$HNNA
HENNESSY ADVISORS INC

2018 Form 10-K Financial Statement

#000119312518336590 Filed on November 28, 2018

View on sec.gov

Income Statement

Concept 2018 2017 Q3 2017
Revenue $54.59M $13.25M $52.96M
YoY Change 3.09% 1.35% 3.01%
Cost Of Revenue $10.46M $2.360M $9.230M
YoY Change 13.33% 2.16% 5.61%
Gross Profit $44.13M $10.88M $43.73M
YoY Change 0.91% 1.12% 2.48%
Gross Profit Margin 80.84% 82.13% 82.58%
Selling, General & Admin $19.42M $5.070M $19.02M
YoY Change 2.1% 7.42% 2.7%
% of Gross Profit 44.01% 46.6% 43.49%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $231.0K -$60.00K $219.0K
YoY Change 5.48% -175.0% 4.29%
% of Gross Profit 0.52% -0.55% 0.5%
Operating Expenses $30.12M $7.524M $28.46M
YoY Change 5.81% 5.59% 3.05%
Operating Profit $24.48M $5.723M $24.49M
YoY Change -0.07% -3.72% 2.96%
Interest Expense $1.227M $284.0K $1.256M
YoY Change -2.31% 0.35% 1.95%
% of Operating Profit 5.01% 4.96% 5.13%
Other Income/Expense, Net $150.0K $9.000K $12.00K
YoY Change 1150.0% 500.0%
Pretax Income $23.39M $5.448M $23.25M
YoY Change 0.62% -3.76% 3.05%
Income Tax $2.778M $2.090M $8.307M
% Of Pretax Income 11.88% 38.36% 35.73%
Net Earnings $20.62M $3.358M $14.94M
YoY Change 37.97% -5.14% 4.0%
Net Earnings / Revenue 37.76% 25.35% 28.22%
Basic Earnings Per Share $2.64 $0.44 $1.94
Diluted Earnings Per Share $2.61 $0.42 $1.92
COMMON SHARES
Basic Shares Outstanding 7.808M 7.691M shares 7.692M shares
Diluted Shares Outstanding 7.891M 7.791M shares

Balance Sheet

Concept 2018 2017 Q3 2017
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.40M $15.70M $15.70M
YoY Change 61.78% 348.57% 348.57%
Cash & Equivalents $25.40M $15.70M $15.70M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $700.0K $1.600M $1.600M
YoY Change -56.25% 175.86% -11.11%
Inventory
Prepaid Expenses $1.614M
Receivables $4.300M $4.325M $4.300M
Other Receivables $400.0K $584.0K $600.0K
Total Short-Term Assets $30.70M $22.23M $22.20M
YoY Change 38.29% 119.35% 119.8%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $254.0K $300.0K
YoY Change 33.33% -14.19% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $145.0K $100.0K
YoY Change 100.0% -2.68% 0.0%
Total Long-Term Assets $78.80M $75.03M $75.10M
YoY Change 4.93% 0.3% 0.4%
TOTAL ASSETS
Total Short-Term Assets $30.70M $22.23M $22.20M
Total Long-Term Assets $78.80M $75.03M $75.10M
Total Assets $109.5M $97.26M $97.30M
YoY Change 12.54% 14.5% 14.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.100M $7.400M $7.400M
YoY Change -4.05% 12.12% 12.12%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.200M $4.228M $4.200M
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $12.00M $12.46M $12.50M
YoY Change -4.0% 11.03% 11.61%
LONG-TERM LIABILITIES
Long-Term Debt $17.50M $21.73M $21.70M
YoY Change -19.35% -16.29% -16.54%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $17.50M $21.73M $21.70M
YoY Change -19.35% -16.29% -16.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.00M $12.46M $12.50M
Total Long-Term Liabilities $17.50M $21.73M $21.70M
Total Liabilities $38.50M $45.73M $45.70M
YoY Change -15.75% -3.95% -3.99%
SHAREHOLDERS EQUITY
Retained Earnings $36.59M
YoY Change 52.12%
Common Stock $14.94M
YoY Change 12.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $71.00M $51.53M $51.50M
YoY Change
Total Liabilities & Shareholders Equity $109.5M $97.26M $97.30M
YoY Change 12.54% 14.5% 14.61%

Cashflow Statement

Concept 2018 2017 Q3 2017
OPERATING ACTIVITIES
Net Income $20.62M $3.358M $14.94M
YoY Change 37.97% -5.14% 4.0%
Depreciation, Depletion And Amortization $231.0K -$60.00K $219.0K
YoY Change 5.48% -175.0% 4.29%
Cash From Operating Activities $21.53M $5.800M $19.85M
YoY Change 8.49% 15.54% 9.1%
INVESTING ACTIVITIES
Capital Expenditures $360.0K -$170.0K $176.0K
YoY Change 104.55% -98.51% -4.35%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.895M -$170.0K -$445.0K
YoY Change 775.28% -98.51% -96.25%
FINANCING ACTIVITIES
Cash Dividend Paid $2.883M $2.210M
YoY Change 30.45% 47.33%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.375M $4.375M
YoY Change 0.0% 0.0%
Cash From Financing Activities -7.941M -2.260M -7.236M
YoY Change 9.74% 51.68% 23.06%
NET CHANGE
Cash From Operating Activities 21.53M 5.800M 19.85M
Cash From Investing Activities -3.895M -170.0K -445.0K
Cash From Financing Activities -7.941M -2.260M -7.236M
Net Change In Cash 9.695M 3.370M 12.17M
YoY Change -20.3% -142.77% 2603.33%
FREE CASH FLOW
Cash From Operating Activities $21.53M $5.800M $19.85M
Capital Expenditures $360.0K -$170.0K $176.0K
Free Cash Flow $21.17M $5.970M $19.67M
YoY Change 7.63% -63.66% 9.24%

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CY2017 hnna Cash Paid For Fractional Shares
CashPaidForFractionalShares
-1000
CY2017 hnna Effective Income Tax Rate Reconciliation Amendment Of Prior Period Tax Return
EffectiveIncomeTaxRateReconciliationAmendmentOfPriorPeriodTaxReturn
-0.007 pure
CY2017 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
653000
CY2017 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
9225000
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7691937 shares
CY2017 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
14000
CY2017 hnna Distribution Expense
DistributionExpense
274000
CY2017 hnna Maximum Aggregate Fair Market Value Of Options Granted To Individual
MaximumAggregateFairMarketValueOfOptionsGrantedToIndividual
100000
CY2018 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.39
CY2017 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.002 pure
CY2017 hnna Interest Expense Associated With Debt Issuance Cost
InterestExpenseAssociatedWithDebtIssuanceCost
147000
CY2018 dei Amendment Flag
AmendmentFlag
false
CY2018 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
2413000
CY2018 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
9695000
CY2018 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
4420000
CY2018 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
5355000
CY2018 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
935000
CY2018 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
13035000
CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001145255
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2018 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119 pure
CY2018 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.61
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Impairment Losses
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseImpairmentLosses
0.167 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.001 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.036 pure
CY2018 dei Entity Registrant Name
EntityRegistrantName
HENNESSY ADVISORS INC
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Small Business
EntitySmallBusiness
true
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.245 pure
CY2018 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2018 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-3150000
CY2018 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2577000
CY2018 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
573000
CY2018 us-gaap Depreciation
Depreciation
231000
CY2018 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
2928000
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Type
DocumentType
10-K
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
CY2018 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.64
CY2018 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Other
EffectiveIncomeTaxRateReconciliationTaxCreditsOther
0.003 pure
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2018 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5864000
CY2018 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
23393000
CY2018 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2778000
CY2018 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-36000
CY2018 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-66000
CY2018 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4443000
CY2018 us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
2576000
CY2018 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-171000
CY2018 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-270000
CY2018 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-118000
CY2018 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
6000
CY2018 us-gaap Interest Expense
InterestExpense
1227000
CY2018 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-946000
CY2018 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
82337 shares
CY2018 us-gaap Interest Paid Net
InterestPaidNet
1096000
CY2018 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1000
CY2018 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3895000
CY2018 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7941000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
21531000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
20615000
CY2018 us-gaap Operating Expenses
OperatingExpenses
30115000
CY2018 us-gaap Operating Income Loss
OperatingIncomeLoss
24475000
CY2018 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
145000
CY2018 us-gaap Payments Of Dividends
PaymentsOfDividends
2883000
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
660000
CY2018 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3535000
CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
360000
CY2018 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
39000
CY2018 us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
16000
CY2018 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4375000
CY2018 us-gaap Revenues
Revenues
54590000
CY2018 us-gaap Share Based Compensation
ShareBasedCompensation
2413000
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum
0.50 pure
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
More than 50% of the outstanding shares
CY2018 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
660000
CY2018 us-gaap Subadvisory Fees For Mutual Funds
SubadvisoryFeesForMutualFunds
10461000
CY2018 us-gaap Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
20000
CY2018 dei Trading Symbol
TradingSymbol
HNNA
CY2018 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
45000
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2018 us-gaap Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
0 shares
CY2018 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
51000
CY2018 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7890758 shares
CY2018 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7808421 shares
CY2018 us-gaap Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
15000
CY2018 hnna Effective Income Tax Rate Reconciliation Permanent And Other Differences
EffectiveIncomeTaxRateReconciliationPermanentAndOtherDifferences
0.001 pure
CY2018 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
14 Funds
CY2018 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 style="PAGE-BREAK-INSIDE: avoid"> <td width="4%">&#xA0;</td> <td valign="top" width="4%" align="left">(j)</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">Use of Estimates</p> </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 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>
CY2018 hnna Distribution Expense
DistributionExpense
524000
CY2018 hnna Stock Issued During Period Value Auto Investments Pursuant To Dividend Reinvestment And Stock Purchase Plan
StockIssuedDuringPeriodValueAutoInvestmentsPursuantToDividendReinvestmentAndStockPurchasePlan
16000
CY2018 hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
CY2018 hnna Blended Federal Statutory Income Tax Rate
BlendedFederalStatutoryIncomeTaxRate
0.245 pure
CY2018 hnna Employee Restricted Stock Forfeiture
EmployeeRestrictedStockForfeiture
51000
CY2018 hnna Interest Expense Associated With Debt Issuance Cost
InterestExpenseAssociatedWithDebtIssuanceCost
147000
CY2017Q4 hnna Increase Decrease In Income Tax Expense
IncreaseDecreaseInIncomeTaxExpense
4000000
CY2017Q4 hnna Income Tax Expense Non Cash Benefit Diluted Earnings Per Share
IncomeTaxExpenseNonCashBenefitDilutedEarningsPerShare
0.54

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