Exhibit 99.1 Earnings Release of August 7, 2008

HENNESSY ADVISORS, INC. ANNOUNCES THIRD QUARTER EARNINGS OF $0.06 PER SHARE

Novato, CA – August 7, 2008 – Hennessy Advisors, Inc. (OTCBB:HNNA) Chief Executive Officer, Neil Hennessy, today announced fully diluted earnings per share for Hennessy Advisors, Inc. of $0.06 for the third quarter, which ended June 30, 2008, versus $0.17 for the prior comparable period. Diluted earnings per share for the nine months ended June 30, 2008 were $0.25 per share, versus $0.53 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 June 30, 2008, compared to $1.9 billion at June 30, 2007.

“With the housing slump, credit crunch, price of oil and historically low levels of consumer confidence, the financial markets are as volatile and jittery as I have seen in my nearly 30-year career,” said Mr. Hennessy. “With history as our guide, we know the long-term prospects of the market remain fundamentally strong, and the company is positioning itself for the future by building our distribution and sales efforts. We have recently hired a new President of Hennessy Funds, who will focus on increasing distribution, and have recently announced a new sales partnership with Merrill Lynch,” he added. “Additionally, we continue to strengthen our balance sheet, as evidenced by a 6.5% increase in retained earnings and an 18.2% reduction in total debt since the prior fiscal year end.”

5

Hennessy Advisors, Inc.

Financial Highlights

Period to Period

	Three Months Ended
Third Quarter	June 30, 2008		June 30, 2007		$ Change			% Change
Total Revenue	$	2,318,452	$	3,990,446	$	(1,671,994	)	-41.9	%
Net Income	$	340,662	$	1,024,243	$	(683,581	)	-66.7	%
Earnings per share diluted	$	0.06	$	0.17	$	(0.11	)	-64.7	%
Weighted Average number of shares outstanding		5,801,472		5,959,184		(157,712	)	-2.6	%
	Nine Months Ended
Year-to-Date	June 30, 2008		June 30, 2007		$ Change			% Change
Total Revenue	$	8,114,303	$	12,345,827	$	(4,231,524	)	-34.3	%
Net Income	$	1,456,279	$	3,153,783	$	(1,697,504	)	-53.8	%
Earnings per share (diluted)	$	0.25	$	0.53	$	(0.28	)	-52.8	%
Weighted Average number of shares outstanding		5,822,314		5,952,636		(130,322	)	-2.2	%
At Period Ending Date	June 30, 2008		June 30, 2007		$ Change			% Change
Mutual Fund Assets Under Management	$	1,094,790,511	$	1,913,869,612	$	(819,079,101	)	-42.8	%
At Period Ending Date	June 30, 2008		Sep. 30, 2007		$ Change			% Change
Total Debt, including current portion	$	7,031,323	$	8,599,210	$	(1,567,887	)	-18.2	%
Retained Earnings	$	15,358,382	$	14,417,331	$	941,051		6.5	%

Hennessy Advisors, Inc., located in Novato, CA, is a publicly traded investment advisor to a family of 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.

6