ADVISORS, INC. ANNOUNCES
THIRD QUARTER EARNINGS OF $0.06 PER SHARE
Novato, CA – August 7, 2008 –
Hennessy Advisors, Inc. (OTCBB:HNNA) Chief Executive Officer,
Neil Hennessy, today announced fully diluted earnings per share
for Hennessy Advisors, Inc. of $0.06 for the third quarter, which
ended June 30, 2008, versus $0.17 for the prior comparable period.
Diluted earnings per share for the nine months ended June 30, 2008
were $0.25 per share, versus $0.53 in 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 June 30, 2008, compared to $1.9 billion at June 30, 2007.
the housing slump, credit crunch, price of oil and historically
low levels of consumer confidence, the financial markets are as
volatile and jittery as I have seen in my nearly 30-year career,”
said Mr. Hennessy. “With history as our guide, we know the
long-term prospects of the market remain fundamentally strong, and
the company is positioning itself for the future by building our
distribution and sales efforts. We have recently hired a new President
of Hennessy Funds, who will focus on increasing distribution, and
have recently announced a new sales partnership with Merrill Lynch,”
he added. “Additionally, we continue to strengthen our balance
sheet, as evidenced by a 6.5% increase in retained earnings and
an 18.2% reduction in total debt since the prior fiscal year end.”
Advisors, Inc., located in Novato, CA, is a publicly traded investment
advisor to a family of mutual funds. Hennessy Advisors, Inc. is
committed to their time-tested, quantitative stock selection formulas
and disciplined money management approach.
Nothing in this section shall be considered a solicitation to buy
or an offer to sell a security to any person in any jurisdiction
where such offer, solicitation, purchase or sale would be unlawful
under the securities laws of such jurisdiction.