Business
Forward Reports Fiscal 2022 Second Quarter Results
HAUPPAUGE, N.Y., May 12, 2022 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a single source solution provider for the full spectrum of hardware
About this update from Forward Industries, Inc.
[{"type":"text","content":"HAUPPAUGE, N.Y., May 12, 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 second quarter ended March 31, 2022. Second Quarter Fiscal 2022 Financial Highlights Revenues were $10.3 million, an increase of 22.6% from $8.4 million for the three months ended March 31, 2021.Gross margin improved to 21.8% compared to 20.8% for the three months ended March 31, 2021.Operating loss was $0.3 million compared to $0.8 million for the three months ended March 31, 2021. Net loss was $0.4 million compared to $0.8 million for the three months ended March 31, 2021.Basic and diluted loss per share was $0.04 compared to $0.08 for the three months ended March 31, 2021.Cash balance of $1.5 million at March 31, 2022 as compared to $1.4 million at September 30, 2021. Terry Wise, Chief Executive Officer of Forward Industries, stated “I am overall pleased with our improved Q2 2022 fiscal year results. The resilient performance of the business is largely due to continued strong results within our design division, principally IPS. This has helped offset the ongoing logistical difficulties within retail and we are proactively seeking solutions to mitigate these challenges. Finally, the OEM distribution sector remains as per expectations, and we continue to focus our resources away from the declining diabetic sector. Based on our second quarter performance, and our internal proactive efforts, I continue to remain cautiously optimistic for the remainder fiscal year.” The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on May 12, 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 March 31, 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...