NOVATO, Calif., Jan. 26, 2017 /PRNewswire/ -- Hennessy Advisors, Inc. (NASDAQ: HNNA) today reported fully diluted earnings per share of $0.74 for the first fiscal quarter ended December 31, 2016, an increase of 4% over the prior comparable quarter ended December 31, 2015. Quarterly revenue totaled $13.3 million, an increase of 1% over the prior comparable period. From December 31, 2015, to December 31, 2016, total assets under management increased 4%, while average assets under management, upon which revenue is calculated, increased by 2%.
"We are pleased to report that despite a challenging industry environment, Hennessy Advisors has started its new fiscal year by recording another quarter of strong revenue and earnings results," said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc. "The U.S. stock market posted solid gains in 2016, and we are hopeful that a recovery in corporate profits and a more pro-business policy focus from the new administration may help extend this bull market, now entering its ninth year. Equity valuations remain attractive relative to bond yields, and while we expect the Federal Reserve to continue to raise short-term interest rates over the next year, we believe the rise will be very gradual," added Mr. Hennessy.