Hennessy Advisors Inc. Earnings Releases
HENNESSY ADVISORS, INC. ANNOUNCES
ANNUAL EARNINGS OF $0.70 PER SHARE

Novato, CA – December 6, 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 $0.70 for the fiscal year ended September 30, 2007. Earnings per share decreased approximately 4% versus the prior fiscal year, which were $0.73. The small decline in earnings is primarily attributable to decreased mutual fund assets under management. Total mutual fund assets were $1.72 billion at September 30, 2007, compared to $2.06 billion at September 30, 2006.

“We are again pleased with the financial results generated for our shareholders this year,” said Mr. Hennessy. “The financial markets have experienced tremendous volatility over the past year. Our earnings for the year decreased by only three cents per share, despite assets being down 16%,” he added. “In addition to delivering solid earnings per share this year we have also increased cash reserves by 33%, or $3.4 million, increased shareholder’s equity by 23%, or $4.4 million, and reduced long-term debt by 24%, or $2.1 million.”

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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