Novato, CA -
July 31, 2003 - Hennessy Advisors, Inc. (OTCBB:HNNA) Chief Executive Officer and President,
Neil Hennessy, announced fully diluted earnings per share of $.17
for the three months ended June 30, 2003, up from $.09 in the prior
comparable period. Diluted earnings per share for the nine months
ended June 30, 2003 were $.42, up from $.18 in the prior comparable
period. Earnings increases
are primarily attributable to increased mutual fund assets under
management. During the three months ended June 30, 2003,
total mutual fund assets under management increased $165 million
from $498 million to $663 million, an increase of 33%. During the nine months ended June 30, 2003, total mutual
fund assets under management of $663 million grew $296 million, up 81% from $367 million as of June 30, 2002.
Ø Continuing volatility in the
equity markets have caused the levels of our assets under management
to fluctuate significantly.
Ø Continued weak market conditions
may lower our assets under management and reduce our revenues and
Ø We face strong competition from
numerous and sometimes larger companies.
Ø Changes in the distribution channels
on which we depend could reduce our revenues or hinder our growth.
Ø For the next several
years, insurance costs are likely to increase materially and we
may not be able to obtain the same types or amounts of coverage.
Ø For the next several years, professional
service fees are likely to increase due to increased securities
Ø International conflicts and the ongoing threat of terrorism
may adversely affect the general economy, financial and capital
markets and our business.
in this section shall be considered a solicitation to buy or an
offer to sell a security to any person in any jurisdiction where
such offer, solicitation, purchase or sale would be unlawful under
the securities laws of such jurisdiction.