NOVATO, Calif., Jan 28 /PRNewswire-FirstCall/ -- Hennessy Advisors, Inc. (OTC:HNNA) (BULLETIN BOARD: HNNA) today announced fully diluted earnings per share of $0.04 for the first quarter of 2010, which ended December 31, 2009. Earnings increased 500% versus the prior comparable period, which were a loss of $(0.01) per share. The increase in earnings is primarily attributable to increased mutual fund assets under management. Assets under management grew from $641 million at December 31, 2008 to $945 million at December 31, 2009, an increase of over 47%. "We are extremely pleased to once again be reporting earnings to our shareholders, after reporting a small loss in the prior comparable period and for our prior fiscal year," said Neil Hennessy, President and CEO of Hennessy Advisors, Inc. "Last March the markets, our assets under management, as well as our earnings per share hit low points, but have since seen steady improvement. I believe the market lows of last year are behind us and that the financial markets are in the midst of a sustainable, long-term recovery," added Mr. Hennessy. "We continue to pursue acquisitions and have strengthened and broadened our product offering, which now includes both domestic and international funds, as well as a new series of sub-advised funds. We have also built a strong distribution platform for these funds, and while the majority of assets are currently being invested in fixed income vehicles, I believe that once assets begin flowing back to equity mutual funds that Hennessy will be in a strong competitive position," said Mr. Hennessy. Hennessy Advisors, Inc. Financial Highlights Period to Period Three Months Ended First Quarter Dec. 31, 2009 Dec. 31, 2008 $Change % Change ------------------------------------------------------------------------ Total Revenue $1,998,643 $1,397,864 $600,779 43.0% Net Income (Loss) $203,467 $(73,855) $277,322 375.5% Earnings(loss) per share (diluted) $0.04 $(0.01) $0.05 500.0% Weighted Average number of shares outstanding 5,692,790 5,666,452 26,338 0.5% At Period Ending Date Dec. 31, 2009 Dec. 31, 2008 $Change % Change ------------------------------------------------------------------------- Mutual Fund Assets Under Management $944,915,487 $641,343,758 $303,571,729 47.3% 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 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. Available Topic Expert(s): For information on the listed expert(s), click appropriate link. Neil J. Hennessy https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=36873 DATASOURCE: Hennessy Advisors, Inc. CONTACT: Tania Kelley of Hennessy Advisors, Inc., 1-800-966-4354, +1-415-899-1555 Web Site: http://www.hennessyadvisors.com/

Copyright