Forward Industries Inc. said its normalized net income for the fiscal third quarter ended June 30 was $48,720, an increase of 11.2% from $43,820 in the prior-year period.
Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.
The normalized profit margin increased to 0.7% from 0.6% in the year-earlier period.
Total revenue declined 7.8% year over year to $6.7 million from $7.2 million, and total operating expenses decreased 8.1% from the prior-year period to $6.6 million from $7.2 million.
Reported net income fell 82.7% from the prior-year period to $86,800, or 1 cents per share, from $502,400, or 6 cents per share.