Forward Reports Preliminary Fiscal 2023 Results; FY23 EPS $0.02 Vs $0.04 YoY; Revenue $36.7M Vs $38.2M YoY

Author: Benzinga Newsdesk | December 20, 2023 05:12pm

Forward Industries, Inc. (NASDAQ:FORD), a global design, sourcing and distribution group, today announced preliminary financial results for the fiscal year ended September 30, 2023.

 

Preliminary Fiscal Year 2023 Financial Highlights

• Revenues were $36.7 million, a decrease of 3.9% from $38.2 million for 2022 with IPS from the design division recording record revenues in 2023.
  
  
  
   
• Gross margin declined to 22.8% compared to 23.0% for 2022.
  
  
  
   
• Income from continuing operations was $0.2 million compared to $0.4 million in 2022 and net loss was $3.7 million compared to $1.4 million in 2022.
  
  
  
   
• Basic and diluted earnings per share from continuing operations was $0.02 compared to $0.04 for 2022.
  
  
  
   
• Cash balance of $3.2 million at September 30, 2023 compared to $2.6 million at September 30, 2022, an increase of 23%.
  
   

Terry Wise, Chief Executive Officer of Forward Industries, stated "Having discontinued retail operations, the company's continuing operations were profitable in fiscal 2023, cash positive and on a path of substantive growth. I am particularly pleased to report that our subsidiary within our design division, IPS, achieved historically high revenues and profitability. Having completed the turnaround of the business, during the next fiscal year we will seek to grow our organic businesses significantly. We will also pursue suitable acquisition/venture opportunities. Thus, I am excited for the Company's prospects over the next fiscal year as I am optimistic it will be profitable and one of noteworthy growth."

Posted In: FORD