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 www.fwdinnovations.com and www.forwardindustries.com.
FORWARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
For the Fiscal Years Ended September 30,
|Cost of goods sold||14,764,840||13,858,122|
|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):|
|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 per common and common equivalent share|
|Weighted average number of common and common equivalent shares outstanding|
FORWARD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
|September 30,||September 30,|
|Cash and cash equivalents||$18,471,520||$20,103,502|
|Accounts receivable, net||4,621,181||3,259,462|
|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|
|Liabilities and shareholders’ equity|
|Accrued expenses and other current liabilities||885,332||133,857|
|Total current liabilities||3,324,605||1,957,948|
|Commitments and contingencies|
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)|
|Total shareholders' equity||21,206,370||22,522,439|
|Total liabilities and shareholders’ equity||$24,530,975||$24,480,387|
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