Forward Reports Fiscal 2022 Results
16 Diciembre 2022 - 12:00PM
Forward Industries, Inc. (NASDAQ:FORD), a global design,
manufacturing, sourcing and distribution group, today announced
financial results for the year ended September 30, 2022.
Full Fiscal Year 2022
Financial Highlights
- Revenues were $42.3 million, an
increase of 8.5% from $39.0 million for 2021.
- Gross margin declined to 19.8%
compared to 20.8% for 2021.
- Operating loss was $1.2 million
compared to $0.8 million in 2021.
- Net loss was $1.4 million compared
to net income of $0.5 million in 2021 (which included a $1.4
million gain as a result of the forgiveness of a PPP loan).
- Basic and diluted (loss)/earnings
per share was $(0.14) compared to $0.05 for 2021.
- Cash balance of $2.6 million at
September 30, 2022 as compared to $1.4 million at September 30,
2021.
Terry Wise, Chief Executive Officer of Forward
Industries, stated “As expected, this has been a challenging fiscal
year. That said, our design division, in particular, IPS, has
generated its best results since acquisition, which partially
offset the disappointing results in our retail and OEM businesses.
With our continued focus on mitigating the difficulties within
these divisions, I am optimistic we will have a relatively improved
performance in fiscal year 2023.”
The tables below are derived from the Company’s
consolidated financial statements included in its Form 10-K filed
on December 16, 2022 with the Securities and Exchange Commission.
Please refer to the Form 10-K for complete financial statements and
further information regarding the Company’s results of operations
and financial condition relating to the fiscal years ended
September 30, 2022 and 2021. Please also refer to the Company’s
Form 10-K for a discussion of risk factors applicable to the
Company and its business.
Cautionary Note Regarding
Forward-Looking Statements
This press release contains certain
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934 including statements regarding our optimism
for improved performance in fiscal year 2023. Forward has tried to
identify these forward-looking statements by using words such as
“may”, “should,” “expect,” “hope,” “anticipate,” “believe,”
“intend,” “plan,” “estimate” and similar expressions. These
forward-looking statements are based on information currently
available to the Company and are subject to a number of risks,
uncertainties and other factors that could cause its actual
results, performance, prospects or opportunities to differ
materially from those expressed in, or implied by, these
forward-looking statements. These risks include the inability to
expand our customer base, pricing pressures, lack of success of our
sales people, failure to develop products at a profit, failure to
commercialize products that we develop, continued supply chain
issues, inability of our design division’s customers to pay for our
services, unanticipated issues with our affiliated sourcing agent,
issues at Chinese factories that we source our products as a result
of the pandemic or otherwise, and failure to obtain acceptance of
our products. No assurance can be given that the actual results
will be consistent with the forward-looking statements. Investors
should read carefully the factors described in the “Risk Factors”
section of the Company’s filings with the SEC, including the
Company’s Form 10-K for the year ended September 30, 2022 for
information regarding risk factors that could affect the Company’s
results. Except as otherwise required by Federal securities laws,
Forward undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, changed circumstances or any other reason.
About Forward Industries
Forward is a global design, manufacturing,
sourcing and distribution group serving top tier medical and
technology customers worldwide. Through its acquisitions of
Intelligent Product Solutions, Inc. and Kablooe Design, Inc., the
Company has expanded its ability to design and develop solutions
for its existing multinational client base and expand beyond the
diabetic product line into a variety of industries with a full
spectrum of hardware and software product design and engineering
services. In addition to our existing design and distribution
of carry and protective solutions, primarily for handheld
electronic devices, we are now a one-stop shop for design
development and manufacturing solutions serving a wide range of
clients in the industrial, commercial, medical and consumer
industries.
For more information,
contact:Anthony Camarda, CFO, Forward Industries,
Inc.(631) 547-3041, acamarda@forwardindustries.com
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
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September 30 |
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2022 |
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2021 |
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Assets |
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Current assets: |
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Cash |
$ |
2,575,522 |
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$ |
1,410,365 |
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Accounts receivable, net |
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7,542,666 |
|
|
|
8,760,715 |
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Inventories, net |
|
3,801,030 |
|
|
|
2,062,557 |
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Prepaid expenses and other current assets |
|
417,605 |
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|
561,072 |
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Total current assets |
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14,336,823 |
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12,794,709 |
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Property and equipment, net |
|
241,146 |
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|
167,997 |
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Intangible assets, net |
|
1,105,901 |
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|
|
1,318,658 |
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Goodwill |
|
1,758,682 |
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|
|
1,758,682 |
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Operating lease right of use assets, net |
|
3,427,726 |
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3,743,242 |
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Other assets |
|
68,737 |
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72,251 |
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Total assets |
$ |
20,939,015 |
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$ |
19,855,539 |
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Liabilities and shareholders' equity |
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Current liabilities: |
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Accounts payable |
$ |
268,160 |
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$ |
391,992 |
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Due to Forward China |
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7,713,880 |
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5,733,708 |
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Deferred income |
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438,878 |
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|
187,695 |
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Current portion of earnout consideration |
|
25,000 |
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25,000 |
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Current portion of operating lease liability |
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377,940 |
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340,151 |
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Accrued expenses and other current liabilities |
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1,153,906 |
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529,497 |
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Total current liabilities |
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9,977,764 |
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7,208,043 |
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Other liabilities: |
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Note payable to Forward China |
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1,400,000 |
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1,600,000 |
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Operating lease liability, less current portion |
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3,249,824 |
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3,559,053 |
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Earnout consideration, less current portion |
|
45,000 |
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45,000 |
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Total liabilities |
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14,672,588 |
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12,412,096 |
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Commitments and contingencies (Note 11) |
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Shareholders' equity: |
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Common stock, par value $0.01 per share; 40,000,000 shares
authorized; |
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10,061,185 shares issued and outstanding at September 30, 2022 and
2021 |
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100,612 |
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100,612 |
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Additional paid-in capital |
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20,115,711 |
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19,914,476 |
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Accumulated deficit |
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(13,949,896 |
) |
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(12,571,645 |
) |
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Total shareholders' equity |
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6,266,427 |
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7,443,443 |
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Total liabilities and shareholders' equity |
$ |
20,939,015 |
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$ |
19,855,539 |
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FORWARD INDUSTRIES, INC. AND SUBSIDIARIES |
CONSOLIDATED STATEMENTS OF OPERATIONS |
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For the Fiscal Years Ended September 30, |
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2022 |
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2021 |
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Revenues, net |
$ |
42,337,385 |
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$ |
39,021,996 |
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Cost of sales |
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33,969,115 |
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30,887,577 |
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Gross profit |
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8,368,270 |
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8,134,419 |
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Sales and marketing expenses |
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2,854,664 |
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2,503,518 |
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General and administrative expenses |
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6,753,280 |
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6,395,900 |
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Loss from operations |
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(1,239,674 |
) |
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(764,999 |
) |
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Gain on forgiveness of note payable |
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- |
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(1,356,570 |
) |
Fair value adjustment of earnout consideration |
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- |
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(20,000 |
) |
Interest income |
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- |
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(88,760 |
) |
Interest expense |
|
123,411 |
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|
171,957 |
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Other expense, net |
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12,612 |
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4,569 |
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(Loss)/income before income taxes |
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(1,375,697 |
) |
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|
523,805 |
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Provision for income taxes |
|
2,554 |
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- |
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Net (loss)/income |
$ |
(1,378,251 |
) |
|
$ |
523,805 |
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(Loss)/earnings per share: |
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Basic |
$ |
(0.14 |
) |
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$ |
0.05 |
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Diluted |
$ |
(0.14 |
) |
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$ |
0.05 |
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Weighted average common shares outstanding: |
|
|
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Basic |
|
10,061,185 |
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9,950,094 |
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Diluted |
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10,061,185 |
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10,443,018 |
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Forward Industries (NASDAQ:FORD)
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