Hennessy Advisors Inc. Earnings Releases
HENNESSY ADVISORS, INC. THIRD QUARTER EARNINGS INCREASE 57%

Novato, CA – July 28, 2006 – Hennessy Advisors, Inc. (OTCBB:HNNA) President and Chief Executive Officer, Neil Hennessy, today announced fully diluted earnings for Hennessy Advisors, Inc. of $0.33 per share for the quarter ended June 30, 2006, up from $0.21 per share in the prior comparable period, an increase of 57%. Diluted earnings per share for the nine months ended June 30, 2006 were $0.83 per share, up from $0.62 per share in the prior comparable period, an increase of 34%. Growth in earnings is primarily attributable to increased mutual fund assets under management, which increased by 59%, growing from $1.37 billion on June 30, 2005 to $2.18 billion on June 30, 2006. Positive performance of the Hennessy Funds accounts for 31% of the growth in assets, while net new purchases into the mutual funds account for 32%. The acquisition of The Henlopen Fund, which occurred on July 1, 2005, accounts for the remaining 37% of the growth in assets under management.

“We are pleased to have delivered another quarter of strong earnings to our shareholders,” said Mr. Hennessy. “Despite a recent market downturn, our mutual funds have continued to perform well, and we have been successful in attracting new shareholders to our funds, which in turn increases our assets under management, revenue and income,” 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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