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Integrity Mutual Funds, Inc. Announces Earnings for First Quarter 2003

Wednesday May 14, 10:21 AM EDT

MINOT, N.D., May 14, 2003 /PRNewswire-FirstCall via COMTEX/ -- Integrity Mutual Funds, Inc. (OTC Bulletin Board: IMFD), a mutual fund and financial services company, today reported revenues for the first quarter of $3,537,267, a decrease of 3 percent from revenues of $3,649,847 during the same period in 2002.

Earnings were up, with income of $81,401 for the first quarter, compared to earnings of $38,440 during the same period in 2002. Diluted earnings per share for the quarter ending March 31, 2003 were $.01 per share compared to earnings of $.00 per share for the same period in 2002.

Integrity Mutual Funds, Inc. has assets under management of $289 million and is publicly traded over the OTC Bulletin Board under the symbol IMFD. With its subsidiaries, ND Capital, ND Money Management, ND Resources, and Ranson Capital Corporation, the firm sponsors, manages, and advises nine mutual funds. These include state-specific tax-exempt municipal bond funds in Montana, North Dakota, South Dakota, Nebraska, Kansas, and Oklahoma. The firm also sponsors two equity funds of funds that invest in stock mutual funds managed by other firms. IMFD also owns ARM Securities Corporation, a broker- dealer with mutual fund and insurance product distribution in several Midwest states and California, and 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.

SOURCE Integrity Mutual Funds, Inc.

CONTACT: Robert Walstad of Integrity Mutual Funds, Inc., +1-701-852-5292

The Integrity Funds are sold only to persons residing in the United States and are offered by prospectus only. For more complete information about any of the Integrity Mutual Funds, investors should consider the investment objectives, risks, charges and expenses of each fund carefully before investing. The prospectus includes this and other information about each fund. Investors may obtain the applicable prospectus from their financial advisor or from our website at Please read the prospectus carefully before you invest or send money.

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