INDIANAPOLIS, Nov. 12 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (NYSE AMEX: FFI) (the "Company") announced today earnings of $0.05 per share for the three months ended September 30, 2009. Highlights Net income available to common stock shareholders for the three months ended September 30, 2009 was $0.660 million or $0.05 per share fully diluted versus pro forma earnings of $(4.022) million or $(0.34) per share fully diluted for the same period in 2008, representing an increase in net income available to common stock shareholders of $4.682 million or $0.39 per share fully diluted. The Company reported EBITDA of $0.742 million for the three months ended September 30, 2009, as compared to pro forma EBITDA of $(1.692) million for the same period in 2008, representing a $2.434 million increase EBITDA for the current period. Revenue for the three months ended September 30, 2009 was $14.8 million as compared to pro forma revenue of $16.6 million for the same period in 2008, representing a $1.8 million decrease in revenue for the current period. "This is our fifth reporting period in a row as a profitable company," stated John Fisbeck, CEO. "We achieved earnings of $0.05 per share for the first quarter, and exceeded our budget of $0.02 per share, or $0.08 per share annualized. We now have earnings of $0.06 per share trailing twelve months, and a current P/E ratio of 18, based on the most recent closing stock price." "Our sales force and management team have done an excellent job stabilizing the Company over the last twelve months, and I am very happy with the results in this difficult economic environment. We experienced a net gain in worksite employees during the first quarter. Operationally, our risk-management controls and software implementation have substantially helped increase our margins over the last twelve months. Our next objective is to start driving our revenue top line growth through net worksite employee gains and acquisition opportunities. Our goal is to be driving our PEO business at a 15% annualized growth rate going forward." About Fortune Industries, Inc. Fortune Industries, Inc. is focused as a professional employer organization (PEO) to small and medium-sized businesses in 48 states, including human resource consulting & management, employee assessment, training, and benefits administration. Fortune Industries, Inc. is based in Indianapolis, Indiana and is publicly traded on the NYSE Amex exchange under the symbol FFI. Additional information about Fortune Industries, Inc. can be found at http://www.ffi.net/. This press release and other statements by Fortune Industries, Inc. may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should," and "could" or the negative of those terms or other variations of them or by comparable terminology. The absence of such terms, however, does not mean that the statement is not forward-looking. Any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences, include, but are not limited to, the risks and uncertainties that are discussed under the heading "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" within the Company's Form 10-K for the year ended June 30, 2009. The Company undertakes no obligation to publicly update or revise any forward- looking statements, whether as a result of new information, future events or otherwise. Readers should carefully review the risk factors disclosed within the Company's Form 10-K and other documents filed by the Company with the Securities and Exchange Commission. Consolidated Financial Information Three-Month Period Ended Pro-Forma September November 30, 2009 30, 2008 --------- -------- (Dollars in thousands, expect per share data) Consolidated Total Revenue $14,829 $16,741 Cost of Revenue 11,428 13,340 ------ ------ Gross Profit 3,401 3,401 Operating Expenses Selling, general and administrative expenses 2,676 3,148 Depreciation and amortization 201 169 ------ ------ Total Operating Expenses 2,877 3,317 Operating Income 524 84 Other Income (Expense) 24 31 ------ ------ Income Before Provision for Income Tax 548 115 Provision for Income Taxes (271) 24 ------ ------ Net Income from Continuing Operations 819 91 Loss from discontinued operations (11) - ------ ------ Net Income 808 91 Preferred Stock Dividends 148 370 ------ ------ Net Income (Loss) Available to Common Shareholders $660 $(279) ==== ===== Net Income (Loss) per Share: Basic $0.05 $(0.02) ===== ====== Diluted $0.05 $(0.02) ===== ====== DATASOURCE: Fortune Industries, Inc. CONTACT: Carrie Hill of Fortune Industries, Inc., +1-317-532-1374 Web Site: http://www.ffi.net/

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