This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Forward Reports Fiscal 2011 Results

Note Regarding Forward-Looking Statements

In addition to the historical information contained herein, this press release contains certain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that reflect Forward’s current expectations and projections about its future results, performance, prospects and opportunities. 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 in fiscal 2012 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. 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 31, 2011 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 Industries

Forward Industries, Inc. a designer and distributor of custom carrying case solutions for hand held electronic devices, is expanding into a multi- faceted product-focused company specializing in power, protection and peripherals, is expert at identifying new products that aim to make life more efficient with superior function and smart design that enhance daily life. Forward’s products, including those incorporating G-Form’s extreme protection technology, can be viewed online at www.forwardindustries.com.
 

FORWARD INDUSTRIES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
 

For the Fiscal Years Ended September 30,
2011   2010
Net sales $ 22,777,040 $ 18,996,827
Cost of goods sold   17,712,425     14,764,840  
Gross profit   5,064,615     4,231,987  
 
Operating expenses:
Sales and marketing 3,391,396 2,166,542
General and administrative   4,688,236     3,636,309  
Total operating expenses   8,079,632     5,802,851  
 
Loss from operations   (3,015,017 )   (1,570,864 )
 
Other income (expense):
Interest income 107,686 42,941
Other expense, net   (49,258 )   (32,868 )
Total other income   58,428     10,073  
 
Loss before income tax (benefit) expense

(2,956,589

)

(1,560,791

)
Income tax (benefit) expense   (56,050 )   124,032  
Net loss $ (2,900,539 ) $ (1,684,823 )
 
Net loss per common and common equivalent share
Basic $ (0.36 ) $ (0.21 )
Diluted $ (0.36 ) $ (0.21 )
 
Weighted average number of common and common equivalent shares outstanding

 
Basic   8,080,344     7,983,257  
Diluted   8,080,344     7,983,257  
 
   

FORWARD INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS
 
September 30, September 30,
2011 2010

Assets
Current assets:
Cash and cash equivalents $ 14,911,844 $ 18,471,520
Accounts receivable, net 3,894,118 4,621,181
Inventories 1,045,219 1,036,386
Prepaid expenses and other current assets 1,018,227 240,651
Note receivable   1,000,000     --  
Total current assets 21,869,408 24,369,738
 
Property and equipment, net 302,158 115,205
Other assets   88,716     46,032  
Total assets $ 22,260,282   $ 24,530,975  
 

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable $ 2,947,562 $ 2,439,273
Accrued expenses and other current liabilities   630,031     885,332  
Total current liabilities   3,577,593     3,324,605  
 
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,

8,794,296 and 8,761,629 shares issued (including 706,410 held in

treasury at both dates)
87,943 87,616
Capital in excess of par value 16,845,673 16,469,142
Treasury stock, 706,410 shares at cost (1,260,057 ) (1,260,057 )
Retained earnings   3,009,130     5,909,669  
Total shareholders' equity   18,682,689     21,206,370  
Total liabilities and shareholders’ equity $ 22,260,282   $ 24,530,975  
 

3 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,643.01 -11.76 -0.07%
S&P 500 1,988.87 +1.21 0.06%
NASDAQ 4,828.3250 +15.6170 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs