Forward Reports Fiscal 2021 First Quarter Results

Written by Customer Service on . Posted in Earnings Releases And Operating Results.

HAUPPAUGE, 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 IndustriesForward 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

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