FOR IMMEDIATE RELEASE

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HENNESSY ADVISORS, INC. ANNOUNCES
STOCK SPLIT AND CASH DIVIDEND


Novato, CA – January 25, 2007– Hennessy Advisors, Inc. (OTCBB:HNNA)
The Board of Directors of Hennessy Advisors, Inc. today declared a 3 for 2 stock split and the company’s third annual cash dividend. The cash dividend will be $0.08 per share, post split. The stock split will take place and the dividend will be paid on March 7, 2007 to shareholders of record as of February 14, 2007.

“We are extremely pleased to be able to share the company’s financial success with our shareholders,” said Neil Hennessy, President and Chief Executive Officer of Hennessy Advisors. “We want to thank our shareholders for the confidence they have placed in us, and we promise them that we will continue to manage the company in their best interest,” he added.

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.


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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