Fortune Industries
Financial Projection
Base Case
2013-2015
	FY 2013		FY 2014		FY 2015
	Projected		Projected		Projected
Gross Billings		578,114		620,316		676,145
Net Revenue		70,897		76,072		82,919
Total gross profit		14,392		15,443		16,832
SG&A		9,621		10,021		10,621
Operating EBITDA		4,771		5,422		6,211
Dep/Amort		550		550		550
Income tax/Interest		100		150		150
Operating Income		4,121		4,722		5,511
Corp expenses		200		225		250
Preferred stock dividend		1,777		2,073		2,073
Corp professional fees		575		575		575
Net Income		1,569		1,849		2,613
outstanding shares		12,287,290		12,287,290		12,287,290
EPS		0.13		0.15		0.21

Fortune Industries
Financial Projection
Upside Case
2013-2015
	FY 2013		FY 2014		FY 2015
	Projected		Projected		Projected
Gross Billings		578,114		620,316		676,145
Net Revenue		70,897		76,072		82,919
Total gross profit		14,512		15,685		17,199
SG&A		9,621		10,021		10,621
Operating EBITDA		4,891		5,664		6,578
Dep/Amort		550		550		550
Income tax/Interest		100		150		150
Operating Income		4,241		4,964		5,878
Corp expenses		200		225		250
Preferred stock dividend		1,777		2,073		2,073
Corp professional fees		575		575		575
Net Income		1,689		2,091		2,980
outstanding shares		12,287,290		12,287,290		12,287,290
EPS		0.14		0.17		0.24

Fortune Industries
Financial Projection
Downside Case
2013-2015
	FY 2013		FY 2014		FY 2015
	Projected		Projected		Projected
Gross Billings		556,435		589,822		628,160
Net Revenue		68,327		72,427		77,135
Total gross profit		14,007		14,965		16,123
SG&A		9,621		10,021		10,621
Operating EBITDA		4,386		4,944		5,502
Dep/Amort		550		550		550
Income tax/Interest		100		150		150
Operating Income		3,736		4,244		4,802
Corp expenses		200		225		250
Preferred stock dividend		1,777		2,073		2,073
Corp professional fees		575		575		575
Net Income		1,184		1,371		1,904
outstanding shares		12,287,290		12,287,290		12,287,290
EPS		0.10		0.11		0.15