.60M $50.04M
YoY Change -4.86% -4.8% 32.02%
SHAREHOLDERS EQUITY
Retained Earnings $24.05M $11.44M
YoY Change 110.23% -56.93%
Common Stock $13.28M $11.65M
YoY Change 13.94% 7.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.33M $37.30M $23.10M
YoY Change
Total Liabilities & Shareholders Equity $84.94M $84.90M $73.13M
YoY Change 16.14% 16.14% -2.9%

Cashflow Statement

Concept 2016 Q3 2016 2015 Q3
OPERATING ACTIVITIES
Net Income $3.540M $14.37M $3.430M
YoY Change 3.21% 26.15% 42.32%
Depreciation, Depletion And Amortization $80.00K $210.0K $70.00K
YoY Change 14.29% 16.67% 16.67%
Cash From Operating Activities $5.020M $18.19M $4.220M
YoY Change 18.96% 25.97% 26.73%
INVESTING ACTIVITIES
Capital Expenditures -$11.41M $184.0K -$300.0K
YoY Change 3703.33% -28.68% 400.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$11.41M -$11.86M -$290.0K
YoY Change 3834.48% 2535.56% 383.33%
FINANCING ACTIVITIES
Cash Dividend Paid $1.500M
YoY Change 8.46%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.375M
YoY Change 16.67%
Cash From Financing Activities -1.490M -5.880M -14.71M
YoY Change -89.87% -68.3% 593.87%
NET CHANGE
Cash From Operating Activities 5.020M 18.19M 4.220M
Cash From Investing Activities -11.41M -11.86M -290.0K
Cash From Financing Activities -1.490M -5.880M -14.71M
Net Change In Cash -7.880M 450.0K -10.78M
YoY Change -26.9% -109.87% -1037.39%
FREE CASH FLOW
Cash From Operating Activities $5.020M $18.19M $4.220M
Capital Expenditures -$11.41M $184.0K -$300.0K
Free Cash Flow $16.43M $18.01M $4.520M
YoY Change 263.5% 26.96% 33.33%

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CY2015 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-2000
CY2015 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-1308000
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
7414000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
14456000
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
258000
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22972000
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5960689 shares
CY2015 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
139000
CY2015 us-gaap Servicing Fees
ServicingFees
3562000
CY2015 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
7284000
CY2015 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25056000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5887396 shares
CY2015 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
692000
CY2015 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3750000
CY2015 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
13000
CY2015 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
16000
CY2015 hnna Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
12000
CY2015 hnna Repurchase Of Common Stock Cost
RepurchaseOfCommonStockCost
55655000
CY2015 hnna Restricted Stock Units Repurchased For Employee Tax Withholding
RestrictedStockUnitsRepurchasedForEmployeeTaxWithholding
139000
CY2015 hnna Tax Expense Benefit From Restricted Stock Unit
TaxExpenseBenefitFromRestrictedStockUnit
178000
CY2015 hnna Distribution Expense
DistributionExpense
2403000
CY2015 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.002 pure
CY2016 dei Entity Registrant Name
EntityRegistrantName
HENNESSY ADVISORS INC
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5067055 shares
CY2016 dei Trading Symbol
TradingSymbol
HNNA
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0
CY2016 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
6324000
CY2016 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
6835000
CY2016 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2016 dei Document Type
DocumentType
10-K
CY2016 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
11943000
CY2016 dei Entity Central Index Key
EntityCentralIndexKey
0001145255
CY2016 dei Document Period End Date
DocumentPeriodEndDate
2016-09-30
CY2016 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Restricted Stock Units Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationRestrictedStockUnitsRequisiteServicePeriodRecognition
1416000
CY2016 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
449000
CY2016 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.026 pure
CY2016 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.002 pure
CY2016 hnna Stock Issued During Period Value Auto Investments Pursuant To Dividend Reinvestmentandstock Purchase Plan
StockIssuedDuringPeriodValueAutoInvestmentsPursuantToDividendReinvestmentandstockPurchasePlan
15000
CY2016 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
1539000
CY2016 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-181000
CY2016 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016 dei Amendment Flag
AmendmentFlag
false
CY2016 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.30
CY2016 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2016 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2016 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
1416000
CY2016 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4375000
CY2016 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
14000
CY2016 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
18000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2016 hnna Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
1000
CY2016 hnna Contractual Agreement Termination Date
ContractualAgreementTerminationDate
2015-02-28
CY2016 hnna Maximum Aggregate Fair Market Value Of Options Granted To Individual
MaximumAggregateFairMarketValueOfOptionsGrantedToIndividual
100000
CY2016 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5806000
CY2016 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.84
CY2016 us-gaap Depreciation And Amortization
DepreciationAndAmortization
353000
CY2016 us-gaap Depreciation
Depreciation
210000
CY2016 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2016 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.79
CY2016 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
EffectiveIncomeTaxRateReconciliationPriorYearIncomeTaxes
-0.018 pure
CY2016 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2016 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
511000
CY2016 us-gaap Dividend Payable Date To Be Paid Day Month And Year
DividendPayableDateToBePaidDayMonthAndYear
2016-12-08
CY2016 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1500000
CY2016 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2016-10-31
CY2016 us-gaap Dividends Payable Date Of Record Day Month And Year
DividendsPayableDateOfRecordDayMonthAndYear
2016-11-15
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.363 pure
CY2016 us-gaap Adjustments To Additional Paid In Capital Tax Effect From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalTaxEffectFromShareBasedCompensation
456000
CY2016 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1358000
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.350 pure
CY2016 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16 Funds
CY2016 hnna Proceeds From Issuance Of Common Stock Auto Investments Pursuant To Dividend Reinvestment And Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockAutoInvestmentsPursuantToDividendReinvestmentAndStockPurchasePlan
15000
CY2016 us-gaap Income Taxes Paid
IncomeTaxesPaid
6960000
CY2016 us-gaap Revenues
Revenues
51410000
CY2016 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-714000
CY2016 us-gaap Gain Loss On Investments
GainLossOnInvestments
600
CY2016 us-gaap Interest Paid
InterestPaid
1190000
CY2016 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
2000
CY2016 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
126000
CY2016 us-gaap Operating Expenses
OperatingExpenses
27620000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
14367000
CY2016 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
22560000
CY2016 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-62000
CY2016 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
178000
CY2016 us-gaap Interest Expense
InterestExpense
1232000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-11862000
CY2016 us-gaap Payments Of Loan Costs
PaymentsOfLoanCosts
15000
CY2016 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
45000
CY2016 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
78255 shares
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
23790000
CY2016 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
46391000
CY2016 us-gaap Payments Of Dividends
PaymentsOfDividends
1500000
CY2016 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
11678000
CY2016 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-5876000
CY2016 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1879000
CY2016 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-1000
CY2016 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1000
CY2016 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-1359000
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
8193000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
18187000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
184000
CY2016 hnna Repurchase Of Common Stock Cost
RepurchaseOfCommonStockCost
55655000
CY2016 hnna Restricted Stock Units Repurchased For Employee Tax Withholding
RestrictedStockUnitsRepurchasedForEmployeeTaxWithholding
518000
CY2016 hnna Tax Expense Benefit From Restricted Stock Unit
TaxExpenseBenefitFromRestrictedStockUnit
456000
CY2016 hnna Distribution Expense
DistributionExpense
775000
CY2016 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.003 pure
CY2016 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: 8%"> 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>
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5145310 shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
More than 50% of the outstanding shares
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2016 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
518000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.50 pure
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2016 us-gaap Servicing Fees
ServicingFees
5019000
CY2016 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
8743000
CY2016 hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D

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