FORD Nasdaq .81...the new deal cut with Motorola actually benefits FORD to a greater degree than the prior agreement. When I spoke w/the company a few weeks ago the gusto demonstrated in the 3rd qtr was continuing...5.8m shares outstanding:
Forward Industries Reports Improved Third Quarter Result; Two D
Forward Industries Reports Improved Third Quarter Result; Two Directors Added
Business Editors
POMPANO BEACH, Fla.--(BUSINESS WIRE)--July 30, 2002--Forward
Industries, Inc. (Nasdaq:FORD), a designer, and distributor of custom
carrying case solutions, today announced results for its fiscal third
quarter ended June 30, 2002. The period represents Forward's third
consecutive quarter of profitability. Results for the three and nine
months ended June 30, 2002 are presented below.
Third Quarter 2002 Financial Highlights - compared to third
quarter 2001 results
-- Net sales increased 73% to $4.1 million.
-- Net income improved significantly to $248,711, or $.04 per
diluted share, from a net loss of $305,535, or $.05 per
diluted share.
Nine-Month 2002 Financial Highlights - compared to nine month 2001
results
-- Net sales increased 24% to $12.3 million.
-- Net income rose 265% to $438,004 or $.08 per diluted share,
from $120,096, or $.02 per diluted share.
Jerome E. Ball, Chairman and Chief Executive Officer of Forward,
stated, "We are pleased with our fiscal third quarter and year to date
results. The significantly higher sales were largely the result of
increased orders for our diabetic monitoring equipment cases from
customers including Bayer, Lifescan, Roche, Abbott Laboratories and
TheraSense. We believe that these developments reflect management's
hard work and focus to penetrate this very important market.
"We also recorded increased sales under our license agreement with
Motorola, pursuant to which we distribute carrying solutions for
Motorola's mobile phones in the European, Middle Eastern and African
markets. Products sold under this agreement generated approximately
$685,000 in sales in our fiscal third quarter, compared to $430,000 in
our fiscal second quarter and $500,000 in our fiscal first quarter.
These sales are in addition to direct sales to Motorola, which are not
covered by the agreement. As previously announced, we are currently in
discussions with Motorola to amend the terms of the agreement, and we
are optimistic that the negotiations will be successful and mutually
beneficial. Against the possibility that such negotiations are not
successful, as announced previously, we have given notice to terminate
the agreement effective September 30, 2002.
"In summary, in a very difficult economic environment, our efforts
have enabled us to report increased revenues and profits. The higher
sales achieved in the third quarter translated into a significantly
improved bottom-line, representing our third consecutive quarter of
profitability."
B: Forward and Motorola Amend Licensing Agreement
B: Forward and Motorola Amend Licensing Agreement
POMPANO BEACH, Fla., Aug 28, 2002 (BUSINESS WIRE) -- Forward Industries, Inc.
(Nasdaq:FORD), a designer and distributor of custom carrying case solutions,
today announced that it amended certain terms of its licensing agreement with
Motorola, Inc. (NYSE:MOT).
Accordingly, Forward rescinded its previously issued termination notice. Under
the licensing agreement, which has a term through September 30, 2004, Forward
distributes its products under the Motorola brand to customers throughout the
European, Middle Eastern and African (EMEA) markets.
Jerome E. Ball, Chairman and Chief Executive Officer of Forward, commented, "We
are extremely grateful to Motorola for their continued confidence in our
Company. Motorola's strong brand recognition combined with our ability to
quickly move superior products into the market will help us achieve our mutual
goal of expanding wireless accessory sales in the EMEA region. We look forward
to working with Motorola for many years to come as we continue to build upon our
15-year relationship."
About Forward Industries
Forward Industries, Inc. designs, markets and distributes custom carrying case
solutions primarily for cellular phones, home medical equipment and laptop
computers. The Company sells its products directly to original equipment
manufacturers and recently began marketing 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. |
