FFI Reports Third Quarter Results
July 13 2009 - 6:00AM
PR Newswire (US)
INDIANAPOLIS, July 13 /PRNewswire-FirstCall/ -- Fortune Industries,
Inc. (NYSE Amex: FFI) announced third quarter results for the
quarter ended May 31, 2009. Highlights Net income available to
common stock shareholders for the three months ended May 31, 2009
was $0.010 million or $0.00 per diluted share as compared to
($3.080) million or ($0.27) per diluted share for the same period
of 2008, representing a $3.090 million increase in net income
available to common stock shareholders. Net income available to
common stock shareholders for the nine months ended May 31, 2009
was $0.069 million or $0.01 per diluted share as compared to
($5.909) million or ($0.52) per diluted share for the same period
of 2008, representing a $5.978 million increase in net income
available to common stock shareholders. EBITDA for the three months
ended May 31, 2009 was $0.649 million as compared to ($1.199)
million for the same period of 2008, representing a $1.848 million
increase in EBITDA. EBITDA for the nine months ended May 31, 2009
was $1.881 million as compared to ($0.023) million for the same
period of 2008, representing a $1.904 million increase in EBITDA.
Revenue for the three months ended May 31, 2009 was $15.4 million
as compared to $40.2 million for the same period of 2008,
representing a 62% decrease in revenue. Revenue for the nine months
ended May 31, 2009 was $67.99 million as compared to $125.883
million for the same period of 2008, representing a 46% 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 third
quarter, which has given us positive earnings for three straight
quarters," stated John Fisbeck, CEO. "Our emergence as a pure-play
PEO last December has allowed us to attain positive earnings for
the first three quarters of our fiscal year, and we expect to
continue this trend through our fiscal year-end, which is now June
30th. I am very pleased by the efforts of our senior management
team, who has continued to manage expenses while coping with the
ongoing challenges of the current economy. Our new healthcare
platform will also allow us to further reduce expenses and increase
earnings despite lower gross revenue. We believe we will continue
to see earnings grow at a steady pace, as we are gaining momentum
on increasing worksite employees and turning previously
unprofitable offices into profit centers." 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 Period Nine Month Period Ended May 31,
Ended May 31, ------------- ------------- 2009 2008 2009 2008 ----
---- ---- ---- (Dollars in thousands, expect per share data)
Consolidated Total Revenue $15,393 $40,200 $67,986 $125,883 =======
======= ======= ======== Operating Income (Loss) $318 $(2,045) $972
$(2,406) ==== ======= ==== ======= Net Income (Loss) $380 $(2,956)
$884 $(5,537) ==== ======= ==== ======= Net Income (Loss) Available
to Common Shareholders $10 $(3,080) $69 $(5,909) === ======= ===
======= Net Income (Loss) per Share: Basic $0.00 $(0.27) $0.01
$(0.52) ===== ====== ===== ====== Diluted $0.00 $(0.27) $0.01
$(0.52) ===== ====== ===== ====== Segment Data Segment Revenue
Business Solutions $15,393 $20,286 $48,562 $62,913 Wireless
Infrastructure - 2,913 3,312 12,693 Transportation Infrastructure -
10,581 12,090 32,208 Ultraviolet Technologies - 2,826 2,771 8,903
Electronics Integration - 3,592 1,251 9,161 ------- ----- -----
----- Subtotal Revenue 15,393 40,198 67,986 125,878 Variable
Interest Entity - 2 - 5 - - - - Total Revenue $15,393 $40,200
$67,986 $125,883 ======= ======= ======= ======== Segment Operating
Income (Loss) Business Solutions $320 $(472) $681 $(54) Wireless
Infrastructure - (645) 193 (538) Transportation Infrastructure -
418 557 711 Ultraviolet Technologies - (39) (204) (104) Electronics
Integration - (458) 100 (830) Holding Company (2) (1,222) (355)
(2,704) -- ------ ---- ------ Subtotal Operating Income (Loss) 318
(2,418) 972 (3,519) Variable Interest Entity - 373 - 1,113 - --- -
----- Total Operating Income (Loss) $318 $(2,045) $972 $(2,406)
==== ======= ==== ======= DATASOURCE: Fortune Industries, Inc.
CONTACT: Carrie Fitzsimons, General Counsel, Fortune Industries,
Inc., +1-317-532-1374 Web Site: http://www.ffi.net/
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