INDIANAPOLIS, April 14 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (NYSE Amex: FFI) announced second quarter results for the quarter ended February 28, 2009. Highlights Net income available to common stock shareholders for the three months ended February 28, 2009 was $0.015 million or $0.00 per diluted share as compared to ($2.839) million or ($0.25) per diluted share for the same period of 2008, representing a $2.854 million increase in net income available to common stock shareholders. Net income available to common stock shareholders for the six months ended February 28, 2009 was $0.059 million or $0.00 per diluted share as compared to ($2.829) million or ($0.25) per diluted share for the same period of 2008, representing a $2.888 million increase in net income available to common stock shareholders. EBITDA for the three months ended February 28, 2009 was $0.468 million as compared to ($0.823) million for the same period of 2008, representing a $1.291 million increase in EBITDA. EBITDA for the six months ended February 28, 2009 was $1.264 million as compared to $0.886 million for the same period of 2008, representing a $0.378 million improvement in EBITDA. Revenue for the three months ended February 28, 2009 was $16.4 million as compared to $41.9 million for the same period of 2008, representing a 61% decrease in revenue. Revenue for the six months ended February 28, 2009 was $52.6 million as compared to $85.7 million for the same period of 2008, representing a 39% decrease in revenue. The prior year revenue numbers include revenue from the Company's non-PEO subsidiaries that were sold effective November 30, 2008. "We achieved our goal of being profitable in the second quarter, in what has historically been our most volatile period," stated John Fisbeck, CEO. "Our emergence as a pure-play PEO in December has allowed us to attain positive earnings for the first two quarters of our fiscal year, and we expect to continue this trend through our fiscal year-end. Our senior management team has done an excellent job managing expenses during these very adverse economic times, where we have seen a substantial decline in worksite employees with our current customers. This has allowed the Company to obtain a higher profit margin on lower revenue. We believe we will continue to see earnings grow at a steady pace as our revenue increases based on organic growth from our current customers and obtaining new customers as a result of our nationwide sales initiatives." About Fortune Industries, Inc. Fortune Industries, Inc. is focused as a professional employer organization (PEO) to small and medium-sized businesses in 47 states, including human resource consulting & management, employee assessment, training, and benefits administration. Fortune Industries, Inc. is based in Indianapolis, Indiana and is publicly traded on the NYSE Amex 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, 2008. 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. Consolidated Financial Information Three Month Six Month Period Ended Period Ended February 28, February 28, 2009 2008 2009 2008 (Dollars in thousands, expect per share data) Consolidated Total Revenue $16,428 $41,926 $52,593 $85,683 Operating Income (Loss) $287 $(1,615) $654 $(361) Net Income (Loss) $262 $(2,715) $504 $(2,581) Net Income (Loss) Available to Common Shareholders $15 $(2,839) $59 $(2,829) Net Income (Loss) per Share: Basic $0.00 $(0.25) $0.01 $(0.25) Diluted $0.00 $(0.25) $0.00 $(0.25) Segment Data Segment Revenue Business Solutions $16,428 $22,258 $33,169 $42,627 Wireless Infrastructure - 4,253 3,312 9,780 Transportation Infrastructure - 10,047 12,090 21,627 Ultraviolet Technologies - 2,811 2,771 6,077 Electronics Integration - 2,556 1,251 5,569 Subtotal Revenue 16,428 41,925 52,593 85,680 Variable Interest Entity - 1 - 3 Total Revenue $16,428 $41,926 $52,593 $85,683 Segment Operating Income (Loss) Business Solutions $289 $26 $361 $418 Wireless Infrastructure - (458) 193 107 Transportation Infrastructure - (210) 557 293 Ultraviolet Technologies - (78) (204) (65) Electronics Integration - (335) 100 (372) Holding Company (2) (933) (353) (1,482) Subtotal Operating Income (Loss) 287 (1,988) 654 (1,101) Variable Interest Entity - 373 - 740 Total Operating Income (Loss) $287 $(1,615) $654 $(361) 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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