Hennessy Advisors Inc. Earnings Releases

HENNESSY ADVISORS, INC. ANNOUNCES THIRD QUARTER EARNINGS -YEAR-TO-DATE EARNINGS INCREASE 19%

Novato, CA – August 2, 2005 – Hennessy Advisors, Inc. (OTCBB:HNNA) Chief Executive Officer and President, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $.31 for the third quarter ended June 30, 2005. While earnings for this quarter were equal to earnings in the prior comparable quarter, the diluted earnings per share for the nine months ended June 30, 2005, were $.93, up from $.78 in the prior comparable period, an increase of 19.2%.

“The financial markets have been quite volatile since January so we are very pleased that we have been able to produce these strong quarterly and year-to-date earnings for our shareholders,” said Mr. Hennessy.

Hennessy Advisors, Inc., located in Novato, CA, is a publicly traded investment firm, whose principal business activity is managing, servicing and marketing mutual funds. The Hennessy Funds are no-load and utilize quantitative stock selection strategies.

Supplemental Information
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