Hennessy Advisors Inc. Earnings Releases

HENNESSY ADVISORS, INC. QUARTERLY EARNINGS INCREASE 26%

Novato, CA – January 25, 2007– Hennessy Advisors, Inc. (OTCBB:HNNA)
President and Chief Executive Officer, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.29 for the three months ended December 31, 2006, up from $0.23 in the prior comparable period, an increase of over 26%. Growth in income is primarily attributable to increased mutual fund assets under management. Total mutual fund assets increased by 11%, growing to $2.03 billion at December 31, 2006, compared to $1.83 billion at December 31, 2005. For the three months ended December 31, 2006, income increased almost 27% and revenue grew at more than 19%, compared to the prior comparable period.

“We are pleased to deliver another strong increase in quarterly earnings to our shareholders,” said Mr. Hennessy. “Our primary objective remains to grow our assets under management, and we are committed to managing the company in the best interest of our shareholders,” he added.

Hennessy Advisors, Inc., located in Novato, CA, is a publicly traded investment advisor to six no-load mutual funds. Hennessy Advisors, Inc. is committed to their time-tested, quantitative stock selection formulas and disciplined money management approach.

Supplemental Information
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