From the 10Q:
Net revenues in the 2017 Quarter increased $0.7 million, or 10%, to $7.3 million from $6.7 million in the 2016 Quarter primarily due to a change in terms with two of our major Diabetic Products customers whereby products shipped to a shipping hub located in the United States will no longer be sold on consignment effective May 1, 2017. Prior to this change, products to these two major Diabetics Products customers were sold by both consignment and FOB shipping point. Going forward, all products sold to these two major Diabetics Products customers shall be sold FOB shipping point. As a result of this change, additional net revenues of approximately $808,000 were recognized in the 2017 Quarter that would not have been recognized if the change in terms had not occurred. Moreover, had the change in terms not occurred, our net revenues for the 2017 Quarter would have declined compared to the 2016 Quarter. It is important that investors understand that as a result of this change in terms from consignment to FOB shipping point for a portion of the revenues from two of our large Diabetics Products customers, the recognition of revenues for these two customers was permanently accelerated thereby increasing our revenues by approximately $808,000 this quarter. The remainder of the goods originally sold on consignment (prior to the change in terms) shall be recognized in the fourth quarter of fiscal 2017 and potentially increase revenues that quarter as well. By fiscal year end, it is expected there will be no more consignment goods for these two Diabetics Customers and thus revenues from these customers will revert to normal levels. Separately, net revenues from Other Products were higher as well during the 2017 Quarter. Excluding the effects of the aforementioned change in terms, the net revenues derived from our core diabetes kit cases continues to decline, primarily because our major customers face significant pricing pressure from competitors commercializing less expensive meters and also new innovative diabetic products which are not being sold with a meter case.
Recent FORD News
- Form 8-K - Current report • Edgar (US Regulatory) • 02/27/2024 09:30:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:15:41 PM
- Forward Reports Fiscal 2024 First Quarter Results • GlobeNewswire Inc. • 02/14/2024 09:15:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/14/2024 09:05:43 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 03:18:51 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/05/2024 09:05:27 PM
- Intelligent Product Solutions Names Jan Niewiadomski to CTO • GlobeNewswire Inc. • 01/30/2024 03:53:37 PM
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 01/02/2024 09:05:26 PM
- Form PRE 14A - Other preliminary proxy statements • Edgar (US Regulatory) • 12/22/2023 09:45:33 PM
- Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405] • Edgar (US Regulatory) • 12/21/2023 09:50:25 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 12/20/2023 09:59:20 PM
- Forward Reports Preliminary Fiscal 2023 Results: Record Revenues for Design Division Drive Profitability From Continuing Operations • GlobeNewswire Inc. • 12/20/2023 09:09:42 PM
- Form 8-K/A - Current report: [Amend] • Edgar (US Regulatory) • 12/20/2023 08:00:09 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 11/08/2023 09:06:31 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 08:02:15 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/03/2023 08:02:14 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 08:02:13 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 10/03/2023 08:02:10 PM
- Intelligent Product Solutions, a Forward Industries Company, Receives Red Dot 2023 Award for Innovative Design with Verizon • GlobeNewswire Inc. • 09/07/2023 01:00:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/14/2023 04:50:45 PM
- Forward Reports Fiscal 2023 Third Quarter Results • GlobeNewswire Inc. • 08/14/2023 04:23:15 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/14/2023 02:16:33 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/04/2023 08:05:19 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/27/2023 08:01:07 PM
- Form 3 - Initial statement of beneficial ownership of securities • Edgar (US Regulatory) • 07/11/2023 08:02:07 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM