 Revenues of 9.5 million and Net loss of 215 thousand for the quarterHAUPPAUGE, N.Y., Aug. 14, 2020 GLOBE NEWSWIRE -- 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 distributer of carry and protective solutions, today announced financial results for its third fiscal quarter ended June 30, 2020. Third Quarter 2020 Financial Highlights Revenues were 9.5 million compared to 9.9 million from the third quarter of 2019 a decrease of 3.6. Gross margin decreased to 18.6 compared to 19.1 in the third quarter of 2019. Net loss was 215 thousand compared to a net loss of 104 thousand in the third quarter of 2019. Net loss per share was 0.02 compared to net loss per share of 0.01 for the third quarter of 2019. Cash and cash equivalents totaled 3.1 million at June 30, 2020.Terry Wise, Chief Executive Officer of Forward Industries, stated, Like most other companies, this was a challenging quarter with our business continuing to be adversely impacted by delays within the retail sector and uncertainty which has slowed the growth of our design business. However, overall, I am pleased at the Companys resilience and performance in spite of these extraordinary trading conditions and am encouraged by recent developments. I continue to have confidence in the future.The tables below are derived from the Companys condensed consolidated financial statements included in its Form 10-Q filed on August 14, 2020 with the Securities and Exchange Commission. Please refer to the Form 10-Q for complete financial statements and further information regarding the Companys results of operations and financial condition relating to the fiscal quarters ended June 30, 2020 and 2019. Please also refer to the Companys Form 10-K for a discussion of risk factors applicable to the Company and its business. About Forward IndustriesForward is a fully integrated design, development and manufacturing solution provider to top tier medical and technology customers worldwide. Through its acquisition of Intelligent Product Solutions IPS, the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line in to 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 and consumer industries.Contact: Forward Industries, Inc. Anthony Camarda 631 547-3041 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS June 30, September 30, 2020 2019 Unaudited Assets Current assets: Cash 3,084,635 3,092,813 Accounts receivable, net 8,264,935 6,695,120 Inventories 727,419 1,608,827 Prepaid expenses and other current assets 502,893 441,502 Total current assets 12,579,882 11,838,262 Property and equipment, net 219,375 243,002 Intangible assets, net 1,126,299 1,248,712 Goodwill 1,167,427 2,182,427 Investment - 326,941 Operating lease right of use assets, net 3,409,259 - Other assets 138,002 255,008 Total assets18,640,244 16,094,352 Liabilities and shareholders equity Current liabilities: Line of credit1,000,000 1,300,000 Accounts payable 297,098 315,444 Due to Forward China 3,199,874 3,236,693 Deferred income 525,763 219,831 Current portion of notes payable 2,196,621 1,654,799 Current portion of capital leases payable 24,733 39,941 Deferred consideration 296,000 834,000 Current portion of operating lease liability 238,413 - Accrued expenses and other current liabilities 625,540 694,972 Total current liabilities 8,404,042 8,295,680 Other liabilities: Capital leases payable, less current portion 15,402 26,438 Deferred rent - 60,935 Operating lease liability, less current portion 3,278,908 - Notes payable, less current portion 759,949 - Total other liabilities 4,054,259 87,373 Total liabilities 12,458,301 8,383,053 Commitments and contingencies Shareholders equity: Common stock, par value 0.01 per share; 40,000,000 shares authorized; 9,583,851 and 9,533,851 shares issued and outstanding at June 30, 2020 and September 30, 2019, respectively 95,838 95,338 Additional paid-in capital 19,074,747 18,936,130 Accumulated deficit 12,988,642 11,320,169 Total shareholders equity 6,181,943 7,711,299 Total liabilities and shareholders equity18,640,244 16,094,352 FORWARD INDUSTRIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS UNAUDITED For the Three Months Ended June 30, For the Nine Months Ended June 30, 2020 2019 2020 2019 Revenues, net 9,548,732 9,909,452 25,872,963 28,265,202 Cost of sales 7,773,944 8,014,998 20,925,017 23,756,862 Gross profit 1,774,788 1,894,454 4,947,946 4,508,340 Sales and marketing 464,247 539,072 1,478,880 1,437,047 General and administrative 1,485,447 1,405,249 4,324,798 4,676,748 Goodwill impairment - - 1,015,000 - Loss from operations 174,906 49,867 1,870,732 1,605,455 Fair value adjustment of earn-out consideration - - 350,000 - Fair value adjustment of deferred cash consideration 3,000 - 12,000 - Interest expense 37,148 52,216 132,275 150,304 Other expense, net 148 1,979 3,466 9,735 Net loss 215,202 104,062 1,668,473 1,765,494 Net loss per share: Basic 0.02 0.01 0.18 0.19 Diluted 0.02 0.01 0.18 0.19 Weighted average common shares outstanding: Basic 9,534,407 9,533,851 9,534,034 9,531,422 Diluted 9,534,407 9,533,851 9,534,034 9,531,422 