$HNNA
HENNESSY ADVISORS INC

2017 Q3 Form 10-Q Financial Statement

#000119312517245824 Filed on August 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $13.25M $13.18M $13.00M
YoY Change 1.35% 1.41% 8.58%
Cost Of Revenue $2.360M $2.280M $2.230M
YoY Change 2.16% 2.24% 16.15%
Gross Profit $10.88M $10.90M $10.77M
YoY Change 1.12% 1.21% 7.16%
Gross Profit Margin 82.13% 82.71% 82.88%
Selling, General & Admin $5.070M $4.540M $4.550M
YoY Change 7.42% -0.22% 5.81%
% of Gross Profit 46.6% 41.65% 42.25%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$60.00K $100.0K $90.00K
YoY Change -175.0% 11.11% 28.57%
% of Gross Profit -0.55% 0.92% 0.84%
Operating Expenses $7.524M $6.908M $6.862M
YoY Change 5.59% 0.67% 9.11%
Operating Profit $5.723M $6.270M $6.133M
YoY Change -3.72% 2.23% 7.99%
Interest Expense $284.0K $281.0K $279.0K
YoY Change 0.35% 0.72% 15.29%
% of Operating Profit 4.96% 4.48% 4.55%
Other Income/Expense, Net $9.000K $3.000K $1.000K
YoY Change 200.0%
Pretax Income $5.448M $5.992M $5.855M
YoY Change -3.76% 2.34% 7.69%
Income Tax $2.090M $2.032M $1.961M
% Of Pretax Income 38.36% 33.91% 33.49%
Net Earnings $3.358M $3.960M $3.894M
YoY Change -5.14% 1.69% 17.89%
Net Earnings / Revenue 25.35% 30.05% 29.97%
Basic Earnings Per Share $0.44 $0.51 $0.51
Diluted Earnings Per Share $0.42 $0.51 $0.50
COMMON SHARES
Basic Shares Outstanding 7.691M shares 7.690M shares 7.600M shares
Diluted Shares Outstanding 7.788M shares 7.731M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.70M $12.30M $11.40M
YoY Change 348.57% 7.89% -17.99%
Cash & Equivalents $15.70M $12.33M $11.42M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $1.600M $1.200M $1.500M
YoY Change 175.86% -20.0% 0.0%
Inventory
Prepaid Expenses $1.614M $627.0K $772.0K
Receivables $4.325M $4.360M $4.260M
Other Receivables $584.0K $500.0K $600.0K
Total Short-Term Assets $22.23M $18.48M $17.73M
YoY Change 119.35% 4.23% -9.82%
LONG-TERM ASSETS
Property, Plant & Equipment $254.0K $243.0K $285.0K
YoY Change -14.19% -14.74% 28.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $145.0K $133.0K $614.0K
YoY Change -2.68% -78.34% 80.59%
Total Long-Term Assets $75.03M $74.91M $63.92M
YoY Change 0.3% 17.2% 1.3%
TOTAL ASSETS
Total Short-Term Assets $22.23M $18.48M $17.73M
Total Long-Term Assets $75.03M $74.91M $63.92M
Total Assets $97.26M $93.40M $81.65M
YoY Change 14.5% 14.38% -1.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.400M $5.700M $5.400M
YoY Change 12.12% 5.56% 22.73%
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 $4.228M $4.375M
YoY Change 0.0% -3.36% 16.67%
Total Short-Term Liabilities $12.46M $10.14M $9.802M
YoY Change 11.03% 3.44% 6.65%
LONG-TERM LIABILITIES
Long-Term Debt $21.73M $22.79M $27.34M
YoY Change -16.29% -16.67% 35.64%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $21.73M $22.79M $27.34M
YoY Change -16.29% -16.67% 35.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.46M $10.14M $9.802M
Total Long-Term Liabilities $21.73M $22.79M $27.34M
Total Liabilities $45.73M $44.70M $47.78M
YoY Change -3.95% -6.43% 26.12%
SHAREHOLDERS EQUITY
Retained Earnings $36.59M $33.87M $21.11M
YoY Change 52.12% 60.46% -36.96%
Common Stock $14.94M $14.82M $12.77M
YoY Change 12.53% 16.1% 12.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $51.53M $48.69M $33.88M
YoY Change
Total Liabilities & Shareholders Equity $97.26M $93.40M $81.65M
YoY Change 14.5% 14.38% -1.34%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $3.358M $3.960M $3.894M
YoY Change -5.14% 1.69% 17.89%
Depreciation, Depletion And Amortization -$60.00K $100.0K $90.00K
YoY Change -175.0% 11.11% 28.57%
Cash From Operating Activities $5.800M $5.940M $5.490M
YoY Change 15.54% 8.2% -9.56%
INVESTING ACTIVITIES
Capital Expenditures -$170.0K -$90.00K -$80.00K
YoY Change -98.51% 12.5% -20.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$170.0K -$90.00K -$80.00K
YoY Change -98.51% 12.5% -20.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.260M -1.620M -1.490M
YoY Change 51.68% 8.72% 14.62%
NET CHANGE
Cash From Operating Activities 5.800M 5.940M 5.490M
Cash From Investing Activities -170.0K -90.00K -80.00K
Cash From Financing Activities -2.260M -1.620M -1.490M
Net Change In Cash 3.370M 4.230M 3.920M
YoY Change -142.77% 7.91% -16.06%
FREE CASH FLOW
Cash From Operating Activities $5.800M $5.940M $5.490M
Capital Expenditures -$170.0K -$90.00K -$80.00K
Free Cash Flow $5.970M $6.030M $5.570M
YoY Change -63.66% 8.26% -9.72%

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us-gaap Share Based Compensation
ShareBasedCompensation
1049000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3282000
hnna Payments For Deferred Offering Costs
PaymentsForDeferredOfferingCosts
1000
hnna Restricted Stock Units Repurchased For Employee Tax Withholding
RestrictedStockUnitsRepurchasedForEmployeeTaxWithholding
98000
us-gaap Revenues
Revenues
38340000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1097000
us-gaap Interest Paid
InterestPaid
911000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-277000
us-gaap Income Taxes Paid
IncomeTaxesPaid
5350000
us-gaap Operating Expenses
OperatingExpenses
20494000
us-gaap Net Income Loss
NetIncomeLoss
10827000
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
16899000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-45000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
208000
us-gaap Interest Expense
InterestExpense
949000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-448000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
15000
us-gaap Operating Income Loss
OperatingIncomeLoss
17846000
us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
34561000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
22000
us-gaap Payments Of Dividends
PaymentsOfDividends
1115000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
326000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-4390000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
679000
hnna Tax Expense Benefit From Restricted Stock Unit
TaxExpenseBenefitFromRestrictedStockUnit
95000
hnna Distribution Expense
DistributionExpense
682000
CY2016 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2016Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3017000
CY2016Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1301000
CY2016Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
CY2016Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
88000
CY2016Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.50
CY2016Q2 us-gaap Revenues
Revenues
12995000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
6862000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
3894000
CY2017Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
3000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2032000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7788456 shares
CY2017Q2 us-gaap Servicing Fees
ServicingFees
1158000
CY2017Q2 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
2281000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7690443 shares
CY2017Q2 hnna Distribution Expense
DistributionExpense
80000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5855000
CY2016Q2 us-gaap Interest Expense
InterestExpense
279000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6133000
CY2016Q2 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
11747000
CY2016Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1961000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7731141 shares
CY2016Q2 us-gaap Servicing Fees
ServicingFees
1248000
CY2016Q2 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
2225000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7599812 shares
CY2016Q2 hnna Distribution Expense
DistributionExpense
231000
CY2017Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
3124000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1332000
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.51
CY2017Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
91000
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.51
CY2017Q2 us-gaap Revenues
Revenues
13178000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
6908000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
3960000
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
5992000
CY2017Q2 us-gaap Interest Expense
InterestExpense
281000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6270000
CY2017Q2 us-gaap Investment Advisory Fees
InvestmentAdvisoryFees
12020000

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