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Fortune Industries Inc. (NYSE MKT: FFI), an Indianapolis-based professional employer organization, reported revenue fell 12.9 percent to $13.8 million in its fiscal first quarter ended Sept. 30 compared to revenue of $15.8 million in same period in the previous year. Revenue decreased primarily due to the loss of two major clients effective Dec. 31, 2011, according to the company.
However, gross margin improved to 23.6 percent from 20.6 percent in the first quarter of the previous year. Fortune reported net income rose 10.7 percent to $808,000.
Fortune Industries in September announced plans to exit the PEO business and instead become an operator of skilled nursing facilities. Read more here.
Fortune Industries Inc. (NYSE MKT: FFI)
Results for the first quarter ended Sept. 30, 2012, compared with the same period last year.
Revenue: $13.8 million, -12.9 percent
Net income: $808,000, +10.7 percent