Fortune Industries Inc. (AMEX: FFA), an Indianapolis-based professional employer organization, today reported a decline in revenue for its fiscal third quarter ended May 31, but posted net income after a loss in the year-ago quarter.

The company posted third-quarter revenue of $15.4 million, down 61.7% year-over-year. However, the company sold its non-PEO businesses earlier in the year. Comparing PEO business in the third quarter to the same period in the previous year, PEO revenue fell 24.1%.

Fortune reported third-quarter net income of $380,000 compared with a net loss of almost $3.0 million in the same period last year.

Fortune Industries Inc. (AMEX: FFI)
For the fiscal third quarter ended May 31, 2009, compared with the same period in the previous year.
Revenue: $15.4 million, -61.7%
Net income: $380,000 vs. net loss of $3.0 million