Forward Industries, Inc. (NASDAQ:FORD) reported a net loss of $0.38 for the year ended September 30, 2019, versus net income of $0.15 for 2018. Its revenue rose 8.4% to $37.4 million.
The Palm Beach, Fla-based company, "single source solution provider for the full spectrum of hardware and software product design and engineering services", also told investors Monday revenues were $37.4 million compared to $34.5 million for 2018; an increase of 8.4%.
Net loss was $3.6 million compared to net income of $632,000 in 2018 (inclusive of a $510,000 credit for a change in fair value of the IPS earnout consideration in 2018).
Cash and cash equivalents totaled $3.1 million at September 30, 2019.
CEO Terry Wise admitted, "The fiscal year results have been disappointing. However, they are largely due to one off non-recurring issues and additionally, relate to isolated customers within our design division. Our underlying business remains positive.
"During this first quarter, we have made strong progress in establishing profitable and growth oriented new business lines. Our range of smart enabled retail products is particularly encouraging. The Mooni lighting product was featured in the Good Morning America Holiday show and we have started to make notable progress with US retailers with our new product offerings. I therefore look to the new fiscal year with confidence for Forward’s future."
Forward shares eked up 1.5 cents, or 1.5%, to $1.01
