Forward Reports Fiscal 2020 Third Quarter Results
Revenues of $9.5 million and Net loss of $215 thousand for the quarter
HAUPPAUGE, N.Y., Aug. 14, 2020 (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, 2020.
Third Quarter 2020 Financial Highlights
- Revenues were $9.5 million compared to $9.9 million from the third quarter of 2019 a decrease of 3.6%.
- Gross margin decreased to 18.6% compared to 19.1% in the third quarter of 2019.
- Net loss was $215 thousand compared to a net loss of $104 thousand in the third quarter of 2019.
- Net loss per share was $0.02 compared to net loss per share of $0.01 for the third quarter of 2019.
- Cash and cash equivalents totaled $3.1 million at June 30, 2020.
Terry Wise, Chief Executive Officer of Forward Industries, stated, “Like most other companies, this was a challenging quarter with our business continuing to be adversely impacted by delays within the retail sector and uncertainty which has slowed the growth of our design business. However, overall, I am pleased at the Company’s resilience and performance in spite of these extraordinary trading conditions and am encouraged by recent developments. I continue to have confidence in the future.”
The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on August 14, 2020 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 June 30, 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 Industries
Forward 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 (“IPS”), the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line in to 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 and consumer industries.
|FORWARD INDUSTRIES, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED BALANCE SHEETS|
|June 30,||September 30,|
|Accounts receivable, net||8,264,935||6,695,120|
|Prepaid expenses and other current assets||502,893||441,502|
|Total current assets||12,579,882||11,838,262|
|Property and equipment, net||219,375||243,002|
|Intangible assets, net||1,126,299||1,248,712|
|Operating lease right of use assets, net||3,409,259||-|
|Liabilities and shareholders' equity|
|Line of credit||$||1,000,000||$||1,300,000|
|Due to Forward China||3,199,874||3,236,693|
|Current portion of notes payable||2,196,621||1,654,799|
|Current portion of capital leases payable||24,733||39,941|
|Current portion of operating lease liability||238,413||-|
|Accrued expenses and other current liabilities||625,540||694,972|
|Total current liabilities||8,404,042||8,295,680|
|Capital leases payable, less current portion||15,402||26,438|
|Operating lease liability, less current portion||3,278,908||-|
|Notes payable, less current portion||759,949||-|
|Total other liabilities||4,054,259||87,373|
|Commitments and contingencies|
|Common stock, par value $0.01 per share; 40,000,000 shares authorized;|
|9,583,851 and 9,533,851 shares issued and outstanding at June 30, 2020|
|and September 30, 2019, respectively||95,838||95,338|
|Additional paid-in capital||19,074,747||18,936,130|
|Total shareholders' equity||6,181,943||7,711,299|
|Total liabilities and shareholders' equity||$||18,640,244||$||16,094,352|
|FORWARD INDUSTRIES, INC. AND SUBSIDIARIES|
|CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS|
|For the Three Months Ended June 30,||For the Nine Months Ended June 30,|
|Cost of sales||7,773,944||8,014,998||20,925,017||23,756,862|
|Sales and marketing||464,247||539,072||1,478,880||1,437,047|
|General and administrative||1,485,447||1,405,249||4,324,798||4,676,748|
|Loss from operations||(174,906||)||(49,867||)||(1,870,732||)||(1,605,455||)|
|Fair value adjustment of earn-out consideration||-||-||350,000||-|
|Fair value adjustment of deferred cash consideration||(3,000||)||-||(12,000||)||-|
|Other expense, net||(148||)||(1,979||)||(3,466||)||(9,735||)|
|Net loss per share:|
|Weighted average common shares outstanding:|
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