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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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