Forward Reports Fiscal 2021 Third Quarter Results

Revenues of $10.0 million and operating income of $0.3 million for the quarter

HAUPPAUGE, N.Y., Aug. 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 third fiscal quarter ended June 30, 2021.

Third Quarter 2021 Financial Highlights

• Revenues were $10.0 million, an increase of 5.3% from $9.5 million for the three months ended June 30, 2020.
  
  
• Gross margin improved to 21.9% compared to 18.6% for the three months ended June 30, 2020.
  
  
• Operating income was $0.3 million compared to an operating loss of $0.2 million for the three months ended June 30, 2020.
  
  
• Net income was $0.2 million compared to a net loss of $0.2 million for the three months ended June 30, 2020.
  
  
• Basic and diluted earnings/(loss) per share was $0.02 compared to $(0.02) for the three months ended June 30,2020.
  
  
• Cash and cash equivalents totaled $1.6 million at June 30, 2021.
  

Terry Wise, Chief Executive Officer of Forward Industries, stated, “A very pleasing set of results for the quarter, showing a clear trend in improvement of Forward’s performance. Although we continue to be hampered by difficult trading conditions, we have grown across all divisions relative to the previous quarter. While the design division remains robust, with a strong pipeline, the expansion and diversification of products within our distribution division continues its momentum.

I am cautiously optimistic that during the final quarter, we will complete the fiscal year on solid footing with strong year on year performance.”

The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on August 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 quarter ended June 30, 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, trend in the improvement of our business and momentum of our expansion and diversification. 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, continued supply chain issues, inability of our design division’s customers to pay for our services, unanticipated issues with our affiliated sourcing agent, issues at Chinese factories that we source our products as a result of the pandemic or otherwise, 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