Losses widen for Fortune Industries

July 15, 2008

By Norm Heikens

Across-the-board problems caused by the sluggish economy resulted in Fortune Industries Inc. reporting a greater loss in its third fiscal quarter than in the same period a year earlier, the Indianapolis company reported yesterday.

Fortune lost $3.1 million in the quarter ended May 31, nearly double the loss of a year earlier.

Its human resource division was hit by a reduction in employees at its customers' businesses, and the wireless infrastructure arm was hammered by clients' pulling back capital budgets.

Fortune's unit that develops and maintains fiber optics and other transportation infrastructure was hurt by higher material costs. Ink sales in the company's ultraviolet technologies unit fell as global orders softened.

Topping off the woes was an increase of $1 million in fuel expenses.

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