Forward Industries Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2012; Provides Gross Profit Margin Guidance for the Fiscal Year 2012
August 20, 2012 at 05:10 pm
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Forward Industries Inc. reported consolidated earnings results for the third quarter and nine months ended June 30, 2012. For the quarter, the company reported net sales of $7,664,252 against $6,156,543 for the same period last year. Net sales increased due to higher sales of Diabetic Products, which increased $1.8 million. The increase in Diabetic Products sales was offset, in part, by a decrease in other products sales of $0.3 million. Loss from operations was $613,089 against $494,583 for the same period last year. Loss from continuing operations before taxes was $630,853 against $463,748 for the same period last year. Loss from continuing operations was $630,853 or $0.08 per basic and diluted share against $407,698 or $0.05 per basic and diluted share for the same period last year. Net loss was $3,308,928 or $0.41 per basic and diluted share against $682,724 or $0.08 per basic and diluted share for the same period last year.
For the nine months, the company reported net sales of $20,049,363 against $17,121,017 for the same period last year. Net sales increased due primarily to higher sales of Diabetic Products, which increased $2.4 million, and to a lesser extent, higher sales of other products, which increased $0.5 million. Loss from operations was $1,686,675 against $964,220 for the same period last year. Loss from continuing operations before taxes was $1,643,767 against $886,148 for the same period last year. Loss from continuing operations was $1,643,767 or $0.20 per basic and diluted share against $830,098 or $0.10 per basic and diluted share for the same period last year. Net loss was $6,365,983 or $0.78 per basic and diluted share against $1,220,037 or $0.15 per basic and diluted share for the same period last year.
The company estimates gross profit margin would be closer to those seen in the first half of fiscal 2012.
Forward Industries, Inc. is a design, sourcing and distribution company serving medical and technology customers worldwide. The Company operates through the two segments: OEM distribution and design. The Companyâs design segment provides hardware and software product design and engineering services to customers predominantly located in the United States. The Companyâs OEM distribution segment sources and sells carrying cases and other accessories for medical monitoring and diagnostic kits, as well as a variety of other portable electronic and non-electronic devices to original equipment manufacturers (OEMs), or their contract manufacturers worldwide, that either package its products as accessories in box together with their branded product offerings or sell them through their retail distribution channels. Its subsidiaries include Forward Industries (IN), Inc., Forward Industries (Switzerland) GmbH, Forward Industries UK Limited and others.
Forward Industries Inc. Reports Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 30, 2012; Provides Gross Profit Margin Guidance for the Fiscal Year 2012