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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



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




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  


September 30, September 30,
2011 2010

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  

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