Last $0.91 USD
Change Today 0.00 / 0.00%
Volume 6.1K
As of 8:10 PM 02/27/15 All times are local (Market data is delayed by at least 15 minutes).

forward industries inc (FORD) Snapshot

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52 Week High
03/31/14 - $2.10
52 Week Low
12/19/14 - $0.82
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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 location devices, tablets, firearms, and other products. Its hand held electronic devices comprise soft-sided carrying cases, bags, clips, hand straps, protective plates, and other accessories made of leather, nylon, vinyl, plastic, PVC, and other synthetic materials. The company sells its products to original equipment manufacturers in the Americas, the APAC, and the EMEA regions. Forward Industries, Inc. was founded in 1954 and is headquartered in West Palm Beach, Florida.

20 Employees
Last Reported Date: 12/10/14
Founded in 1954

forward industries inc (FORD) Top Compensated Officers

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forward industries inc (FORD) Key Developments

Forward Industries Inc. Reinstates James McKenna as Chief Financial Officer

Forward Industries Inc. announced that it has recently offered to reinstate James McKenna as Chief Financial Officer. Mr. McKenna, who began his tenure at Forward in 2003, served Forward as its Corporate Controller, then Chief Financial Officer until August 2014. Unfortunately, and with regrets, Mr. McKenna was unable to accept Forward’s offer of employment due to prior commitments and his pursuit of other opportunities.

Forward Industries, Inc. Enters into Settlement Agreement and Mutual Release with James McKenna

On February 16, 2015, Forward Industries Inc. entered into a settlement agreement and mutual release with the company's former Chief Financial Officer, James McKenna, in connection with a lawsuit filed by Mr. McKenna on August 26, 2014 in the U.S. District Court for the Southern District of New York against the company and then-directors Frank LaGrange Johnson, Robert Garrett, John F. Chiste, Timothy Gordon and Owen P.J. King (SDNY lawsuit), alleging purported claims of retaliation for whistleblowing under the Dodd-Frank Act, breach of contract and breach of the covenant of good faith and fair dealing all as against the company, and a single claim for tortious interference with contract as against the individual defendants. The complaint sought an unspecified amount of monetary consequential damages and punitive damages. Pursuant to the agreement, Mr. McKenna and the company have agreed to settle and release all disputes or claims against the other party related to the SDNY lawsuit and any such disputes or claims arising out of Mr. McKenna's employment with the company, without an admission of liability or wrongdoing. The company additionally offered to reinstate Mr. McKenna as CFO; however, Mr. McKenna rejected the offer of employment to pursue other opportunities. Under the agreement, Mr. McKenna will receive a cash payment of $315,000, representing 18 months' salary at the rate specified in Mr. McKenna's amended employment agreement, signed between the company and Mr. McKenna and dated October 26, 2012. Mr. McKenna will also receive approximately $375,000 in legal fees, back pay, prior out-of-pocket benefits, taxes and penalties on Mr. McKenna's 401(k) loan, and accrued paid time off, in addition to 35,000 restricted stock units vesting immediately. The agreement includes customary non-disparagement and release provisions.

Forward Industries Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended December 31, 2014

Forward Industries Inc. announced unaudited consolidated earnings results for the first quarter ended December 31, 2014. For the quarter, the company reported net sales of $7,943,860 against $415,477 a year ago. Loss from operations was $1,590,460 against income from operations of $371,977 a year ago. Loss from continuing operations were $1,700,754 against income from continuing operations of $346,818 a year ago. Net loss applicable to common equity was $1,975,485 against Net income applicable to common equity of $302,529 a year ago. Basic and diluted loss per common share from continuing operations were $0.25 against basic and diluted earnings per share of $0.04 a year ago. Basic and diluted net loss per share was $0.23 against basic and diluted earnings per share of $0.04 a year ago. Operating loss was primarily due to increased professional fees and settlement accruals associated with the proxy defense and other legal matters, increased professional fees associated with vetting acquisition targets in connection with prior management's merger & acquisition strategy, plus a slight decline in gross profit as a result of a decrease in revenues. Net sales decreased 8%, due to a $0.9 million decline in sales of Other Products, partially offset by a $0.4 million increase in sales of Diabetic Products.


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