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Forward Reports Fiscal 2013 First Quarter 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

  Three Months Ended December 31, 
  2012 2011
Net sales $6,973,370 $6,162,300
Cost of goods sold 5,473,783 4,950,975
Gross profit 1,499,587 1,211,325
Operating expenses:    
Sales and marketing  477,381 289,848
General and administrative  1,074,038 1,422,912
Total operating expenses 1,551,419 1,712,760
Loss from operations (51,832) (501,435)
Other income (expense):    
Interest income  1,820 42,127
Other income (expense), net  231,272 (13,767)
Total other income, net 233,092 28,360
Income (loss) from continuing operations before income tax expense (benefit) 181,260 (473,075)
Income tax expense (benefit)  75 (219)
Income (loss) from continuing operations  181,185 (472,856)
Loss from discontinued operations, net of tax of $920 and $1,859, respectively  (42,420) (1,040,324)
Net income (loss)  $138,765 $(1,513,180)
Other comprehensive income (loss)    
Change in unrealized gains on marketable securities  23,744 --
Translation adjustments  5,615 916
Comprehensive income (loss)  $168,124 $(1,512,264)
Net income (loss) per basic and diluted common share:    
Income (loss) from continuing operations $0.02 $(0.06)
Loss from discontinued operations  $(0.01) $(0.13)
Net income (loss) per share  $0.02 $(0.19)
Weighted average number of common and common equivalent shares outstanding    
Basic and diluted  8,106,897 8,091,165
  December 31, 2012 September 30, 2012
Assets: (Unaudited) (Note 1)
Current assets:    
Cash and cash equivalents  $3,696,500 $4,608,246
Marketable securities  1,311,558 420,605
Accounts receivable, net  4,622,030 7,533,491
Inventories, net  3,434,168 3,380,813
Prepaid expenses and other current assets  274,927 367,552
Current assets of discontinued operations  571,175 621,879
Total current assets 13,910,358 16,932,586
Property and equipment, net  129,843 138,774
Other assets  40,442 40,442
Total Assets $14,080,643 $17,111,802
Liabilities and shareholders' equity    
Current liabilities:    
Accounts payable  $3,460,007 $5,936,848
Accrued expenses and other current liabilities  1,091,829 1,725,185
Current liabilities of discontinued operations  69,422 261,806
Total liabilities 4,621,258 7,923,839
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, 8,819,095 and 8,811,595 shares issued; and 8,112,685 and 8,105,185 shares outstanding, respectively  88,191 88,116
Capital in excess of par value  17,123,994 17,020,771
Treasury stock, 706,410 shares at cost  (1,260,057) (1,260,057)
Accumulated deficit  (6,486,161) (6,624,926)
Accumulated other comprehensive loss  (6,582) (35,941)
Total shareholders' equity 9,459,385 9,187,963
Total liabilities and shareholders' equity $14,080,643 $17,111,802
CONTACT: Forward Industries, Inc.
         James McKenna, CFO
         (561) 465-0070

Forward Industries, Inc.

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