$HNNA
HENNESSY ADVISORS INC

2019 Q3 Form 10-Q Financial Statement

#000119312519215385 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $10.17M $10.24M $13.57M
YoY Change -22.95% -24.49% 2.95%
Cost Of Revenue $2.250M $2.290M $2.660M
YoY Change -14.12% -13.91% 16.67%
Gross Profit $7.930M $8.160M $10.91M
YoY Change -25.12% -25.21% 0.09%
Gross Profit Margin 77.97% 79.66% 80.42%
Selling, General & Admin $4.350M $4.160M $4.720M
YoY Change -10.68% -11.86% 3.96%
% of Gross Profit 54.85% 50.98% 43.26%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $60.00K $53.00K $62.00K
YoY Change 0.0% -14.52% -38.0%
% of Gross Profit 0.76% 0.65% 0.57%
Operating Expenses $4.400M $6.513M $7.440M
YoY Change -10.75% -12.46% 7.7%
Operating Profit $3.530M $3.731M $6.127M
YoY Change -37.63% -39.11% -2.28%
Interest Expense -$220.0K $187.0K $315.0K
YoY Change -29.03% -40.63% 12.1%
% of Operating Profit -6.23% 5.01% 5.14%
Other Income/Expense, Net $80.00K $90.00K $40.00K
YoY Change 14.29% 125.0% 1233.33%
Pretax Income $3.380M $3.600M $5.856M
YoY Change -37.52% -38.52% -2.27%
Income Tax $980.0K $972.0K $1.638M
% Of Pretax Income 28.99% 27.0% 27.97%
Net Earnings $2.410M $2.628M $4.218M
YoY Change -34.15% -37.7% 6.52%
Net Earnings / Revenue 23.7% 25.65% 31.09%
Basic Earnings Per Share $0.35 $0.54
Diluted Earnings Per Share $320.1K $0.35 $0.53
COMMON SHARES
Basic Shares Outstanding 7.499M 7.501M 7.808M
Diluted Shares Outstanding 7.538M 7.925M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.70M $23.80M $21.20M
YoY Change -2.76% 12.26% 72.36%
Cash & Equivalents $24.69M $23.75M $21.14M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $600.0K $500.0K $600.0K
YoY Change -14.29% -16.67% -50.0%
Inventory
Prepaid Expenses $633.0K $524.0K $607.0K
Receivables $3.291M $3.376M $4.457M
Other Receivables $392.0K $435.0K $484.0K
Total Short-Term Assets $29.01M $28.09M $26.70M
YoY Change -5.63% 5.22% 44.45%
LONG-TERM ASSETS
Property, Plant & Equipment $361.0K $394.0K $365.0K
YoY Change -5.5% 7.95% 50.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $192.0K $191.0K $188.0K
YoY Change 0.52% 1.6% 41.35%
Total Long-Term Assets $81.20M $80.52M $78.59M
YoY Change 3.12% 2.45% 4.91%
TOTAL ASSETS
Total Short-Term Assets $29.01M $28.09M $26.70M
Total Long-Term Assets $81.20M $80.52M $78.59M
Total Assets $110.2M $108.6M $105.3M
YoY Change 0.66% 3.15% 12.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.500M $4.600M $5.800M
YoY Change -22.54% -20.69% 1.75%
Accrued Expenses $700.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.327M $4.234M $4.228M
YoY Change 2.34% 0.14% 0.0%
Total Short-Term Liabilities $11.36M $9.533M $10.66M
YoY Change -5.58% -10.59% 5.16%
LONG-TERM LIABILITIES
Long-Term Debt $13.05M $14.23M $18.56M
YoY Change -25.44% -23.33% -18.56%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $13.05M $14.23M $18.56M
YoY Change -25.44% -23.33% -18.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.36M $9.533M $10.66M
Total Long-Term Liabilities $13.05M $14.23M $18.56M
Total Liabilities $34.68M $33.93M $37.27M
YoY Change -9.92% -8.98% -16.62%
SHAREHOLDERS EQUITY
Retained Earnings $57.86M $57.07M $51.34M
YoY Change 6.75% 11.15% 51.6%
Common Stock $17.67M $17.61M $16.67M
YoY Change 5.3% 5.65% 12.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.53M $74.68M $68.02M
YoY Change
Total Liabilities & Shareholders Equity $110.2M $108.6M $105.3M
YoY Change 0.66% 3.15% 12.73%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $2.410M $2.628M $4.218M
YoY Change -34.15% -37.7% 6.52%
Depreciation, Depletion And Amortization $60.00K $53.00K $62.00K
YoY Change 0.0% -14.52% -38.0%
Cash From Operating Activities $4.170M $4.760M $6.420M
YoY Change -39.3% -25.86% 8.08%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$90.00K -$80.00K
YoY Change -90.48% 12.5% -11.11%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$90.00K -$80.00K
YoY Change -90.48% 12.5% -11.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.210M -5.990M -1.850M
YoY Change 33.2% 223.78% 14.2%
NET CHANGE
Cash From Operating Activities 4.170M 4.760M 6.420M
Cash From Investing Activities -20.00K -90.00K -80.00K
Cash From Financing Activities -3.210M -5.990M -1.850M
Net Change In Cash 940.0K -1.320M 4.490M
YoY Change -77.88% -129.4% 6.15%
FREE CASH FLOW
Cash From Operating Activities $4.170M $4.760M $6.420M
Capital Expenditures -$20.00K -$90.00K -$80.00K
Free Cash Flow $4.190M $4.850M $6.500M
YoY Change -40.82% -25.38% 7.79%

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DividendsCommonStockCash
780000
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
34000
CY2018Q1 hnna Stock Issued During Period Value Auto Investments Pursuant To Dividend Reinvestment And Stock Purchase Plan
StockIssuedDuringPeriodValueAutoInvestmentsPursuantToDividendReinvestmentAndStockPurchasePlan
8000
CY2018Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
12000
CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
649000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
64032000
hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
CY2019Q2 hnna Number Of Mutual Funds
NumberOfMutualFunds
30
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
18600000
us-gaap Depreciation
Depreciation
165000
us-gaap Depreciation
Depreciation
166000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
-1201000
us-gaap Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
3486000
us-gaap Share Based Compensation
ShareBasedCompensation
1667000
us-gaap Share Based Compensation
ShareBasedCompensation
1828000
hnna Interest Expense Associated With Debt Issuance Cost
InterestExpenseAssociatedWithDebtIssuanceCost
94000
hnna Employee Restricted Stock Forfeiture
EmployeeRestrictedStockForfeiture
28000
hnna Employee Restricted Stock Forfeiture
EmployeeRestrictedStockForfeiture
51000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-883000
us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
132000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-144000
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-1007000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
22000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-100000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
43000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2466000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1514000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-5000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-258000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-37000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-25000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
10220000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
14662000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
177000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
277000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1769000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3410000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1946000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3687000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3281000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3281000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
36000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
151000
us-gaap Payments Of Dividends
PaymentsOfDividends
2567000
us-gaap Payments Of Dividends
PaymentsOfDividends
2147000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9921000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5533000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1647000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
5442000
CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15700000
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21142000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
2258000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
3698000
us-gaap Interest Paid Net
InterestPaidNet
785000
us-gaap Interest Paid Net
InterestPaidNet
810000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
4016000
CY2019Q2 us-gaap Long Term Debt
LongTermDebt
18500000
CY2019Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7499033
dei Trading Symbol
TradingSymbol
HNNA
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Security12b Title
Security12bTitle
Common stock
dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2019Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2018Q3 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2018Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2017Q4 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2018Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2019Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
4016000
CY2019Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3939000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
6127000
us-gaap Operating Income Loss
OperatingIncomeLoss
12502000
us-gaap Operating Income Loss
OperatingIncomeLoss
18821000
dei Document Type
DocumentType
10-Q
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2019-06-30
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Registrant Name
EntityRegistrantName
HENNESSY ADVISORS INC
dei Entity Central Index Key
EntityCentralIndexKey
0001145255
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Shell Company
EntityShellCompany
false
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
hnna Interest Expense Associated With Debt Issuance Cost
InterestExpenseAssociatedWithDebtIssuanceCost
110000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
58000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
46000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
79000

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