<SUBMISSION>
<ACCESSION-NUMBER>0000897069-04-001032
<TYPE>8-K
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<ITEMS>12
<ITEMS>7
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<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>HENNESSY ADVISORS INC
<CIK>0001145255
<ASSIGNED-SIC>6282
<IRS-NUMBER>680176227
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<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-49872
<FILM-NUMBER>04800135
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<BUSINESS-ADDRESS>
<STREET1>750 GRANT AVENUE SUITE 100
<CITY>NOVATO
<STATE>CA
<ZIP>94945
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<STREET1>750 GRANT AVENUE SUITE 100
<CITY>NOVATO
<STATE>CA
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<TYPE>8-K
<SEQUENCE>1
<FILENAME>dkm224.txt
<DESCRIPTION>FORM 8-K DATED MAY 12, 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): May 12, 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)




                                       1
<PAGE>


Item 7.  Financial Statements and Exhibits.

         (c)   Exhibits

               Exhibit 99.1    Earnings release issued May 12, 2004, by
                               Hennessy Advisors, Inc., for the three months
                               ended March 31, 2004.




Item 12. Results of Operations and Financial Condition

         The registrant has issued an earnings release for the three months
         ended March 31, 2004, 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.


May 12, 2004                            By:     /s/ Neil J. Hennessy
                                        ----------------------------------
                                               Neil J. Hennessy
                                               President




                                  EXHIBIT INDEX


Exhibit 99.1  Earnings release issued May 12, 2004, by Hennessy Advisors,
              Inc., for the three months ended March 31, 2004.




                                       3

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>dkm224a.txt
<DESCRIPTION>EXHIBIT 99.1 - EARNINGS RELEASE
<TEXT>
Exhibit 99.1   Earnings Release of May 12, 2004



             HENNESSY ADVISORS, INC. REPORTS SECOND QUARTER RESULTS


Novato, CA - May 12, 2004 - Hennessy Advisors, Inc. (OTCBB:HNNA) Chief Executive
Officer and President, Neil Hennessy, today reported diluted earnings per share
of $.40 for the second quarter ended March 31, 2004, up from $.10 in the prior
comparable period or +300.0%. Diluted earnings per share for the six months
ended March 31, 2004, were $.71, up from $.24 in the prior comparable period or
+195.8%. The results for the quarter ended March 31, 2004 are primarily
attributable to increased mutual fund assets under management, derived from
acquisition of Lindner Fund assets, increased market valuations and net new
investments. As of March 31, 2004, assets under management were $1.314 billion
as compared to $1.012 billion last quarter (December 31, 2003), an increase of
$301.2 million or 29.7%. During the six months ended March 31, 2004, total
assets increased $816.1 million compared to $498.0 million at March 31, 2003,
and increase of 163.9%.

"Our strategy of expanding assets under management through acquisitions, while
continuing to promote the Hennessy formula-driven approach to mutual fund
investing, has resulted in dynamic earnings growth, as planned. We invest for
the long-term without emotional reaction to short-term market fluctuations, and
we are hopeful for improved worldwide economic conditions in the years to come,
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."


                             Hennessy Advisors, Inc.
                              Financial Highlights
                                Period to Period


<TABLE>
<CAPTION>
                                                    Three Months Ended
Second Quarter                      March 31, 2004     March 31, 2003    $ Change      % Change
-----------------------------------------------------------------------------------------------
<S>                                  <C>               <C>             <C>              <C>
Total Revenue                        $ 2,390,733       $ 1,008,539     $ 1,382,194      137.0%
Net Income                           $   675,772       $   164,458     $   511,314      310.9%
Earnings per share (diluted)         $      0.40       $      0.10     $      0.30      300.0%
Weighted Average number of
shares outstanding                     1,681,654         1,630,996          50,658        3.1%
</TABLE>



                                       4
<PAGE>

                             Hennessy Advisors, Inc.
                              Financial Highlights
                                Period to Period


<TABLE>
<CAPTION>
                                             Six Months Ended
Second Quarter                     March 31, 2004     March 31, 2003    $ Change      % Change
------------------------------------------------------------------------------------------------
<S>                              <C>                  <C>              <C>               <C>
Total Revenue                    $     4,402,251      $   1,963,694    $  2,438,557      124.2%
Net Income                       $     1,200,279      $     394,423    $    805,856      204.3%
Earnings per share (diluted)     $          0.71      $        0.24    $       0.47      195.8%
Weighted Average number of
shares outstanding                     1,688,625         1,630,996          57,629        3.5%

At Period Ending Date             March 31, 2004      March 31, 2003    $ Change      % Change
------------------------------------------------------------------------------------------------
Mutual Fund Assets Under
Management                       $ 1,314,063,783      $ 497,961,897    $816,101,886      163.9%
------------------------------------------------------------------------------------------------
</TABLE>



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.


                                       5
<PAGE>

        >>    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.
        >>    Business growth through asset acquisitions may not proceed as
              planned and result in significant expenses adversely affecting
              earnings.
        >>    Retaining the mutual fund assets associated with acquired
              management contracts may prove difficult and result in lower than
              expected revenues.
        >>    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.






                                       6


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