ADVISORS, INC. REPORTS SECOND QUARTER RESULTS
strategy of expanding assets under management through acquisitions,
while continuing to promote the Hennessy formula-driven approach
to mutual fund investing, has resulted in dynamic earnings growth,
as planned. We invest for the long-term without emotional reaction
to short-term market fluctuations, and we are hopeful for improved
worldwide economic conditions in the years to come, 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:
- Continuing volatility in the equity markets have caused the
levels of our assets under management to fluctuate significantly.
- Weak market conditions or loss of investor confidence in the
mutual fund industry may lower our assets under management and
reduce our revenues and income.
- We face strong competition from numerous and sometimes larger
- Changes in the distribution channels on which we depend could
reduce our revenues or hinder our growth.
- 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.
- For the next several years, professional service fees are likely
to increase due to increased securities industry legislation.
- Business growth through asset acquisitions may not proceed
as planned and result in significant expenses adversely affecting
- Retaining the mutual fund assets associated with acquired management
contracts may prove difficult and result in lower than expected
- International 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.