Hennessy Advisors Inc. Earnings Releases

HENNESSY ADVISORS, INC. ANNOUNCES
FIRST QUARTER EARNINGS OF $0.05 PER SHARE

Novato, CA – January 18 – Hennessy Advisors, Inc. (OTCBB:HNNA) today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.05 for the first quarter of 2011, which ended December 31, 2010. While total assets under management decreased by approximately 6%, a corresponding reduction in expenses drove an increase in earnings per share of 25% versus the prior comparable period.

“We are pleased to report that our first quarter earnings have increased versus last year, despite tremendous volatility in the financial markets,” said Neil Hennessy, President, Chairman and CEO of Hennessy Advisors, Inc.  “We continue to diligently monitor and reduce operational costs wherever possible. The company is lean, and I believe that as the economy continues its recovery, any increase in assets under management will strongly benefit our bottom line,” he added.

About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is a publicly traded investment manager of a wide range of both domestic and international equity products. Hennessy Advisors, Inc. is committed to its 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 press release 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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