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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Forward Industries Inc | NASDAQ:FORD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0065 | -1.25% | 0.512 | 0.512 | 0.56 | 0.55 | 0.51 | 0.51 | 6,537 | 01:00:00 |
Third Quarter 2017 Financial Highlights
Terry Wise, Chief Executive Officer of Forward Industries, stated, “We continue to focus our efforts to safeguard and grow our existing business with our top tier Medical customers. Concurrently, we have made promising progress on aggressively seeking new business within other growing market sectors in the medical industry. Additionally, we have actively cultivated opportunities within other diversified industries. To bolster our efforts, I am extremely pleased to announce that we have successfully recruited a senior sales professional with a proven track record into the senior management team. In the context of these encouraging developments, I remain hopeful that our streamlined business is set directionally on a path to growth in the future.”
The tables below are derived from the Company’s unaudited, condensed consolidated financial statements included in its Quarterly Report on Form 10-Q filed today with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal years ended September 30, 2016 and 2015. Please also refer to the Form 10-K for a discussion of risk factors applicable to the Company and its business.
Note Regarding Forward-Looking StatementsThis press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding expansion of our existing customer base and diversifying our product portfolio. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,” “intend,” “plan,” “estimate” and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of new sales people and unanticipated issues with our affiliated sourcing agent. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the “Risk Factors” section of the Company’s filings with the SEC, including the Company’s Form 10-K for the year ended September 30, 2016 for information regarding risk factors that could affect the Company’s results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.
About Forward IndustriesIncorporated in 1962, and headquartered West Palm Beach, Florida, Forward Industries is a global designer and distributor of mobile device cases and accessories. Forward’s products can be viewed online at www.forwardindustries.com.
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES | |||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||||
(UNAUDITED) | |||||||||||||
For the Three Months Ended June 30, | For the Nine Months Ended June 30, | ||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||
Net revenues | $ | 7,332,722 | $ | 6,664,700 | $ | 18,456,846 | $ | 20,828,036 | |||||
Cost of goods sold | 6,054,812 | 5,586,460 | 15,304,021 | 17,026,895 | |||||||||
Gross profit | 1,277,910 | 1,078,240 | 3,152,825 | 3,801,141 | |||||||||
Operating expenses: | |||||||||||||
Sales and marketing | 309,000 | 452,691 | 1,116,221 | 1,317,725 | |||||||||
General and administrative | 419,836 | 540,631 | 1,576,495 | 2,005,477 | |||||||||
Total operating expenses | 728,836 | 993,322 | 2,692,716 | 3,323,202 | |||||||||
Income from operations | 549,074 | 84,918 | 460,109 | 477,939 | |||||||||
Other income (expense): | |||||||||||||
Other income (expense), net | 2,851 | (6,962 | ) | 5,778 | (11,600 | ) | |||||||
Total other income (expense), net | 2,851 | (6,962 | ) | 5,778 | (11,600 | ) | |||||||
Net income | $ | 551,925 | $ | 77,956 | $ | 465,887 | $ | 466,339 | |||||
Net income | $ | 551,925 | $ | 77,956 | $ | 465,887 | $ | 466,339 | |||||
Other comprehensive income: | |||||||||||||
Translation adjustments | - | 918 | - | 2 | |||||||||
Comprehensive income | $ | 551,925 | $ | 78,874 | $ | 465,887 | $ | 466,341 | |||||
Net income per basic common share | $ | 0.06 | $ | 0.01 | $ | 0.05 | $ | 0.05 | |||||
Net income per diluted common share | $ | 0.06 | $ | 0.01 | $ | 0.05 | $ | 0.05 | |||||
Weighted average number of common and | |||||||||||||
common equivalent shares outstanding: | |||||||||||||
Basic | 8,855,885 | 8,586,879 | 8,716,030 | 8,492,222 | |||||||||
Diluted | 8,906,846 | 8,679,619 | 8,816,432 | 8,661,542 | |||||||||
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
June 30, | September 30, | ||||||
2017 | 2016 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | 4,061,277 | $ | 4,760,620 | |||
Accounts receivable | 6,637,431 | 4,864,423 | |||||
Inventories | 1,829,016 | 2,572,980 | |||||
Prepaid expenses and other current assets | 205,348 | 141,421 | |||||
Total current assets | 12,733,072 | 12,339,444 | |||||
Property and equipment, net | 26,116 | 43,030 | |||||
Other assets | 12,843 | 12,843 | |||||
Total assets | $ | 12,772,031 | $ | 12,395,317 | |||
Liabilities and shareholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 74,311 | $ | 62,136 | |||
Due to Forward China | 3,578,281 | 3,519,676 | |||||
Accrued expenses and other current liabilities | 341,740 | 587,741 | |||||
Total current liabilities | 3,994,332 | 4,169,553 | |||||
Other liabilities | 40,918 | 51,486 | |||||
Total liabilities | 4,035,250 | 4,221,039 | |||||
Commitments and contingencies | |||||||
Shareholders' equity: | |||||||
Common stock, par value $0.01 per share; 40,000,000 shares authorized; | |||||||
8,920,830 and 8,780,830 shares, issued and outstanding, respectively | 89,208 | 87,808 | |||||
Additional paid-in capital | 17,878,276 | 17,783,060 | |||||
Accumulated deficit | (9,208,918 | ) | (9,674,805 | ) | |||
Accumulated other comprehensive loss | (21,785 | ) | (21,785 | ) | |||
Total shareholders' equity | 8,736,781 | 8,174,278 | |||||
Total liabilities and shareholders' equity | $ | 12,772,031 | $ | 12,395,317 | |||
Contact: Forward Industries, Inc. Michael Matte, CFO (561) 465-0031
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