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Forward Industries Announces First Quarter Results With Sales Up 30% and Net Income Up Over 300%; Company Reports Fifth Consecutive Quarter of Profitability
TUESDAY, JANUARY 21, 2003 12:20 PM
- BusinessWire
POMPANO BEACH, Fla., Jan 21, 2003 (BUSINESS WIRE) -- Forward Industries, Inc. (FORD) , a designer and distributor of custom carrying case solutions, today announced results for its first quarter ended December 31, 2002.
See attached tables.
First Quarter 2003 Financial Highlights -- compared to first quarter 2002 results
-- Net sales increased 30% to $5.7 million.
-- Operating income more than tripled to $545,611.
-- Net income more than quadrupled to $559,146 or $.10 per
diluted share.
Jerome E. Ball, Chairman and Chief Executive Officer of Forward, stated, "We are very pleased to report our fifth consecutive quarter of profitability. The higher sales levels achieved were due to increased orders for both our home medical equipment cases and cellular phone cases. The continued strong sales of our diabetic monitoring equipment carrying cases reflect the efforts we have made to penetrate this important market. We generated approximately $640,000 in sales to third parties under our license agreement with Motorola, up 28% from the same period last year. Importantly, we are now selling our products into more than 20 countries under this license agreement, which further expands our customer base.
"Operating expenses as a percentage of net sales decreased to 23% from 29% in the first quarter of fiscal 2002. These results demonstrate our ability to increase revenues without a corresponding increase in our operating expenses."
Mr. Ball continued, "Our financial position remains strong with $1.4 million in cash and no borrowings outstanding under our line of credit at December 31, 2002. During the quarter, we repurchased 35,200 shares of the Company's common stock under the 400,000-share buyback program that we announced in September, and we plan to buy additional shares, subject to market conditions."
Mr. Ball concluded, "We are optimistic about the remainder of fiscal 2003 and beyond. We are focused on capitalizing on our core markets, and further expanding our relationships with our existing customer base. We look forward to reporting our progress."
About Forward Industries
Forward Industries, Inc. designs and distributes custom carrying case solutions primarily for cellular phones and medical monitoring equipment. The Company sells its products directly to original equipment manufacturers and recently began marketing a line of Carry Solutions under the "Motorola" brand name. Forward's products can be viewed online at www.fwdinnovations.com and www.forwardindustries.com.
Statements in this press release other than statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties, identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.
FORWARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
December 31,
-----------------------
2002 2001
----------- -----------
Net sales $5,691,642 $4,377,073
Cost of goods sold 3,851,623 2,925,947
----------- -----------
Gross profit 1,840,019 1,451,126
----------- -----------
Operating expenses:
Selling 674,420 755,215
General and administrative 619,988 521,904
----------- -----------
Total operating expenses 1,294,408 1,277,919
----------- -----------
Income from operations 545,611 174,007
----------- -----------
Other income (expense):
Interest expense (1,401) (21,645)
Interest income 3,137 7,315
Other income (expense) 36,799 (4,539)
----------- -----------
Total other income (expense) 38,535 (18,869)
----------- -----------
Income before provision for income taxes 584,146 155,138
Provision for income taxes 25,000 16,900
----------- -----------
Net income $559,146 $138,238
=========== ===========
NET INCOME PER COMMON AND COMMON EQUIVALENT
SHARE
Basic $0.10 $0.02
=========== ===========
Diluted $0.10 $0.02
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING
Basic 5,813,908 5,825,641
=========== ===========
Diluted 5,813,908 5,825,641
=========== ===========
FORWARD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
December September
31, 30,
2002 2002
----------- -----------
ASSETS (Unaudited)
------
CURRENT ASSETS
Cash and cash equivalents $1,391,525 $1,207,311
Accounts receivable, net 3,873,595 2,680,916
Inventories 1,182,426 718,986
Prepaid expenses and other current assets 128,688 219,124
Deferred tax asset 15,500 15,500
----------- -----------
Total current assets 6,591,734 4,841,837
Property, plant and equipment - net 346,480 341,187
Deferred tax asset 161,700 164,500
Other assets 41,337 41,337
----------- -----------
Total Assets $7,141,251 $5,388,861
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $2,410,085 $1,306,381
Accrued expenses and other current
liabilities 423,627 291,984
Current portion of capital lease obligations 28,279 27,814
----------- -----------
Total current liabilities 2,861,991 1,626,179
Long term portion of capital lease obligations 51,504 58,751
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, 4,000,000 authorized
shares, par value $.01; none issued -- --
Common stock, 40,000,00 authorized shares,
par value $.01; 6,286,531
shares issued (including 496,090 and
460,890, respectively held in
treasury) 62,865 62,865
Paid-in capital 8,251,780 8,251,780
Accumulated deficit (3,369,681) (3,928,827)
----------- -----------
4,944,964 4,385,818
Less: Cost of shares in treasury (717,208) (681,887)
----------- -----------
Total stockholders' equity 4,227,756 3,703,931
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,141,251 $5,388,861
=========== ===========
Forward Industries, Inc.
Jerome E. Ball, 954/419-9544
or
Investor Relations Counsel
The Equity Group Inc.
Loren Mortman, 212/836-9604
lmortman@equityny.com
www.theequitygroup.com
www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.
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Forward Industries Announces First Quarter Results With Sales Up 30% and Net Income Up Over 300%; Company Reports Fifth Consecutive Quarter of Profitability
TUESDAY, JANUARY 21, 2003 12:20 PM
- BusinessWire
POMPANO BEACH, Fla., Jan 21, 2003 (BUSINESS WIRE) -- Forward Industries, Inc. (FORD) , a designer and distributor of custom carrying case solutions, today announced results for its first quarter ended December 31, 2002.
See attached tables.
First Quarter 2003 Financial Highlights -- compared to first quarter 2002 results
-- Net sales increased 30% to $5.7 million.
-- Operating income more than tripled to $545,611.
-- Net income more than quadrupled to $559,146 or $.10 per
diluted share.
Jerome E. Ball, Chairman and Chief Executive Officer of Forward, stated, "We are very pleased to report our fifth consecutive quarter of profitability. The higher sales levels achieved were due to increased orders for both our home medical equipment cases and cellular phone cases. The continued strong sales of our diabetic monitoring equipment carrying cases reflect the efforts we have made to penetrate this important market. We generated approximately $640,000 in sales to third parties under our license agreement with Motorola, up 28% from the same period last year. Importantly, we are now selling our products into more than 20 countries under this license agreement, which further expands our customer base.
"Operating expenses as a percentage of net sales decreased to 23% from 29% in the first quarter of fiscal 2002. These results demonstrate our ability to increase revenues without a corresponding increase in our operating expenses."
Mr. Ball continued, "Our financial position remains strong with $1.4 million in cash and no borrowings outstanding under our line of credit at December 31, 2002. During the quarter, we repurchased 35,200 shares of the Company's common stock under the 400,000-share buyback program that we announced in September, and we plan to buy additional shares, subject to market conditions."
Mr. Ball concluded, "We are optimistic about the remainder of fiscal 2003 and beyond. We are focused on capitalizing on our core markets, and further expanding our relationships with our existing customer base. We look forward to reporting our progress."
About Forward Industries
Forward Industries, Inc. designs and distributes custom carrying case solutions primarily for cellular phones and medical monitoring equipment. The Company sells its products directly to original equipment manufacturers and recently began marketing a line of Carry Solutions under the "Motorola" brand name. Forward's products can be viewed online at www.fwdinnovations.com and www.forwardindustries.com.
Statements in this press release other than statements of historical fact are "forward-looking statements." Such statements are subject to certain risks and uncertainties, identified from time to time in the Company's filings with the Securities and Exchange Commission that could cause actual results to differ materially from any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any interest or obligations to update these forward-looking statements.
FORWARD INDUSTRIES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three Months Ended
December 31,
-----------------------
2002 2001
----------- -----------
Net sales $5,691,642 $4,377,073
Cost of goods sold 3,851,623 2,925,947
----------- -----------
Gross profit 1,840,019 1,451,126
----------- -----------
Operating expenses:
Selling 674,420 755,215
General and administrative 619,988 521,904
----------- -----------
Total operating expenses 1,294,408 1,277,919
----------- -----------
Income from operations 545,611 174,007
----------- -----------
Other income (expense):
Interest expense (1,401) (21,645)
Interest income 3,137 7,315
Other income (expense) 36,799 (4,539)
----------- -----------
Total other income (expense) 38,535 (18,869)
----------- -----------
Income before provision for income taxes 584,146 155,138
Provision for income taxes 25,000 16,900
----------- -----------
Net income $559,146 $138,238
=========== ===========
NET INCOME PER COMMON AND COMMON EQUIVALENT
SHARE
Basic $0.10 $0.02
=========== ===========
Diluted $0.10 $0.02
=========== ===========
WEIGHTED AVERAGE NUMBER OF COMMON AND COMMON
EQUIVALENT SHARES OUTSTANDING
Basic 5,813,908 5,825,641
=========== ===========
Diluted 5,813,908 5,825,641
=========== ===========
FORWARD INDUSTRIES, INC.
CONSOLIDATED BALANCE SHEETS
December September
31, 30,
2002 2002
----------- -----------
ASSETS (Unaudited)
------
CURRENT ASSETS
Cash and cash equivalents $1,391,525 $1,207,311
Accounts receivable, net 3,873,595 2,680,916
Inventories 1,182,426 718,986
Prepaid expenses and other current assets 128,688 219,124
Deferred tax asset 15,500 15,500
----------- -----------
Total current assets 6,591,734 4,841,837
Property, plant and equipment - net 346,480 341,187
Deferred tax asset 161,700 164,500
Other assets 41,337 41,337
----------- -----------
Total Assets $7,141,251 $5,388,861
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Accounts payable $2,410,085 $1,306,381
Accrued expenses and other current
liabilities 423,627 291,984
Current portion of capital lease obligations 28,279 27,814
----------- -----------
Total current liabilities 2,861,991 1,626,179
Long term portion of capital lease obligations 51,504 58,751
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY
Preferred stock, 4,000,000 authorized
shares, par value $.01; none issued -- --
Common stock, 40,000,00 authorized shares,
par value $.01; 6,286,531
shares issued (including 496,090 and
460,890, respectively held in
treasury) 62,865 62,865
Paid-in capital 8,251,780 8,251,780
Accumulated deficit (3,369,681) (3,928,827)
----------- -----------
4,944,964 4,385,818
Less: Cost of shares in treasury (717,208) (681,887)
----------- -----------
Total stockholders' equity 4,227,756 3,703,931
----------- -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $7,141,251 $5,388,861
=========== ===========
Forward Industries, Inc.
Jerome E. Ball, 954/419-9544
or
Investor Relations Counsel
The Equity Group Inc.
Loren Mortman, 212/836-9604
lmortman@equityny.com
www.theequitygroup.com
www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2003 Business Wire. All rights reserved.