HENNESSY ADVISORS, INC. ANNOUNCES
SECOND QUARTER EARNINGS OF $0.04 PER SHARE


Novato, CA – May 6, 2010– Hennessy Advisors, Inc. (OTCBB:HNNA)
today announced fully diluted earnings per share of $0.04 for the second quarter of 2010, which ended March 31, 2010. Earnings increased 300% versus the prior comparable period, which were a loss of $(0.02) per share. The increase in earnings is primarily attributable to increased mutual fund assets under management. Assets under management grew from $699 million at March 31, 2009 to $961 million at March 31, 2010, an increase of over 37%.  

“We are pleased to report another quarter’s results where our earnings were positive and our assets under management have grown,” said Neil Hennessy, President and CEO of Hennessy Advisors, Inc. “We are now more than a full year past the market lows experienced in March, 2009, and I believe the economy is in the midst of a long-term, sustainable recovery. The financial markets appear to once again be trading on fundamentals, and I anticipate moderate, normalized annual growth rates going forward. As individual investor confidence is restored, I believe that assets will begin flowing back to equity mutual funds and that Hennessy Advisors will be in a strong competitive position,” said Mr. Hennessy.

About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment advisor manager of a wide range of both domestic and international equity products. Hennessy Advisors, Inc. is committed to a consistent and repeatable investment process, combining time-tested stock selection strategies with a highly disciplined, team-managed approach, and to superior service to shareholders.

Supplemental Information
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.


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