Hennessy Advisors Inc. Earnings Releases
HENNESSY ADVISORS, INC. ANNUAL EARNINGS INCREASE OVER 37%

Novato, CA – December 8, 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 $1.10 for the fiscal year ended September 30, 2006, up from $0.80 in the prior fiscal year, an increase of over 37%. Growth in income is primarily attributable to increased mutual fund assets under management. Total mutual fund assets increased by nearly 14%, growing to $2.06 billion at September 30, 2006, compared to $1.81 billion at September 30, 2005. For the fiscal year ended September 30, 2006, income and revenue each grew by more than 40%, compared to the prior fiscal year.

“I am very pleased to deliver double-digit growth in earnings for the fourth consecutive year,” said Mr. Hennessy. “Our strong growth in revenue and income as compared to our growth in assets reinforces the scalability of our business model,” 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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