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forward industries & Forward Reports Fiscal 2021 First Quarter Results Released : 12/02/2021 HAUPPAUGE , N.Y. , Feb. 12 , 2021 ( 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 first quarter ended December 31 , 2020 . First Quarter Fiscal 2021 Financial Highlights • Revenues were $ 9.7 million , an increase of 15.5 % from $ 8.4 million for the three months ended December 31 , 2019 . • Gross margin improved to 23.3 % compared to 20.5 % for the three months ended December 31 , 2019 . • Loss from operations was $ 167 thousand compared to $ 29 thousand for the three months ended December 31 , 2019 . • Net income was $ 1.2 million compared to a net loss of $ 82 thousand for the three 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 . • Basic and diluted earnings / ( loss ) per share were $ 0.12 compared to $ ( 0.01 ) in the three months ended December 31 , 2019 , the increase also resulting from the aforementioned PPP loan forgiveness . • Cash and cash equivalents totaled $ 2.3 million at December 31 , 2020 . Terry Wise , Chief Executive Officer of Forward Industries , stated , “ 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 . " The tables below are derived from the Company's condensed consolidated financial statements included in its Form 10 - Q filed on February 12 , 2021 with the Securities and Exchange Commission . Please refer to the Form 10 - Q for complete financial statements and further information regarding the Company's results of operations and financial condition relating to the fiscal quarters ended December 31 , 2020 and 2019. Please also refer to the Company's Form 10 - K for a discussion of risk factors applicable to the Company and its business . About Forward Industries Forward 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 , Inc. and Kablooe Design , Inc. , the Company has expanded its ability to design and develop solutions for our existing multinational client base and expand beyond the diabetic product line into 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 hand - held 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 , medical and consumer industries . Contact : Forward Industries , Inc. Anthony Camarda , CFO