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Fortune Industries Inc. (NYSE MKT: FFI), an Indianapolis-based professional employer organization, reported revenue fell in its fiscal second quarter ended Dec. 31, but gross margin improved.
Revenue fell 7.4 percent to $13.7 million in the fiscal second quarter from $14.8 million in same period in the previous year. The company reported the decline in revenue was primarily the result of the loss of two major clients at the end of December 2011.
Second-quarter gross margin improved to 23.2 percent from 21.0 percent in the second quarter of the 2011. In addition, second-quarter net income rose 25.2 percent to $522,000.
The company last month terminated a proposed deal with Ide Management Group and returned plans for a management-led buyout. Read the story here.
Fortune Industries Inc. (NYSE MKT: FFI)
Results for the second quarter ended Dec. 31, 2012, compared with the same period last year.
Revenue: $13.7 million, -7.4 percent
Net income: $522,000, +25.2 percent