Forward Reports Fiscal 2020 Third Quarter Results

Nachrichtenquelle: globenewswire
14.08.2020, 22:15  |  108   |   |   

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.

Contact:        

Forward Industries, Inc.                                        
Anthony Camarda
acamarda@forwardindustries.com                    
(631) 547-3041

 
 
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
             
        June 30,   September 30,
          2020       2019  
        (Unaudited)        
Assets                
                     
Current assets:              
  Cash   $ 3,084,635     $ 3,092,813  
  Accounts receivable, net   8,264,935       6,695,120  
  Inventories   727,419       1,608,827  
  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  
Goodwill   1,167,427       2,182,427  
Investment   -       326,941  
Operating lease right of use assets, net   3,409,259       -  
Other assets   138,002       255,008  
                     
      Total assets $ 18,640,244     $ 16,094,352  
                     
Liabilities and shareholders' equity              
                     
Current liabilities:              
  Line of credit $ 1,000,000     $ 1,300,000  
  Accounts payable   297,098       315,444  
  Due to Forward China   3,199,874       3,236,693  
  Deferred income   525,763       219,831  
  Current portion of notes payable   2,196,621       1,654,799  
  Current portion of capital leases payable   24,733       39,941  
  Deferred consideration   296,000       834,000  
  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  
                     
Other liabilities:              
  Capital leases payable, less current portion   15,402       26,438  
  Deferred rent   -       60,935  
  Operating lease liability, less current portion   3,278,908       -  
  Notes payable, less current portion   759,949       -  
    Total other liabilities   4,054,259       87,373  
                     
      Total liabilities   12,458,301       8,383,053  
                     
Commitments and contingencies              
                     
Shareholders' equity:              
                     
  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  
  Accumulated deficit   (12,988,642 )     (11,320,169 )
                     
      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
(UNAUDITED)
         
    For the Three Months Ended June 30,   For the Nine Months Ended June 30,
      2020       2019       2020       2019  
                                 
                                 
Revenues, net   $ 9,548,732     $ 9,909,452     $ 25,872,963     $ 28,265,202  
Cost of sales     7,773,944       8,014,998       20,925,017       23,756,862  
Gross profit     1,774,788       1,894,454       4,947,946       4,508,340  
                                 
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  
Goodwill impairment     -       -       1,015,000       -  
                                 
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 )     -  
Interest expense     (37,148 )     (52,216 )     (132,275 )     (150,304 )
Other expense, net     (148 )     (1,979 )     (3,466 )     (9,735 )
                                 
Net loss   $ (215,202 )   $ (104,062 )   $ (1,668,473 )   $ (1,765,494 )
                                 
Net loss per share:                                
Basic   $ (0.02 )   $ (0.01 )   $ (0.18 )   $ (0.19 )
Diluted   $ (0.02 )   $ (0.01 )   $ (0.18 )   $ (0.19 )
                                 
Weighted average common shares outstanding:                                
Basic     9,534,407       9,533,851       9,534,034       9,531,422  
Diluted     9,534,407       9,533,851       9,534,034       9,531,422  
                                 

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