Wednesday, March 19, 2008
Integrity Q4 Net Soars 153 Percent
News summary by MFWire's editors
Integrity Mutual Funds
chalked up net income of $229,372 in the final quarter of 2007, up 153.1 percent from $90,612 in the prior year. Revenues totaled $9.58 million, representing an increase of 36 percent.
Executives at the Minot, North Dakota-based company attributed the jump to increased fee income from the firm's mutual funds as well as increased commission and fee income in its broker-dealer division.
Company Press Release
MINOT, N.D.--(BUSINESS WIRE)--Integrity Mutual Funds, Inc. (IMFD.OB), a mutual fund and financial services company, today reported revenues for the fourth quarter of 2007 of $9,581,654, a 36% increase from revenues of $7,067,823 for the fourth quarter of 2006. Revenues for the year ended December 31, 2007 were $38,490,489, a 44% increase from revenues of $26,786,964 for the year ended December 31, 2006.
The Company reported net income of $229,372, or $0.01 per diluted share, for the fourth quarter of 2007, compared to net income of $90,612, or $0.00 per diluted share, for the fourth quarter of 2006. Net income for the year ended December 31, 2007 was $583,213, or $0.03 per diluted share, compared to a net loss of $59,387, or $0.01 per diluted share, for the year ended December 31, 2006.
The increases in earnings and revenues for the year were due primarily to increased commission and fee income in the Company’s broker-dealer division as well as increased fee income received from the Company’s sponsored mutual funds.
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.
Armie Margaret Lee
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