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Forward Industries, Inc. (FORD)

NasdaqCM - NasdaqCM Real Time Price. Currency in USD
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3.6200+0.0300 (+0.84%)
At close: 4:00PM EST

3.6300 +0.01 (0.28%)
Pre-Market: 6:21AM EST

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Previous Close3.5900
Open3.6600
Bid2.8300 x 1100
Ask3.9700 x 1100
Day's Range3.5011 - 3.7500
52 Week Range0.9000 - 5.7500
Volume108,304
Avg. Volume528,668
Market Cap35.789M
Beta (5Y Monthly)1.03
PE Ratio (TTM)N/A
EPS (TTM)-0.0540
Earnings DateFeb 12, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Forward Reports Fiscal 2021 First Quarter Results
    GlobeNewswire

    Forward Reports Fiscal 2021 First Quarter Results

    Revenues of $9.7 million and operating loss of $0.2 million for the quarterHAUPPAUGE, N.Y., Feb. 12, 2021 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ: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 distributer of carry and protective solutions, today announced financial results for its first quarter ended December 31, 2020. First Quarter Fiscal 2021 Financial Highlights Revenues were $9.7 million, an increase of 15.5% from $8.4 million for the three months ended December 31, 2019.Gross margin improved to 23.3% compared to 20.5% for the three months ended December 31, 2019.Loss from operations was $167 thousand compared to $29 thousand for the three months ended December 31, 2019. Net income was $1.2 million compared to a net loss of $82 thousand for the three months ended December 31, 2019, the increase primarily resulting from the $1.4 million of other income recognized on the forgiveness of our PPP loan in December 2020.Basic and diluted earnings/(loss) per share were $0.12 compared to $(0.01) in the three months ended December 31, 2019, the increase also resulting from the aforementioned PPP loan forgiveness.Cash and cash equivalents totaled $2.3 million at December 31, 2020. Terry Wise, Chief Executive Officer of Forward Industries, stated, “In spite of the ongoing trading challenges, I am pleased to report a robust financial performance with year over year increases in both revenues and gross margin for the quarter. We continue to build momentum throughout retail and our design division remains solid in terms of performance, with both IPS and Kablooe collaborating to forge a strong pipeline. As we progress through the fiscal year, and the trading environment progressively eases, I continue to be hopeful for the future.” The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 12, 2021 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 quarters ended December 31, 2020 and 2019. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business. About Forward Industries Forward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of carry and protective solutions, primarily for hand-held electronic devices, we are now a one-stop shop for design development and manufacturing solutions serving a wide range of clients in the industrial, commercial, medical and consumer industries. Contact: Forward Industries, Inc. Anthony Camarda, CFO (631) 547-3041 FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE SHEETS December 31, September 30, 2020 2020 Assets (Unaudited) Current assets: Cash $2,332,324 $2,924,627 Accounts receivable, net 7,729,140 7,602,316 Inventories 1,257,397 1,275,694 Prepaid expenses and other current assets 339,292 419,472 Total current assets 11,658,153 12,222,109 Property and equipment, net 205,057 215,323 Intangible assets, net 1,478,227 1,531,415 Goodwill 1,758,682 1,758,682 Operating lease right of use assets, net 3,436,130 3,512,042 Other assets 72,251 116,697 Total assets$18,608,500 $19,356,268 Liabilities and shareholders' equity Current liabilities: Line of credit$1,000,000 $1,000,000 Note payable to Forward China 1,600,000 1,600,000 Accounts payable 212,928 197,022 Due to Forward China 3,451,724 3,622,401 Deferred income 169,769 485,078 Current portion of notes payable 114,894 983,395 Current portion of finance lease liability 13,231 18,411 Current portion of deferred consideration - 45,000 Current portion of operating lease liability 269,569 259,658 Accrued expenses and other current liabilities 594,647 615,401 Total current liabilities 7,426,762 8,826,366 Other liabilities: Notes payable, less current portion - 529,973 Operating lease liability, less current portion 3,288,938 3,359,088 Finance lease liability, less current portion 7,560 12,769 Deferred consideration, less current portion 60,000 45,000 Total other liabilities 3,356,498 3,946,830 Total liabilities 10,783,260 12,773,196 Commitments and contingencies Shareholders' equity: Common stock, par value $0.01 per share; 40,000,000 shares authorized; 9,886,351 and 9,883,851 shares issued and outstanding at December 31, 2020 and September 30, 2020, respectively 98,863 98,838 Additional paid-in capital 19,622,791 19,579,684 Accumulated deficit (11,896,414) (13,095,450) Total shareholders' equity 7,825,240 6,583,072 Total liabilities and shareholders' equity$18,608,500 $19,356,268 FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(UNAUDITED) For the Three Months Ended December 31, 2020 2019 Revenues, net$9,717,603 $8,392,854 Cost of sales 7,454,717 6,672,845 Gross profit 2,262,886 1,720,009 Sales and marketing expenses 602,961 535,172 General and administrative expenses 1,827,418 1,213,966 Loss from operations (167,493) (29,129) Gain on forgiveness of note payable (1,356,570) - Fair value adjustment of earn-out consideration (30,000) - Interest income (22,747) - Interest expense 46,392 50,949 Other (income)/expense, net (3,604) 1,579 Income/(loss) before income taxes 1,199,036 (81,657)Provision for/(benefit from) income taxes - - Net income/(loss)$1,199,036 $(81,657) Earnings/(loss) per share: Basic$0.12 $(0.01)Diluted$0.12 $(0.01) Weighted average common shares outstanding: Basic 9,885,563 9,533,851 Diluted 10,039,799 9,533,851

  • Intelligent Product Solutions Joins with Kablooe to Launch End-to-End Medical Device Design & Engineering Service
    GlobeNewswire

    Intelligent Product Solutions Joins with Kablooe to Launch End-to-End Medical Device Design & Engineering Service

    HAUPPAUGE, N.Y. and MINNEAPOLIS, Feb. 02, 2021 (GLOBE NEWSWIRE) -- Intelligent Product Solutions (IPS) and Kablooe Design, today announced the launch of a complete medical device design and engineering service, leveraging the expertise of these two award-winning product design firms. IPS and Kablooe, subsidiaries of Forward Industries (NASDAQ: FORD), have complementary services that help medical device companies successfully design, develop and launch new products. With this complete medical device engineering and design offering, IPS/Kablooe services ensure speed to market of medical device products, successful user adoption and assurance of market advantage. The IPS/Kablooe combined services offering includes human factors engineering, verification and regulatory support along with upfront research and testing. “Our combined expertise is unmatched in the industry and enables us to deliver the best-in-class medical device design services,” said Mitch Maiman, president of IPS. “Located in the heartland of medical device development, Kablooe has a strong reputation, expertise and track record in medical device design and we are thrilled to join with them to deliver this complete medical device design service.” Tom KraMer, CEO of Kablooe commented, “With the extensive design and engineering service offerings available through this partnership, our clients are assured of an expert team from start to finish. We are agile, user centric, and flexible enough to always adapt our services to the needs of our clients, whether it is invention, feasibility, proof of concept, or design for production manufacturing. We now have the power to do it all.” Among its medical product design projects, IPS was awarded the GOOD DESIGN AWARD for its work on the AdhereTech Smart Pill Bottle, a personal medical device leveraging IOT technology to address medication adherence. The AdhereTech Smart Pill Bottle is currently used by leading pharmaceutical companies and pharmacies across the globe. Kablooe’s many medical device design projects include the world class design and development of the Rezum® surgical system. Kablooe went from beginning to end with NxThera to get the Rezum® system into hospitals and clinics in the U.S. and worldwide, leading to its acquisition by Boston Scientific. Nonin Medical has also regularly partnered with Kablooe, and most recently they worked together to create a patient monitoring solution that was easy to use and provided consistent measurements time after time in a rugged, reliable way for emergency responders. CEO and Chairman of Forward Industries Terry Wise commented, “The integrated service offering combining the first-rate competencies of both Kablooe and IPS underpins our acquisition strategy. Forward’s ability to provide excellence in medical device design and engineering, a fast-growing sector, clearly positions the company for continued growth.” About IPS IPS, a subsidiary of Forward Industries (NASDAQ: FORD), is an award-winning global product design and development company that is headquartered in New York. IPS offers expert product design and engineering services, including Internet of Things (IoT) and wearable technology solutions. Its clients are among the leading brands in consumer electronics, medical devices, enterprise and security solution providers, and IoT-connected solutions, including AdhereTech, Google, Physio Control, Zebra Technologies, and charity: water. To learn more about IPS, visit http://www.intelligentproduct.solutions or contact info@ips-yes.com or @IPSdesigners. About Kablooe Kablooe, founded in 1991, is a leading product design and development company that is headquartered in Minneapolis, Minnesota. Kablooe offers expert product design and engineering service. Its clients are among the leading brands in consumer electronics and medical devices. To learn more about Kablooe, visit www.kablooe.com. About Forward Industries Incorporated in 1962, and headquartered in Long Island, New York, Forward Industries is a global design, manufacturing, sourcing and distribution group. The company has a 30-year plus track record of Far Eastern sourcing capability. Forward’s products can be viewed online at www.forwardindustries.com. For more media information, contact:Lisa Hendrickson/LCH Communications516-767-8390lisa@lchcommunications.com

  • Ford Nabs Six-Year Partnership To Use Google’s Cloud Tech, Apps
    SmarterAnalyst

    Ford Nabs Six-Year Partnership To Use Google’s Cloud Tech, Apps

    Ford Motor has formed a six-year partnership to use Google’s artificial intelligence, data analytics, and cloud platforms to help with the automaker’s digital transformation and modernization of its operations. Ford shares rose 3.2% in Tuesday’s pre-market session after closing almost 3% higher a day earlier. As part of the partnership, which will commence in 2023, Ford (F) will deploy Google Cloud as its preferred cloud provider, power future Ford and Lincoln vehicles with the Android operating system and make use of Google apps and other built-in services, including Google Maps, Google Play and voice technology such as Google Assistant. “As Ford continues the most profound transformation in our history with electrification, connectivity and self-driving, Google and Ford coming together establishes an innovation powerhouse truly able to deliver a superior experience for our customers and modernize our business,” said Ford CEO Jim Farley. “We are obsessed with creating must-have, distinctively Ford products and services. This integration will unleash our teams to innovate for Ford and Lincoln customers while seamlessly providing access to Google’s world-class apps and services.” In addition, Ford and Google (GOOGL) will set up a collaborative group called Team Upshift, which will include staff and assets of both companies. The new group will work on personalized consumer experiences in retail such as buying a vehicle, and disruptive, data-driven technologies. As a result of the partnership, Ford seeks to accelerate the modernization of its product development and manufacturing and supply chain management. This may include using vision AI for manufacturing employee training. F shares have soared 25% over the past month, taking their three-month gain to 37%. (See Ford stock analysis on TipRanks). J.P. Morgan analyst Ryan Brinkman this month lifted the stock’s rating to Buy from Hold with a Street-high $14 price target, citing the “incoming tide of hot new products,” which he expects will “bring substantial volume, mix, and pricing benefits.” Among the new products, the analyst mentioned is the new Mustang Mach-E all-electric crossover vehicle. Earlier this month, Deutsche Bank analyst Emmanuel Rosner put the stock on his Catalyst Buy list as he sees room for share gains in the short-term in view of the automaker’s electric-vehicle and autonomous-driving plans. However, for now, Rosner stuck to his Hold rating and $9 price target. Meanwhile, the rest of the Street is sidelined on the stock with a Hold consensus rating. That’s based on 6 Holds, 4 Buys and 2 Sells. The average analyst price target stands at $10.10, indicating downside potential of about 6.7% from current levels. Related News: EU Sets March Deadline On Microsoft’s $7.5B Deal To Buy ZeniMax JD Sports To Buy DTLR For $495M In US Push; Shares Spike 7% Colgate-Palmolive Tops 4Q Estimates Driven By Strong Consumer Demand More recent articles from Smarter Analyst: Virgin Galactic Shares Pop 14% Pre-Market After Flight Test Program Update Cirrus' 3Q Sales Beat Estimates On Smartphone Demand; Shares Fall 7% Kennametal’s 2Q Sales Crush Analysts' Estimates Eaton To Buy Cobham Mission Systems For $2.8M; Shares Gain