Revenue during the quarter went up marginally by 1.07 percent to $13.29 million from $13.15 million in the previous year period.

"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 Chief executive officer 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.