Forward Earnings Surge
Forward Industries (FORD) surged Monday after the maker of cell-phone carrying cases posted strong third-quarter numbers.
For the quarter ended June 30, the Pompano Beach, Fla., company earned $2.6 million, or 33 cents a share, up from the year-ago $346,199, or a nickel a share. Sales surged 150% from a year earlier to $13.1 million.
Forward shares continued their strong recent run. The stock, which traded for as little as $1.90 a year ago, jumped $4.35 in hefty volume to $24.34.
"We are especially pleased with the strength of our OEM cell-phone product sales, which continue a trend of sharp, sequential revenue increases established in the first quarter of our 2005 fiscal year to levels that are well above historical norms," said CEO Jerome Ball. "Based on current confirmed and anticipated orders for existing 'in-box' programs, we expect this trend of increasing revenue to continue into our fourth fiscal quarter. Whether this trend continues beyond that period depends on the timing of the decline of the product cycle for these three programs as well as on the strength of new in-box business that replaces them, which is difficult to assess at this time."The company said the revenue gains are being driven by two deals with Motorola (MOT) and one with Nokia (NOK). The company said those programs accounted for 61% of sales for the latest quarter, with one program alone accounting for 47% of revenue.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV