Forward Reports Fiscal 2021 Second Quarter Results
May 14 2021 - 5:30PM
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 second fiscal quarter ended March 31,
2021.
Second Quarter 2021 Financial
Highlights
- Revenues were $8.4 million, an
increase of 6.3% from $7.9 million for the three months ended March
31, 2020.
- Gross margin improved to 20.8%
compared to 18.3% for the three months ended March 31, 2020.
- Operating loss was $0.8 million
compared to $1.7 million for the three months ended March 31,
2020.
- Net loss was $0.8 million compared
to $1.4 million for the three months ended March 31, 2020.
- Basic and diluted loss per share
was $0.08 compared to $0.14 for the three months ended March
31,2020.
- Cash and cash equivalents totaled
$1.5 million at March 31, 2021.
Terry Wise, Chief Executive Officer of Forward
Industries, stated, “In spite of the ongoing challenging trading
environment, I am pleased to report another quarter of solid
financial results for the second quarter. Both revenues and gross
margin have continued to improve year on year, with promising signs
within retail. The enlarged design division remains robust with a
steady pipeline of work.
In light of this resilient performance, and as
trading conditions ease, I continue to be optimistic of the group’s
prospects during the second half of the fiscal year.”
The tables below are derived from the Company’s
condensed consolidated financial statements included in its Form
10-Q filed on May 13, 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
quarter ended March 31, 2021 and 2020. 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 pipeline of
work and prospects for the second half of the fiscal year.
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, failure to commercialize products that we develop, a long
delay in the re-opening of retail stores in the U.S, as a result of
the pandemic, changes in consumer purchasing as a result of
unemployment, unanticipated issues with our affiliated sourcing
agent, issues at Chinese factories that we source our products as a
result of the pandemic, 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, 2020 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 provider to top tier medical
and technology customers worldwide. Through its acquisitions 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 handheld
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 (631)
547-3041
Forward Industries (NASDAQ:FORD)
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