ADVISORS, INC. SECOND QUARTER EARNINGS INCREASE 33%
CA – May 2, 2006 –
Hennessy Advisors, Inc. (OTCBB:HNNA) President and Chief Executive
Officer, Neil Hennessy, today announced fully diluted earnings for
Hennessy Advisors, Inc. of $0.28 per share for the quarter ended
March 31, 2006, up from $0.21 per share in the prior comparable
period, an increase of 33%. Diluted earnings for the six months
ended March 31, 2006 were $0.51 per share, up from $0.42 per share
in the prior comparable period, an increase of 21%. Growth in earnings
is primarily attributable to increased mutual fund assets under
management, which increased by 67%, growing from $1.35 billion on
March 31, 2005 to $2.25 billion on March 31, 2006. Positive performance
of the Hennessy Funds accounts for 50% of the growth in assets,
while net new purchases into the mutual funds account for 17%. The
acquisition of The Henlopen Fund, which occurred on July 1, 2005,
accounts for the remaining 33% of the growth in assets under management.
primary business objective remains growing our assets under management
for the benefit of our shareholders,” said Mr. Hennessy. “We
are quite pleased with our growth in assets, which has come from
market appreciation, in-flows to our funds and selective acquisitions.
We are also pleased with the associated increases in revenue, net
income and earnings per share,” he added.
Advisors, Inc., located in Novato, CA, is a publicly traded investment
advisor to six no-load mutual funds. Each of the Hennessy Funds
employs a superb, time-tested stock selection formula and is managed
with unwavering discipline and consistency. Hennessy Advisors serves
clients with integrity, honesty and candor, and fully discloses
their strategies and performance.
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