$HNNA
HENNESSY ADVISORS INC

2023 Q1 Form 10-Q Financial Statement

#000119312523030051 Filed on February 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2021 Q4
Revenue $5.916M $6.145M $8.534M
YoY Change -23.62% -27.99% 9.56%
Cost Of Revenue $930.0K $969.0K $1.877M
YoY Change -40.76% -48.38% 4.86%
Gross Profit $4.986M $5.176M $6.657M
YoY Change -19.26% -22.25% 10.95%
Gross Profit Margin 84.28% 84.23% 78.01%
Selling, General & Admin $3.338M $3.522M $3.817M
YoY Change -3.3% -7.73% 8.13%
% of Gross Profit 66.95% 68.04% 57.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $56.00K $49.00K $53.00K
YoY Change 12.0% -7.55% -14.52%
% of Gross Profit 1.12% 0.95% 0.8%
Operating Expenses $4.324M $4.540M $3.870M
YoY Change 23.47% 17.31% -28.07%
Operating Profit $1.592M $1.605M $2.787M
YoY Change -40.44% -42.41% 15.69%
Interest Expense $562.0K $563.0K -$508.0K
YoY Change -214.69% -210.83%
% of Operating Profit 35.3% 35.08% -18.23%
Other Income/Expense, Net $580.0K $467.0K $2.000K
YoY Change 57900.0% 23250.0%
Pretax Income $1.610M $1.509M $2.281M
YoY Change -26.28% -33.84% -5.35%
Income Tax $415.0K $390.0K $368.0K
% Of Pretax Income 25.78% 25.84% 16.13%
Net Earnings $1.195M $1.119M $1.913M
YoY Change -25.41% -41.51% 7.9%
Net Earnings / Revenue 20.2% 18.21% 22.42%
Basic Earnings Per Share $0.16 $0.15 $0.26
Diluted Earnings Per Share $0.15 $0.15 $254.3K
COMMON SHARES
Basic Shares Outstanding 7.574M 7.574M 7.473M
Diluted Shares Outstanding 7.611M 7.581M 7.523M

Balance Sheet

Concept 2023 Q1 2022 Q4 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $57.88M $57.06M $54.51M
YoY Change 3.64% 4.67% 445.12%
Cash & Equivalents $57.87M $57.05M $54.50M
Short-Term Investments $10.00K $10.00K $10.00K
Other Short-Term Assets $880.0K $762.0K $563.0K
YoY Change 38.36% 35.35% 40.75%
Inventory
Prepaid Expenses $880.0K $762.0K
Receivables $1.942M $2.075M $2.826M
Other Receivables $245.0K $257.0K $388.0K
Total Short-Term Assets $60.95M $60.15M $58.29M
YoY Change 2.63% 3.2% 334.93%
LONG-TERM ASSETS
Property, Plant & Equipment $328.0K $335.0K $1.235M
YoY Change -71.2% -72.87% 314.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $157.0K $157.0K $246.0K
YoY Change 3.29% -36.18% 28.13%
Total Long-Term Assets $82.03M $82.07M $82.12M
YoY Change 0.11% -0.07% 0.99%
TOTAL ASSETS
Total Short-Term Assets $60.95M $60.15M $58.29M
Total Long-Term Assets $82.03M $82.07M $82.12M
Total Assets $143.0M $142.2M $140.4M
YoY Change 1.17% 1.29% 48.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $2.152M $1.737M $2.825M
YoY Change -24.12% -38.51% 22.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.635M $2.685M $3.673M
YoY Change -19.2% -26.9% 2.83%
LONG-TERM LIABILITIES
Long-Term Debt $39.01M $38.94M $38.66M
YoY Change 0.74% 0.73%
Other Long-Term Liabilities $93.00K $186.0K $554.0K
YoY Change -79.91% -66.43%
Total Long-Term Liabilities $39.11M $39.13M $39.22M
YoY Change -0.21% -0.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.635M $2.685M $3.673M
Total Long-Term Liabilities $39.11M $39.13M $39.22M
Total Liabilities $55.89M $55.56M $55.90M
YoY Change -0.07% -0.59% 262.94%
SHAREHOLDERS EQUITY
Retained Earnings $65.58M $65.43M
YoY Change
Common Stock $21.51M $21.23M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $87.09M $86.66M $84.52M
YoY Change
Total Liabilities & Shareholders Equity $143.0M $142.2M $140.4M
YoY Change 1.17% 1.29% 48.24%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2021 Q4
OPERATING ACTIVITIES
Net Income $1.195M $1.119M $1.913M
YoY Change -25.41% -41.51% 7.9%
Depreciation, Depletion And Amortization $56.00K $49.00K $53.00K
YoY Change 12.0% -7.55% -14.52%
Cash From Operating Activities $1.987M -$32.00K $1.159M
YoY Change -16.65% -102.76% 10.28%
INVESTING ACTIVITIES
Capital Expenditures $145.0K $64.00K -$57.00K
YoY Change -437.21% -212.28% -186.36%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$145.0K -$381.0K -$57.00K
YoY Change 237.21% 568.42% -13.64%
FINANCING ACTIVITIES
Cash Dividend Paid $1.026M $1.008M
YoY Change 1.79% 1.61%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.023M -1.024M 37.56M
YoY Change 1.49% -102.73% -3909.74%
NET CHANGE
Cash From Operating Activities 1.987M -32.00K 1.159M
Cash From Investing Activities -145.0K -381.0K -57.00K
Cash From Financing Activities -1.023M -1.024M 37.56M
Net Change In Cash 819.0K -1.437M 38.67M
YoY Change -38.56% -103.72% -3866700.0%
FREE CASH FLOW
Cash From Operating Activities $1.987M -$32.00K $1.159M
Capital Expenditures $145.0K $64.00K -$57.00K
Free Cash Flow $1.842M -$96.00K $1.216M
YoY Change -24.1% -107.89% 23.45%

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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15836000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57050000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54502000
CY2022Q4 us-gaap Interest Paid Net
InterestPaidNet
491000
CY2021Q4 us-gaap Interest Paid Net
InterestPaidNet
387000
CY2022Q4 hnna Dividend Reinvestment Issued In Shares Value
DividendReinvestmentIssuedInSharesValue
15000
CY2021Q4 hnna Dividend Reinvestment Issued In Shares Value
DividendReinvestmentIssuedInSharesValue
19000
CY2022Q4 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16
CY2022Q4 hnna Number Of Mutual Funds
NumberOfMutualFunds
30
CY2022Q3 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2022Q4 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2022Q4 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
43000000
CY2022Q4 hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16
CY2022Q4 hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
54613000
CY2022Q4 us-gaap Trading Securities
TradingSecurities
10000
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
54623000
CY2022Q4 hnna Money Market Fund Deposits Amounts Included In Cash And Cash Equivalents
MoneyMarketFundDepositsAmountsIncludedInCashAndCashEquivalents
54613000
CY2022Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
10000
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
54623000
CY2022Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
54225000
CY2022Q3 us-gaap Trading Securities
TradingSecurities
9000
CY2022Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
54234000
CY2022Q3 hnna Money Market Fund Deposits Amounts Included In Cash And Cash Equivalents
MoneyMarketFundDepositsAmountsIncludedInCashAndCashEquivalents
54225000
CY2022Q3 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
9000
CY2022Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
54234000
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2022Q4 hnna Fair Value Assets Level One To Level Two Transfer Amount
FairValueAssetsLevelOneToLevelTwoTransferAmount
0
CY2022Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2207000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
324000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
336000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
492000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
777000
CY2022Q4 hnna Accrued Liabilities And Accounts Payable Excluding Income Taxes Payable
AccruedLiabilitiesAndAccountsPayableExcludingIncomeTaxesPayable
1331000
CY2022Q3 hnna Accrued Liabilities And Accounts Payable Excluding Income Taxes Payable
AccruedLiabilitiesAndAccountsPayableExcludingIncomeTaxesPayable
3320000
CY2022Q3 hnna Fair Value Assets Level One To Level Two Transfer Amount
FairValueAssetsLevelOneToLevelTwoTransferAmount
0
CY2022Q4 hnna Fair Value Assets Level Two To Level One Transfer Amount
FairValueAssetsLevelTwoToLevelOneTransferAmount
0
CY2022Q3 hnna Fair Value Assets Level Two To Level One Transfer Amount
FairValueAssetsLevelTwoToLevelOneTransferAmount
0
CY2022Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2022Q4 hnna Schedule Of Operating Lease Right Of Use Assets Lease Liabilities And Other Supplemental Information
ScheduleOfOperatingLeaseRightOfUseAssetsLeaseLiabilitiesAndOtherSupplementalInformation
The classification of the Company’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’s operating leases are as follows: <table cellpadding="0" cellspacing="0" style="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt;width:68%;border:0;margin:0 auto"> <tr style="font-size: 0px;"> <td style="width:80%"/> <td style="vertical-align: bottom; width: 17%;"/> <td/> <td/> <td/></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="border-bottom:1.00pt solid #000000;vertical-align:bottom;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">December 31, 2022</div></div></td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <td style="vertical-align:bottom"> </td> <td style="vertical-align:bottom">  </td> <td colspan="2" style="vertical-align:bottom;text-align:center;"><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">(In thousands,</div></div><div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 8pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">except years and</div></div><div style="margin-top: 0pt; margin-bottom: 1pt; font-size: 8pt; font-family: &quot;Times New Roman&quot;; text-align: center; line-height: normal;"><div style="font-weight:bold;display:inline;">percentages)</div></div></td> <td style="vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 80%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">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</div></td> <td style="vertical-align: bottom; width: 17%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">561</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 80%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Current operating lease liability</div></td> <td style="vertical-align: bottom; width: 17%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">369</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 80%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Long-term operating lease liability</div></td> <td style="vertical-align: bottom; width: 17%;">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">186</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align: top; width: 80%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Weighted average remaining lease term</div></td> <td style="vertical-align: bottom; width: 17%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.6</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt;background-color:#cceeff"> <td style="vertical-align: top; width: 80%;"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Weighted average discount rate</div></td> <td style="vertical-align: bottom; width: 17%;">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">0.90</td> <td style="white-space:nowrap;vertical-align:bottom">% </td></tr></table>
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
561000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
369000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
186000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.009
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
281000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
286000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
567000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
555000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
515000
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.161
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
200000
CY2021Q4 hnna Total Fees Waived Based On Contractual Obligations
TotalFeesWaivedBasedOnContractualObligations
30000.00
CY2022Q4 hnna Total Fees Waived Based On Contractual Obligations
TotalFeesWaivedBasedOnContractualObligations
30000.00
CY2022Q4 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.1375

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