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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
1/20/2005 11:27:00 AM
POMPANO BEACH, Fla., Jan 20, 2005 (BUSINESS WIRE) -- Forward Industries, Inc. (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 2004 results:
-- 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 consolidated statements of income for the quarters ended December 31, 2004 and 2003, the unaudited consolidated balance sheet as of December 31, 2004, and the audited balance sheet as of September 30, 2004 and are derived from the Company's unaudited, condensed consolidated financial statements included in its Form 10-QSB filed today with the Securities and Exchange Commission. Please refer to the Form 10-QSB for further information regarding the Company's results of operations, financial condition and complete financial statements relating to the quarter ended December 31, 2004, as well as our Form 10-KSB for the fiscal year ended September 30, 2004 and our Form 8-K filed December 22, 2004 for additional information.
Jerome E. Ball, Chairman and Chief Executive Officer of Forward, commented: "We are extremely pleased to report an outstanding start to fiscal 2005, which comes on the heels of a strong 2004. We achieved significant sales increases across all our product lines and are especially pleased with the extraordinarily sharp increase in sales of our cell phone products to Motorola and Nokia resulting from bundling our products with their launches of new handsets. We also recorded increased sales under our license agreement with Motorola."
Mr. Ball continued, "Because of our relatively fixed cost structure and robust sales growth, our operating expenses, as a percentage of sales, declined to 16.3% from 28.9% in the prior year period. This contributed to setting an all-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 $8.5 million. Additionally, approximately 1.75 million stock options held by executives and other employees are presently in the money, of which approximately 1.12 million expire by December 31, 2005. Although the exercise of these options will have a further dilutive effect on earnings per share in future quarters, we expect to receive additional cash, the amount of which will depend on the number of options exercised."
Mr. Ball concluded, "We are very optimistic about our overall prospects for the year and we look forward to reporting our performance."
About Forward Industries
Forward Industries, Inc. designs and distributes custom carrying case solutions primarily for cellular phones and home medical diagnostic equipment. The Company sells its products directly to original equipment manufacturers and also markets a line of Carry Solutions under the "Motorola" brand name. Forward's products can 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 and uncertainties, identified from time to time in the Company's filings with the Securities and Exchange Commission, that could cause actual results to differ materially from those reflected in any forward-looking statements. These forward-looking statements represent the Company's judgment as of the date of the release. The Company disclaims, however, any obligation to update these forward-looking statements.
FORWARD INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three Months Ended
December 31,
-----------------------
2004 2003
----------- -----------
Net sales $8,915,890 $4,492,973
Cost of goods sold 5,685,795 3,023,293
----------- -----------
Gross profit 3,230,095 1,469,680
----------- -----------
Operating expenses:
Selling 765,516 728,222
General 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 2,226
Other income - net 71,322 41,597
----------- -----------
Total other income 84,629 43,823
----------- -----------
Income before provision for income taxes 1,840,436 213,148
Provision for income taxes 475,400 21,611
----------- -----------
Net income $1,365,036 $191,537
=========== ===========
Net income per common and common equivalent
share
Basic $0.22 $0.03
=========== ===========
Diluted $0.21 $0.03
=========== ===========
Weighted average number of common and common
equivalent shares outstanding
Basic 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 9,263,157
Property, plant, and equipment - net 292,670 264,043
Deferred tax asset 234,199 617,199
Other 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 2,570,569
Commitments and contingencies
Shareholders' 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.
Technology Research Corporation Announces Its First Quarter Cash Dividend
CLEARWATER, Fla.--(BUSINESS WIRE)--Owen Farren, President and Chief Executive Officer of Technology Research Corporation (TRC), (NASDAQ:TRCI), today announced that the company has established June 30, 2009 as the record date for its first fiscal quarter dividend at 2.0 cents per share with a payment date of July 15, 2009.
Technology Research Corporation designs, manufactures and markets electrical safety products that save lives, protect people from serious injury from electrical shock and prevent electrical fires in the home and workplace. These products have worldwide application. The Company also supplies power monitoring and control equipment to the United States Military and its prime contractors.
Contacts
Thomas G. Archbold, Chief Financial Officer, 727-812-0659
Fax: 727-535-9691
www.trci.net
At A Glance
Technology Research Corporation
Headquarters: Clearwater, Florida
Website: http://www.trci.net
CEO: Owen Farren
Employees: 429
Ticker: TRCI (NASDAQ)
Revenues: $38 million (2007)
Net Income: $1.4 million (2007)
Source: via Business Wire
Updated 07/10/2007 by company
Permalink: http://www.businesswire.com/news/home/20090608005877/en
CLEARWATER, Fla., June 11, 2009 (GLOBE NEWSWIRE) -- Technology Research Corporation ("TRC") (Nasdaq:TRCI) today announced revenue and earnings for its fourth fiscal quarter and fiscal year ended March 31, 2009.
Revenue was $8.0 million for the fiscal quarter ended March 31, 2009, a decrease of $1.0 million from revenue of $9.0 million for the fiscal quarter ended March 31, 2008. Net income for the fourth fiscal quarter ended March 31, 2009 was $0.4 million or $.07 per diluted common share compared with net loss of ($0.9) million or ($.15) per diluted common share for the fiscal quarter ended March 31, 2008.
Orders for the fourth fiscal quarter were $14.8 million, an increase of $4.2 million from the same fiscal quarter last year. Military orders were $12.1 million, an increase of $7.6 million from the fourth fiscal quarter of the previous year and commercial orders were $2.7 million, a decrease of $3.4 million from the fourth quarter of the prior year.
Revenue was $33.7 million for the fiscal year ended March 31, 2009, a decrease of $3.5 million from revenue of $37.2 million for the fiscal year ended March 31, 2008. Net income for the fiscal year ended March 31, 2009 was $1.6 million or $.28 per diluted common share compared with net income of $0.4 million or $0.06 per diluted common share for the fiscal year ended March 31, 2008.
Orders for the fiscal year were $40.8 million, an increase of $3.4 million from the prior fiscal year. Military orders were $23.6 million, an increase of $10.0 million from the previous year and commercial orders were $17.2 million, a decrease of $6.7 million from the prior year.
Net cash and cash equivalents and short-term investments were approximately $6.0 million at March 31, 2009, an increase of approximately $2.3 million from March 31, 2008.
Owen Farren, President & CEO said, "Fiscal 09 was a transformational year for TRC. We made great progress in streamlining our operations to lower our cost of operations and put in place systems that will support our internal growth and acquisition plans. In October 2008, we received approval from the U.S. Government for a manufacturing license agreement with our subsidiary in Honduras in accordance with International Traffic in Army Regulations (ITAR). We have already begun to transition work to our facility in Honduras which will primarily be completed in our second fiscal quarter of FY2010 and should have the effect of reducing our cost of sales. Additionally, our Clearwater facility was certified under ISO 9000:2008. We have further developed our engineering capabilities and are working on advanced designs with complex firmware and electronics as well as electrical and electromechanical capabilities. These advanced engineering capabilities have enabled us to expand our design and low cost partnerships with key customers."
The fourth quarter dividend of $.02 per share was paid on April 15, 2009 to shareholders of record as of March 31, 2009.
TRC is an internationally recognized leader in electrical safety products that prevent electrocution and electrical fires and protect against serious injury from electrical shock. Based on its core technology in ground fault sensing, products are designed to meet the needs of the consumer, commercial and industrial markets worldwide. The Company also supplies power monitors and control equipment to the United States Military and its prime contractors.
The Technology Research Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6266
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Some of the statements in this report constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Exchange Act of 1934. These statements are related to future events, other future financial performance or business strategies, and may be identified by terminology such as "may," "will," "should," "expects," "scheduled," "plans," "intends," "anticipates," "believes," "estimates," "potential," or "continue," or the negative of such terms, or other comparable terminology. These statements are only predictions. Actual events as well as results may differ materially. In evaluating these statements, you should specifically consider the factors described throughout this report. We cannot be assured that future results, levels of activity, performance or goals will be achieved.
TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except share and per share data)
Three Months Ended Year Ended
-------------------- --------------------
March 31, March 31, March 31, March 31,
2009 2008 2009 2008
--------- --------- --------- ---------
Revenue:
Commercial $ 3,562 5,930 18,582 22,680
Military 4,215 2,942 14,674 14,152
Royalties 207 132 477 328
--------- --------- --------- ---------
Total Revenue 7,984 9,004 33,733 37,160
Cost of sales 5,126 8,071 22,266 27,900
--------- --------- --------- ---------
Gross profit 2,858 933 11,467 9,260
--------- --------- --------- ---------
Operating expenses:
Selling and marketing 687 689 2,899 2,756
General and
administrative 954 1,214 4,627 4,463
Research and
development 665 474 2,381 1,904
--------- --------- --------- ---------
Total Operating
Expenses 2,306 2,377 9,907 9,123
Income (loss) from
operations 552 (1,444) 1,560 137
Other income (expense)
Other income, net 45 34 590 182
Interest expense -- -- (10) (75)
--------- --------- --------- ---------
Other income (expense),
net 45 34 580 107
Income before income
taxes 597 (1,410) 2,140 244
Income tax expense
(benefit) 208 (526) 500 (112)
--------- --------- --------- ---------
Net income (loss) $ 389 (884) 1,640 356
--------- --------- --------- ---------
Earnings per common
share:
Basic $ 0.07 (0.15) 0.28 0.06
Diluted $ 0.07 (0.15) 0.28 0.06
Weighted average number
of common shares
outstanding:
Basic 5,890,828 5,889,828 5,890,828 5,889,136
Diluted 5,899,814 5,915,319 5,897,237 5,958,336
Dividend Paid $ 0.02 0.02 0.08 0.08
TECHNOLOGY RESEARCH CORPORATION AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands)
ASSETS March 31, March 31,
2009 2008
--------- ---------
Current assets:
Cash and cash equivalents $ 2,954 2,132
Short-term investments 3,996 1,495
Accounts receivable, net 5,372 6,573
Other receivables -- 869
Income taxes receivable 631 197
Inventories 8,013 7,788
Deferred income taxes 622 1,446
Prepaid expenses and other current
assets 265 258
--------- ---------
Total current assets 21,853 20,758
--------- ---------
Property, plant and equipment, net 3,189 3,684
Intangible assets (net) 404 463
Other assets 33 45
--------- ---------
Total Assets $ 25,479 24,950
--------- ---------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Trade accounts payable $ 1,309 3,111
Unsettled treasury obligation 998 --
Accrued expenses 1,422 1,781
Accrued dividends 121 132
--------- ---------
Total current liabilities 3,850 5,024
Income taxes payable 111 --
Deferred income taxes 37 37
--------- ---------
Total liabilities 3,998 5,061
Stockholders' equity:
Common stock 3,015 3,015
Additional paid-in capital 9,982 9,568
Retained earnings 8,524 7,346
Common stock held in treasury (40) (40)
--------- ---------
Total stockholders' equity 21,481 19,889
--------- ---------
Total liabilities and stockholders'
equity $ 25,479 24,950
--------- ---------
CONTACT: Technology Research CorporationThomas G. Archbold, Chief Financial Officer
(727) 812-0659
Fax: (727) 535-9691