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Forward Industries swings to profit in fiscal Q1

Forward Industries Inc. said its normalized net income for the fiscal first quarter ended Dec. 31, 2015, came to 2 cents per share, compared with a loss of 12 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 $152,550, compared with a loss of $994,220 in the prior-year period.

The normalized profit margin rose to 2.1% from negative 12.5% in the year-earlier period.

Total revenue declined 10.1% year over year to $7.1 million from $7.9 million, and total operating expenses declined 27.7% from the prior-year period to $6.9 million from $9.5 million.

Reported net income totaled $258,650, or 3 cents per share, compared to a loss of $2.1 million, or a loss of 26 cents per share, in the prior-year period.