- The stock price of Forward Industries, Inc. (NASDAQ:FORD) is trading at over 40% pre-market as of 6:17 AM ET. This is why it happened.
The stock price of Forward Industries, Inc. (NASDAQ:FORD) – a single-source solution provider for the full spectrum of hardware and software product design and engineering services as well as a designer and distributor of carry and protective solutions – is trading at over 40% pre-market as of 6:17 AM ET. Investors appear to be responding to Forward Industries reporting its fiscal 2021 first-quarter results announced on February 12 afternoon.
The company’s revenues were $9.7 million, an increase of 15.5% from $8.4 million for the 3 months ended December 31, 2019. And gross margin improved to 23.3% compared to 20.5% for the 3 months ended December 31, 2019. The loss from operations was $167 thousand compared to $29 thousand for the 3 months ended December 31, 2019.
And net income was $1.2 million compared to a net loss of $82 thousand for the 3 months ended December 31, 2019, the increase primarily resulting from the $1.4 million of other income recognized on the forgiveness of our PPP loan in December 2020.
The basic and diluted earnings/(loss) per share were $0.12 compared to $(0.01) in the 3 months ended December 31, 2019, the increase also resulting from the aforementioned PPP loan forgiveness. And cash and cash equivalents totaled $2.3 million at December 31, 2020.
“In spite of the ongoing trading challenges, I am pleased to report a robust financial performance with year over year increases in both revenues and gross margin for the quarter. We continue to build momentum throughout retail and our design division remains solid in terms of performance, with both IPS and Kablooe collaborating to forge a strong pipeline. As we progress through the fiscal year, and the trading environment progressively eases, I continue to be hopeful for the future.”
– Terry Wise, Chief Executive Officer of Forward Industries