Hennessy Advisors Inc. Files 2024 10-K

TL;DR

HNNA 2024 10-K filed: $22.5M assets, $7.7M revenue, $7.6M net income. All good.

AI Summary

Hennessy Advisors Inc. filed its 10-K for the fiscal year ending September 30, 2024, reporting total assets of $22,500,000. The company's fiscal year 2024 saw revenues of $7,778,335 and net income of $7,671,099. Key financial figures and operational details for the period are outlined in this comprehensive filing.

Why It Matters

This filing provides investors with a detailed look at Hennessy Advisors Inc.'s financial health and operational performance for the fiscal year 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report (10-K) for a public company, providing routine financial disclosures.

Key Numbers

• $22.5B — Total Assets (As of September 30, 2024)
• $7.78B — Revenue (For the fiscal year ended September 30, 2024)
• $7.67B — Net Income (For the fiscal year ended September 30, 2024)

Key Players & Entities

• HENNESSY ADVISORS INC (company) — Filer
• 2024-09-30 (date) — Fiscal Year End
• $22,500,000 (dollar_amount) — Total Assets
• $7,778,335 (dollar_amount) — Revenue
• $7,671,099 (dollar_amount) — Net Income

FAQ

Key Financial Figures

• $6.90 — on the Nasdaq National Market System of $6.90 on March 28, 2024 (the last trading day
• $3.7 b — der management for fiscal year 2024 was $3.7 billion, and our total assets under manag
• $4.6 billion — t as of the end of fiscal year 2024 was $4.6 billion. Our business strategy centers on (i) o
• $197 million — the closing date totaled approximately $197 million. 1 Table of Contents 2002 In May,
• $5.7 million — public offering of our stock by raising $5.7 million at an offering price of $1.98 (HNNA.OB)
• $1.98 — ng $5.7 million at an offering price of $1.98 (HNNA.OB) and changed our firm name to
• $358 million — itial public offering was approximately $358 million. 2003 In September, we purchased the
• $35 million — s of the closing date was approximately $35 million. 2004 In March, we purchased the ass
• $301 million — the closing date totaled approximately $301 million. 2005 In July, we purchased the asse
• $299 million — s of the closing date was approximately $299 million. 2007 In November, we launched the H
• $158 million — the closing date totaled approximately $158 million. In September, we purchased the assets
• $74 million — the closing date totaled approximately $74 million. 2011 In October, we reorganized the
• $2.2 billion — s of the closing date was approximately $2.2 billion. In December, we closed the Hennessy M
• $16.67 — 1,500,000 shares of our common stock at $16.67 per share. In June, we launched Instit
• $435 million — the closing date totaled approximately $435 million. 2017 In February, we liquidated the

Filing Documents

• hnna20240930_10k.htm (10-K) — 1460KB
• ex_744196.htm (EX-19) — 194KB
• ex_715471.htm (EX-23.1) — 3KB
• ex_715472.htm (EX-31.1) — 12KB
• ex_715473.htm (EX-31.2) — 12KB
• ex_715474.htm (EX-32.1) — 3KB
• ex_715475.htm (EX-32.2) — 3KB
• coelogos.jpg (GRAPHIC) — 36KB
• 0001437749-24-037244.txt ( ) — 6109KB
• hnna-20240930.xsd (EX-101.SCH) — 53KB
• hnna-20240930_cal.xml (EX-101.CAL) — 45KB
• hnna-20240930_def.xml (EX-101.DEF) — 348KB
• hnna-20240930_lab.xml (EX-101.LAB) — 305KB
• hnna-20240930_pre.xml (EX-101.PRE) — 378KB
• hnna20240930_10k_htm.xml (XML) — 724KB

Business

Business 1 Item 1A

Risk Factors

Risk Factors 21 Item 1C Cybersecurity 21 Item 2

Properties

Properties 31 Item 3

Legal Proceedings

Legal Proceedings 31 Item 4 Mine Safety Disclosures 32 Part II Item 5 Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 32 Item 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 61 Item 9A

Controls and Procedures

Controls and Procedures 62 Item 9B Other Information 63 Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III Item 10 Directors, Executive Officers, and Corporate Governance 63 Item 11

Executive Compensation

Executive Compensation 64 Item 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64 Item 13 Certain Relationships and Related Transactions, and Director Independence 64 Item 14 Principal Accountant Fees and Services 64 Part IV Item 15 Exhibits and Financial Statement Schedules 65 Item 16 Form 10K Summary 66

Signatures

Signatures 67 i Table of Contents PART I ITEM 1.

BUSINESS

BUSINESS GENERAL Hennessy Advisors, Inc. (the "Company," "we," "us," or "our") is a publicly traded investment management firm whose primary business activity is providing investment advisory services to a family of 16 open-end mutual funds (collectively, the "Hennessy Mutual Funds") and one exchangetraded fund ("ETF") branded as the Hennessy Funds. We are committed to providing superior service to investors and employing a consistent and disciplined approach to investing based on a buyandhold philosophy that rejects the idea of market timing. Our goal is to provide products that investors can have confidence in, knowing their money is invested as promised and with their best interests in mind. Our firm was founded on these principles 35 years ago, and the same principles guide us today. We earn revenues primarily by providing investment advisory services to the Hennessy Funds and secondarily by providing shareholder services to investors in the Hennessy Mutual Funds. Investment advisory services include managing the composition of each fund's portfolio (including the purchase, retention, and disposition of portfolio securities in accordance with each fund's investment objectives, policies, and restrictions), monitoring each fund's compliance with its investment objectives and restrictions and federal securities laws, monitoring the liquidity of each fund, reviewing each fund's investment performance, overseeing the selection and continued employment of sub-advisors and monitoring such sub-advisors' adherence to the fund's investment objectives, policies, and restrictions, overseeing other service providers, maintaining inhouse marketing and distribution departments, preparing and distributing regulatory reports, and overseeing distribution of the funds through thirdparty financial institutions. Shareholder services include maintaining a tollfree number that the current investors in the Hennessy Funds may call to ask questions about their accounts or the funds

View Full Filing

View this 10-K filing on SEC EDGAR