Hennessy Advisors Inc. Earnings Releases

HENNESSY ADVISORS, INC. FIRST QUARTER EARNINGS INCREASE 13%

Novato, CA – January 26, 2006– Hennessy Advisors, Inc. (OTCBB:HNNA)
Chief Executive Officer and President, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.35 for the quarter ended December 31, 2005, up from $0.31 per share in the prior comparable period, an increase of 13%. Growth in earnings is primarily attributable to increased mutual fund assets under management. Total mutual fund assets increased by 33%, growing to $1.83 billion on December 31, 2005, compared to $1.38 billion on December 31, 2004. The acquisition of The Henlopen Fund, which occurred on July 1, 2005, accounts for approximately two-thirds of the growth in assets, with the remainder in growth coming from market appreciation of the mutual funds managed by Hennessy Advisors, Inc.

“We are delighted by the strong performance of our mutual funds which translates to strong financial results for the shareholders of Hennessy Advisors,” said Mr. Hennessy. “We anticipate that our shareholders will be pleased with our quarterly growth in revenue, income and earnings,” he added.

Supplemental Information
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