$HNNA
HENNESSY ADVISORS INC

2023 Q2 Form 10-Q Financial Statement

#000119312523140740 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $5.701M $5.916M $7.745M
YoY Change -17.48% -23.62% -2.38%
Cost Of Revenue $898.0K $930.0K $1.570M
YoY Change -24.85% -40.76% -12.78%
Gross Profit $4.803M $4.986M $6.175M
YoY Change -15.94% -19.26% 0.73%
Gross Profit Margin 84.25% 84.28% 79.73%
Selling, General & Admin $3.362M $3.338M $3.452M
YoY Change 0.93% -3.3% -1.37%
% of Gross Profit 70.0% 66.95% 55.9%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $59.00K $56.00K $50.00K
YoY Change 13.46% 12.0% -20.63%
% of Gross Profit 1.23% 1.12% 0.81%
Operating Expenses $4.319M $4.324M $3.502M
YoY Change -5.66% 23.47% -34.8%
Operating Profit $1.382M $1.592M $2.673M
YoY Change -40.71% -40.44% 4.29%
Interest Expense $565.0K $562.0K -$490.0K
YoY Change 0.53% -214.69%
% of Operating Profit 40.88% 35.3% -18.33%
Other Income/Expense, Net $580.0K $1.000K
YoY Change 57900.0%
Pretax Income $1.528M $1.610M $2.184M
YoY Change -14.45% -26.28% -14.79%
Income Tax $412.0K $415.0K $582.0K
% Of Pretax Income 26.96% 25.78% 26.65%
Net Earnings $1.116M $1.195M $1.602M
YoY Change -14.22% -25.41% -15.06%
Net Earnings / Revenue 19.58% 20.2% 20.68%
Basic Earnings Per Share $0.15 $0.16 $0.21
Diluted Earnings Per Share $0.15 $0.15 $212.2K
COMMON SHARES
Basic Shares Outstanding 7.576M 7.574M 7.479M
Diluted Shares Outstanding 7.606M 7.611M 7.548M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.41M $57.88M $55.85M
YoY Change 3.34% 3.64% 385.61%
Cash & Equivalents $59.40M $57.87M $55.84M
Short-Term Investments $10.00K $10.00K $10.00K
Other Short-Term Assets $750.0K $880.0K $636.0K
YoY Change 39.93% 38.36% 27.2%
Inventory
Prepaid Expenses $750.0K $880.0K
Receivables $1.920M $1.942M $2.603M
Other Receivables $237.0K $245.0K $299.0K
Total Short-Term Assets $62.32M $60.95M $59.38M
YoY Change 3.04% 2.63% 293.84%
LONG-TERM ASSETS
Property, Plant & Equipment $319.0K $328.0K $1.139M
YoY Change 2.24% -71.2% 277.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $157.0K $157.0K $152.0K
YoY Change -21.5% 3.29% -23.62%
Total Long-Term Assets $82.08M $82.03M $81.93M
YoY Change 0.23% 0.11% -0.49%
TOTAL ASSETS
Total Short-Term Assets $62.32M $60.95M $59.38M
Total Long-Term Assets $82.08M $82.03M $81.93M
Total Assets $144.4M $143.0M $141.3M
YoY Change 1.42% 1.17% 45.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $534.0K $2.152M $2.836M
YoY Change -82.82% -24.12% -5.47%
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 $3.489M $2.635M $3.261M
YoY Change -1.22% -19.2% -15.8%
LONG-TERM LIABILITIES
Long-Term Debt $39.09M $39.01M $38.73M
YoY Change 0.75% 0.74%
Other Long-Term Liabilities $0.00 $93.00K $463.0K
YoY Change -100.0% -79.91% -42.13%
Total Long-Term Liabilities $39.09M $39.11M $39.19M
YoY Change -0.21% -0.21% 4798.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.489M $2.635M $3.261M
Total Long-Term Liabilities $39.09M $39.11M $39.19M
Total Liabilities $56.97M $55.89M $55.92M
YoY Change 1.02% -0.07% 232.04%
SHAREHOLDERS EQUITY
Retained Earnings $65.65M $65.58M
YoY Change 0.97%
Common Stock $21.77M $21.51M
YoY Change 3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $87.43M $87.09M $85.39M
YoY Change
Total Liabilities & Shareholders Equity $144.4M $143.0M $141.3M
YoY Change 1.42% 1.17% 45.07%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.116M $1.195M $1.602M
YoY Change -14.22% -25.41% -15.06%
Depreciation, Depletion And Amortization $59.00K $56.00K $50.00K
YoY Change 13.46% 12.0% -20.63%
Cash From Operating Activities $2.691M $1.987M $2.384M
YoY Change -0.63% -16.65% -7.24%
INVESTING ACTIVITIES
Capital Expenditures $138.0K $145.0K -$43.00K
YoY Change -346.43% -437.21% -28.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$138.0K -$145.0K -$43.00K
YoY Change 146.43% 237.21% -28.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.023M -1.023M -1.008M
YoY Change 1.59% 1.49% 2.86%
NET CHANGE
Cash From Operating Activities 2.691M 1.987M 2.384M
Cash From Investing Activities -138.0K -145.0K -43.00K
Cash From Financing Activities -1.023M -1.023M -1.008M
Net Change In Cash 1.530M 819.0K 1.333M
YoY Change -6.99% -38.56% -12.88%
FREE CASH FLOW
Cash From Operating Activities $2.691M $1.987M $2.384M
Capital Expenditures $138.0K $145.0K -$43.00K
Free Cash Flow $2.553M $1.842M $2.427M
YoY Change -7.63% -24.1% -7.72%

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us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-152000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-12000
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
22000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-83000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1539000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1678000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-337000
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-625000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
1955000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3543000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
113000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
100000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
413000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-526000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-100000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
39042000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
435000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
37000
us-gaap Payments Of Dividends
PaymentsOfDividends
2051000
us-gaap Payments Of Dividends
PaymentsOfDividends
2017000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2047000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
36556000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-618000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
39999000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
58487000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15836000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57869000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
55835000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
487000
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
541000
us-gaap Interest Paid Net
InterestPaidNet
981000
us-gaap Interest Paid Net
InterestPaidNet
878000
hnna Dividend Reinvestment Issued In Shares Value
DividendReinvestmentIssuedInSharesValue
31000
hnna Dividend Reinvestment Issued In Shares Value
DividendReinvestmentIssuedInSharesValue
38000
hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16
CY2023Q1 hnna Number Of Investment Funds
NumberOfInvestmentFunds
31
CY2022Q3 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
CY2023Q1 hnna Management Contracts Impairment Amount
ManagementContractsImpairmentAmount
0
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
43000000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
474000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
464000
hnna Number Of Open End Mutual Funds
NumberOfOpenEndMutualFunds
16
hnna Notice Period For Termination Of Agreement
NoticePeriodForTerminationOfAgreement
P60D
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
57462000
CY2023Q1 us-gaap Trading Securities
TradingSecurities
10000
CY2023Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
57472000
CY2023Q1 hnna Money Market Fund Deposits Amounts Included In Cash And Cash Equivalents
MoneyMarketFundDepositsAmountsIncludedInCashAndCashEquivalents
57462000
CY2023Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
10000
CY2023Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
57472000
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
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2023Q1 hnna Fair Value Assets Level One To Level Two Transfer Amount
FairValueAssetsLevelOneToLevelTwoTransferAmount
0
CY2022Q3 hnna Fair Value Assets Level One To Level Two Transfer Amount
FairValueAssetsLevelOneToLevelTwoTransferAmount
0
CY2023Q1 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
CY2022 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2023Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
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: <div style="font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt;;text-indent: 0px;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-size: 12pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div></div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: &quot;Times New Roman&quot;; font-size: 10pt; width: 68%; border: 0px; margin: 0px auto; border-spacing: 0px;"> <tr style="font-size: 0px;"> <td style="width:82%"/> <td style="vertical-align:bottom;width:16%"/> <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="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">March 31, 2023</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; padding-bottom: 0.5pt;"> </td> <td style="vertical-align: bottom; padding-bottom: 0.5pt;">  </td> <td colspan="2" style="vertical-align: bottom; border-bottom: 1pt solid rgb(0, 0, 0);;text-align:center;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">(In thousands,<br/> except years and<br/> percentages)</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:10pt;background-color:#cceeff"> <td style="vertical-align:top"><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">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">472</td> <td style="white-space:nowrap;vertical-align:bottom"> </td></tr> <tr style="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <td style="vertical-align:top"><div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1em; text-indent: -1em; font-size: 10pt; font-family: &quot;Times New Roman&quot;; line-height: normal;">Current operating lease liability</div></td> <td style="vertical-align:bottom">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">371</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"><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">  </td> <td style="white-space:nowrap;vertical-align:bottom">$</td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">93</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"><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">  </td> <td style="white-space:nowrap;vertical-align:bottom"> </td> <td style="white-space:nowrap;vertical-align:bottom;text-align:right;">1.3</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"><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">  </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>
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
472000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
371000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
93000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.009
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
944000
CY2022Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2207000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
299000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
336000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
538000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
777000
CY2023Q1 hnna Accrued Liabilities And Accounts Payable Excluding Income Taxes Payable
AccruedLiabilitiesAndAccountsPayableExcludingIncomeTaxesPayable
1781000
CY2022Q3 hnna Accrued Liabilities And Accounts Payable Excluding Income Taxes Payable
AccruedLiabilitiesAndAccountsPayableExcludingIncomeTaxesPayable
3320000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.258
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.213
CY2023Q1 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
200000
hnna Total Fees Waived Based On Contractual Obligations
TotalFeesWaivedBasedOnContractualObligations
80000.00
hnna Total Fees Waived Based On Contractual Obligations
TotalFeesWaivedBasedOnContractualObligations
50000.00
CY2023Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.1375

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