Forward Industries Inc. said its normalized net income for the fiscal second quarter ended March 31 was a loss of 3 cents per share, compared with a loss of 1 cents per share in the prior-year period.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $242,310, compared with a loss of $84,910 in the year-earlier period.
The normalized profit margin dropped to negative 5.9% from negative 1.3% in the year-earlier period.
Total revenue rose 8.2% on an annual basis to $7.2 million from $6.7 million, and total operating expenses climbed 11.6% on an annual basis to $7.6 million from $6.8 million.
Reported net income came to a loss of $678,910, or a loss of 8 cents per share, compared to a loss of $327,830, or a loss of 4 cents per share, in the prior-year period.
