Forward Reports Fiscal 2022 First Quarter Results
10 Fevereiro 2022 - 6:15PM
Forward Industries, Inc. (NASDAQ:FORD), a single source
solution provider for the full spectrum of hardware and software
product design and engineering services as well as a designer and
distributor of carry and protective solutions, today announced
financial results for its first quarter ended December 31, 2021.
First Quarter Fiscal 2022 Financial
Highlights
- Revenues were $11.6 million, an
increase of 19.6% from $9.7 million for the three months ended
December 31, 2020.
- Gross margin declined to 22.5%
compared to 23.3% for the three months ended December 31,
2020.
- Operating income increased by $0.4
million, to $0.2 million, compared to a loss from operations of
$0.2 million for the three months ended December 31, 2020.
- Net income was $0.2 million
compared to $1.2 million for the three months ended December 31,
2020 (which, for 2020, included a $1.4 million gain as a result of
the forgiveness of a PPP loan).
- Basic and diluted earnings per
share was $0.02 compared to $0.12 for the three months ended
December 31, 2020.
- Cash balance of $2.4 million at
December 31, 2021 as compared to $1.4 million at September 30,
2021.
Terry Wise, Chief Executive Officer of Forward
Industries, stated, “We began our 2022 fiscal year profitably. The
resilient performance of the business, despite ongoing challenging
market conditions, reflects the successful execution of our
strategy. The design division continues to show solid growth and is
underpinned by a strong pipeline of projects. Sales
within our retail division are steadily growing at a relatively
competitive gross margin in a sector significantly impacted by
exorbitant freight and shipping costs. Finally, within the OEM
distribution sector, we are actively pursuing opportunities
outside the declining diabetic sector. Based on this promising
first quarter performance, I remain cautiously optimistic of a
strong fiscal year.”
The tables below are derived from the Company’s
consolidated financial statements included in its Form 10-Q filed
on February 10, 2022 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, 2021 and 2020. 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 pipeline of
work and projects, growth in sales for our retail business, and
growth in our design division. Forward has tried to identify these
forward-looking statements by using words such as “may”, “should,”
“expect,” “hope,” “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 materially from those
expressed in, or implied by, these forward-looking statements.
These risks include the inability to expand our customer base,
pricing pressures, lack of success of our sales people, failure to
develop products at a profit, failure to commercialize products
that we develop, continued supply chain issues, inability of our
design division’s customers to pay for our services, unanticipated
issues with our affiliated sourcing agent, issues at Chinese
factories that we source our products as a result of the pandemic
or otherwise, and failure to obtain acceptance of our products by
big box retail stores. No assurance can be given that the actual
results will be consistent with the forward-looking statements.
Investors should read carefully the factors described in the “Risk
Factors” section of the Company’s filings with the SEC, including
the Company’s Form 10-K for the year ended September 30, 2021 for
information regarding risk factors that could affect the Company’s
results. Except as otherwise required by Federal securities laws,
Forward undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changed circumstances or any other reason.
About Forward Industries
Forward is a fully integrated design,
development and manufacturing solution provider to top tier medical
and technology customers worldwide. Through its acquisitions of
Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the
Company has expanded its ability to design and develop solutions
for its existing multinational client base and expand beyond the
diabetic product line into 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 carry and protective solutions, primarily for handheld
electronic devices, we are now a one-stop shop for design
development and manufacturing solutions serving a wide range of
clients in the industrial, commercial, medical and consumer
industries.
For more information,
contact:
Anthony Camarda, CFO, Forward Industries,
Inc. (631)
547-3041, acamarda@forwardindustries.com
FORWARD
INDUSTRIES, INC. AND SUBSIDIARIES |
|
CONDENSED
CONSOLIDATED BALANCE SHEETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
September
30, |
|
|
|
|
|
2021 |
|
|
|
2021 |
|
|
Assets |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
Cash |
|
$ |
2,432,225 |
|
|
$ |
1,410,365 |
|
|
|
Accounts receivable, net |
|
8,788,041 |
|
|
|
8,760,715 |
|
|
|
Inventories, net |
|
2,972,134 |
|
|
|
2,062,557 |
|
|
|
Prepaid expenses and other current assets |
|
630,649 |
|
|
|
561,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
current assets |
|
14,823,049 |
|
|
|
12,794,709 |
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
213,826 |
|
|
|
167,997 |
|
|
Intangible assets, net |
|
1,265,469 |
|
|
|
1,318,658 |
|
|
Goodwill |
|
1,758,682 |
|
|
|
1,758,682 |
|
|
Operating lease right of use assets, net |
|
3,844,425 |
|
|
|
3,743,242 |
|
|
Other assets |
|
72,251 |
|
|
|
72,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets |
$ |
21,977,702 |
|
|
$ |
19,855,539 |
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Note payable to Forward China |
$ |
1,550,000 |
|
|
$ |
- |
|
|
|
Accounts payable |
|
307,508 |
|
|
|
391,992 |
|
|
|
Due to Forward China |
|
6,961,599 |
|
|
|
5,733,708 |
|
|
|
Deferred income |
|
752,878 |
|
|
|
187,695 |
|
|
|
Current portion of earnout consideration |
|
25,000 |
|
|
|
25,000 |
|
|
|
Current portion of operating lease liability |
|
334,126 |
|
|
|
340,151 |
|
|
|
Accrued expenses and other current liabilities |
|
662,519 |
|
|
|
529,497 |
|
|
|
|
|
Total
current liabilities |
|
10,593,630 |
|
|
|
7,208,043 |
|
|
|
|
|
|
|
|
|
|
Other liabilities: |
|
|
|
|
|
Note payable to Forward China |
|
- |
|
|
|
1,600,000 |
|
|
|
Operating lease liability, less current portion |
|
3,676,805 |
|
|
|
3,559,053 |
|
|
|
Earnout consideration, less current portion |
|
45,000 |
|
|
|
45,000 |
|
|
|
|
Total other liabilities |
|
3,721,805 |
|
|
|
5,204,053 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities |
|
14,315,435 |
|
|
|
12,412,096 |
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
|
Common stock, par value $0.01 per share; 40,000,000 shares
authorized; |
|
|
|
|
|
|
10,061,185 shares issued and outstanding at December 31, 2021 |
|
|
|
|
|
|
and September 30, 2021 |
|
100,612 |
|
|
|
100,612 |
|
|
|
Additional paid-in capital |
|
19,953,276 |
|
|
|
19,914,476 |
|
|
|
Accumulated deficit |
|
(12,391,621 |
) |
|
|
(12,571,645 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Total
shareholders' equity |
|
7,662,267 |
|
|
|
7,443,443 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
liabilities and shareholders' equity |
$ |
21,977,702 |
|
|
$ |
19,855,539 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FORWARD
INDUSTRIES, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
(UNAUDITED) |
|
|
|
|
|
For the Three Months Ended December 31, |
|
|
|
2021 |
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues,
net |
$ |
11,613,741 |
|
$ |
9,717,603 |
|
|
Cost of
sales |
|
8,994,973 |
|
|
7,454,717 |
|
|
Gross profit |
|
2,618,768 |
|
|
2,262,886 |
|
|
|
|
|
|
|
Sales and
marketing expenses |
|
737,677 |
|
|
602,961 |
|
|
General and
administrative expenses |
|
1,666,877 |
|
|
1,827,418 |
|
|
|
|
|
|
|
Income/(loss) from operations |
|
214,214 |
|
|
(167,493 |
) |
|
|
|
|
|
|
Gain on
forgiveness of note payable |
|
- |
|
|
(1,356,570 |
) |
|
Fair value
adjustment of earn-out consideration |
|
- |
|
|
(30,000 |
) |
|
Interest
income |
|
- |
|
|
(22,747 |
) |
|
Interest
expense |
|
32,828 |
|
|
46,392 |
|
|
Other
expense/(income), net |
|
1,362 |
|
|
(3,604 |
) |
|
Income before income taxes |
|
180,024 |
|
|
1,199,036 |
|
|
|
|
|
|
|
Provision
for income taxes |
|
- |
|
|
- |
|
|
|
|
|
|
|
Net income |
$ |
180,024 |
|
$ |
1,199,036 |
|
|
|
|
|
|
|
Earnings per
share: |
|
|
|
|
Basic |
$ |
0.02 |
|
$ |
0.12 |
|
|
Diluted |
$ |
0.02 |
|
$ |
0.12 |
|
|
|
|
|
|
|
Weighted
average common shares outstanding: |
|
|
|
|
Basic |
|
10,061,185 |
|
|
9,885,563 |
|
|
Diluted |
|
10,337,113 |
|
|
10,039,799 |
|
|
|
|
|
|
|
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