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Forward Reports Fiscal 2022 Third Quarter Results

·7 minuto per la lettura
Forward Industries
Forward Industries

HAUPPAUGE, N.Y., Aug. 10, 2022 (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 distributor of carry and protective solutions, today announced financial results for its third quarter ended June 30, 2022.

Third Quarter Fiscal 2022 Financial Highlights

  • Revenues were $10.6 million, an increase of 6.0% from $10.0 million for the three months ended June 30, 2021.

  • Gross margin declined to 18.1% compared to 21.9% for the three months ended June 30, 2021.

  • Operating loss was $0.4 million compared to operating income of $0.3 million for the three months ended June 30, 2021.

  • Net loss was $0.4 million compared to net income of $0.2 million for the three months ended June 30, 2021.

  • Basic and diluted (loss)/earnings per share was $(0.04) compared to $0.02 for the three months ended June 30, 2021.

  • Cash balance of $2.3 million at June 30, 2022 as compared to $1.4 million at September 30, 2021.

Terry Wise, Chief Executive Officer of Forward Industries, stated “Our revenues continued to improve but this was a predictably challenging quarter as the unprecedented logistical challenges continue. Our design division, principally IPS, continued to perform strongly. OEM performed in line with expectations. We have started to implement measures to mitigate the retail supply chain cost pressures, which we expect will help improve the financial performance of our retail division in future periods. I therefore believe that we will close out our fiscal year on a stronger footing despite the significant challenges facing the business.”

The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on August 10, 2022 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, 2022 and 2021. Please also refer to the Company’s Form 10-K for a discussion of risk factors applicable to the Company and its business.

Cautionary 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 belief regarding how we will finish the fiscal year. 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, 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, 2021 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 its 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.

For more information, contact:
Anthony Camarda, CFO, Forward Industries, Inc.
(631) 547-3041, acamarda@forwardindustries.com


FORWARD INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

June 30,

 

September 30,

 

 

 

 

 

2022

 

 

 

2021

 

Assets

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

Cash

 

$

2,277,635

 

 

$

1,410,365

 

 

Accounts receivable, net

 

8,738,264

 

 

 

8,760,715

 

 

Inventories, net

 

4,871,734

 

 

 

2,062,557

 

 

Prepaid expenses and other current assets

 

483,232

 

 

 

561,072

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

16,370,865

 

 

 

12,794,709

 

 

 

 

 

 

 

 

Property and equipment, net

 

234,401

 

 

 

167,997

 

Intangible assets, net

 

1,159,090

 

 

 

1,318,658

 

Goodwill

 

1,758,682

 

 

 

1,758,682

 

Operating lease right of use assets, net

 

3,633,267

 

 

 

3,743,242

 

Other assets

 

72,251

 

 

 

72,251

 

 

 

 

 

 

 

 

 

 

 

Total assets

$

23,228,556

 

 

$

19,855,539

 

 

 

 

 

 

 

 

Liabilities and shareholders' equity

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

$

433,412

 

 

$

391,992

 

 

Due to Forward China

 

8,756,217

 

 

 

5,733,708

 

 

Deferred income

 

623,395

 

 

 

187,695

 

 

Current portion of earnout consideration

 

-

 

 

 

25,000

 

 

Current portion of operating lease liability

 

415,494

 

 

 

340,151

 

 

Accrued expenses and other current liabilities

 

1,075,757

 

 

 

529,497

 

 

 

 

Total current liabilities

 

11,304,275

 

 

 

7,208,043

 

 

 

 

 

 

 

 

Other liabilities:

 

 

 

 

Note payable to Forward China

 

1,450,000

 

 

 

1,600,000

 

 

Operating lease liability, less current portion

 

3,407,626

 

 

 

3,559,053

 

 

Earnout consideration, less current portion

 

70,000

 

 

 

45,000

 

 

 

Total other liabilities

 

4,927,626

 

 

 

5,204,053

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

16,231,901

 

 

 

12,412,096

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

Common stock, par value $0.01 per share; 40,000,000 shares authorized;

 

 

 

 

 

10,061,185 shares issued and outstanding at June 30, 2022

 

 

 

 

 

and September 30, 2021

 

100,612

 

 

 

100,612

 

 

Additional paid-in capital

 

20,062,912

 

 

 

19,914,476

 

 

Accumulated deficit

 

(13,166,869

)

 

 

(12,571,645

)

 

 

 

 

 

 

 

 

 

 

Total shareholders' equity

 

6,996,655

 

 

 

7,443,443

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and shareholders' equity

$

23,228,556

 

 

$

19,855,539

 

 

 

 

 

 

 

 


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,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues, net

$

10,588,835

 

 

$

9,964,514

 

 

$

32,517,139

 

 

$

28,077,496

 

Cost of sales

 

8,671,103

 

 

 

7,781,485

 

 

 

25,727,964

 

 

 

21,888,135

 

Gross profit

 

1,917,732

 

 

 

2,183,029

 

 

 

6,789,175

 

 

 

6,189,361

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

664,484

 

 

 

620,737

 

 

 

2,106,263

 

 

 

1,802,134

 

General and administrative expenses

 

1,639,053

 

 

 

1,293,941

 

 

 

5,177,241

 

 

 

5,102,545

 

 

 

 

 

 

 

 

 

(Loss)/income from operations

 

(385,805

)

 

 

268,351

 

 

 

(494,329

)

 

 

(715,318

)

 

 

 

 

 

 

 

 

Gain on forgiveness of note payable

 

-

 

 

 

-

 

 

 

-

 

 

 

(1,356,570

)

Fair value adjustment of earn-out consideration

 

-

 

 

 

10,000

 

 

 

-

 

 

 

(20,000

)

Interest income

 

-

 

 

 

(32,459

)

 

 

-

 

 

 

(88,760

)

Interest expense

 

30,424

 

 

 

45,802

 

 

 

94,115

 

 

 

138,908

 

Other expense, net

 

2,684

 

 

 

1,421

 

 

 

6,780

 

 

 

3,209

 

(Loss)/income before income taxes

 

(418,913

)

 

 

243,587

 

 

 

(595,224

)

 

 

607,895

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

Net (loss)/income

$

(418,913

)

 

$

243,587

 

 

$

(595,224

)

 

$

607,895

 

 

 

 

 

 

 

 

 

(Loss)/earnings per share:

 

 

 

 

 

 

 

Basic

$

(0.04

)

 

$

0.02

 

 

$

(0.06

)

 

$

0.06

 

Diluted

$

(0.04

)

 

$

0.02

 

 

$

(0.06

)

 

$

0.06

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

Basic

 

10,061,185

 

 

 

9,963,969

 

 

 

10,061,185

 

 

 

9,919,579

 

Diluted

 

10,061,185

 

 

 

10,512,893

 

 

 

10,061,185

 

 

 

10,423,108