Human Resources and Business Services and Professional Employer Organizations

Fortune ekes out another profit on falling revenue

November 12, 2009

Indianapolis-based Fortune Industries Inc. managed a small profit in its fourth quarter and now has been profitable in each of its last four quarters, the company announced Thursday morning.

Profit for the quarter ended Sept. 30 rose to $660,000, or 5 cents per share, from a loss of $4 million, or 34 cents per share, in the same period a year ago.

Fortune, a professional employer organization, had expected to earn 2 cents per share, company CEO John Fisbeck said in a written statement.

“Our sales force and management team have done an excellent job stabilizing the company over the last 12 months, and I am very happy with the results in this difficult economic environment,” he said.

Revenue fell to $14.8 million from $16.6 million the same time frame last year, an 11-percent decrease.

Fortune shares closed at $1.11 each on Wednesday, near their 52-week high of $1.12 reached last month.
 
 

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