Forward Industries, Inc. (NASDAQ:FORD) reported a narrower loss for its first quarter. The company’s loss shrank to $0.01 in the first quarter, versus a year-ago loss of $0.06 per share. Its sales declined to $8.4 million from $10.183 million.
The company, headquartered in West Palm Beach, Fla., reported revenues were $8.4 million compared to $10.2 million compared to the first quarter of 2019.
Gross profit percentage increased to 20.5% compared to 12.8% in the first quarter of 2019. Net loss for the quarter was $82,000 compared to net loss of $531,000 in the first quarter of 2019.
CEO Terry Wise said "During this first quarter, we believe we have made solid progress in diversifying into profitable and growing sectors. Our range of smart enabled retail products has gained solid traction– the response to Mooni lighting product featured on TV in the Good Morning America Christmas gift program was strong - and we are testing our smart range of lighting with a major retailer.
"In light of these achievements, together with the healthy profitability attained within our design division, I am hugely encouraged at the start of our fiscal year and very much look forward to the rest of the year with confidence."
Forward is a fully integrated design, development and manufacturing solution to top tier medical and technology customers worldwide.
The company, which trades under the symbol "FORD", saw its shares gain a cent at the open Tuesday to $1.15.
