Forward Reports Fiscal 2011 First Quarter 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 UNAUDITED STATEMENTS OF OPERATIONS
		Three Months Ended December 31,
		2010			2009
Net sales		$5,968,208			$4,126,772
Cost of goods sold		4,591,675			3,202,577
Gross profit		1,376,533			924,195
Operating expenses:
Selling		440,992			458,272
General and administrative		912,320			660,121
Total operating expenses		1,353,312			1,118,393
Income (loss) from operations		23,221			(194,198	)
Other (expense) income:
Interest income		5,654			20,332
Other expense, net		(11,400	)		(13,120	)
Total other (expense) income		(5,746	)		7,212
Net income (loss)		$17,475			($186,986	)
Net income (loss) per common and common equivalent share
Basic		$0.00			($0.02	)
Diluted		$0.00			($0.02	)
Weighted average number of common and common equivalent shares outstanding
Basic		8,060,672			7,940,257
Diluted		8,132,408			7,940,257

FORWARD INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS
		December 31,			September 30,
		2010			2010
Assets		(Unaudited)
Current assets:
Cash and cash equivalents		$18,121,051			$18,471,520
Accounts receivable, net		4,650,380			4,621,181
Inventories, net		1,395,914			1,036,386
Prepaid expenses and other current assets		294,320			240,651
Total current assets		24,461,665			24,369,738
Property and equipment, net		116,842			115,205
Other assets		46,032			46,032
Total assets		$24,624,539			$24,530,975
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable		$2,772,204			$2,439,273
Accrued expenses and other current liabilities		535,128			885,332
Total current liabilities		3,307,332			3,324,605
Commitments and contingencies		--			--
Shareholders’ equity:
Preferred stock, par value $0.01 per share; 4,000,000 shares authorized;
no shares issued and outstanding		--			--
Common stock, par value $0.01 per share; 40,000,000 shares authorized;
8,791,296 and 8,761,629 shares issued; and
8,084,886 and 8,055,219 shares outstanding		87,913			87,616
Capital in excess of par value		16,562,207			16,469,142
Treasury stock, 706,410 shares at cost, respectively		(1,260,057	)		(1,260,057	)
Retained earnings		5,927,144			5,909,669
Total shareholders' equity		21,317,207			21,206,370
Total liabilities and shareholders’ equity		$24,624,539			$24,530,975

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