8-K

SECURITIES AND EXCHANGE COMMISSION

UNITED STATES

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 8, 2008

HENNESSY ADVISORS, INC.

(Exact name of registrant as specified in its charter)

California	000-49872	68-0176227
(State or other jurisdiction of incorporation)	Commission File Number)	(IRS Employer Identification No.)

7250 Redwood Blvd., Suite 200 Novato, California	94945
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number including area code: (415) 899-1555

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230 .425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition

The registrant has issued an earnings release for the three and six months ended March 31, 2008, which is included herein as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1 Earnings release issued May 8, 2008, by Hennessy Advisors, Inc., for the three and six months ended March 31, 2008.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	HENNESSY ADVISORS, INC.
May 9, 2008	By:	/s/ Neil J. Hennessy
		Neil J. Hennessy
		President

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EXHIBIT INDEX

Exhibit 99.1 Earnings release issued May 8, 2008, by Hennessy Advisors, Inc., for the three and six months ended March 31, 2008.

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EX-99.1

Exhibit 99.1

Earnings Release of May 8, 2008

HENNESSY ADVISORS, INC. ANNOUNCES SECOND QUARTER EARNINGS OF $0.07 PER SHARE

Novato, CA – May 8, 2008 – Hennessy Advisors, Inc. (OTCBB:HNNA) President and Chief Executive Officer, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.07 for the second quarter, which ended March 31, 2008, versus $0.17 for the prior comparable period. Diluted earnings per share for the six months ended March 31, 2008 were $0.19 per share, versus $0.36 for the prior comparable period. The decline in earnings is attributable to decreased mutual fund assets under management. Total mutual fund assets were $1.1 billion at March 31, 2008, compared to $1.9 billion at March 31, 2007.

“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

	Three Months Ended
Second Quarter	March 31, 2008		March 31, 2007		$ Change			% Change
Total Revenue	$	2,454,848	$	3,968,468	$	(1,513,620	)	-38.1	%
Net Income	$	419,994	$	994,828	$	(574,834	)	-57.8	%
Earnings per share diluted	$	0.07	$	0.17	$	(0.10	)	-58.8	%
Weighted Average number of shares outstanding		5,701,678		6,019,956		(318,278	)	-5.3	%
	Six Months Ended
Year-to-Date	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	%

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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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