Hennessy Advisors Inc. Earnings Releases

Novato, CA – May 8, 2008 – Hennessy Advisors, Inc. (OTCBB:HNNA) President and Chief Executive Officer, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.07 for the second quarter, which ended March 31, 2008, versus $0.17 for the prior comparable period. Diluted earnings per share for the six months ended March 31, 2008 were $0.19 per share, versus $0.36 for the prior comparable period. The decline in earnings is attributable to decreased mutual fund assets under management. Total mutual fund assets were $1.1 billion at March 31, 2008, compared to $1.9 billion at March 31, 2007.

“Historically low levels of consumer confidence in the economy, coupled with recent declines in the financial markets and in the performance of some of our funds, have negatively affected our assets under management, and correspondingly our earnings per share. Despite negative sentiments by many, I believe the economy is fundamentally strong and that the markets are beginning to settle down,” said Mr. Hennessy. “We will continue to navigate the company through these volatile times using our disciplined and time-tested investing techniques, and I believe we are in a strong position to take advantage of an upturn in the markets,” he added. “Despite the decrease in earnings, we continue to build financial strength for our shareholders, as evidenced by a 4.2% increase in retained earnings and a 12.2% reduction in total debt since the prior fiscal year end.”

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.

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