Fortress International Group, Inc. (PINK:FIGI) took a huge nosedive yesterday after the company announced its financial results for Q4 and the entire 2011 fiscal year.
Closing trade at $0.50, FIGI slumped by a staggering 41.18%, easily setting a 24-month low. This was partially due to the heavy trade with FIGI stock as more than 537 thousand shares of FIGI stock changed hands by the end of the day, thus marking the highest volume the company has generated for the last two years.
Now, 30 minutes into today’s session, FIGI has only endged up 3% on a volume of 20,500, which suggests that it is unlikely to score another negative record within the next couple of hours.
A closer look at FIGI’s financial press release shows that:
- its net working capital jumped from $2.4M in Dec. 31, 2010 to $7M in Dec. 31, 2011;
- its revenue for the quarter ended Dec. 31, 2011 shrank by 37% on an annual basis;
- its 12-month revenue generated throughout 2012 barely amounts to 50% of the income accumulated in the preceding year;
- the company increased its annual net profit by $1 million.
While FIGI’s revenues have certainly suffered a substantial decrease in 201, the company has managed to increase its working capital reserves, as well as its net profit. Nevertheless, the heavy trading has obviously taken its toll.
