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Forward Reports Fiscal 2014 First Quarter Results

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.

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