Business
Forward Reports Fiscal 2020 First Quarter Results
WEST PALM BEACH, Fla., Feb. 14, 2020 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of
About this update from Forward Industries, Inc.
[{"type":"text","content":"WEST PALM BEACH, Fla., Feb. 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 distributor of carry and protective solutions, today announced financial results for the first quarter of fiscal year ended September 30, 2020.\n First Quarter 2020 Financial Highlights Loss from Operations was $29 thousand compared to loss from operations of $481 thousand for the first quarter of 2019. Revenues were $8.4 million compared to $10.2 million compared to the first quarter of 2019. Gross profit percentage increased to 20.5% compared to 12.8% in the first quarter of 2019. Net loss for the quarter was $82 thousand compared to net loss of $531 thousand in the first quarter of 2019. Loss per share was $.01 per share compared to $.06 per share for the first quarter of 2019. Terry Wise, Chief Executive Officer of Forward Industries, stated, “During this first quarter, we believe we have made solid progress in diversifying into profitable and growing sectors. Our range of smart enabled retail products has gained solid traction– the response to Mooni lighting product featured on TV in the Good Morning America Christmas gift program was strong - and we are testing our smart range of lighting with a major retailer. In light of these achievements, together with the healthy profitability attained within our design division, I am hugely encouraged at the start of our fiscal year and very much look forward to the rest of the year with confidence.\" The tables below are derived from the Company’s condensed consolidated financial statements included in its Form 10-Q filed on February 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 quarter ended December 31, 2019 and 2018. 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 1...