$HNNA
HENNESSY ADVISORS INC

2020 Q1 Form 10-Q Financial Statement

#000119312520142833 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $8.879M $10.46M
YoY Change -15.08% -25.35%
Cost Of Revenue $2.010M $2.250M
YoY Change -10.67% -15.09%
Gross Profit $6.870M $8.210M
YoY Change -16.32% -27.73%
Gross Profit Margin 77.37% 78.52%
Selling, General & Admin $3.820M $4.190M
YoY Change -8.83% -16.87%
% of Gross Profit 55.6% 51.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $61.00K $54.00K
YoY Change 12.96% -6.9%
% of Gross Profit 0.89% 0.66%
Operating Expenses $5.886M $6.498M
YoY Change -9.42% -16.11%
Operating Profit $2.993M $3.958M
YoY Change -24.38% -36.77%
Interest Expense $260.0K $299.0K
YoY Change -13.04% -1.32%
% of Operating Profit 8.69% 7.55%
Other Income/Expense, Net $30.00K $80.00K
YoY Change -62.5% 300.0%
Pretax Income $2.765M $3.743M
YoY Change -26.13% -37.4%
Income Tax $795.0K $843.0K
% Of Pretax Income 28.75% 22.52%
Net Earnings $1.970M $2.900M
YoY Change -32.07% -36.33%
Net Earnings / Revenue 22.19% 27.74%
Basic Earnings Per Share $0.27 $0.37
Diluted Earnings Per Share $0.27 $0.37
COMMON SHARES
Basic Shares Outstanding 7.364M 7.918M
Diluted Shares Outstanding 7.393M 7.922M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.000M $25.10M
YoY Change -72.11% 50.3%
Cash & Equivalents $6.997M $25.07M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $500.0K $500.0K
YoY Change 0.0% 0.0%
Inventory
Prepaid Expenses $493.0K $475.0K
Receivables $2.450M $3.601M
Other Receivables $342.0K $490.0K
Total Short-Term Assets $10.29M $29.65M
YoY Change -65.29% 32.77%
LONG-TERM ASSETS
Property, Plant & Equipment $316.0K $361.0K
YoY Change -12.47% -2.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $192.0K $192.0K
YoY Change 0.0% 2.13%
Total Long-Term Assets $81.61M $80.49M
YoY Change 1.4% 2.43%
TOTAL ASSETS
Total Short-Term Assets $10.29M $29.65M
Total Long-Term Assets $81.61M $80.49M
Total Assets $91.90M $110.1M
YoY Change -16.55% 9.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.800M
YoY Change -15.56%
Accrued Expenses $3.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.228M
YoY Change -100.0% 0.0%
Total Short-Term Liabilities $4.252M $8.482M
YoY Change -49.87% -11.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $15.39M
YoY Change -100.0% -21.56%
Other Long-Term Liabilities $100.0K
YoY Change
Total Long-Term Liabilities $100.0K $15.39M
YoY Change -99.35% -21.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.252M $8.482M
Total Long-Term Liabilities $100.0K $15.39M
Total Liabilities $15.58M $33.82M
YoY Change -53.91% -8.3%
SHAREHOLDERS EQUITY
Retained Earnings $58.23M $58.42M
YoY Change -0.32% 21.94%
Common Stock $18.09M $17.90M
YoY Change 1.06% 11.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.32M $76.32M
YoY Change
Total Liabilities & Shareholders Equity $91.90M $110.1M
YoY Change -16.55% 9.14%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income $1.970M $2.900M
YoY Change -32.07% -36.33%
Depreciation, Depletion And Amortization $61.00K $54.00K
YoY Change 12.96% -6.9%
Cash From Operating Activities $4.000M $3.630M
YoY Change 10.19% -37.84%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K -$60.00K
YoY Change -33.33% -97.59%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$40.00K -$60.00K
YoY Change -33.33% -97.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -19.43M -1.950M
YoY Change 896.41% 3.17%
NET CHANGE
Cash From Operating Activities 4.000M 3.630M
Cash From Investing Activities -40.00K -60.00K
Cash From Financing Activities -19.43M -1.950M
Net Change In Cash -15.47M 1.620M
YoY Change -1054.94% 10.96%
FREE CASH FLOW
Cash From Operating Activities $4.000M $3.630M
Capital Expenditures -$40.00K -$60.00K
Free Cash Flow $4.040M $3.690M
YoY Change 9.49% -55.7%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q3 us-gaap Accrued Income Taxes Current
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hnna Federal And State Tax Returns
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hnna Federal And State Tax Returns
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hnna Federal And State Tax Returns
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25072000
us-gaap Operating Lease Payments
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218275
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225000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
340000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
565000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
552000
hnna Federal And State Tax Returns
FederalAndStateTaxReturns
1
CY2020Q1 us-gaap Trading Securities
TradingSecurities
8000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.278
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.265
CY2020Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.1375
CY2020Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
4561000
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
21816000
CY2019Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
21825000
CY2019Q3 us-gaap Trading Securities
TradingSecurities
9000
dei Document Type
DocumentType
10-Q
CY2020Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
4553000
CY2020Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
300000
dei Amendment Flag
AmendmentFlag
false
dei Document Period End Date
DocumentPeriodEndDate
2020-03-31
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2020
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Trading Symbol
TradingSymbol
HNNA
dei Security12b Title
Security12bTitle
Common stock
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Small Business
EntitySmallBusiness
true
dei Entity Shell Company
EntityShellCompany
false
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
dei Entity Registrant Name
EntityRegistrantName
HENNESSY ADVISORS INC
dei Entity Central Index Key
EntityCentralIndexKey
0001145255
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2020Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
7261505
dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1493000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1379000
CY2020Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2019Q3 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
22500000
CY2019Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
22500000
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7261323
CY2020Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7261323
CY2019Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7527040
CY2019Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7527040
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
14000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-1000
hnna Employee Restricted Stock Forfeiture
EmployeeRestrictedStockForfeiture
14000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
798000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
20000
us-gaap Proceeds From Issuance Of Common Stock Dividend Reinvestment Plan
ProceedsFromIssuanceOfCommonStockDividendReinvestmentPlan
37000
CY2020Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1981000
CY2019Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3888000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
558000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
730000
hnna Increase Decrease In Right Of Use Asset And Operating Lease Liability
IncreaseDecreaseInRightOfUseAssetAndOperatingLeaseLiability
27000
CY2020Q1 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2019Q3 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
hnna Schedule Of Operating Lease Right Of Use Assets Lease Liabilities And Other Supplemental Information
ScheduleOfOperatingLeaseRightOfUseAssetsLeaseLiabilitiesAndOtherSupplementalInformation
The classification of the Company&#8217;s operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap;;display:inline;">right-of-use</div></div> assets and operating lease liabilities and other supplemental information related to the Company&#8217;s operating leases are as follows:<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table><div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;"><table border="0" cellpadding="0" cellspacing="0" style="font-family: &quot;times new roman&quot;; font-size: 10pt; border-collapse: collapse; border-spacing: 0px;;margin : 0px auto;;text-align:left;;width:68%;"><tr style="font-size: 0px;"><td style="padding: 0px; width: 83%;"></td><td style="padding: 0px; width: 15%;;vertical-align:bottom;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td><td style="padding: 0px;"></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 0.5pt;;vertical-align:bottom;;width:;">&#160;</td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;;width:;">&#160;&#160;</td><td colspan="2" style="border-bottom-color: rgb(0, 0, 0); border-bottom-width: 1pt; border-bottom-style: solid;;text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">March&#160;31,&#160;2020</div></td><td style="padding-bottom: 0.5pt;;vertical-align:bottom;;width:;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="font-family: &quot;times new roman&quot;;;vertical-align:bottom;;width:;">&#160;</td><td style="font-family: &quot;times new roman&quot;;;vertical-align:bottom;;width:;">&#160;&#160;</td><td colspan="2" style="text-align:center;;vertical-align:bottom;;width:;"><div style="font-weight:bold;display:inline;">(In&#160;thousands,<br/>except years)</div></td><td style="font-family: &quot;times new roman&quot;;;vertical-align:bottom;;width:;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Operating lease right-of-use assets</div></div></td><td style="font-family: &quot;times new roman&quot;; background-color: rgb(204, 238, 255); width: 15%;;vertical-align:bottom;">&#160;&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">463</td><td style="white-space: nowrap; font-family: &quot;times new roman&quot;; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current operating lease liability</div></div></td><td style="font-family: &quot;times new roman&quot;; width: 15%;;vertical-align:bottom;">&#160;&#160;</td><td style="vertical-align:bottom;">$</td><td style="text-align:right;;vertical-align:bottom;">439</td><td style="white-space: nowrap; font-family: &quot;times new roman&quot;;;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Long-term operating lease liability</div></div></td><td style="font-family: &quot;times new roman&quot;; background-color: rgb(204, 238, 255); width: 15%;;vertical-align:bottom;">&#160;&#160;</td><td style="background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">113</td><td style="white-space: nowrap; font-family: &quot;times new roman&quot;; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Weighted average remaining lease term</div></div></td><td style="font-family: &quot;times new roman&quot;; width: 15%;;vertical-align:bottom;">&#160;&#160;</td><td style="font-family: &quot;times new roman&quot;;;vertical-align:bottom;">&#160;</td><td style="text-align:right;;vertical-align:bottom;">1.3</td><td style="white-space: nowrap; font-family: &quot;times new roman&quot;;;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="font-size: 10pt; background-color: rgb(204, 238, 255); width: 83%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">Weighted average discount rate</div></div></td><td style="font-family: &quot;times new roman&quot;; background-color: rgb(204, 238, 255); width: 15%;;vertical-align:bottom;">&#160;&#160;</td><td style="font-family: &quot;times new roman&quot;; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">2.28</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">%&#160;</td></tr></table></div><div style="clear: both; max-height: 0px;"></div><div></div>
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
563000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
920000

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