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.