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Forward Reports Fiscal 2010 Results

About Forward Industries

Forward Industries, Inc. designs and distributes custom carrying case solutions for hand held electronic devices. Forward’s products can be viewed online at and




For the Fiscal Years Ended September 30,

2010   2009
Net sales $18,996,827 $17,440,425
Cost of goods sold 14,764,840 13,858,122
Gross profit 4,231,987 3,582,303
Operating expenses:
Selling 2,166,542 2,615,685
General and administrative 3,636,309 2,316,072
Total operating expenses 5,802,851 4,931,757
Loss from operations (1,570,864) (1,349,454)
Other income (expense):
Interest income 42,941 284,475
Other (expense), net (32,868) (28,647)
Total other income 10,073 255,828
Loss before income tax expense



Income tax expense 124,032 300,499
Net loss ($1,684,823) ($1,394,125)
Net loss per common and common equivalent share
Basic ($0.21) ($0.18)
Diluted ($0.21) ($0.18)
Weighted average number of common and common equivalent shares outstanding
Basic 7,983,257 7,926,277
Diluted 7,983,257 7,926,277



September 30, September 30,
2010 2009
Current assets:
Cash and cash equivalents $18,471,520 $20,103,502
Accounts receivable, net 4,621,181 3,259,462
Inventories, net 1,036,386 666,485
Prepaid expenses and other current assets 240,651 228,938
Total current assets 24,369,738 24,258,387
Property, plant, and equipment, net 115,205 162,468
Other assets 46,032 59,532
Total assets $24,530,975 $24,480,387
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable $2,439,273 $1,824,091
Accrued expenses and other current liabilities 885,332 133,857
Total current liabilities 3,324,605 1,957,948
Commitments and contingencies
Shareholders’ equity:

Preferred stock, par value $0.01 per share; 4,000,000 shares authorized; no shares issued


-- --

Common stock, par value $0.01 per share; 40,000,000 shares authorized, 8,761,629 and 8,643,598 shares issued, respectively (including 706,410 held in treasury at both dates)





Capital in excess of par value 16,469,142 16,101,568
Treasury stock, 706,410 shares at cost, respectively (1,260,057) (1,260,057)
Retained earnings 5,909,669 7,594,492
Total shareholders' equity 21,206,370 22,522,439
Total liabilities and shareholders’ equity $24,530,975 $24,480,387

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