Forward Reports Fiscal 2019 Results

WEST PALM BEACH, Fla., Dec. 27, 2019 (GLOBE NEWSWIRE) -- 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 distributer of carry and protective solutions, today announced financial results for the year ended September 30, 2019.A Included in the 2019 financial results are the results of our consolidated entity, Intelligent Product Solutions (IPS), our design and development business, which we acquired on January 18, 2018.A Full Fiscal Year 2019 Financial HighlightsA 

Revenues were $37.4 million compared to $34.5 million for 2018. An increase of 8.4%.

Loss from Operations was $3.1 million compared to income of $261 thousand in 2018.A 

Gross profit percentage decreased to 17.6% compared to 19% in 2018.

Net loss was $3.6 million compared to net income of $632 thousand in 2018 (inclusive of a 510 thousand credit for a change in fair value of the IPS earnout consideration in 2018).

Net loss per share was $(0.38) compared to Net income per share of $0.15 for 2018.

Cash and cash equivalents totaled $3.1 million at September 30, 2019.

Terry Wise, Chief Executive Officer of Forward Industries, stated,A a??The fiscal year results have been disappointing. However, they are largely due to one off non-recurring issues and additionally, relate to isolated customers within our design division. Our underlying business remains positive. During this first quarter, we have made strong progress in establishing profitable and growth oriented new business lines. Our range of smart enabled retail products is particularly encouraging. The Mooni lighting product was featured in the Good Morning America Holiday show and we have started to make notable progress with US retailers with our new product offerings.A  I therefore look to the new fiscal year with confidence for Forwarda??s future.a??The tables below are derived from the Companya??s consolidated financial statements included in its Form 10-K filed on December 27, 2019 with the Securities and Exchange Commission. Please refer to the Form 10-K for complete financial statements and further information regarding the Companya??s results of operations and financial condition relating to the fiscal years ended September 30, 2019 and 2018. Please also refer to the Form 10-K for a discussion of risk factors applicable to the Company and its business.A 
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