Last $1.40 USD
Change Today -0.01 / -0.71%
Volume 6.8K
FORD On Other Exchanges
As of 5:20 PM 07/28/14 All times are local (Market data is delayed by at least 15 minutes).

forward industries inc (FORD) Snapshot

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03/31/14 - $2.10
52 Week Low
05/16/14 - $1.15
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forward industries inc (FORD) Details

Forward Industries, Inc., together with its subsidiaries, designs, markets, and distributes carry and protective solutions primarily for hand held electronic devices. The company offers carrying cases and other accessories for medical monitoring and diagnostic kits; and other portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, smartphones, GPS and location devices, tablets, and firearms. It also designs, markets, and distributes carry and protective solutions for hand held electronics devices, including soft-sided carrying cases, bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC, and other synthetic materials. Forward Industries, Inc. sells its products to original equipment manufacturers and contract manufacturers in the Americas, the EMEA, and the APAC regions. The company was founded in 1954 and is headquartered in West Palm Beach, Florida.

19 Employees
Last Reported Date: 01/14/14
Founded in 1954

forward industries inc (FORD) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: $350.0K
Chief Financial Officer, Principal Accounting...
Total Annual Compensation: $297.3K
Compensation as of Fiscal Year 2013.

forward industries inc (FORD) Key Developments

Terence Bernard Wise Files Derivative Suit Against Forward Industries' Chairman Frank Lagrange Johnson for Breach of Fiduciary Duty and to Prevent Dilutive Stock Issuance

On July 15, 2014, Terence Bernard Wise filed a derivative suit on behalf of Forward Industries Inc. in the Supreme Court of the State of New York against Chairman Frank LaGrange Johnson and affiliated members of Forward's Board of Directors to prevent a dilutive stock issuance and other entrenchment tactics that he believes are aimed at disenfranchising shareholders in advance of Forward's 2014 Annual Meeting. The listing application indicated that the Board had approved a new series of convertible preferred stock that it planned to issue to unidentified investors at a 10% discount to market value. In fact, however, the proposed issuance has never been approved by the Company's Board. As alleged in the Complaint filed in the New York State Supreme Court: The convertible preferred stock that Mr. Johnson and his supporters purport to have approved would represent over 20% of Forward's outstanding common stock, which would significantly dilute Forward's existing shareholders; The proposed issuance would violate NASDAQ rules requiring shareholder approval for issuances constituting more than 20% of a company's outstanding common stock; The listing application filed with Nasdaq was filed under the name and affirmation of Forward's CFO without his knowledge or authorization; The listing application included material misrepresentations, stating that the Board had approved the proposed issuance on July 7, 2014, even though it had never been approved by the Board but, apparently, by a special committee which 'exceeded the authority delegated to it by the resolutions of the Board'. The proposed issuance was not permitted under Forward's governing documents, which require Board approval to issue preferred stock.

Forward Industries Inc. Approves to Amend its By-Laws

Forward Industries Inc. approved an amendment to the Third Amended and Restated By-laws of the Company, which became effective upon its adoption by the Board. The Amendment provides that in connection with the Company’s 2014 annual meeting, in the event that the date of the annual meeting is not changed more than 30 days before or more than 30 days after the anniversary of the preceding year’s annual meeting, the deadline for shareholder notices of nominations will be extended until the close of business on June 27, 2014.

Forward Industries Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2014

Forward Industries Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2014. For the quarter, net sales were decreased $1.1 million, or 14%, to $7.0 million in the 2014 quarter due to lower sales of diabetic products and other products, which decreased $0.5 million, and $0.5 million, respectively, in the 2014 quarter. Net loss from continuing operations was $0.3 million, or $0.04 per basic and diluted share, in the 2014 quarter compared to income of $0.3 million, or $0.04 per basic and diluted share, in the 2013 quarter. Loss from operations was $133,378 against income of $206,238 a year ago. Loss from continuing operations before income tax expense was $282,181 against income of $286,925 a year ago. Net loss applicable to common equity was $348,586 or $0.04 per basic and diluted share against income of $148,074 or $0.02 per basic and diluted share a year ago. Net sales increased $0.4 million, or 2%, to $15.1 million in the 2014 period due primarily to higher sales of diabetic products, which increased $0.7 million, which was offset, in part, by lower sales of other products, which decreased $0.4 million in the 2014 period. Net income from continuing operations decreased to $64,199, or $0.1 per basic and diluted share, in the 2014 period from $0.5 million, or $0.06 per basic and diluted share, in the 2013 period. Income from operations was $238,624 against $154,406 a year ago. Income from continuing operations before income tax expense was $64,662 against $468,185 a year ago. Net income applicable to common equity was $50,413 or $0.01 per basic and diluted share against income of $286,839or $0.04 per basic and diluted share a year ago.


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