ADVISORS, INC. THIRD QUARTER EARNINGS INCREASE 57%
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.
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.
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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