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forward industries & Forward Reports Fiscal 2021 Third Quarter Results Released : 12/08/2021 HAUPPAUGE , N.Y. , Aug. 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 third fiscal quarter ended June 30 , 2021 . Third Quarter 2021 Financial Highlights • Revenues were $ 10.0 million , an increase of 5.3 % from $ 9.5 million for the three months ended June 30 , 2020 . • Gross margin improved to 21.9 % compared to 18.6 % for the three months ended June 30 , 2020 . • Operating income was $ 0.3 million compared to an operating loss of $ 0.2 million for the three months ended June 30 , 2020 . • Net income was $ 0.2 million compared to a net loss of $ 0.2 million for the three months ended June 30 , 2020 . • Basic and diluted earnings / ( loss ) per share was $ 0.02 compared to $ ( 0.02 ) for the three months ended June 30,2020 . • Cash and cash equivalents totaled $ 1.6 million at June 30 , 2021 . Terry Wise , Chief Executive Officer of Forward Industries , stated , " A very pleasing set of results for the quarter , showing a clear trend in improvement of Forward's performance . Although we continue to be hampered by difficult trading conditions , we have grown across all divisions relative to the previous quarter . While the design division remains robust , with a strong pipeline , the expansion and diversification of products within our distribution division continues its momentum . I am cautiously optimistic that during the final quarter , we will complete the fiscal year on solid footing with strong year on year performance . " The tables below are derived from the Company's condensed consolidated financial statements included in its Form 10 - Q filed on August 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 quarter ended June 30 , 2021 and 2020. Please also refer to the Company's Form 10 - K for a discussion of risk factors applicable to the Company and its business . Note Regarding Forward - Looking Statements This press release contains certain " forward - looking statements " within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 including statements regarding our pipeline of work , trend in the improvement of our business and momentum of our expansion and diversification . Forward has tried to identify these forward - looking statements by using words such as " may " , " should , " " expect , " " hope , " " anticipate , " " believe , " " intend , " " plan , " " estimate " and similar expressions . These forward - looking statements are based on information currently available to the Company and are subject to a number of risks , uncertainties and other factors that could cause its actual results , performance , prospects or opportunities to differ materially from those expressed in , or implied by , these forward - looking statements . These risks include the inability to expand our customer base , pricing pressures , lack of success of our sales people , failure to develop products at a profit , failure to commercialize products that we develop , a long delay in the re - opening of retail stores in the U.S , as a result of the pandemic , continued supply chain issues , inability of our design division's customers to pay for our services , unanticipated issues with our affiliated sourcing agent , issues at Chinese factories that we source our products as a result of the pandemic or otherwise , and failure to obtain acceptance of our products by big box retail stores . No assurance can be given that the actual results will be consistent with the