Forward Reports Fiscal 2017 First Quarter Results
February 13 2017 - 4:03PM
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, 2016.
First Quarter 2017 Financial
Highlights
- Income from Operations was $148 thousand compared to income of
$248 thousand from the first quarter of 2016.
- Revenues were $6.6 million vs $7.1 million when compared to the
first quarter of 2016.
- Gross profit percentage declined to 17.6% in the first quarter
of 2017 compared to 21.3% in the first quarter of 2016.
- Net income was $151 thousand compared to net income of $244
thousand in the first quarter of 2016.
- Earnings per share were $.02 per share compared to $.03 per
share for the first quarter of 2016.
- Cash and cash equivalents totaled $4.2 million at December 31,
2016.
Terry Wise, Chief Executive Officer of Forward
Industries, stated, “This is the seventh consecutive quarter the
company has generated positive income from continuing operations
and Net Income in spite of challenging market conditions. We
have focused our efforts on growing our existing business with our
top tier Medical customers. At the same time, we have enhanced our
salesforce capability in a concerted effort to aggressively seek
new business within diversified industries. Benefiting from
our agile operational platform we have continued to successfully
extend our relationships with our existing customers through long
term sourcing agreements.”
The tables below are derived from the Company’s
unaudited, condensed consolidated financial statements included in
its Quarterly Report on Form 10-Q filed today with the Securities
and Exchange Commission. Please refer to the Form 10-K for complete
financial statements and further information regarding the
Company’s results of operations and financial condition relating to
the fiscal years ended September 30, 2016 and 2015. Please also
refer to the Form 10-K for a discussion of risk factors applicable
to the Company and its business.
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 results from
new sales people. 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 in the 2017 quarter and beyond 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 INCOME STATEMENTS AND
COMPREHENSIVE INCOME |
(UNAUDITED) |
|
|
|
Three Months Ended
December 31, |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
Net
revenues |
$ |
6,591,248 |
|
$ |
7,137,883 |
|
Cost of goods sold |
|
5,432,419 |
|
|
5,615,518 |
|
Gross
profit |
|
1,158,829 |
|
|
1,522,365 |
|
|
|
|
|
Operating
expenses: |
|
|
|
Sales and
marketing |
|
417,527 |
|
|
432,888 |
|
General
and administrative |
|
593,180 |
|
|
841,666 |
|
Total
operating expenses |
|
1,010,707 |
|
|
1,274,554 |
|
|
|
|
|
Income from
operations |
|
148,122 |
|
|
247,811 |
|
|
|
|
|
Other income
(expense): |
|
|
|
Other
income (expense), net |
|
3,370 |
|
|
(3,731 |
) |
Total
other income (expense), net |
|
3,370 |
|
|
(3,731 |
) |
|
|
|
|
Net income |
$ |
151,492 |
|
$ |
244,080 |
|
|
|
|
|
Net income |
$ |
151,492 |
|
$ |
244,080 |
|
Other
comprehensive loss: |
|
|
|
Translation adjustments |
|
- |
|
|
(436 |
) |
Comprehensive
income |
$ |
151,492 |
|
$ |
243,644 |
|
|
|
|
|
Net income per
basic common share |
$ |
0.02 |
|
$ |
0.03 |
|
Net income per
diluted common share |
$ |
0.02 |
|
$ |
0.03 |
|
|
|
|
|
Weighted
average number of common and |
|
|
|
common equivalent shares outstanding: |
|
|
|
Basic |
|
8,621,513 |
|
|
8,387,501 |
|
Diluted |
|
8,757,728 |
|
|
8,621,524 |
|
|
|
|
|
FORWARD INDUSTRIES, INC. AND
SUBSIDIARIES |
|
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
|
|
December
31, |
|
September
30, |
|
|
|
2016 |
|
|
|
2016 |
|
|
|
(Unaudited) |
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
Cash |
$ |
4,240,810 |
|
|
$ |
4,760,620 |
|
|
Accounts
receivable |
|
5,766,740 |
|
|
|
4,864,423 |
|
|
Inventories |
|
2,550,153 |
|
|
|
2,572,980 |
|
|
Prepaid
expenses and other current assets |
|
129,454 |
|
|
|
141,421 |
|
|
|
|
|
|
|
Total
current assets |
|
12,687,157 |
|
|
|
12,339,444 |
|
|
|
|
|
|
|
Property and equipment,
net |
|
37,035 |
|
|
|
43,030 |
|
|
Other assets |
|
12,843 |
|
|
|
12,843 |
|
|
|
|
|
|
|
Total
assets |
$ |
12,737,035 |
|
|
$ |
12,395,317 |
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable |
$ |
145,429 |
|
|
$ |
62,136 |
|
|
Due to
Forward China |
|
3,825,428 |
|
|
|
3,519,676 |
|
|
Accrued
expenses and other current liabilities |
|
342,700 |
|
|
|
587,741 |
|
|
Total
current liabilities |
|
4,313,557 |
|
|
|
4,169,553 |
|
|
|
|
|
|
|
Other liabilities |
|
48,179 |
|
|
|
51,486 |
|
|
|
|
|
|
|
Total
liabilities |
|
4,361,736 |
|
|
|
4,221,039 |
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
|
|
|
Common
stock, par value $0.01 per share; 40,000,000 shares
authorized; |
|
|
|
|
8,780,830
shares issued and outstanding |
|
87,808 |
|
|
|
87,808 |
|
|
Additional paid-in capital |
|
17,832,589 |
|
|
|
17,783,060 |
|
|
Accumulated deficit |
|
(9,523,313 |
) |
|
|
(9,674,805 |
) |
|
Accumulated other comprehensive loss |
|
(21,785 |
) |
|
|
(21,785 |
) |
|
|
|
|
|
|
Total
shareholders' equity |
|
8,375,299 |
|
|
|
8,174,278 |
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
12,737,035 |
|
|
$ |
12,395,317 |
|
|
|
|
|
|
|
Contact:
Forward Industries, Inc.
Michael Matte, CFO
(561) 465-0031
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