Business
Forward Reports Fiscal 2023 First Quarter Results
HAUPPAUGE, N.Y., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a global design, manufacturing, sourcing and distribution group,
About this update from Forward Industries, Inc.
[{"type":"text","content":"HAUPPAUGE, N.Y., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a global design, manufacturing, sourcing and distribution group, today announced financial results for its first quarter ended December 31, 2022. First Quarter Fiscal Year 2023 Financial Highlights Revenues were $10.8 million, a decrease of 6.9% from $11.6 million for the first quarter of fiscal year 2022.Gross margin declined to 17.7% compared to 22.5% for the first quarter of fiscal year 2022.Operating loss was $0.5 million compared to operating income of $0.2 million for the first quarter of fiscal year 2022. Net loss was $0.4 million compared to net income of $0.2 million for the first quarter of fiscal year 2022.Basic and diluted (loss)/earnings per share was $(0.04) compared to $0.02 for the first quarter of fiscal year 2022.Cash balance of $2.3 million at December 31, 2022 as compared to $2.6 million at September 30, 2022. Terry Wise, Chief Executive Officer of Forward Industries, stated, “This has clearly been a disappointing quarter and start to the fiscal year. Whilst the design division continued to grow, the legacy and logistical challenges within the retail and the OEM divisions have impacted the group’s performance. We are actively addressing these complex issues, and I am confident that in time these will be reflected in a positive performance.” The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on February 14, 2023 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 December 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 Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our optimism for improved performance in fiscal year 2023. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate,” “believe,”...