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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Fortune Industries Inc. managed a small profit in its fiscal third quarter – its third straight profitable quarter, the company announced this morning.
Profit for the period ended May 31 rose to $318,000 compared to a loss of $2.9 million in the same quarter a year ago.
Revenue fell to $15.4 million from $40.2 million a year earlier – a 61-percent decrease.
Fortune, a professional employer organization, sold all of its non-PEO subsidiaries late last year, switching from a diversified holding company into strictly a PEO. PEOs provide outsourced human-resources related services to small- and medium-size businesses.
“Our emergence as a pure-play PEO last December has allowed us to attain positive earnings for the first three quarters of our fiscal year, and we expect to continue this trend through our fiscal year-end,” CEO John Fisbeck said in a statement.
Fortune shares closed at 54 cents on Friday, down from their 52-week high of $1.35 last July.
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