INDIANAPOLIS, Sept. 26 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (AMEX:FFI) announced preliminary financial results for the fourth quarter of the fiscal year ended August 31, 2007 based on unaudited figures. The Company achieved strong results in the fourth quarter, including revenues in excess of $43 million, and positive net income for the quarter, subject to its normal annual audit adjustments and annual goodwill impairment valuation.
"We are very happy with the Company's performance from an operational standpoint, especially with the PEO segment," stated John Fisbeck, President and Chief Executive Officer. "Our PEO segment has exceeded its budgeted 1.97 million EBITDA for the fourth quarter, which is an all-time record EBITDA for this segment. This confirms our long-term strategy emphasizing this segment as our core business going forward. It currently represents a projected 55% of our annual revenue on a forward-looking basis. We expect the strength of this segment combined with the ongoing sustainable performance of our other business segments to allow us to grow from an estimated 160 million of revenues for the fiscal year ended 8/31/07 to an estimated 190 million of revenues for the fiscal year ending 8/31/08." The Company is anticipating final earnings to be announced by late November.
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: Wireless Infrastructure, Business Solutions, Transportation Infrastructure, Ultraviolet Technologies and Electronics Integration. The Wireless Infrastructure segment provides turnkey solutions directly to wireless carriers in 20 states and provides other specialty infrastructure services. The Business Solutions segment provides professional employment organization (PEO) services to small and medium sized businesses with up to 1,000 employees in over 44 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. The Ultraviolet Technologies segment provides worldwide state-of-the-art UV ink technology solutions. The Electronics Integration segment provides sales and installation of commercial electronics.
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 and certain other periodic filings. 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: John Fisbeck, CEO of Fortune Industries, Inc., +1-317-532-1374 Web site: http://www.ffi.net/
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