FFI Reports Quarterly Results
INDIANAPOLIS, Feb. 15, 2011 /PRNewswire/ -- Fortune Industries, Inc. (NYSE AMEX: FFI) announced today results for the quarter ended December 31, 2010.
Revenue for the three months ended December 31, 2010 was $15.9 million as compared to revenue of $15.0 million for the same three-month period in 2009, representing a $0.9 million increase in revenue.
Net income available to common stock shareholders for the three months ended December 31, 2010 was $0.226 million or $0.02 per share fully diluted versus $0.186 million or $0.01 per share fully diluted for the same three-month period in 2009, representing a $0.040 million increase in net income available to common stock shareholders.
Working capital at December 31, 2010 was $2.0 million, as compared to working capital at June 30, 2010 of $1.2 million, representing an increase of $0.8 million during the six month period. This increase was due to the continued profitability of the Company's operations.
The Company reported EBITDA of $0.560 million for the three months ended December 31, 2010, as compared to EBITDA of $0.499 million for the same three-month period in 2009, representing a $0.061 million increase in EBITDA for the current period.
Total number of worksite employees at December 31, 2010 was 14,463 as compared to 13,600 at December 31, 2009, representing a net increase of 863 worksite employees.
"We are pleased with our performance this quarter, with increases in revenue, net income, EBITDA and worksite employees as compared to the same quarter last year," stated Tena Mayberry, President and CEO. "The fourth calendar quarter is historically one of our most challenging, due to seasonality factors that tend to reduce the total number of worksite employees and gross billings. As we grow our worksite employees and keep our overhead expenses at the same level, the additional profit generated from each additional worksite employee goes directly to our bottom line. As the economy recovers, we will focus on continuing to grow our worksite employee count and increasing income for our shareholders."
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, 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 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, 2010. 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
Financial highlights are as follows:
Three Month Period Ended
COST OF REVENUES
INCOME BEFORE PROVISION FOR INCOME TAXES
Provision for income tax expense (benefit)
NET INCOME FROM CONTINUING OPERATIONS
Loss from discontinued operations
Preferred stock dividends
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS
BASIC INCOME PER COMMON SHARE
Basic Weighted Average Shares Outstanding
DILUTED INCOME PER COMMON SHARE
Diluted Weighted Average Shares Outstanding
SOURCE Fortune Industries, Inc.