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Forward Industries swings to profit in fiscal Q2

Forward Industries Inc. said its normalized net income for the fiscal second quarter ended March 31 amounted to 1 cents per share, compared with a loss of 5 cents per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $90,190, compared with a loss of $429,810 in the year-earlier period.

The normalized profit margin climbed to 1.3% from negative 5.9% in the year-earlier period.

Total revenue decreased year over year to $7.0 million from $7.2 million, and total operating expenses fell 13.2% year over year to $6.9 million from $7.9 million.

Reported net income came to $173,200, or 2 cents per share, compared to a loss of $678,910, or a loss of 8 cents per share, in the year-earlier period.