This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Forward Reports Fiscal 2012 Results

Stocks in this article: FORD

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 .

The Forward Industries, Inc. logo is available at

  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
  September 30, 2012 September 30, 2011
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.

3 of 3

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs