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Forward Reports Fiscal 2020 First Quarter Results

WEST PALM BEACH, Fla., Feb. 14, 2020 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (FORD), a single source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributor of carry and protective solutions, today announced financial results for the first quarter of fiscal year ended September 30, 2020.

First Quarter 2020 Financial Highlights

  • Loss from Operations was $29 thousand compared to loss from operations of $481 thousand for the first quarter of 2019. 
     

  • Revenues were $8.4 million compared to $10.2 million compared to the first quarter of 2019.
     

  • Gross profit percentage increased to 20.5% compared to 12.8% in the first quarter of 2019.
     

  • Net loss for the quarter was $82 thousand compared to net loss of $531 thousand in the first quarter of 2019.
     

  • Loss per share was $.01 per share compared to $.06 per share for the first quarter of 2019.

Terry Wise, Chief Executive Officer of Forward Industries, stated, “During this first quarter, we believe we have made solid progress in diversifying into profitable and growing sectors. Our range of smart enabled retail products has gained solid traction– the response to Mooni lighting product featured on TV in the Good Morning America Christmas gift program was strong - and we are testing our smart range of lighting with a major retailer.  In light of these achievements, together with the healthy profitability attained within our design division, I am hugely encouraged at the start of our fiscal year and very much look forward to the rest of the year with confidence."

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 14, 2020 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company’s results of operations and financial condition relating to the fiscal quarter ended December 31, 2019 and 2018. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business. 

Note Regarding Forward-Looking Statements

This 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 our belief regarding our progress from retail and establishing profitable growing sectors opportunities from new business lines.  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 our sales people, failure to develop products at a profit, unanticipated issues with Mooni and their relationship with retail outlets in the U.S., failure to commercialize products that we develop and unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of coronavirus,  failure to take advantage of synergies between IPS and Forward and failure to obtain acceptance of our products by big box retail stores. 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, 2019 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 Industries

Forward is a fully integrated design, development and manufacturing solution to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions (“IPS”), the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line in to a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing designs and distribution of carry and protective solutions, primarily for handheld electronic devices.  The company now provides one stop shopping for the design development and manufacturing opportunities from a variety of sources.

Contact:                                               
Forward Industries, Inc.                                        
Michael Matte, CFO                                              
(561) 465-0031



FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

 

 

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

December 31,

 

September 30,

 

 

 

2019

 

 

 

2019

 

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash

$

2,068,809

 

 

$

3,092,813

 

 

 

Accounts receivable, net

 

7,320,670

 

 

 

6,695,120

 

 

 

Inventories

 

1,100,467

 

 

 

1,608,827

 

 

 

Prepaid expenses and other current assets

 

489,545

 

 

 

441,502

 

 

 

Total current assets

 

10,979,491

 

 

 

11,838,262

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

221,362

 

 

 

243,002

 

 

 

Intangible assets, net

 

1,207,648

 

 

 

1,248,712

 

 

 

Goodwill

 

2,182,427

 

 

 

2,182,427

 

 

 

Investment

 

326,941

 

 

 

326,941

 

 

 

Operating lease right of use assets, net

 

3,569,815

 

 

 

-

 

 

 

Other assets

 

217,486

 

 

 

255,008

 

 

 

 

 

 

 

 

 

Total assets

$

18,705,170

 

 

$

16,094,352

 

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Line of credit

$

1,300,000

 

 

$

1,300,000

 

 

 

Accounts payable

 

279,258

 

 

 

315,444

 

 

 

Due to Forward China

 

2,726,818

 

 

 

3,236,693

 

 

 

Deferred income

 

58,883

 

 

 

219,831

 

 

 

Notes payable - short-term portion

 

1,630,022

 

 

 

1,654,799

 

 

 

Capital leases payable - short-term portion

 

39,598

 

 

 

39,941

 

 

 

Deferred consideration - short-term portion

 

634,000

 

 

 

834,000

 

 

 

Operating lease liability - short-term portion

 

271,680

 

 

 

-

 

 

 

Accrued expenses and other current liabilities

 

695,505

 

 

 

694,972

 

 

 

Total current liabilities

 

7,635,764

 

 

 

8,295,680

 

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

 

Capital leases payable - long-term portion

 

18,010

 

 

 

26,438

 

 

 

Deferred rent

 

-

 

 

 

60,935

 

 

 

Operating lease liability - long-term portion

 

3,388,575

 

 

 

-

 

 

 

Total other liabilities

 

3,406,585

 

 

 

87,373

 

 

 

 

 

 

 

 

 

Total liabilities

 

11,042,349

 

 

 

8,383,053

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

 

 

 

Common stock, par value $0.01 per share; 40,000,000 shares authorized;

 

 

 

 

 

9,533,851 shares issued and outstanding

 

95,338

 

 

 

95,338

 

 

 

Additional paid-in capital

 

18,969,309

 

 

 

18,936,130

 

 

 

Accumulated deficit

 

(11,401,826

)

 

 

(11,320,169

)

 

 

 

 

 

 

 

 

Total shareholders' equity

 

7,662,821

 

 

 

7,711,299

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

18,705,170

 

 

$

16,094,352

 

 

 

 

 

 

 

 

 



FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

 

For the Three Months Ended December 31,

 

 

2019

 

 

 

2018

 

 

 

 

 

 

 

 

 

Net Revenues:

$

8,392,854

 

 

$

10,183,283

 

Cost of sales

 

6,672,845

 

 

 

8,880,242

 

Gross profit

 

1,720,009

 

 

 

1,303,041

 

 

 

 

 

Operating expenses:

 

 

 

Sales and marketing

 

535,172

 

 

 

469,599

 

General and administrative

 

1,213,966

 

 

 

1,313,969

 

Total operating expenses

 

1,749,138

 

 

 

1,783,568

 

 

 

 

 

Loss from operations

 

(29,129

)

 

 

(480,527

)

 

 

 

 

Other expenses:

 

 

 

Interest expense

 

(50,949

)

 

 

(45,037

)

Other expense

 

(1,579

)

 

 

(4,963

)

Total other expenses

 

(52,528

)

 

 

(50,000

)

 

 

 

 

Loss before income taxes

 

(81,657

)

 

 

(530,527

)

 

 

 

 

Provision for income taxes

 

-

 

 

 

-

 

 

 

 

 

Net loss

$

(81,657

)

 

$

(530,527

)

 

 

 

 

Loss per share:

 

 

 

Basic

$

(0.01

)

 

$

(0.06

)

Diluted

$

(0.01

)

 

$

(0.06

)

 

 

 

 

Weighted average number of common and

 

 

 

common equivalent shares outstanding:

 

 

 

Basic

 

9,533,851

 

 

 

9,527,823

 

Diluted

 

9,533,851

 

 

 

9,527,823