Integrity Mutual Funds, Inc. Announces Third Quarter 2008 Earnings
November 12 2008 - 12:56PM
PR Newswire (US)
MINOT, N.D., Nov. 12 /PRNewswire-FirstCall/ -- Integrity Mutual
Funds, Inc. (OTC:IMFD) (BULLETIN BOARD: IMFD) , a mutual fund and
financial services company, today reported revenues for the third
quarter of 2008 of $7,660,078, a 26% decrease from revenues of
$10,356,600 for the third quarter of 2007. Revenues for the nine
months ended September 30, 2008 were $26,407,921, a 10% decrease
from revenues of $29,211,125 for the nine months ended September
30, 2007. The Company reported net income of $129,150, or $0.01 per
diluted share, for the third quarter of 2008, compared to net
income of $284,351, or $0.01 per diluted share, for the third
quarter of 2007. Net income for the nine months ended September 30,
2008 was $749,958, or $.04 per diluted share, compared to net
income of $353,842, or $.02 per diluted share, for the nine months
ended September 30, 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. The increase in net income for
the nine months ended September 30, 2008 was due, in part, to an
increase in due diligence and marketing allowances received by the
Company's broker-dealer division. The increase was also due to a
separation payment that was expensed during the first quarter of
2007. 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: Bradley
P. Wells of Integrity Mutual Funds, Inc., +1-701-852-5292 Web Site:
http://corp.integrityfunds.com/
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