INDIANAPOLIS, Nov. 30 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (AMEX:FFI) announced today revenue and earnings guidance for the fiscal year ending August 31, 2008. The Company anticipates fiscal year 2008 revenues of $180 to $200 million and earnings of $0.10 to $0.25 per diluted share. "The only extraordinary expense we are anticipating this year is the software integration process for our Business Solutions group, which will be completed by June 30, 2008," stated John Fisbeck, CEO of Fortune Industries, Inc. "We anticipate an expense of over one million dollars to complete this conversion. The software program is Sarbanes-Oxley compliant, and will allow our five Business Solutions offices to have one technology platform, leading to cost reductions, increased efficiencies, and new services available to our clients." Revenues and earnings are detailed further in the following table:
Target Fiscal 2008
Low High Target Actual vs. 2007
Fiscal Fiscal Fiscal Fiscal
2008 2008 2008 2007 Increase Increase
Revenue
(in millions) $180.0 $200.0 $190.0 $158.3 $31.7 20% Earnings (per
diluted share) $0.10 $0.25 $0.15 $(0.63) $0.78 N/A
About Fortune Industries, Inc. Fortune Industries, Inc. operates as a technology-based service company in the United States. It provides technology solutions to businesses in five segments: Business Solutions, Transportation Infrastructure, Ultraviolet Technologies, Electronics Integration and Fortune Development Group. The Business Solutions segment provides professional employment organization (PEO) services to small and medium sized businesses with up to 1,000 employees in all 50 states, including human resource consulting & management, employee assessment, training, and benefits administration. The Transportation Infrastructure segment provides the installation of highway safety products and commercial structural steel, and wireless construction and technical services. The Ultraviolet Ink segment provides worldwide state-of-the-art UV ink technology solutions. The Electronics Integration segment provides sales and installation of commercial electronics. Fortune Development Group provides site development and engineering services to clients nationwide, including wireless carriers in 20 states.
Fortune Industries is based in Indianapolis, Indiana and is publicly traded on the American Stock Exchange under the symbol FFI. Additional information about Fortune Industries, Inc. can be found at http://www.ffi.net/.
This press release and other statements by Fortune Industries, Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe", "expect", "estimate", "potential", or future/conditional verbs such as "will", "should", and "could" or the negative of those terms or other variations of them or by comparable terminology. The absence of such terms, however, does not mean that the statement is not forward-looking. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences, include, but are not limited to, the risks and uncertainties that are discussed under the heading "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" within the Company's Form 10-K for the year ended August 31, 2006. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Readers should carefully review the risk factors disclosed within the Company's Form 10-K and other documents filed by the Company with the Securities and Exchange Commission. DATASOURCE: Fortune Industries, Inc.
CONTACT: Carrie Fitzsimons, General Counsel of Fortune Industries, Inc., +1-317-532-1374 Web site: http://www.ffi.net/
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