NEWS

WIRES

OTHER

Hennessy Advisors, Inc. Announces Year-to-Date Earnings of $0.19 Per Share

"Historically low levels of consumer confidence in the economy, coupled with recent declines in the financial markets and in the performance of some of our funds, have negatively affected our assets under management, and correspondingly our earnings per share. Despite negative sentiments by many, I believe the economy is fundamentally strong and that the markets are beginning to settle down," said Mr. Hennessy. "We will continue to navigate the company through these volatile times using our disciplined and time-tested investing techniques, and I believe we are in a strong position to take advantage of an upturn in the markets," he added. "Despite the decrease in earnings, we continue to build financial strength for our shareholders, as evidenced by a 4.2% increase in retained earnings and a 12.2% reduction in total debt since the prior fiscal year end."

                           Hennessy Advisors, Inc.
                             Financial Highlights
                               Period to Period

                             Six Months Ended
    Second Quarter      Mar. 31, 2008  Mar. 31, 2007    $ Change     % Change

    Total Revenue        $5,795,851      $8,355,381   $(2,559,530)    -30.6%
    Net Income           $1,115,618      $2,129,541   $(1,013,923)    -47.6%
    Earnings per share
     (diluted)                $0.19           $0.36        $(0.17)    -47.2%
    Weighted Average
     number of shares
     outstanding          5,868,322       5,962,250       (93,928)     -1.6%



    At Period Ending
     Date                 Mar. 31, 2008  Mar. 31, 2007    $ Change    % Change

    Mutual Fund Assets
     Under Management    $1,098,694,513 $1,899,943,737 $(801,249,224)   -42.2%



    At Period Ending
     Date               Mar. 31, 2008  Sep. 30, 2007    $ Change     % Change

    Total Debt,
     including current
     portion               $7,553,952     $8,599,210   $(1,045,258)     -12.2%
    Retained Earnings     $15,017,721    $14,417,331      $600,390        4.2%

Hennessy Advisors, Inc., located inNovato, 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.

Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.
Neil J. Hennessy
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=36873

SOURCE Hennessy Advisors, Inc.