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Forward Reports Fiscal 2012 Results

About Forward Industries

Incorporated in 1962, and headquartered West Palm Beach, Florida, 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
     
  For the Fiscal Years Ended September 30,
  2012 2011
Net sales $29,403,004 $22,763,280
Cost of goods sold 25,429,096 17,682,301
Gross profit 3,973,908 5,080,979
     
Operating expenses:    
Sales and marketing 1,675,680 2,590,515
General and administrative 5,562,019 4,630,421
Total operating expenses 7,237,699  7,220,936
     
Loss from operations (3,263,791) (2,139,957)
     
Other income (expense):    
Interest income 61,882 109,737
Other expense, net (96,069) (51,302)
Total other (expense) income (34,187) 58,435
     
Loss from continuing operations before income tax expense (benefit) (3,297,978) (2,081,522)
Income tax expense (benefit)  15,110 (56,050)
Loss from continuing operations (3,313,088) (2,025,471)
Loss from discontinued operations, net of tax of $0 (6,320,968) (875,068)
Net loss $(9,634,056) $(2,900,539)
     
Net loss per basic and diluted common share:    
Loss from continuing operations $(0.41) $(0.25)
Loss from discontinued operations $(0.78) $(0.11)
Net loss per share $(1.19)  $(0.36) 
     
Weighted average number of common and common equivalent shares outstanding    
Basic and diluted 8,101,661 8,080,344
 
FORWARD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
     
  September 30, 2012 September 30, 2011
Assets    
Current assets:    
Cash and cash equivalents  $4,608,246 $14,911,844
Marketable securities  420,605 --
Accounts receivable, net  7,533,491 3,894,118
Inventories, net  3,380,813 1,014,195
Prepaid expenses and other current assets  367,552 378,008
Current assets of discontinued operations  621,879 1,671,243
Total current assets 16,932,586 21,869,408
     
Property and equipment, net  138,774 302,158
Other assets  40,442 88,716
Total Assets $17,111,802 $22,260,282
     
Liabilities and shareholders' equity    
Current liabilities:    
Accounts payable  $5,936,848 $2,787,263
Accrued expenses and other current liabilities  1,725,185 465,995
Current liabilities of discontinued operations  261,806 324,335
Total liabilities 7,923,839 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  17,020,771 16,845,673
Treasury stock, 706,410 shares at cost  (1,260,057) (1,260,057)
Retained earnings (accumulated deficit)  (6,624,926) 3,009,130
Accumulated other comprehensive loss  (35,941) --
Total shareholders' equity 9,187,963 18,682,689
Total liabilities and shareholders' equity $17,111,802 $22,260,282
CONTACT: Forward Industries, Inc.
         James McKenna, CFO
         (561) 465-0070

Forward Industries, Inc.

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