FORD Earnings PR is out -
WEST PALM BEACH, Fla., May 21, 2018 (GLOBE NEWSWIRE) -- Forward Industries, Inc. (NASDAQ:FORD), a leading product design and development company and distributor of custom carry and protective solutions today announced financial results for its second fiscal quarter ended March 31, 2018. Included in the second quarter results are the financial results from our new subsidiary, Intelligent Product Solutions (IPS), which we acquired on January 18, 2018.
Second Quarter 2018 Financial Highlights
Revenues were $9 million compared to $4.5 million from the second quarter of 2017. An increase of 98%.
Income from Operations was $232 thousand compared to a loss of $237 thousand in the second quarter of 2017.
Gross profit percentage increased to 20% compared to 15.8% in the second quarter of 2017.
Net income was $948 thousand (inclusive of a non-cash tax benefit of $747 thousand) compared to net loss of $238 thousand in the second quarter of 2017.
Net income per share was $0.10 per share compared to a loss of $0.03 per share for the second quarter of 2017.
Cash and cash equivalents totaled $3.3 million at March 31, 2018.
Terry Wise, Chief Executive Officer of Forward Industries, stated, “We are delighted with the strong set of results for this quarter. Clearly, the enhanced group following our recent acquisition of Intelligent Product Solutions have delivered a significant improvement in the Company’s performance. It is pleasing to see that the organic Forward business grew this quarter relative to the previous equivalent fiscal quarter but I have no doubt that we will continue to face challenges in the diabetic sector of our business. The Company will continue to safeguard our existing top tier customers, but as a priority, the business will focus on leveraging cross selling opportunities between organic Forward and the design and development capability of IPS. This is a very exciting time for Forward and I am hopeful of a promising future for the Company.”
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