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Integrity Mutual Funds, Inc. Announces Fourth Quarter and Year-End 2008 Results

Contact:  Bradley P. Wells 701/852-5292

MINOT, NORTH DAKOTA - (March 18, 2009) - Integrity Mutual Funds, Inc. (IMFD.OB), a mutual fund and financial services company, today reported revenues for the fourth quarter of 2008 of $6,141,304, a 36% decrease from revenues of $9,631,106 for the fourth quarter of 2007.  Revenues for the year ended December 31, 2008 were $32,549,226, a 16% decrease from revenues of $38,842,231 for the year ended December 31, 2007.

The Company reported a net loss of $4,259,654, or $0.30 per diluted share, for the fourth quarter of 2008, compared to net income of $229,372, or $0.01 per diluted share, for the fourth quarter of 2007.  The net loss for the year ended December 31, 2008 was $3,509,697, or $0.25 per diluted share, compared to net income of $583,213, or $0.03 per diluted share, for the year ended December 31, 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.

As a result of ongoing volatility in the financial industry and a significant reduction in assets under management in the Company’s sponsored mutual funds, the Company determined it was necessary to perform an interim goodwill impairment test.  In December of 2008, the Company recorded a non-cash goodwill impairment loss of $5,312,606 in the Mutual Fund Services segment.  The fair value of that reporting unit was estimated by using an independent third-party appraisal.

The decreases in earnings were due primarily to the goodwill impairment loss explained in the paragraph above.
 
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.




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