ADVISORS, INC. SECOND QUARTER EARNINGS INCREASE 18.5%
CA – April 29, 2005 – Hennessy Advisors, Inc. (OTCBB:HNNA)
Chief Executive Officer and President, Neil Hennessy, announced
fully diluted earnings per share of $.32 for the second quarter
ended March 31, 2005, up from $.27 in the prior comparable period,
an increase of 18.5%. Diluted earnings per share for the six months
ended March 31, 2005, were $.63, up from $.47 in the prior comparable
period, an increase of 34.0%.
am very pleased with our financial results, particularly in light
of increasing challenges in the financial markets and in managing
mutual funds,” said Mr. Hennessy. “Successful investing
requires a long-term view, and here at Hennessy we will continue
to pursue long-term investment and business strategies for the benefit
of all of our shareholders.”
Advisors, Inc., located in Novato, CA, is the advisor to five no-load
mutual funds. The Hennessy Funds employ superb, time-tested stock
selection formulas and manage their funds with unwavering discipline
and consistency. Hennessy Funds serves clients with integrity, honesty
and candor, and their strategies and performance are fully disclosed.
Statements in this press release regarding the business of Hennessy
Advisors, Inc., 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
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, 2004, filed December 14, 2004, 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 may cause 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
- For the next several years, professional service fees are likely
to increase due to increased securities industry legislation.
- Changes in accounting regulations may also have adverse effects
earnings per share.
- 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.