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Forward Reports Fiscal 2012 Third Quarter 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 30, 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

Incorporated in 1962, and headquartered in Santa Monica, California, Forward Industries is a global designer and distributor of mobile device cases and accessories. Forward's products can be viewed online at www.forwardindustries.com .

The Forward Industries, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=12838

FORWARD INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS
 
  Three Months Ended June 30 , Nine Months Ended June 30 ,
  2012 2011 2012 2011
Net sales $7,664,252 $6,156,543 $20,049,363 $17,121,017
Cost of goods sold 6,906,769 4,713,959 16,989,281 13,140,385
Gross profit 757,483 1,442,584 3,060,082 3,980,632
         
Operating expenses:        
Selling 282,020 674,375 925,245 1,630,050
General and administrative 1,088,552 1,262,792 3,821,512 3,314,802
Total operating expenses 1,370,572 1,937,167 4,746,757 4,944,852
         
Loss from operations (613,089) (494,583) (1,686,675) (964,220)
         
Other (expense) income:        
Interest income 21,234 34,304 88,931 69,201
Other income (expense), net (38,998) (3,469) (46,023) 8,871
Total other (expense) income (17,764) 30,835 42,908 78,072
         
Loss from continuing operations (630,853) (463,748) (1,643,767) (886,148)
Benefit from income taxes -- 56,050 -- 56,050
Loss from continuing operations (630,853) (407,698) (1,643,767) $(830,098)
Loss from discontinued operations (2,678,075) (275,026) (4,722,216) (389,939)
Net loss $(3,308,928) $(682,724) $(6,365,983) $(1,220,037)
         
Net loss per basic and diluted common share:        
Loss from continuing operations $(0.08) $(0.05) $(0.20) $(0.10)
Loss from discontinued operations $(0.33) $(0.03) $(0.58) $(0.05)
Net loss per share $(0.41) $(0.08) $(0.78) $(0.15)
         
Weighted average number of common and common equivalent shares outstanding:        
Basic and diluted 8,105,185 8,087,139 8,100,478 8,077,803
 
FORWARD INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS
     
  June 30 , September 30 ,
  2012 2011
Assets (Unaudited)  
Current assets:    
Cash and cash equivalents $7,185,538 $14,911,844
Accounts receivable, net 6,149,205 3,894,118
Inventories 2,152,071 1,014,195
Prepaid expenses and other current assets 395,216 378,008
Current assets of discontinued operations 2,700,911 1,671,243
Total current assets 18,582,941 21,869,408
     
Property and equipment, net 234,847 302,158
Other assets 27,601 88,716
Total Assets $18,845,389 $22,260,282
     
Liabilities and shareholders' equity    
Current liabilities:    
Accounts payable $4,282,528 $2,787,263
Accrued expenses and other current liabilities 1,327,439 465,995
Current liabilities of discontinued operations 806,079 324,335
Total liabilities 6,416,046 3,577,593
     
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, 8,811,595 and 8,794,296 shares issued; and 8,105,185 and 8,087,886 shares outstanding, respectively 88,116  87,943
Capital in excess of par value 16,969,695 16,845,673
Treasury stock, 706,410 shares at cost (1,260,057) (1,260,057)
Retained earnings (accumulated deficit) (3,356,853) 3,009,130
Accumulated other comprehensive loss – foreign currency translation (11,558) --
Total shareholders' equity 12,429,343 18,682,689
Total liabilities and shareholders' equity $18,845,389 $22,260,282
CONTACT: Forward Industries, Inc.
         James McKenna, CFO
         (424) 268-3836

Forward Industries, Inc.

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