- Revenues were $7.3 million vs $6.7 million when compared to the third quarter of 2016.
- Income from operations was $549 thousand compared to income of $85 thousand from the third quarter of 2016.
- Gross profit percentage was 17.4% in the third quarter of 2017 compared to 16.2% in the third quarter of 2016.
- Net income was $552 thousand compared to net income of $78 thousand in the third quarter of 2016.
- Earnings per share were $0.06 per share compared to $0.01 per share for the third quarter of 2016.
- Cash and cash equivalents totaled $4.1 million at June 30, 2017.
Note Regarding Forward-Looking StatementsThis press release contains certain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding expansion of our existing customer base and diversifying our product portfolio. Forward has tried to identify these forward-looking statements by using words such as "may", "should," "expect," "hope," "anticipate," "believe," "intend," "plan," "estimate" and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, lack of success of new sales people and unanticipated issues with our affiliated sourcing agent. No assurance can be given that the actual results will be consistent with the forward-looking statements. Investors should read carefully the factors described in the "Risk Factors" section of the Company's filings with the SEC, including the Company's Form 10-K for the year ended September 30, 2016 for information regarding risk factors that could affect the Company's results. Except as otherwise required by Federal securities laws, Forward undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.About Forward IndustriesIncorporated 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 www.forwardindustries.com.
|FORWARD INDUSTRIES, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME|
|For the Three Months Ended June 30,||For the Nine Months Ended June 30,|
|Cost of goods sold||6,054,812||5,586,460||15,304,021||17,026,895|
|Sales and marketing||309,000||452,691||1,116,221||1,317,725|
|General and administrative||419,836||540,631||1,576,495||2,005,477|
|Total operating expenses||728,836||993,322||2,692,716||3,323,202|
|Income from operations||549,074||84,918||460,109||477,939|
|Other income (expense):|
|Other income (expense), net||2,851||(6,962||)||5,778||(11,600||)|
|Total other income (expense), net||2,851||(6,962||)||5,778||(11,600||)|
|Other comprehensive income:|
|Net income per basic common share||$||0.06||$||0.01||$||0.05||$||0.05|
|Net income per diluted common share||$||0.06||$||0.01||$||0.05||$||0.05|
|Weighted average number of common and|
|common equivalent shares outstanding:|
|FORWARD INDUSTRIES, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|June 30,||September 30,|
|Prepaid expenses and other current assets||205,348||141,421|
|Total current assets||12,733,072||12,339,444|
|Property and equipment, net||26,116||43,030|
|Liabilities and shareholders' equity|
|Due to Forward China||3,578,281||3,519,676|
|Accrued expenses and other current liabilities||341,740||587,741|
|Total current liabilities||3,994,332||4,169,553|
|Commitments and contingencies|
|Common stock, par value $0.01 per share; 40,000,000 shares authorized;|
|8,920,830 and 8,780,830 shares, issued and outstanding, respectively||89,208||87,808|
|Additional paid-in capital||17,878,276||17,783,060|
|Accumulated other comprehensive loss||(21,785||)||(21,785||)|
|Total shareholders' equity||8,736,781||8,174,278|
|Total liabilities and shareholders' equity||$||12,772,031||$||12,395,317|
Contact:Forward Industries, Inc.Michael Matte, CFO(561) 465-0031