INDIANAPOLIS, Sept. 28 /PRNewswire-FirstCall/ -- Fortune Industries, Inc. (NYSE AMEX: FFI) announced today results for the fiscal year ended June 30, 2009. Highlights Net income available to common stock shareholders for the fiscal year ended June 30, 2009 (the fiscal year end was changed from August 31st to June 30th, therefore this represents a ten-month period) was $0.446 million or $0.03 per share fully diluted versus pro forma 2008 year-end earnings of ($6.5) million or ($0.55) per share fully diluted, representing a $6.946 million increase in net income available to common stock shareholders. The Company reported EBITDA of $1.426 million for the fiscal year ended June 30, 2009, as compared to pro forma 2008 year-end EBITDA of ($0.21) million, representing a $1.636 million increase in EBITDA for the current year. Revenue for the fiscal year ended June 30, 2009 was $72.9 million as compared to pro forma 2008 year-end revenue of $137.0 million, representing a $64.1 million decrease in revenue. The pro forma 2008 year-end revenue numbers include revenue from the Company's non-PEO subsidiaries that were sold effective November 30, 2008. "We have seen sustained layoffs in our existing client base in excess of 10%, with minimal salary increases and minimal bonuses paid to employees, which effects us negatively," stated John Fisbeck, CEO. "In addition, we are currently experiencing a difficult health insurance and workers' compensation environment. Based on these conditions and the impact it has on the PEO industry, we are very happy that we have achieved our goals of having a strong, profitable year. We expect the trend lines to continue with positive earnings throughout our next fiscal year. We have an experienced, consistent management team in place, which has done a fabulous job focusing on cost containment during these difficult economic times, while still hiring outstanding additions to our existing sales force. We have entered the Phoenix, AZ market, which is already generating profitable revenue for the Company. Our next management goal is to focus on increasing our net worksite employee count to start establishing a consistent growth model for our Company." 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 August 31, 2008. 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 Financial highlights are as follows: Ten Months Year Ended Ended ---------- ---------- June 30, August 31, 2009 2008 ---------- ---------- (Dollars in thousands) Consolidated ------------ Total Revenues $72,906 $158,399 Operating Income (Loss) 412 (14,703) Income (Loss) Before Provision for Income Taxes 514 (18,956) ---------- ---------- Segment Data ------------ Segment Revenues Business Solutions $53,482 $74,894 Wireless Infrastructure 3,312 15,683 Transportation Infrastructure 12,090 43,757 Ultraviolet Technologies 2,771 11,965 Electronics Integrations 1,251 12,094 Variable Interest Entity - 1,725 Variable Interest Entity Elimination - (1,719) ---------- ---------- Total Revenues $72,906 $158,399 ========== ========== Operating Income (Loss) Business Solutions $366 $(4,207) Wireless Infrastructure 193 (638) Transportation Infrastructure 557 867 Ultraviolet Technologies (204) (5,385) Electronics Integrations 100 (2,648) Holding Company (600) (4,187) Variable Interest Entity - 1,495 ---------- ---------- Total Operating Income (Loss) $412 $(14,703) Total EBITDA 1,426 (3,277) ========== ========== DATASOURCE: Fortune Industries, Inc. CONTACT: Carrie Fitzsimons, General Counsel of Fortune Industries, Inc., +1-317-532-1374 Web Site: http://www.ffi.net/

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