2014

FFI Reports Third Quarter Earnings

INDIANAPOLIS, May 15, 2012 /PRNewswire/ -- Fortune Industries, Inc. (NYSE AMEX: FFI) announced results for the third quarter ended March 31, 2012.

Highlights

Net income available to common stock shareholders for the third quarter ended March 31, 2012 was $0.197 million or $0.01 per share fully diluted versus $0.078 million or $0.01 per share fully diluted for the second quarter ending December 31, 2011 representing a $0.119 million increase in net income available to common stock shareholders.  Also, this represents a $0.068 million decrease in net income available to common stock shareholders for the same three month period in 2011.

Working capital for the third quarter ended March 31, 2012 was $3.6 million, versus $3.3 million for the second quarter ending December 31, 2011, representing an increase of $0.3 million.

The Company reported EBITDA of $0.683 million for the third quarter ended March 31, 2012, as compared to EBITDA of $0.559 million for the second quarter ended December 31, 2011 representing a $0.124 million increase.  Third quarter ended March 31, 2012 EBITDA increased $0.104 million over the same three month period in 2011.  

Revenue for the third quarter ended March 31, 2012 was $16.038 million as compared to revenue of $14.836 million for the second quarter ended December 31, 2011 representing an increase of $1.202 million.  Third quarter ended March 31, 2012 revenue decreased $0.778 million from the same three month period in 2011.

Total number of worksite employees at March 31, 2012 is 13,112 as compared to 14,550 at December 31, 2011 representing a decrease of 1,438 worksite employees.

The dividends on the Series C Preferred Stock increased from $2 per share to $5 per share effective July 1, 2011.  This change resulted in an increase of Preferred Stock Dividend of $0.191 million for the third quarter ended March 31, 2012 as compared to the same three month period in 2011. 

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 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, 2011. 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






March 31,


March 31,






2012


2011



(Dollars in thousands, except per share data)

TOTAL REVENUES


$           16,038


$           16,816









COST OF REVENUES


12,760


13,713

GROSS PROFIT



 

3,278


3,103









OPERATING EXPENSES


2,790


2,684









OPERATING INCOME


488


419









OTHER INCOME (EXPENSE)


62


14









INCOME BEFORE PROVISION FOR INCOME TAXES

550


433









  Provision for income tax expense

14


20









NET INCOME



536


413









Preferred stock dividends


339


148









NET INCOME AVAILABLE TO COMMON SHAREHOLDERS

$               197


$               265









BASIC INCOME PER COMMON SHARE

$              0.02


$              0.02









Basic Weighted Average Shares Outstanding

12,278,224


12,235,790









DILUTED INCOME PER COMMON SHARE

$              0.01


$              0.02









Diluted Weighted Average Shares Outstanding

14,600,724


14,553,184

 

SOURCE Fortune Industries, Inc.



RELATED LINKS
http://www.ffi.net

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.