Forward Reports Fiscal 2017 Third Quarter Results
August 14 2017 - 4:01PM
Forward Industries, Inc. (NASDAQ:FORD), a designer and distributor
of custom carry and protective solutions, today announced financial
results for its third fiscal quarter ended June 30, 2017.
Third Quarter 2017 Financial
Highlights
- 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.
Terry Wise, Chief Executive Officer of Forward
Industries, stated, “We continue to focus our efforts to safeguard
and grow our existing business with our top tier Medical customers.
Concurrently, we have made promising progress on aggressively
seeking new business within other growing market sectors in the
medical industry. Additionally, we have actively cultivated
opportunities within other diversified industries. To bolster our
efforts, I am extremely pleased to announce that we have
successfully recruited a senior sales professional with a proven
track record into the senior management team. In the context of
these encouraging developments, I remain hopeful that our
streamlined business is set directionally on a path to growth in
the future.”
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 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 |
(UNAUDITED) |
|
|
|
|
|
For the Three Months
Ended June 30, |
|
For the Nine Months
Ended June 30, |
|
2017 |
|
2016 |
|
2017 |
|
2016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
revenues |
$ |
7,332,722 |
|
$ |
6,664,700 |
|
|
$ |
18,456,846 |
|
$ |
20,828,036 |
|
Cost of goods sold |
|
6,054,812 |
|
|
5,586,460 |
|
|
|
15,304,021 |
|
|
17,026,895 |
|
Gross
profit |
|
1,277,910 |
|
|
1,078,240 |
|
|
|
3,152,825 |
|
|
3,801,141 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
551,925 |
|
$ |
77,956 |
|
|
$ |
465,887 |
|
$ |
466,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
551,925 |
|
$ |
77,956 |
|
|
$ |
465,887 |
|
$ |
466,339 |
|
Other
comprehensive income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Translation adjustments |
|
- |
|
|
918 |
|
|
|
- |
|
|
2 |
|
Comprehensive
income |
$ |
551,925 |
|
$ |
78,874 |
|
|
$ |
465,887 |
|
$ |
466,341 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
8,855,885 |
|
|
8,586,879 |
|
|
|
8,716,030 |
|
|
8,492,222 |
|
Diluted |
|
8,906,846 |
|
|
8,679,619 |
|
|
|
8,816,432 |
|
|
8,661,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORWARD INDUSTRIES, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
|
|
|
|
|
June
30, |
|
September
30, |
|
2017 |
|
2016 |
|
(Unaudited) |
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
Cash |
$ |
4,061,277 |
|
|
$ |
4,760,620 |
|
Accounts
receivable |
|
6,637,431 |
|
|
|
4,864,423 |
|
Inventories |
|
1,829,016 |
|
|
|
2,572,980 |
|
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 |
|
Other assets |
|
12,843 |
|
|
|
12,843 |
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
12,772,031 |
|
|
$ |
12,395,317 |
|
|
|
|
|
|
|
|
|
Liabilities and
shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable |
$ |
74,311 |
|
|
$ |
62,136 |
|
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 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
40,918 |
|
|
|
51,486 |
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
4,035,250 |
|
|
|
4,221,039 |
|
|
|
|
|
|
|
|
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 deficit |
|
(9,208,918 |
) |
|
|
(9,674,805 |
) |
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
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