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<SEC-DOCUMENT>0000897069-04-000197.txt : 20040129
<SEC-HEADER>0000897069-04-000197.hdr.sgml : 20040129
<ACCEPTANCE-DATETIME>20040129090413
ACCESSION NUMBER:		0000897069-04-000197
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20040128
ITEM INFORMATION:		
ITEM INFORMATION:		Financial statements and exhibits
FILED AS OF DATE:		20040129

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HENNESSY ADVISORS INC
		CENTRAL INDEX KEY:			0001145255
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				680176227

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-49872
		FILM NUMBER:		04550691

	BUSINESS ADDRESS:	
		STREET 1:		750 GRANT AVENUE SUITE 100
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945

	MAIL ADDRESS:	
		STREET 1:		750 GRANT AVENUE SUITE 100
		CITY:			NOVATO
		STATE:			CA
		ZIP:			94945
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>dkm62.txt
<DESCRIPTION>FORM 8-K DATED 01/28/2004
<TEXT>
                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 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):  January 28, 2004


                             HENNESSY ADVISORS, INC.
             (Exact name of registrant as specified in its charter)


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


750 Grant Avenue, Suite 100
Novato, California                                                 94945
(Address of principal executive offices)                         (Zip Code)

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


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



<PAGE>

Item 7.  Financial Statements and Exhibits.

         (c) Exhibits

             Exhibit 99.1   Earnings release issued January 28, 2004, by
                            Hennessy Advisors, Inc., for the three months ended
                            December 31, 2003.




Item 12. Results of Operations and Financial Condition

         The registrant has issued an earnings release for the three months
         ended December 31, 2003, which is included herein as Exhibit 99.1.






                                       2
<PAGE>

                                   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.


January 28, 2004                      By:     /s/ Neil J. Hennessy
                                         ---------------------------------------
                                              Neil J. Hennessy
                                              President













                                  EXHIBIT INDEX


Exhibit 99.1  Earnings release issued January 28, 2004, by Hennessy
              Advisors, Inc., for the three months ended December 31, 2003.










                                       3


</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>3
<FILENAME>dkm62a.txt
<DESCRIPTION>EXHIBIT 99.1 - PRESS RELEASE
<TEXT>
Exhibit 99.1   Earnings Release of January 28, 2004


              HENNESSY ADVISORS, INC. REPORTS FIRST QUARTER RESULTS

Novato, CA - January 28, 2004 - Hennessy Advisors, Inc. (OTCBB:HNNA) Chief
Executive Officer and President, Neil Hennessy, announced fully diluted earnings
per share of $.31 for the first quarter ended December 31, 2003, up from $.14 in
the prior comparable period or +121.4%. Growth in net income is primarily
attributable to increased mutual fund assets under management, derived from
increased market valuations and strong net new investments. Total mutual fund
assets under management increased $519.2 million to $1.013 billion at December
31, 2003, compared to $493.7 million at December 31, 2002, an increase of
105.2%.

"I am very pleased that the formula-driven mutual funds we manage have continued
to perform extremely well in the new fiscal year," said Mr. Hennessy. "We are
hopeful for continued improvement in worldwide economic conditions which we
believe will benefit our business. We anticipate our investors will be pleased
with our earnings, and we will continue to pursue strategies designed to grow
our assets under management for the benefit of our shareholders."

<TABLE>
                                            Hennessy Advisors, Inc.

                                             Financial Highlights

                                               Period to Period


<CAPTION>
                                            Three Months Ended
First Quarter                     Dec. 31, 2003        Dec. 31, 2002          $ Change       % Change
- --------------------------------------------------------------------------------------------------------

<S>                               <C>                  <C>                  <C>               <C>
Total Revenue                     $     2,011,518      $     955,155        $   1,056,363     110.6%

Net Income                        $       524,507      $     229,965        $     294,542     128.1%

Earnings per share (diluted)      $          0.31      $        0.14        $        0.17     121.4%

Weighted Average number of
shares outstanding                      1,672,817          1,631,644               41,173       2.5%


At Period Ending Date             Dec. 31, 2003        Dec. 31, 2002          $ Change       % Change

Mutual Fund Assets Under
Management                        $ 1,012,902,908      $ 493,677,735        $ 519,225,173     105.2%
</TABLE>




                                       4
<PAGE>

Hennessy Advisors, Inc., located in Novato, CA, is the advisor to five no-load
mutual funds, satisfying a variety of investment objectives and risk tolerance
levels. Each of the Hennessy Funds employs a unique and powerful money
management approach combining superior, time-tested stock selection formulas
with unwavering discipline and consistency. The Company serves clients with
integrity, honesty and candor. The Hennessy Funds strategies and performance are
fully disclosed.


Forward-Looking Statements
- --------------------------

Statements in this press release regarding Hennessy Advisors, Inc.'s business,
which are not historical facts, are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995. These
forward-looking statements involve a number of risks, uncertainties and other
important factors that could cause the actual results and outcomes to differ
materially from any future results or outcomes expressed or implied by such
forward-looking statements. These risks, uncertainties and other important
factors are described in more detail in the "Risk Factors" section of the
Company's annual report on Form 10-KSB for the fiscal year ended September 30,
2003, filed December 22, 2003, with the U.S. Securities and Exchange Commission
including, without limitation, the "Risk Factors" section of Management's
Discussion and Analysis and Results of Operations. The following factors may
affect the actual results of the Company:

        >>  Continuing volatility in the equity markets have caused the levels
            of our assets under management to fluctuate significantly.
        >>  Weak market conditions or loss of investor confidence in the mutual
            fund industry may lower our assets under management and reduce our
            revenues and income.
        >>  We face strong competition from numerous and sometimes larger
            companies.
        >>  Changes in the distribution channels on which we depend could reduce
            our revenues or hinder our growth.
        >>  For the next several years, insurance costs are likely to increase
            materially and we may not be able to obtain the same types or
            amounts of coverage.
        >>  For the next several years, professional service fees are likely to
            increase due to increased securities industry legislation.
        >>  International conflicts and the ongoing threat of terrorism may
            adversely affect the general economy, financial and capital
            markets and our business.


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. For more complete information about the Hennessy Funds,
including fees and expenses, call 800-966-4354 to obtain a free prospectus. Read
it carefully before you invest or send money. The distributor for the Hennessy
Funds is Quasar Distributors, LLC.



                                       5

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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