Business
Forward Reports Fiscal 2023 Second Quarter Results
HAUPPAUGE, N.Y., May 12, 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., May 12, 2023 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a global design, manufacturing, sourcing and distribution group, today announced financial results for its second quarter ended March 31, 2023. Second Quarter Fiscal Year 2023 Financial Highlights Revenues were $10.7 million, an increase of 3.9% from $10.3 million for the second quarter of fiscal year 2022.Gross margin declined to 14.2% compared to 21.8% for the second quarter of fiscal year 2022.Operating loss was $0.8 million compared to $0.3 million for the second quarter of fiscal year 2022. Basic and diluted loss per share was $0.09 compared to $0.04 for the second quarter of fiscal year 2022.Cash balance of $2.4 million at March 31, 2023 as compared to $2.6 million at September 30, 2022. Terry Wise, Chief Executive Officer of Forward Industries, stated “During the quarter, whilst the positive momentum within our design division was sustained, the group continued to be adversely impacted by the poor performance within retail and OEM divisions. These complex legacy and logistical challenges are being actively addressed. Upon resolution of these challenges, I am hopeful that these efforts will be reflected in a positive performance for the entire group.” The tables below are derived from the Company’s consolidated financial statements included in its Form 10-Q filed on May 12, 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 March 31, 2023 and 2022. 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 (Brian to review based on quote) 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 and hopeful that our efforts will be reflected in a positive performance for the entire group. Forward has tried to identify these forward-looking statements by using words such as “may”, “should,” “expect,” “hope,” “anticipate...