FFI Reports Second Quarter Earnings
INDIANAPOLIS, Feb. 16 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (NYSE AMEX: FFI) (the "Company") announced today second quarter earnings of $0.01 per diluted share for the three months ended December 31, 2009.
Net income available to common stock shareholders for the three months ended December 31, 2009 was $0.186 million or $0.01 per share fully diluted versus pro forma earnings of $(0.306) million or $(0.02) per share fully diluted for the same three-month period in 2008, representing an increase in net income available to common stock shareholders of $0.492 million or $0.03 per share fully diluted.
Net income available to common stock shareholders for the six months ended December 31, 2009 was $0.846 million or $0.06 per share fully diluted versus pro forma earnings of $(4.328) million or $(0.31) per share fully diluted for the same six-month period in 2008, representing an increase in net income available to common stock shareholders of $5.174 million or $0.37 per share fully diluted."I am pleased with the Company's results for the second quarter, establishing a positive trend of six profitable reporting periods," stated Tena Mayberry, CEO. "As I combine my new role of CEO with my current responsibilities as President, we are starting to see the results of initiatives and strategies put into place over the last year, which should continue this positive momentum." "Our management team has had a laser focus on retaining customers and increasing profitability. Even with the weak economy, this attention to detail has allowed us to achieve higher earnings on lower revenue, as compared to the same period last year. While operationally we have been successful in implementing several cost-containment initiatives, we have continued and will continue to invest additional resources in our sales strategies to expand our existing footprint. Since we have the capacity operationally and the experience with integrating new operations into our existing, we will continue exploring smaller geographical acquisition opportunities. Our plan is to drive top-line growth by organic sales and digestible acquisitions."
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