Forward-looking reports on the results of the financial year 2021
HAUPPAUGE, NY, December 16, 2021 (GLOBE NEWSWIRE) – Forward Industries, Inc. (NASDAQ: FORD), a single-source solution provider for the full range of design and engineering services from hardware and software products, as well that a designer and distributor of carrying and protection solutions, today announced its financial results for the fiscal year ended September 30, 2021.
Full fiscal year 2021 Financial Highlights
- Revenue was $ 39.0 million, an increase of 13.0% from $ 34.5 million from 2020.
- The gross margin improved to 20.8% from 19.3% in 2020.
- The operating loss amounted to $ 0.8 million, compared to $ 2.0 million in 2020.
- Net income was $ 0.5 million (which included a gain of $ 1.4 million from the cancellation of a PPP loan) compared to a net loss of $ 1.8 million in 2020.
- Basic and diluted earnings / (loss) per share was $ 0.05 compared to ($ 0.19) in 2020.
- Cash was $ 1.4 million as of September 30, 2021.
Terry Wise, President and CEO of Forward Industries, said: “I am pleased to end the year profitably in terms of bottom line despite continuing difficult market conditions. Following the successful integration of Kablooe, our design division continued to show strong financial performance, with a strong portfolio of projects. In accordance with our strategy, we have invested in our retail division which is continuing its strong growth. Finally, within the OEM distribution division, we continued to focus on diversifying our products away from the declining diabetic sector.
“Building on this progress, I view the coming year with extremely encouraging prospects and remain cautiously optimistic. “
The tables below are derived from the Company’s consolidated financial statements included in its Form 10-K filed December 16, 2021 with the Securities and Exchange Commission. Please refer to Form 10-K for complete financial statements and further information regarding the Company’s results of operations and financial condition for the years ended September 30, 2021 and 2020. Please also refer to Form 10 -K for a discussion on risk factors applicable to the Company and its activities.
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 portfolio of works and projects, and the substantial growth in our retail business. . Forward has attempted to identify these forward-looking statements by using words such as “may”, “should”, “expect”, “expect”, “anticipate”, “believe”, “intend”, ” plan ”,“ estimate ”and similar expressions. These forward-looking statements are based on information currently available to the Company and are subject to a number of risks, uncertainties and other factors that could cause its actual results, performance, prospects or opportunities to differ. substantially from those expressed or implied by, these forward-looking statements. These risks include the inability to expand our customer base, pricing pressures, unsuccessful salespeople, inability to develop products at profit, inability to market the products we develop, persistent problems. supply chain, the inability of customers in our design division to pay for our services, unforeseen issues with our affiliate sourcing agent, issues in Chinese factories where we source products as a result of pandemic or otherwise, and the inability to gain acceptance of our products by big box retail stores. No assurance can be given that actual results will be consistent with forward-looking statements. Investors should carefully read the factors described in the “Risk Factors” section of the documents filed by the Company with the SEC, including the Company’s Form 10-K for the fiscal year ended September 30, 2021 for information. on the risk factors that could affect the Company’s results. Except as otherwise provided by federal securities laws, Forward assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in circumstances or to any other reason.
Aabout Forward Industries
Forward is a fully integrated design, development and manufacturing solutions provider for leading medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the company has expanded its ability to design and develop solutions for its existing multinational customer base and to expand beyond the range of diabetic products in a variety of industries with a full spectrum of hardware and software product design and engineering services. In addition to our existing design and distribution of transport and protection solutions, primarily for portable electronic devices, we are now a one-stop-shop for the development of design and manufacturing solutions serving a wide range of customers. in the industrial, commercial, medical and general public sectors. .
For more information, contact:
Anthony Camarda, Chief Financial Officer, Forward Industries, Inc.
(631) 547-3041, [email protected]
|FORWARD INDUSTRIES, INC. AND SUBSIDIARIES|
|Cash||$||1,410,365||$||2 924 627|
|Accounts receivable, net||8,760,715||7,602,316|
|Prepaid expenses and other current assets||561,072||419,472|
|Total current assets||12,794,709||12,222,109|
|Property and equipment, net||167,997||215,323|
|Net intangible assets||1 318 658||1,531,415|
|Operating right of use assets in operating leases, net||3,743,242||3,512,042|
|Total assets||$||19 855 539||$||19 356 268|
|Liabilities and equity|
|Current liabilities :|
|Note payable to Forward China||–||1,600,000|
|Due to shipping from China||5,733,708||3,622,401|
|Current portion of bills payable||–||983,395|
|Current portion of finance lease liabilities||1,523||18 411|
|Current part of the consideration for the earn-out||25,000||45,000|
|Current portion of operating lease liabilities||340,151||259,658|
|Accounts payable and other current liabilities||527,974||615,401|
|Total current liabilities||7,208,043||8 826 366|
|Note payable to Forward China||1,600,000||–|
|Notes payable, less the current portion||–||529,973|
|Operating lease liability, less the current portion||3,559,053||3 359 088|
|Finance lease liability, less current portion||–||12 769|
|Consideration of earnings, less the current portion||45,000||45,000|
|Total other liabilities||5.204.053||3,946,830|
|Commitments and contingencies|
|Common shares, par value $ 0.01 per share; 40,000,000 authorized shares;|
|10,061,185 and 9,883,851 shares issued and outstanding as of September 30, 2021|
|and 2020, respectively||100 612||98 838|
|Premium||19 914 476||19 579 684|
|Accumulated deficit||(12,571,645||)||(13 095 450||)|
|Total liabilities and equity||$||19 855 539||$||19 356 268|
|FORWARD INDUSTRIES, INC. AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF INCOME|
|For the years ended September 30,|
|Cost of sales||30 887 577||27 839 851|
|Gross profit||8 134 419||6 638 507|
|Sales and marketing costs||2,503,518||1,950,704|
|General and administrative expenses||6,395,900||5 655 186|
|Operating loss||(764,999||)||(1 982 383||)|
|Gain on instrument discount payable||(1,356,570||)||–|
|Adjustment of the fair value of the earn-out||(20,000||)||(350,000||)|
|Adjustment to the fair value of the deferred cash consideration||–||16,000|
|Interest income||(88,760||)||(60 932||)|
|Other expenses, net||4,569||3,701|
|Income / (loss) before tax||523,805||(1,766,114||)|
|Provision for income taxes||–||9,167|
|Net income / (loss)||$||523,805||$||(1,775,281||)|
|Earnings / (loss) per share:|
|Weighted average of common shares outstanding:|
|Basic||9,950,094||9 583 441|
|Diluted||10 443 018||9 583 441|