Hennessy Advisors Inc. Earnings Releases

Novato, 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.

“Our 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.

Hennessy 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.

Supplemental Information

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