$HNNA
HENNESSY ADVISORS INC

2021 Q1 Form 10-Q Financial Statement

#000119312521159071 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q3 2020 Q1
Revenue $7.934M $7.370M $8.879M
YoY Change -10.64% -27.53% -15.08%
Cost Of Revenue $1.800M $1.680M $2.010M
YoY Change -10.45% -25.33% -10.67%
Gross Profit $6.130M $5.690M $6.870M
YoY Change -10.77% -28.25% -16.32%
Gross Profit Margin 77.26% 77.2% 77.37%
Selling, General & Admin $3.500M $3.320M $3.820M
YoY Change -8.38% -23.68% -8.83%
% of Gross Profit 57.1% 58.35% 55.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $63.00K $60.00K $61.00K
YoY Change 3.28% 0.0% 12.96%
% of Gross Profit 1.03% 1.05% 0.89%
Operating Expenses $5.371M $3.380M $5.886M
YoY Change -8.75% -23.18% -9.42%
Operating Profit $2.563M $2.310M $2.993M
YoY Change -14.37% -34.56% -24.38%
Interest Expense $0.00 $0.00 $260.0K
YoY Change -100.0% -100.0% -13.04%
% of Operating Profit 0.0% 0.0% 8.69%
Other Income/Expense, Net $0.00 $0.00 $30.00K
YoY Change -100.0% -100.0% -62.5%
Pretax Income $2.563M $2.310M $2.765M
YoY Change -7.31% -31.66% -26.13%
Income Tax $677.0K $840.0K $795.0K
% Of Pretax Income 26.41% 36.36% 28.75%
Net Earnings $1.886M $1.470M $1.970M
YoY Change -4.26% -39.0% -32.07%
Net Earnings / Revenue 23.77% 19.95% 22.19%
Basic Earnings Per Share $0.26 $0.27
Diluted Earnings Per Share $0.26 $201.4K $0.27
COMMON SHARES
Basic Shares Outstanding 7.361M 7.264M 7.364M
Diluted Shares Outstanding 7.383M 7.393M

Balance Sheet

Concept 2021 Q1 2020 Q3 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.50M $10.00M $7.000M
YoY Change 64.29% -59.51% -72.11%
Cash & Equivalents $11.48M $9.955M $6.997M
Short-Term Investments $0.00 $0.00 $0.00
Other Short-Term Assets $500.0K $600.0K $500.0K
YoY Change 0.0% 0.0% 0.0%
Inventory
Prepaid Expenses $534.0K $637.0K $493.0K
Receivables $2.772M $2.403M $2.450M
Other Receivables $286.0K $378.0K $342.0K
Total Short-Term Assets $15.08M $13.38M $10.29M
YoY Change 46.53% -53.87% -65.29%
LONG-TERM ASSETS
Property, Plant & Equipment $302.0K $294.0K $316.0K
YoY Change -4.43% -18.56% -12.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $199.0K $191.0K $192.0K
YoY Change 3.65% -0.52% 0.0%
Total Long-Term Assets $82.34M $81.40M $81.61M
YoY Change 0.88% 0.26% 1.4%
TOTAL ASSETS
Total Short-Term Assets $15.08M $13.38M $10.29M
Total Long-Term Assets $82.34M $81.40M $81.61M
Total Assets $97.41M $94.79M $91.90M
YoY Change 5.99% -13.99% -16.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $3.000M $4.100M $3.500M
YoY Change -14.29% 485.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $3.873M $5.092M $4.252M
YoY Change -8.91% -55.19% -49.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $800.0K $100.0K
YoY Change 700.0%
Total Long-Term Liabilities $800.0K $0.00 $100.0K
YoY Change 700.0% -100.0% -99.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.873M $5.092M $4.252M
Total Long-Term Liabilities $800.0K $0.00 $100.0K
Total Liabilities $16.84M $16.61M $15.58M
YoY Change 8.07% -52.11% -53.91%
SHAREHOLDERS EQUITY
Retained Earnings $61.11M $59.47M $58.23M
YoY Change 4.94% 2.8% -0.32%
Common Stock $19.46M $18.71M $18.09M
YoY Change 7.59% 5.84% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.57M $78.18M $76.32M
YoY Change
Total Liabilities & Shareholders Equity $97.41M $94.79M $91.90M
YoY Change 5.99% -13.99% -16.55%

Cashflow Statement

Concept 2021 Q1 2020 Q3 2020 Q1
OPERATING ACTIVITIES
Net Income $1.886M $1.470M $1.970M
YoY Change -4.26% -39.0% -32.07%
Depreciation, Depletion And Amortization $63.00K $60.00K $61.00K
YoY Change 3.28% 0.0% 12.96%
Cash From Operating Activities $2.570M $2.610M $4.000M
YoY Change -35.75% -37.41% 10.19%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$70.00K -$40.00K
YoY Change 50.0% 250.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$60.00K -$70.00K -$40.00K
YoY Change 50.0% 250.0% -33.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -980.0K -1.290M -19.43M
YoY Change -94.96% -59.81% 896.41%
NET CHANGE
Cash From Operating Activities 2.570M 2.610M 4.000M
Cash From Investing Activities -60.00K -70.00K -40.00K
Cash From Financing Activities -980.0K -1.290M -19.43M
Net Change In Cash 1.530M 1.250M -15.47M
YoY Change -109.89% 32.98% -1054.94%
FREE CASH FLOW
Cash From Operating Activities $2.570M $2.610M $4.000M
Capital Expenditures -$60.00K -$70.00K -$40.00K
Free Cash Flow $2.630M $2.680M $4.040M
YoY Change -34.9% -36.04% 9.49%

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dei Document Type
DocumentType
10-Q
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2021-03-31
dei Document Fiscal Year Focus
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2021
dei Document Fiscal Period Focus
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Q2
dei Trading Symbol
TradingSymbol
HNNA
dei Entity Registrant Name
EntityRegistrantName
HENNESSY ADVISORS INC
dei Entity Central Index Key
EntityCentralIndexKey
0001145255
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Emerging Growth Company
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dei Entity Shell Company
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dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
dei Entity Interactive Data Current
EntityInteractiveDataCurrent
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dei Security12b Title
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Common stock
dei Security Exchange Name
SecurityExchangeName
NASDAQ
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dei Document Transition Report
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dei Document Quarterly Report
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dei Entity Address Address Line1
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7250 Redwood Boulevard, Suite 200
dei Entity Address City Or Town
EntityAddressCityOrTown
Novato
dei Entity File Number
EntityFileNumber
001-36423
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
68-0176227
dei City Area Code
CityAreaCode
415
dei Local Phone Number
LocalPhoneNumber
899-1555
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
94945
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--09-30
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1743000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1618000
CY2021Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2020Q3 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
22500000
CY2020Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
22500000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7363081
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
7356822
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7363081
CY2020Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7356822
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
826000
CY2021Q1 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
12143000
CY2020Q3 us-gaap Deferred Income Tax Liabilities Net
DeferredIncomeTaxLiabilitiesNet
11516000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
1000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-1000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
790000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
798000
CY2021Q1 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2020Q3 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2021Q1 hnna Money Market Fund Deposits Amounts Included In Cash And Cash Equivalents
MoneyMarketFundDepositsAmountsIncludedInCashAndCashEquivalents
8053000
CY2020Q3 hnna Money Market Fund Deposits Amounts Included In Cash And Cash Equivalents
MoneyMarketFundDepositsAmountsIncludedInCashAndCashEquivalents
6053000
CY2021Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q3 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
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
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; letter-spacing: 0px; top: 0px;;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><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="width: 82%;"></td><td style="width: 14%;;vertical-align:bottom;"></td><td></td><td></td><td></td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">&#160;</td><td style="padding-bottom: 1pt;;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, 2021</div></td><td style="padding-bottom: 1pt;;vertical-align:bottom;;width:;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 8pt; page-break-inside: avoid;"><td style="vertical-align:bottom;;width:;">&#160;</td><td style="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&#160;years&#160;and<br/> percentages)</div></td><td style="vertical-align:bottom;;width:;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;">Operating lease <div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;"><div style="white-space: nowrap; letter-spacing: 0px; top: 0px; background-color: rgb(204, 238, 255);;display:inline;">right-of-use</div></div> assets</div></td><td style="background-color: rgb(204, 238, 255); width: 14%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">$</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">1,191</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Current operating lease liability</div></div></td><td style="width: 14%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap;;vertical-align:bottom;">$</td><td style="white-space: nowrap;;text-align:right;;vertical-align:bottom;">384</td><td style="white-space: nowrap;;vertical-align:bottom;">&#160;</td></tr><tr><td style="background-color: rgb(204, 238, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; margin-left: 1em; line-height: normal;"><div style="display:inline;">Long-term operating lease liability<br/></div></div></td><td style="background-color: rgb(204, 238, 255); width: 14%;;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;">&#160;</div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;"><div style="display:inline;">$</div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);"><div style="margin-bottom: 0px; margin-top: 0px; text-align: right;"><div style="display:inline;">82<div style="display:inline;">6</div></div></div></td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;"><div style="margin-bottom: 0px; margin-top: 0px;">&#160;</div></td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(255, 255, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; 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="background-color: rgb(255, 255, 255); width: 14%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;">&#160;</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;text-align:right;;vertical-align:bottom;">3.3</td><td style="white-space: nowrap; background-color: rgb(255, 255, 255);;vertical-align:bottom;">&#160;</td></tr><tr style="font-family: times new roman; font-size: 10pt; page-break-inside: avoid;"><td style="background-color: rgb(204, 238, 255); width: 82%;;vertical-align:top;"><div style="text-indent: -1em; font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 0px; margin-bottom: 0px; 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 discount rate</div></div></td><td style="background-color: rgb(204, 238, 255); width: 14%;;vertical-align:bottom;">&#160;&#160;</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">&#160;</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;text-align:right;;vertical-align:bottom;">0.90</td><td style="white-space: nowrap; background-color: rgb(204, 238, 255);;vertical-align:bottom;">%&#160;</td></tr></table> <div style="clear: both; max-height: 0px;"></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
78178000
CY2020Q4 us-gaap Net Income Loss
NetIncomeLoss
1773000
CY2020Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1011000
CY2020Q4 hnna Stock Issued During Period Value Auto Investments Pursuant To Dividend Reinvestment And Stock Purchase Plan
StockIssuedDuringPeriodValueAutoInvestmentsPursuantToDividendReinvestmentAndStockPurchasePlan
6000
CY2020Q4 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
19000
CY2020Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
352000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
79317000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
1886000
CY2021Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1012000
CY2019Q4 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
447000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
351000
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
75528000
CY2019Q4 us-gaap Net Income Loss
NetIncomeLoss
2628000
CY2019Q4 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1032000
CY2019Q4 hnna Stock Issued During Period Value Auto Investments Pursuant To Dividend Reinvestment And Stock Purchase Plan
StockIssuedDuringPeriodValueAutoInvestmentsPursuantToDividendReinvestmentAndStockPurchasePlan
20000
CY2019Q4 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
18000
CY2019Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
685000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
76924000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
1970000
CY2020Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
1011000
CY2020Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
18000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
447000
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
2028000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
76320000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1229000
CY2021Q1 us-gaap Stock Issued During Period Value Dividend Reinvestment Plan
StockIssuedDuringPeriodValueDividendReinvestmentPlan
19000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
363000
hnna Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
7000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
374000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
286000
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies

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