Financial Results and Public Companies and Business Services and Professional Employer Organizations

Fortune ekes out profit on falling revenue

July 13, 2009

Indianapolis-based Fortune Industries Inc. managed a small profit in its third quarter and now has turned a profit in each of its last three quarters, the company announced this morning.

Profit for the quarter ended May 31 rose to $318,000 from a loss of $2.9 million in the same period a year ago.

Revenue fell to $15.4 million compared with $40.2 million the same time last year—a 61-percent decrease.

Fortune, a professional employer organization, sold all of its non-PEO subsidiaries late last year, switching from a diversified holding company into strictly a PEO. PEOs provide outsourced human-resources related services to small-and medium-size businesses.

“Our emergence as a pure-play PEO last December has allowed us to attain positive earning for the first three quarters of our fiscal year, and we expect to continue this trend trough our fiscal year-end, Fortune CEO John Fisbeck said in a statement.

Fortune shares closed at 54 cents each on Friday, down from their 52-week high of $1.35 last July.

 

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