Hennessy Advisors Inc. Earnings Releases

HENNESSY ADVISORS, INC. ANNOUNCES ANNUAL EARNINGS
INCREASE OVER 10%

Novato, CA – December 6, 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 $1.20 for the fiscal year ended September 30, 2005, up from $1.09 in the prior fiscal year, an increase of over 10%. Growth in income is primarily attributable to increased mutual fund assets under management. Total mutual fund assets increased by nearly 50%, growing to $1.8 billion at September 30, 2005, compared to $1.2 billion at September 30, 2004. Approximately half of the growth in assets is attributable to the acquisition of The Henlopen Fund, which occurred in the last quarter of the fiscal year.

“I am delighted that we have been able to produce another strong year of earnings for our valued shareholders, particularly in light of the volatile market environment and increasing regulations and costs associated with managing mutual funds,” said Mr. Hennessy. “With revenue increasing 25% and income and earnings each increasing over 10% versus last year, we anticipate that our investors will be pleased with our financial results,” he added.

Hennessy Advisors, Inc., located in Novato, CA, is a publicly traded investment advisor to six 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.

Supplemental Information
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