Fortune Industries Inc. (AMEX: FFI), an Indianapolis-based professional employer organization, reported revenue fell 4.6 percent year over year to $16.0 million in its fiscal third quarter ended March 31, 2012. The company had announced plans earlier this year to go private under a proposed management buyout. For that story, click here.

Fortune’s third-quarter gross margin improved to 20.4 percent from 18.5 percent in the year-ago quarter.

The PEO operator posted third-quarter net income of $536,000, up 29.8 percent from $413,000 posted in the year-ago quarter.

The company had 13,112 worksite employees on March 31, a sequential decline of 1,438 from 14,550 on Dec. 31.

Fortune Industries Inc. (AMEX: FFI)
For the fiscal third quarter ended March 31, 2012, compared with the same period a year ago.
Revenue: $16.0 million, -4.6 percent
Net income: $536,000, +29.8 percent