ADVISORS, INC. REPORTS FIRST QUARTER RESULTS
am very pleased that the formula-driven mutual funds we manage have
continued to perform extremely well in the new fiscal year,"
said Mr. Hennessy. "We are hopeful for continued improvement
in worldwide economic conditions which we believe will benefit our
business. We anticipate our investors will be pleased with our earnings,
and we will continue to pursue strategies designed to grow our assets
under management for the benefit of our shareholders."
Advisors, Inc., located in Novato, CA, is the advisor to five no-load
mutual funds, satisfying a variety of investment objectives and
risk tolerance levels. Each of the Hennessy Funds employs a unique
and powerful money management approach combining superior, time-tested
stock selection formulas with unwavering discipline and consistency.
The Company serves clients with integrity, honesty and candor. The
Hennessy Funds strategies and performance are fully disclosed.
Statements in this press release regarding Hennessy Advisors, Inc.'s
business, which are not historical facts, are "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. These forward-looking statements involve a number
of risks, uncertainties and other important factors that could cause
the actual results and outcomes to differ materially from any future
results or outcomes expressed or implied by such forward-looking
statements. These risks, uncertainties and other important factors
are described in more detail in the "Risk Factors" section
of the Company's annual report on Form 10-KSB for the fiscal year
ended September 30, 2003, filed December 22, 2003, with the U.S.
Securities and Exchange Commission including, without limitation,
the "Risk Factors" section of Management's Discussion
and Analysis and Results of Operations. The following factors may
affect the actual results of the Company:
volatility in the equity markets have caused the levels of our
assets under management to fluctuate significantly.
weak market conditions may lower our assets under management and
reduce our revenues and income.
face strong competition from numerous and sometimes larger companies.
in the distribution channels on which we depend could reduce our
revenues or hinder our growth.
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.
the next several years, professional service fees are likely to
increase due to increased securities industry legislation.
conflicts and the ongoing threat of terrorism may adversely affect
the general economy, financial and capital markets and our business.
Nothing 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.