About Forward Industries

Forward Industries, Inc. designs and distributes custom carrying case solutions for hand held electronic devices. Forward’s products can be viewed online at www.fwdinnovations.com and www.forwardindustries.com.
 

FORWARD INDUSTRIES, INC.

CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS
 
Three Months Ended December 31,
2010   2009
Net sales $5,968,208 $4,126,772
Cost of goods sold 4,591,675   3,202,577  
Gross profit 1,376,533   924,195  
 
Operating expenses:
Selling 440,992 458,272
General and administrative 912,320   660,121  
Total operating expenses 1,353,312   1,118,393  
 
Income (loss) from operations 23,221   (194,198 )
 
Other (expense) income:
Interest income 5,654 20,332
Other expense, net (11,400 ) (13,120 )
Total other (expense) income (5,746 ) 7,212  
   
Net income (loss) $17,475   ($186,986 )
 
Net income (loss) per common and common equivalent share
Basic $0.00   ($0.02 )
Diluted $0.00   ($0.02 )
 
Weighted average number of common and common equivalent shares outstanding
Basic 8,060,672   7,940,257  
Diluted

8,132,408
  7,940,257  
 
   

FORWARD INDUSTRIES, INC.

CONSOLIDATED BALANCE SHEETS
 
December 31, September 30,
2010 2010

Assets
(Unaudited)
Current assets:
Cash and cash equivalents $18,121,051 $18,471,520
Accounts receivable, net 4,650,380 4,621,181
Inventories, net 1,395,914 1,036,386
Prepaid expenses and other current assets 294,320   240,651  
Total current assets 24,461,665 24,369,738
 
Property and equipment, net 116,842 115,205
Other assets 46,032   46,032  
Total assets $24,624,539   $24,530,975  
 

Liabilities and shareholders’ equity
Current liabilities:
Accounts payable $2,772,204 $2,439,273
Accrued expenses and other current liabilities 535,128   885,332  
Total current liabilities 3,307,332 3,324,605
 
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;
8,791,296 and 8,761,629 shares issued; and
8,084,886 and 8,055,219 shares outstanding 87,913 87,616
Capital in excess of par value 16,562,207 16,469,142
Treasury stock, 706,410 shares at cost, respectively (1,260,057 ) (1,260,057 )
Retained earnings 5,927,144   5,909,669  
Total shareholders' equity 21,317,207   21,206,370  
Total liabilities and shareholders’ equity $24,624,539   $24,530,975  
 

If you liked this article you might like

At Starbucks, Swan Song for Schultz, and What's Next for the Company

Clearly Automakers Are Now Trying to Kiss the Feet of Donald Trump

Analysts' Actions -- Citigroup, CF Industries, Juno Therapeutics, AT&T and More

Forward Industries (FORD) Stock Soaring on Healthcare Provider Agreement Extension