FFI Announces Earnings Guidance for Fiscal Year Ending June 30, 2010
October 05 2009 - 6:00AM
PR Newswire (US)
INDIANAPOLIS, Oct. 5 /PRNewswire-FirstCall/ -- Fortune Industries,
Inc. (NYSE Amex: FFI) announced today revenue and earnings guidance
for the fiscal year ending June 30, 2010. Fortune Industries, Inc.
(the "Company") anticipates revenues for its fiscal year ending
June 30, 2010 of $62 to $66 million, and earnings of $0.08 per
diluted share. "We're very happy that the Company reported earnings
of $0.03 per share fully diluted for our fiscal year ended June 30,
2009," stated John Fisbeck, CEO. "In doing so, we achieved our goal
of being profitable for the year. In the previous fiscal year when
we were a consolidated conglomerate, we generated substantial
losses in the months of July and August 2008. Assuming the Company
is profitable, these losses will drop off the 12-month trailing
income statement when the Company reports its first quarter
earnings on or before November 16, 2009. At that point, the Company
will have a P/E ratio and will have more clarity on the 12-month
trailing financial information. The economy is still very weak, and
our guidance of $0.08 per share fully diluted is based on a flat,
stable economy going forward. Any positive or negative fluctuations
in the economy could affect the Company' expected earnings." The
Company received a going concern qualification from its independent
auditors in its 10-K filed on December 15, 2008, and was unable to
have it removed from its 10-K for its new fiscal year end of June
30, 2009, despite having a profitable year. About Fortune
Industries, Inc. Fortune Industries, Inc. is focused as a
professional employer organization (PEO) to small and medium sized
businesses in 48 states, including human resource consulting &
management, employee assessment, training, and benefits
administration. Fortune Industries 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 June
30, 2009. 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: Fortune Industries, Inc., Carrie Hill, General
Counsel, +1-317-532-1374 Web Site: http://www.ffi.net/
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