Hennessy Advisors Inc. Earnings Releases

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.

“With 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.”

Hennessy 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.

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