Indianapolis-based Fortune Industries Inc., a publicly traded professional employer organization, on Tuesday reported fiscal-year profit of $828,000, an 85-percent increase from fiscal 2009.
For the fiscal year ending June 30, the increase in profit translated to 6 cents per share, up from 3 cents per share the previous fiscal year.
The company attributed the increased profits to reduced losses on the company’s health care plan, continued efficiencies and lower operating expenses.
Revenue for the fiscal year fell 20 percent from the previous year, to $60.7 million.
The decrease resulted mostly from the sale of non-PEO subsidiaries in the prior fiscal year. The subsidiaries contributed revenue of $19.4 million in the 10-month period ending June 30, 2009.
Profit and revenue reported in fiscal 2009 reflected a shorter 10-month period. Company directors in April 2009 changed the company’s fiscal year-end from Aug. 31 to June 30.
“The previous year has been among the most difficult in our nation’s economy in recent history,” Fortune President and CEO Tena Mayberry said in a prepared statement. “We look forward to future increased earnings as the recession slowly fades and unemployment decreases.”
Mayberry replaced John Fisbeck as CEO in January.
PEOs handle payroll, payroll taxes, Worker’s Compensation claims, health plans, and other employee benefits for employers. Fortune provides human resource consulting and management, employee-assessment, training and benefits-administration services to small- and medium-sized businesses in 49 states.
Fortune shares closed Tuesday at 26 cents each, down from a high of $1.25 almost a year ago.