FORD

 

Forward Industries rallies 55% after Q1 results - UPDATE 2	20.01.2005 23:02    Headlines

NEW YORK (AFX) -- Shares of Forward Industries Inc. jumped 55 percentThursday, as bundling arrangements with cell-phone heavyweights Motorola andNokia spurred a sixfold increase in the carrying-case maker's first-quarterprofit. The stock ended the day up $2.42 to $6.82 as the top percentage gainer on theNasdaq. Volume of 4.8 million eclipsed the issue's daily average of 139,600.Forward Industries   posted earnings of $1.4 million, or 21 cents per share, inthe three months ended Dec. 31, up from $192,000, or 3 cents, earned in thefiscal 2004 first quarter. Thomson First Call doesn't publish a consensusestimate for the Pompano Beach, Fla.-based company's results. Quarterly sales surged 98 percent, reaching $8.9 million from $4.5 million. Thecompany's cell-phone cases saw a 166 percent sales increase due to interest inits "in-box" cases accompanying launches of new handsets by Motorola   and Nokia . Also, sales of the company's diabetic cases got a 26 percent boost to $2.4million in the latest quarter, reflecting "particularly strong demand" from oneof its major customers. In addition, business execution played a role in the profit surge, managementsaid. "Because of our relatively fixed cost structure and robust sales growth, ouroperating expenses, as a percentage of sales, declined to 16.3 percent from 28.9percent in the prior-year period," said Jerome Ball, chairman and CEO of ForwardIndustries.Ball added that the company remains "very optimistic" about its overallprospects for the year.

Forward Industries Reports First Quarter Results: EPS of $.21 Vs. $.03 as Net Sales Increase 98% to $8.9 Million; Cell Phone Product Sales Increase Sharply

POMPANO BEACH, Fla., Jan 20, 2005 (BUSINESS WIRE) -- Forward Industries, Inc.(NASDAQ: FORD), a designer and distributor of custom carrying case solutions,today announced results for its first quarter ended December 31, 2004.First Quarter 2005 Financial Highlights - Compared to first quarter 2004results:    --  Total net sales increased $4.4 million or 98% to $8.9 million.    --  Cell phone product sales increased $3.5 million or 166% to        $5.6 million, driven by sales of "in-box" cases for new        launches of Motorola and Nokia phones.    --  Overall demand for diabetic cases remained strong as sales        rose $500,000 or 26% to $2.4 million, driven by particularly        strong demand from one major OEM customer.    --  Sales of other carrying solutions rose $405,000 or 84% to        $880,000.    --  Net income increased more than six-fold to a record $1.37        million or $.21 per diluted share, from $192,000 or $.03 per        diluted share.The tables below set forth the Company's unaudited condensed consolidatedstatements of income for the quarters ended December 31, 2004 and 2003, theunaudited consolidated balance sheet as of December 31, 2004, and the auditedbalance sheet as of September 30, 2004 and are derived from the Company'sunaudited, condensed consolidated financial statements included in its Form10-QSB filed today with the Securities and Exchange Commission. Please refer tothe Form 10-QSB for further information regarding the Company's results ofoperations, financial condition and complete financial statements relating tothe quarter ended December 31, 2004, as well as our Form 10-KSB for the fiscalyear ended September 30, 2004 and our Form 8-K filed December 22, 2004 foradditional information.Jerome E. Ball, Chairman and Chief Executive Officer of Forward, commented: "Weare extremely pleased to report an outstanding start to fiscal 2005, which comeson the heels of a strong 2004. We achieved significant sales increases acrossall our product lines and are especially pleased with the extraordinarily sharpincrease in sales of our cell phone products to Motorola and Nokia resultingfrom bundling our products with their launches of new handsets. We also recordedincreased sales under our license agreement with Motorola."Mr. Ball continued, "Because of our relatively fixed cost structure and robustsales growth, our operating expenses, as a percentage of sales, declined to16.3% from 28.9% in the prior year period. This contributed to setting anall-time quarterly net income record for Forward."Mr. Ball further stated, "We closed the quarter in a solid financial position,with $3.0 million in cash, no long-term debt, and working capital of $8.5million. Additionally, approximately 1.75 million stock options held byexecutives and other employees are presently in the money, of whichapproximately 1.12 million expire by December 31, 2005. Although the exercise ofthese options will have a further dilutive effect on earnings per share infuture quarters, we expect to receive additional cash, the amount of which willdepend on the number of options exercised."Mr. Ball concluded, "We are very optimistic about our overall prospects for theyear and we look forward to reporting our performance."About Forward IndustriesForward Industries, Inc. designs and distributes custom carrying case solutionsprimarily for cellular phones and home medical diagnostic equipment. The Companysells its products directly to original equipment manufacturers and also marketsa line of Carry Solutions under the "Motorola" brand name. Forward's productscan be viewed online at www.fwdinnovations.com and www.forwardindustries.com.Statements in this press release other than statements of historical fact are"forward-looking statements." Such statements are subject to certain risks anduncertainties, identified from time to time in the Company's filings with theSecurities and Exchange Commission, that could cause actual results to differmaterially from those reflected in any forward-looking statements. Theseforward-looking statements represent the Company's judgment as of the date ofthe release. The Company disclaims, however, any obligation to update theseforward-looking statements.               FORWARD INDUSTRIES, INC. AND SUBSIDIARIES                   CONSOLIDATED STATEMENTS OF INCOME                              (UNAUDITED)                                                 Three Months Ended                                                     December 31,                                               -----------------------                                                   2004        2003                                               ----------- -----------Net sales                                      $8,915,890  $4,492,973Cost of goods sold                              5,685,795   3,023,293                                               ----------- -----------Gross profit                                    3,230,095   1,469,680                                               ----------- -----------Operating expenses:Selling                                           765,516     728,222General and administrative                        708,772     572,133                                               ----------- -----------Total operating expenses                        1,474,288   1,300,355                                               ----------- -----------Income from operations                          1,755,807     169,325                                               ----------- -----------Other income:Interest income                                    13,307       2,226Other income - net                                 71,322      41,597                                               ----------- -----------Total other income                                 84,629      43,823                                               ----------- -----------Income before provision for income taxes        1,840,436     213,148Provision for income taxes                        475,400      21,611                                               ----------- -----------Net income                                     $1,365,036    $191,537                                               =========== ===========Net income per common and common equivalent shareBasic                                               $0.22       $0.03                                               =========== ===========Diluted                                             $0.21       $0.03                                               =========== ===========Weighted average number of common and common equivalent shares outstandingBasic                                           6,247,405   6,025,046                                               =========== ===========Diluted                                         6,660,289   6,327,112                                               =========== ===========               FORWARD INDUSTRIES, INC. AND SUBSIDIARIES                      CONSOLIDATED BALANCE SHEETS                                               December     September                                                  31,          30,                                                 2004         2004                                             ------------ ------------                   ASSETS                    (Unaudited)                   ------Current assets:   Cash and cash equivalents                  $2,981,360   $4,487,415   Accounts receivable - net                   7,051,067    3,609,559   Inventories                                 1,421,394      811,694   Prepaid expenses and other current assets     201,118      190,076   Deferred tax asset                            164,413      164,413                                             ------------ ------------      Total current assets                    11,819,352    9,263,157Property, plant, and equipment - net             292,670      264,043Deferred tax asset                               234,199      617,199Other assets                                      44,967       44,967                                             ------------ ------------     TOTAL ASSETS                            $12,391,188  $10,189,366                                             ============ ============    LIABILITIES AND SHAREHOLDERS' EQUITY    ------------------------------------Current liabilities:   Accounts payable                           $2,745,837   $1,813,543   Accrued expenses and other current    liabilities                                  567,169      757,026                                             ------------ ------------      Total current liabilities                3,313,006    2,570,569Commitments and contingenciesShareholders' equity:   Preferred stock, 4,000,000 authorized    shares, par value $.01; none issued               --           --   Common stock, 40,000,000 authorized    shares, par value $.01; 6,852,831 and    6,789,931 shares issued at December 31,    2004 and September 30, 2004, respectively    (including 563,493 held in treasury,    respectively)                                 68,528       67,899   Paid-in capital                             9,042,059    8,948,339   Retained earnings (accumulated deficit)       820,754     (544,282)                                             ------------ ------------                                               9,931,341    8,471,956   Less: Cost of shares in treasury             (853,159)    (853,159)                                             ------------ ------------      Total shareholders' equity               9,078,182    7,618,797                                             ------------ ------------TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY   $12,391,188  $10,189,366                                             ============ ============SOURCE: Forward Industries, Inc.CONTACT:          Forward Industries, Inc.                   Jerome E. Ball, 954-419-9544                   or                  Investor Relations Counsel:                  The Equity Group Inc.                  Loren Mortman, 212-836-9604                  lmortman@equityny.com                  www.theequitygroup.comCopyright (C) 2005 Business Wire.  All rights reserved.KEYWORD:          FLORIDAINDUSTRY KEYWORD: TELECOMMUNICATIONS                  APPAREL/TEXTILES                  RETAIL                  EARNINGS                  Copyright                  Business                  Wire                  2005

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2,14 Call und hatte Hoch 4,45;-) https://finance.yahoo.com/quote/FORD?p=FORD