Forward Reports Fiscal Second Quarter Results.POMPANO BEACH Pompano Beach (pŏm`pənō), city (1990 pop. 72,411), Broward co., SE Fla., on the Atlantic coast and the Intracoastal Waterway; inc. 1908. It is a resort city with ocean beaches, excellent fishing, and a harness-racing track. , Fla. -- Forward Industries, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FORD), a designer and distributor of custom carrying case solutions, today announced financial results for its fiscal 2007 second quarter ended March 31, 2007. The Company posted revenue of $5.9 million and a net quarterly loss of $35,000, or $0.00 per diluted share. These results compare to revenue of $6.5 million and net quarterly profit of $64,000, or $0.01 per diluted share, in the year-ago quarter. The Company attributed the lower sales primarily to reduced sales of cell phone products, which declined to $1.9 million in the 2007 quarter from $2.6 million in the 2006 quarter. Sales of blood glucose monitoring blood glucose monitoring Sugar monitoring Lab medicine The periodic testing of serum glucose in Pts known to have DM. See Bedside glucose monitoring, Beta cell implants, Diabetes, Glucometer, Glycosylated hemoglobin, Non-Invasive glucose monitoring. kit cases increased to $3.2 million in the 2007 quarter, from $2.9 million, in the 2006 quarter. Sales of other products were $0.8 million in the 2007 quarter, compared to $0.9 million in the 2006 quarter. For the six months ended March 31, 2007, net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight were $13.3 million, compared to $15.1 million in the six-month period ended March 31, 2006. Net income was $0.3 million in the first half of 2007 versus $0.8 million in the first half of 2006, and earnings per diluted share were $0.04, compared to $0.10. The six-month results were impacted by the factors stated above. Jerome E. Ball, Forward's Chairman and Chief Executive Officer commented, "While we are pleased with the increase in sales of our diabetic products in the second quarter, the performance of our cell phone products line was unacceptable and we are committed to improving our revenue growth and profitability in this area and across all our product lines. Having said this, we believe the remainder of our fiscal year will present challenges in light of the operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. for OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and cell phone sales." Mr. Ball concluded, "With $20.8 million in cash, $25.1 million of working capital, and no long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. at quarter-end, our strong financial position will help us address these short-term challenges and provide us a solid foundation for future growth." The tables below set forth the Company's unaudited, consolidated statements of operations for the three and six-month periods ended March 31, 2007 and 2006, respectively, the unaudited, consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. as of March 31, 2007, and the audited, consolidated balance sheet as of September 30, 2006, and are derived from the Company's unaudited, consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge included in its Form 10-Q Form 10-Q See 10-Q. filed today with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Company's results of operations and financial condition relating to the three and six-month periods ended March 31, 2007, as well as the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended September 30, 2006, for additional information. 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. Note Regarding Forward-Looking Statements In addition to the historical information contained herein, this news release contains forward-looking statements that are subject to risks and uncertainties. Actual results may differ substantially from those referred to herein due to a number of factors, including but not limited to those discussed in Item 6 in "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" and in "Risk Factors" in our Annual Report on Form 10-KSB and as updated in our Quarterly Reports on Form 10-Q. Such factors include, among others, the degree of our success in winning new business from our customers and against competing vendors; the high degree of our customer concentration and, therefore, the dependence of our revenues and results of operations on order flow from these OEM customers; the resulting susceptibility of our revenues and results of operation to significant change over short periods of time; changes affecting, or the loss of, one or more of our principal OEM customers; and the effective management of inventory including in connection with our OEM customers' hub arrangements to which we are subject. [TABLE OMITTED] [TABLE OMITTED] |
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