NEW YORK, September 18, 2015 /PRNewswire/ --

ACI Association has initiated research coverage on Forward Industries Inc. (NASDAQ: FORD). Select highlights from the internally released reports are being made available to the general public (included below), with access to the entirety of the research available to new members.

Today, membership is open to readers on a complementary basis at the following URL: http://www.aciassociation.com/reports?keyword=FORD

Highlights from our FORD Report include:

• Third Quarter and Nine Months Results - On August 11, 2015, Forward Industries, Inc. announced its financial results for third quarter and nine month period ended June 30, 2015. The Company reported net sales of $7.2 million for the third quarter as compared to $9.1 million reported in Q3 FY14. Net income for Q3 FY15 amounted to $495.1 thousand vis-à-vis $19.9 thousand in the prior year quarter. Earnings per share for the third quarter amounted to 6 cents. For the nine-month period, the Company generated net sales of $22.4 million as against $24.18 million reported during the prior year period. For the nine-month period, the Company suffered a net loss of $1.69 million as compared to a net income of $70.3 thousand reported in 9M 2014. Loss per share for the nine month period amounted to 26 cents.

• Q3 FY15 Sales Break-up - The Company generated sales of $2.8 million from its Diabetic products in the Asia-Pacific region in Q3 FY15, as compared to $2.3 million sales generated in Q3 FY14. Sales from Diabetic products slipped to $1.4 million in the Americas during the quarter from $1.6 million sales in Q3 FY14. The EMEA region also witnessed drop in sales from the Company's Diabetic products to $1.7 million versus $3 million reported in the prior year quarter. Sales of Diabetic Products declined $1.0 million to $5.9 million in Q3 FY15 from $6.9 million in Q3 FY14, primarily due to the dramatic drop in volume for three major Diabetic customers. Additionally, Other products sales were $0.6 million in Asia-Pacific, $0.3 million in the Americas and $0.5 million in the EMEA region as compared to Q3 FY 14 sales $0.4 million in Asia Pacific, $1.3 million in the Americas and $0.5 million in EMEA.

• Operational Performance - The Company's gross margin increased from 18.3% in Q3 FY14 to 18.6% in Q3 FY15. Forward Industries' income from operations was reported to be $494 thousand as compared to $32 thousand reported in the previous fiscal third quarter. Meanwhile, gross profit for 9M FY15 stood at $4.3 million, lower from $4.9 million in the prior year nine-month. The Company also posted loss from operations of $1.8 million in 9M FY15 against income from operations of $0.3 million in 9M FY15.

• Management Speak - Terry Wise, Chief Executive Officer of Forward Industries said, "Our cash balance increased $1.5 million during the quarter, which reflects the impact of our right sizing of the company and strict cash controls.  Going forward, our focus is now to expand our customer base and broaden our product offering to both new and existing customers."

To find out how this influences our rating on Forward Industries Inc. read the full report in its entirety here: http://www.aciassociation.com/reports?keyword=FORD

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