Hennessy Advisors, Inc. Reports First Quarter Earnings Increase of 333% and Announces Quarterly Dividend

 Hennessy Advisors, Inc. Reports First Quarter Earnings Increase of 333% and
                         Announces Quarterly Dividend

PR Newswire

NOVATO, Calif., Jan. 17, 2013

NOVATO, Calif., Jan. 17, 2013 /PRNewswire/ -- Hennessy Advisors, Inc. (OTCBB:
HNNA) today reported fully diluted earnings per share of $0.13 for the first
quarter ended December 31, 2012, an increase of 333% over the previous period
ended December 31, 2011. Total assets under management increased 287% to over
$3 billion, and average assets increased by 216%, producing a corresponding
increase in revenue, net income and earnings per share versus the prior
comparable period. 

The Board of Directors of Hennessy Advisors, Inc. today also declared a
quarterly dividend of $0.03125 per share to be paid on February 25, 2013 to
shareholders of record as of February 1, 2013. Based on the Hennessy
Advisors, Inc. stock price at the close of business on January 17, 2013 of
$5.44 per share, this dividend, when annualized, represents a 2.3% yield.

"Financial performance for the first quarter was clearly impacted by the
purchase of the assets related to the management contracts of the FBR Funds,
which took place on October 26, 2012. We are excited to now manage over $3
billion in assets and offer shareholders a broader and more diversified lineup
of mutual fund products," said Neil Hennessy, President, Chairman and CEO of
Hennessy Advisors, Inc. "We remain committed to our long-range business model
and to our core value that our shareholders always come first. We will
continue to focus on growing our mutual fund assets through marketing and
sales, and to diligently search for strategic asset purchases," Hennessy

"Corporate America is strong, as evidenced by the positive returns in the
financial markets in 2012, and I believe that investors may finally be
recognizing the strong fundamentals present in today's equity market. I am
optimistic that as investors return to mutual funds, this will translate into
continued profitability for our shareholders and our firm," added Mr.

Hennessy Advisors, Inc.
Financial Highlights
Period to Period
                    Three Months Ended
First Quarter       Dec. 31, 2012       Dec. 31, 2011 $ Change          %
Total Revenue       $               $         $             173.9%
                    4,703,012          1,716,910     2,986,102
Net Income         $             $        $           404.4%
                    767,995             152,267      615,728
Earnings per share  $          $       $         333.3%
(diluted)           0.13                  0.03      0.10
Weighted Average
number of
shares outstanding  5,705,781           5,713,006     (7,225)           -0.1%
Mutual Fund Average
Under Management    $ 2,458,220,685    $           $ 1,681,154,079  216.3%
At Period Ending    Dec. 31, 2012       Dec. 31, 2011 $ Change          %
Date                                                                    Change
Mutual Fund Total
Under Management    $ 3,024,068,111    $           $ 2,243,117,696  287.2%
Retained Earnings   $    16,335,637  $          $            5.6%
                                        15,469,142    866,495

About Hennessy Advisors, Inc.
Hennessy Advisors, Inc. is the publicly traded investment manager of the
Hennessy Funds. Hennessy offers a broad range of domestic equity, sector and
specialty, and balanced and fixed income products. Hennessy employs a
consistent and repeatable investment process, combining time-tested stock
selection strategies with a highly disciplined, team-managed approach.

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.

Available Topic Expert: For information on the listed expert, click
appropriate link.
Neil J. Hennessey

SOURCE Hennessy Advisors, Inc.

Website: http://www.hennessyadvisors.com
Contact: Tania Kelley, Hennessy Advisors, Inc., 1-800-966-4354,
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