Integrity Mutual Funds, Inc. Announces Fourth Quarter and Year-End 2008 Results
18 März 2009 - 2:00PM
PR Newswire (US)
MINOT, N.D., March 18 /PRNewswire-FirstCall/ -- Integrity Mutual
Funds, Inc. (OTC:IMFD) (BULLETIN BOARD: IMFD) , a mutual fund and
financial services company, today reported revenues for the fourth
quarter of 2008 of $6,141,304, a 36% decrease from revenues of
$9,631,106, for the fourth quarter of 2007. Revenues for the year
ended December 31, 2008, were $32,549,226, a 16% decrease from
revenues of $38,842,231, for the year ended December 31, 2007. The
Company reported a net loss of $4,259,654, or $0.30 per diluted
share, for the fourth quarter of 2008, compared to net income of
$229,372, or $0.01 per diluted share, for the fourth quarter of
2007. The net loss for the year ended December 31, 2008, was
$3,509,697, or $0.25 per diluted share, compared to net income of
$583,213, or $0.03 per diluted share, for the year ended December
31, 2007. The decreases in revenues resulted from decreased fee
income received from the Company's sponsored mutual funds and from
decreased commission and fee income received by the Company's
broker-dealer division. As a result of ongoing volatility in the
financial industry and a significant reduction in assets under
management in the Company's sponsored mutual funds, the Company
determined it was necessary to perform an interim goodwill
impairment test. In December of 2008, the Company recorded a
non-cash goodwill impairment loss of $5,312,606 in the Mutual Fund
Services segment. The fair value of that reporting unit was
estimated by using an independent third-party appraisal. The
decreases in earnings were due primarily to the goodwill impairment
loss explained in the paragraph above. Integrity Mutual Funds, Inc.
is publicly traded over the OTC Bulletin Board under the symbol
IMFD.OB. With its subsidiaries, Integrity Money Management, Inc.,
Integrity Fund Services, Inc., and Integrity Funds Distributor,
Inc., the firm sponsors, manages, and advises mutual funds. IMFD
also owns Capital Financial Services, Inc., a full-service
brokerage firm that specializes in providing investment products
and services to independent investment representatives, financial
planners, and investment advisors throughout the United States.
More information is available at http://corp.integrityfunds.com/ or
by calling (800) 276-1262. DATASOURCE: Integrity Mutual Funds, Inc.
CONTACT: Kelly Cinelli, , or Ronnie Welch, , both of CWR &
Partners, LLP, +1-508-222-4802, for Integrity Mutual Funds, Inc.
Web Site: http://corp.integrityfunds.com/
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