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 2014 First Quarter Results

Stocks in this article: FORD

WEST PALM BEACH, Fla., Feb. 13, 2014 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (Nasdaq:FORD), a designer and distributor of custom carry and protective solutions, today announced financial results for its first fiscal quarter ended December 31, 2013.

After reporting annual operating income in fiscal 2013 for the first time since fiscal 2006, Forward continued to generate operating income of $0.4 million in the fiscal 2014 first quarter compared to an operating loss of $52 thousand in the fiscal 2013 first quarter. Other key financial results for the fiscal 2014 first quarter, compared to the fiscal 2013 first quarter, are as follows:

Fiscal 2014 First Quarter Financial Results – Compared to the 2013 first quarter results:

  • Net sales increased $1.4 million, or 21%, to $8.4 million in the 2014 quarter due primarily to higher sales of Diabetic products, which increased $1.2 million, and, to a lesser extent, higher sales of Other products, which increased $0.2 million in the 2014 quarter.
  • Gross profit increased $0.3 million to $1.8 million, or 22% of net sales, in the 2014 quarter, compared to $1.5 million, or 21% of net sales, in the 2013 quarter.
  • Sales and marketing expenses increased $0.1 million, or 29%, to $0.6 million in the 2014 quarter due primarily to higher personnel costs resulting from the restructuring and expansion of our sales and sales support departments.
  • General and administrative expenses decreased $0.2 million, or 20%, to $0.9 million in the 2014 quarter due primarily to higher personnel costs, and travel and entertainment costs, incurred in the 2013 quarter in connection with our restructuring. In addition, professional fees incurred in the 2013 quarter were higher primarily as a result of the Targus lawsuit.
  • Other expense (income), net, shifted to $25 thousand of expense in the 2014 quarter from $(0.2) million of income in the 2013 quarter primarily as a result of net realized and unrealized losses on investments in marketable securities.
  • Net income from continuing operations increased to $0.3 million, or $0.04 per basic and diluted share, in the 2014 quarter from $0.2 million, or $0.02 per basic and diluted share, in the 2013 quarter.
  • Net income (loss) from discontinued operations was $5 thousand, or $0.00 per basic and diluted share, in the 2014 quarter, compared to ($42) thousand, or $(0.00) per basic and diluted share, in the 2013 quarter.

Robert Garrett, Jr., Forward's Chief Executive Officer, commented: "After turning in our first fiscal year with operating income since fiscal 2006, we continue to invest carefully in fiscal 2014 to build out the capabilities of our sales and marketing teams as we seek to both grow and diversify our revenue streams. Our market remains highly competitive, but we continue to believe our ability to provide innovative and differentiated solutions to our existing and prospective customers sets us apart from our competition.

1 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 17,778.15 +421.28 2.43%
S&P 500 2,061.23 +48.34 2.40%
NASDAQ 4,748.3960 +104.0840 2.24%

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