| **UNITED STATES	SECURITIES AND  EXCHANGE COMMISSION	Washington,   D.C. 20549**

** FORM 10-QSB**

** **

 

(Mark One)

[X]       QUARTERLY REPORT UNDER SECTION 13 OR 15(d)  OF THE SECURITIES EXCHANGE ACT OF 1934 	for the quarterly period ended June 30, 2006.

or

[   ]       TRANSITION REPORT UNDER SECTION 13 OR  15(d) OF THE EXCHANGE ACT 	for the transition period from  ____ to  ____

Commission file number	0-6669

**FORWARD  INDUSTRIES, INC.**(Exact name of small business issuer as specified in its charter)

 
                        				                    New				York                                               				(State or other jurisdiction of   incorporation or organization)
                              				13-1950672                                      				(I.R.S.  Employer Identification No.)   
              1801 Green Rd., Suite E, Pompano Beach, FL                     	(Address of principal executive offices)

 
                                      				33064                                   				   				(Zip Code)  
                                 (954)  419-9544                              (Issuer's Telephone Number)

 

                                                                                                  (Former name, former address and former fiscal year,  if changed since last report)

Check whether the issuer:  (1) has filed all reports required to be filed by Section 13 or 15(d) of the  Exchange Act during the preceding 12 months (or for such shorter period that  the registrant was required to file such reports), and (2) has been subject  to such filing requirements for the past 90 days. Yes [X] No [   ].

Indicate  by check mark whether the registrant is a shell company (as defined in Rule  12b-2 of the Exchange Act).  Yes  [  ]  No [X]

As  of July 27, 2006, 7,861,438 shares of Common Stock were outstanding.

Transitional  Small Business Disclosure Format:    Yes [   ]  No [X]	

 

 
 

**FORWARDINDUSTRIES, INC. AND SUBSIDIARIESFORM 10-QSBTHREEMONTHS ENDED JUNE 30, 2006**

**TABLE OF CONTENTS**

PAGE

**PART  I**

** **

**FINANCIAL  INFORMATION**

** **
     
Item  1.

Financial  Statements 
     Consolidated Balance Sheets as of June 30, 2006 (Unaudited) and September  30, 2005
3                      Unaudited Consolidated Statements of Income for the Three and Nine Months Ended  June 30, 2006 and 2005
4                     	Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended  June 30, 2006 and 2005
5      
   	Notes to  Consolidated Financial Statements

6
     
Item  2.

Management's Discussion and  Analysis of Financial Condition and Results of Operations

14
     
Item  3.

Controls and Procedures

24
     
**PART  II**

** **

**OTHER  INFORMATION**

** **
     
Item  4

Submission of Matters to a Vote  of Security Holders

25
     
Item  6.

Exhibits

26
     
Signatures

27
     
 

**NoteRegarding Use of Certain Terms**

Inthis Quarterly Report on Form 10-QSB, unless the context otherwise requires,the terms "we", "our", and the "Company"  referto Forward Industries, Inc., a New York corporation, together with itsconsolidated subsidiaries; "Forward" or "Forward Industries" refers to ForwardIndustries, Inc.; "common stock" refers to the common stock, $.01 par value pershare, of Forward Industries, Inc.; "Koszegi" refers to ForwardIndustries' wholly owned subsidiary Koszegi Industries, Inc., an Indianacorporation; "Koszegi Asia" refers toForward Industries' wholly owned subsidiary Koszegi Asia Ltd., a Hong Kongcorporation; "Forward Innovations" refers to Forward Industries' wholly ownedsubsidiary Forward Innovations GmbH, a Swiss corporation;  "GAAP" refers to accounting principles generallyaccepted in the United States; "Commission" refers to the United StatesSecurities and Exchange Commission; "Exchange Act" refers to the United StatesSecurities Exchange Act of 1934; the "2006 Quarter" refers to the three months endedJune 30, 2006; the "2005 Quarter" refers to the three months ended June 30, 2005;the "2006 Period" refers to the nine months ended June 30, 2006; the "2005Period" refers to the nine months ended June 30, 2005; "Fiscal 2005" refers toour fiscal year ended September 30, 2005; "Fiscal 2006" refers to our fiscalyear ending September 30, 2006; "EMEA Region" means the geographic areaencompassing Europe, the Middle East and Africa; and APAC Region means the AsiaPacific Region, consisting of Australia, New Zealand, Hong Kong, Taiwan, China,South Korea, Japan, Singapore, Malaysia, Thailand, Indonesia, India, thePhilippines, and Vietnam.

 

2

**PART I.   FINANCIAL INFORMATION**

ITEM 1.  FINANCIAL STATEMENTS

**FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS**

**June 30,**

** **

**September 30,**

**2006**

** **

**2005**

**ASSETS**

**(Unaudited)**

** **

** **

 

Current  assets:

   Cash and cash  equivalents

 $

17,287,498 

 $

15,291,739 

Investments in  marketable equity securities

-- 

75,034 

   Accounts receivable  - net

5,807,742 

12,708,684  

   Inventories

3,140,066 

1,113,157  

   Prepaid expenses  and other current assets

547,548 

214,012  

   Deferred tax asset

47,005 

215,647  

       Total current assets

26,829,859 

29,618,273 
    
Property, plant, and equipment -  net

182,456 

243,845 

Other assets.

50,632 

44,467 

      **TOTAL ASSETS**

 $

27,062,947 

 $

29,906,585   
   
**LIABILITIES AND SHAREHOLDERS' EQUITY**
   
Current  liabilities:

   Accounts payable

 $

2,156,651 

 $

5,159,020 

   Accrued expenses  and other current liabilities

374,149 

1,905,425 

       Total current liabilities

2,530,800 

7,064,445 
   
Commitments and contingencies
   
Shareholders'  equity:

   Preferred stock,  4,000,000 authorized shares, par value $.01; none issued

-- 

-- 

   Common stock, 40,000,000 authorized shares,  par value $.01; 8,424,931 and   8,397,031 shares issued at June 30, 2006 and  September 30, 2005,   respectively (including 563,493 held in treasury)

84,249 

83,970 

   Paid-in capital

15,287,951 

14,721,172 

   Retained earnings

10,013,106 

8,890,157 
   
25,385,306 

23,695,299 

   Less: Cost of  shares in treasury

(853,159)

(853,159)

       Total shareholders' equity

24,532,147 

22,842,140 
   
**TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY**

 $

27,062,947 

 $

29,906,585 

The accompanying notes are an integral part of theconsolidated financial statements.

3

****

**FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME****(UNAUDITED)**

**Three Months Ended June 30,**

** **

**Nine Months Ended June 30,**

**2006**

** **

**2005**

** **

**2006**

** **

**2005**

Net sales

 $

7,304,648 

 $

13,108,194 

 $

22,432,325 

 $

  33,262,367 

Cost of goods sold

5,560,026 

8,377,983 

16,629,311 

21,169,445 

Gross profit

1,744,622 

4,730,211 

5,803,014 

12,092,922 
   
Operating expenses:

Selling

933,176 

848,944 

2,565,459 

2,381,753 

General and administrative

637,478 

591,851 

1,965,012 

1,885,500 

Total operating expenses

1,570,654 

1,440,795 

4,530,471 

4,267,253 
   
Income from operations

173,968 

3,289,416 

1,272,543 

7,825,669 
   
Other income (expense):

Interest income

208,470 

30,328 

554,202 

51,948 

Other income (expense) - net

14,196 

(58,665)

973 

(45,929)

Total other income (expense)

222,666 

(28,337)

555,175 

6,019 
   
Income before provision for income taxes

396,634 

3,261,079 

1,827,718 

7,831,688 

Provision for income taxes

111,690 

689,567 

704,769 

1,879,520 
   
Net income  

 $

284,944 

 $

2,571,512 

     

 $

1,122,949 

 $

5,952,168 
   
Net income per common and  common equivalent share

Basic

 $

0.04 

 $

0.37   

 $

0.14 

 $

0.90 

Diluted

 $

0.04 

 $

0.33   

 $

0.14 

 $

0.82 
   
Weighted average number of  common and common equivalent shares outstanding

Basic

7,861,438 

7,041,600 

7,853,682 

6,631,992 

Diluted

7,998,285 

7,835,059 

8,011,966 

7,306,463 
      
The accompanying notes are an integral part of theconsolidated financial statements.

4

****

**FORWARD INDUSTRIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(UNAUDITED)**

**Nine Months Ended June 30,**

**     2006**

** **

**2005**

**OPERATING ACTIVITIES:**

Net  income

 
 $

1,122,949 

 $

  5,952,168 

Adjustments to reconcile  net income to net cash provided          by operating activities:

Tax benefit from exercise of stock options

479,405 

1,394,836 

Provision for obsolete inventory

234,606 

87,939 

Deferred income taxes

168,642 

175,051 

Depreciation and amortization

80,253 

94,607 

Provision for bad debt expense

7,700 

25,787 

      Loss on disposal of property, plant and equipment

-- 

4,000 

     Changes in operating assets and  liabilities:

Accounts receivable

6,893,242 

(6,156,883)

Inventories

(2,261,515)

(473,269)

Prepaid expenses and other  current assets

(333,536)

50,284 

Other assets

(6,165)

500 

Accounts payable

(3,002,370)

1,793,012 

Accrued expenses and other  current liabilities

(1,531,276)

302,062 

**NET CASH   PROVIDED BY OPERATING ACTIVITIES**

**1,851,935 **

** **

**3,250,094 **
   
**INVESTING ACTIVITIES:**

Proceeds from sale of marketable equity securities

75,034 

1,000 

Purchases of property, plant, and equipment

(18,863)

(104,923)

**NET CASH PROVIDED (USED)  BY INVESTING ACTIVITIES**

**56,171 **

** **

**(103,923)**
   
**FINANCING ACTIVITIES:**

Proceeds from exercise of stock options

87,653 

2,424,200 

Shareholder contribution from short-swing sale profits, net  of tax

-- 

256,363 

**NET  CASH PROVIDED BY FINANCING ACTIVITIES**

**87,653 **

** **

**2,680,563 **

NET INCREASE IN CASH AND  CASH EQUIVALENTS

1,995,759 

5,826,734 
   
CASH AND CASH EQUIVALENTS - beginning of period

15,291,739 

4,487,415 
   
CASH AND CASH EQUIVALENTS - end  of period

 $
17,287,498 

 $

10,314,149    
   
**SUPPLEMENTAL DISCLOSURES  OF CASH FLOW INFORMATION**:

Cash  paid during the fiscal year for:

   Income taxes

 
$

677,910 

 $

66,690 

The accompanying notes are an integral part of theconsolidated financial statements.

5

 

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

1.             BASIS OF PRESENTATION             

Theaccompanying unaudited consolidated financial statements have been prepared inaccordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-QSBand Article 10 of Regulation S-X.  Accordingly, they do not include all theinformation and footnotes required by accounting principles generally acceptedin the United States for complete financial statements.  In the opinion ofmanagement, all adjustments (consisting of normal recurring accruals)considered necessary for a fair presentation have been included.  Operatingresults for the three- and nine-month periods ended June 30, 2006, are not necessarily indicative of the results that may be expected for fiscal year ending September 30, 2006.

The consolidated balancesheet at September 30, 2005, has been derived from the audited consolidatedbalance sheet at that date, but does not include all of the information andfootnotes required by accounting principles generally accepted in the United States for complete financial statements.

The accounting policiesused in the preparation of the financial statements included in this Form10-QSB are the same as those set forth in the Company's annual report on Form10-KSB for the fiscal year ended September 30, 2005 and should be read inconjunction with the disclosures presented therein.  

For the three- andnine-month periods ended June 30, 2006 and June 30, 2005, the Company did nothave any components of comprehensive income other than net income. Thefunctional currency of each of the Company's wholly owned foreign subsidiariesis the U.S. dollar.

**RecentAccounting Pronouncements**On December 16, 2004, the Financial Accounting Standards Board (FASB) issued Statement ofFinancial Accounting Standards (SFAS) No. 123 (revised 2004), Share-BasedPayment, which revised SFAS No. 123, Accounting for Stock-Based Compensation.SFAS No. 123(R) supersedes APB No. 25, Accounting for Stock Issued toEmployees, and amends SFAS No. 95, Statement of Cash Flows. Generally, theapproach in SFAS No. 123(R) is similar to the approach described in SFAS 123.However, SFAS No.123(R) requires all share-based payments to employees,including grants of employee stock options, to be recognized in the incomestatement based on their fair values. Pro forma disclosure is no longer analternative. In March 2005, the Securities and Exchange Commission issued StaffAccounting Bulletin No. 107 ("SAB 107") which expresses the views ofthe SEC staff regarding the application of SFAS No. 123(R). Among other things,SAB 107 provides interpretive guidance related to the interaction between SFASNo. 123 (R) and certain SEC rules and regulations, as well as provides the SECstaff's views regarding the valuation of share-based payment arrangements forpublic companies. On April 14, 2005, the SEC announced the adoption of a newrule that amends the compliance dates of SFAS 123 (R). The new rule allowscompanies to implement SFAS 123 (R) at the beginning of the fiscal year thatbegins after June 15, 2005, or December 15, 2005, for small business issuers.

SFASNo. 123(R) permits public companies to adopt its requirements using one of twomethods:

A "modifiedprospective" method in which compensation cost is recognized beginningwith the effective date (a) based on the requirements of SFAS No. 123(R) forall share-based payments granted after the effective date and (b) based on therequirements of SFAS No.123 for all awards granted to employees prior to theeffective date of SFAS No. 123(R) that remain unvested on the effective date.

A "modifiedretrospective" method which includes the requirements of the modifiedprospective method described above, but also permits entities to restate basedon the amounts previously recognized under SFAS No. 123 for purposes of proforma disclosures for either (a) all prior periods presented or (b) priorinterim periods of the year of adoption.

 

6

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

1.            BASISOF PRESENTATION (CONTINUED)

**RecentAccounting Pronouncements (continued)**

The Company will adoptSFAS No. 123(R) effective October 1, 2006 using the modified prospectivemethod.

As permitted by SFAS No.123, the Company currently accounts for share-based payments to employees usingthe intrinsic value method per Accounting Principles Board (APB) Opinion No.25, Accounting for Stock Issued to Employees, and, as such, generallyrecognizes no compensation cost for employee stock options. Accordingly, theadoption of Statement 123(R)'s fair value method may have a significant impacton our results of operations, although it will have no impact on our overallfinancial position. The impact of the adoption of SFAS No. 123(R) cannot bepredicted at this time because it will depend on levels of share-based awardsgranted after the date of adoption by the Company. However, had the Companyadopted SFAS No. 123(R) in prior periods, the impact of that standard wouldhave approximated the impact of SFAS No. 123 as described in the disclosure ofpro forma net income and income per share under "Share-BasedCompensation" in this Note, below. SFAS No. 123(R) also requires thebenefits of tax deductions in excess of recognized compensation cost to bereported as a financing cash flow rather than as an operating cash flow asrequired under current literature. This requirement may reduce net operatingcash flows and increase net financing cash flows in periods after adoption. TheCompany cannot estimate what those amounts will be in the future because theydepend on, among other things, when employees exercise stock options.  For the nine-monthperiod ended June 30, 2006, the Company's operating cash flows includeapproximately $479,000 in such benefits.

In November 2004, theFASB issued SFAS No. 151, Inventory Costs, an Amendment of ARB No. 43, Chapter4 to clarify that abnormal amounts of idle facility expense, freight, handlingcosts, and wasted material (spoilage) should be recognized as current-periodcharges. In addition, the statement requires that allocation of fixedproduction overheads to the cost of conversion be based on the normal capacityof the production facilities. Statement 151 is effective for inventory costsincurred during fiscal years beginning after June 15, 2005, with early application permitted. The Company adopted SFAS No. 151 effective October 1, 2005, which has not resulted in a material impact on its results of operationsor financial position.

In December 2004, theFASB issued SFAS No. 153, Exchanges of Nonmonetary Assets-an amendment of APBOpinion No. 29, which eliminates the exception for nonmonetary exchanges of similarproductive assets and replaces it with a general exception for exchanges ofnonmonetary asset that do not have commercial substance. SFAS No. 153 iseffective for nonmonetary asset exchanges occurring in fiscal periods beginningafter June 15, 2005. The Company adopted SFAS No. 153 effective October 1, 2005, which has not resulted in a material impact on its results of operationsor financial position.

In December 2004, theFASB issued FSP 109-1, Application of FASB Statement No. 109, Accountingfor Income Taxes, to the Tax Deduction on Qualified Production ActivitiesProvided by the American Jobs Creation Act of 2004. The American Jobs CreationAct of 2004 (AJCA) introduces a special 9% tax deduction on qualifiedproduction activities. FAS 109-1 clarifies that this tax deduction should beaccounted for as a special tax deduction in accordance with Statement 109. FSP109-1 is effective upon its issuance. The adoption of FSP 109-1 has notresulted in a material impact on the Company's results of operations orfinancial position.
 
7

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

1.            BASIS OF PRESENTATION(CONTINUED)

**Recent Accounting Pronouncements (continued)**In December 2004, theFASB issued FASB Staff Position No. FAS 109-2, Accounting and DisclosureGuidance for the Foreign Earnings Repatriation Provision within the AmericanJobs Creations Act of 2004. The AJCA introduces a limited time 85% dividendsreceived deduction for the repatriation of certain foreign earnings to a U.S.taxpayer (repatriation provision), provided certain criteria are met. FAS No. 109-2provides accounting and disclosure guidance for the repatriation provision. FAS109-2 is effective upon issuance. The Company has evaluated the effects of therepatriation provision and has elected not to avail itself of the AJCA'srepatriation incentives.

**Share-Based Compensation**TheCompany has adopted the disclosure provisions of SFAS No. 123, Accounting forStock-Based Compensation, but applies Accounting Principles Board (APB) OpinionNo. 25 and related interpretations in accounting for stock options grantedunder its 1996 Stock Incentive Plan. Accordingly, no expense for employeeshare-based compensation was recognized in the three- and nine-month periodsended June 30, 2006 and 2005, as all options granted under the plan had anexercise price equal to or greater than the quoted market value of theunderlying common stock on the dates of grant.  For awards to non-employees(other than Company Directors), the Company recognizes expense in accordancewith SFAS 123 and related interpretations and amendments.  No such expense wasrequired during the three- and nine-month periods ended June 30, 2006 and 2005.

If the Company had elected to recognize expense in thethree- and nine-month periods ended June 30, 2006 and 2005, for the stockoptions granted based on the fair value at the date of grant consistent withthe method prescribed by SFAS No. 123, unaudited net income and income pershare would have been changed to the pro forma amounts indicated below:

Three Months Ended

Nine Months Ended

June 30,

June 30,

2006

2005

2006

2005

Net income, as reported

 $

284,944 

 $

  2,571,512

 $

  1,122,949

 $

  5,952,168 

Less:  Stock-based employee compensation costs 	determined under fair value based  method for all awards, 	net of related tax effects

119,064 

  245,124

119,064

274,194 

Pro forma net  income

 $

165,880 

 $

  2,326,388

 $

1,003,885

 $

  5,677,974 

Earnings per share:

Basic - as reported

 $

0.04

 $

0.37

 $

0.14

 $

0.90 

Basic - pro forma

 $

0.02

 $

0.33

 $

0.13

 $

0.86 

Diluted - as reported

 $

0.04

 $

0.33

 $

0.14

 $

0.82 

Diluted - pro forma

 $

0.02

 $

0.30

 $

0.13

 $

0.78 
 
 

8

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

1.            BASIS OF PRESENTATION(CONTINUED)

**Share-Based Compensation (continued)**The above stock-basedemployee compensation costs determined under the fair value based method werecalculated using the Black-Scholes option valuation model.  The Black-Scholesoption valuation model was developed for use in estimating the fair value oftraded options, which have no vesting restrictions, are fully transferable, anddo not include a discount for large block trades.  In addition, optionvaluation models require the input of highly subjective assumptions includingthe expected stock price volatility, expected life of the option, and otherestimates.  Because the Company's employee stock options have characteristicssignificantly different from those of traded options, and because changes inthe subjective input assumptions can materially affect the fair value estimate,in management's opinion, the existing models do not necessarily provide areliable single measure of the fair value of its employee stock options.

2.            CREDIT FACILITIES

In March 2006, Forwardand its wholly-owned U.S. subsidiary, Koszegi Industries, Inc. renewed their creditfacility with a U.S. bank that provides for a committed line of credit in themaximum amount of $3 million, including a $1.5 million sub-limit for letters ofcredit. The line expires in March 2007 and is renewable annually at the bank'sdiscretion, subject to our submission of satisfactory financial information andother documentation. Forward and Koszegi are required to eliminate borrowingsfor thirty consecutive days during the term of the facility and are required tocomply with certain financial covenants, including the maintenance of currentand tangible net worth ratios, as defined. Amounts drawn under the credit facilitybear interest at LIBOR plus 2.5% and are secured by substantially all ofKoszegi's assets and certain assets of Forward.  There were no outstandingborrowings or letter of credit obligations under this facility during the three-and nine-month periods ended June 30, 2006. 

In February 2003,Forward's wholly-owned Swiss subsidiary, Forward Innovations GmbH (ForwardInnovations), established a credit facility with a Swiss bank that provides foran uncommitted line of credit in the maximum amount of $400,000.  Amountsborrowed under the facility may be structured as a term loan or loans, with amaximum repayment period of 12 months, as a letter of credit facility, or as aguarantee facility, or any combination of the foregoing.  Either party mayterminate the facility at any time; however, such termination would not affectthe stated maturity of any term loans outstanding.  Amounts borrowed other thanas a term loan must be settled quarterly or converted into term loans.  Inconnection with this facility, Forward Innovations agreed to certain covenants.Amounts drawn under this credit facility bear interest at variable ratesestablished by the bank (5.5% as of June 30, 2006).  At June 30, 2006, Forward Innovations is contingently liable to the bank in respect of a letter ofcredit issued on its behalf in the amount of €224,000 (approximately $282,000as of June 30, 2006) in favor of Forward Innovations' freight forwarder andcustoms agent in connection with its logistics operations in The Netherlands (referto Note 6).  The effect of the issuance of the letter of credit is to reducethe availability of the credit line in an amount equal to the face amount ofthe letter of credit.
 
 

9

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

3.             BUSINESS SEGMENT INFORMATION**         **

The Company operates in a single segment:the providing of carrying solutions for portable electronic devices. Thiscarrying-solution segment designs and markets products to its customers thatinclude manufacturers of consumer hand held wireless telecommunications andmedical monitoring devices. The carrying solution segment operates ingeographic regions that include primarily the United States, Europe, and Asia. Geographic regions are defined based primarily on the location of the customer. Geographic Segment information is as follows:

**Revenues from external customers (allamounts in thousands of dollars):**

 
Three Months Ended  June 30,

Nine Months Ended  June 30,

2006

2005

2006

2005

Asia

    $3,236

    $  4,952

    $  9,288

    $11,555

United States

  2,305

3,003

  8,121

8,675

Europe

  1,764

5,155

  5,023

 13,032

Total net sales

  $7,305

  $13,110

  $22,432

  $33,262

4.            EARNINGS PER SHARE

Basicearnings per share is computed using the weighted-average number of shares ofcommon stock outstanding during each period. Diluted earnings per share iscomputed using the weighted-average number of common and dilutivecommon-equivalent shares outstanding during the period. Dilutivecommon-equivalent shares consist of shares that would be issued upon theexercise of stock options and warrants, computed using the treasury stockmethod. For this purpose, the average quoted market prices for the Company'scommon stock for the three-month periods ended June 30, 2006 and 2005 were $6.42 and $17.31, respectively. Calculation of basic and diluted earnings pershare is as follows:

Three Months Ended  June 30,

Nine Months Ended  June 30,

2006

2005

2006

2005

Numerator:

Net income

 $

284,944   

 $

2,571,512

 $

1,122,949   

 $

5,952,168
              Denominator:                 Denominator  for basic earnings per share -         weighted average shares  7,861,438  7,041,600  7,853,682  6,631,992     Dilutive  stock options and warrants -          treasury stock method  136,847  	793,459  	158,284  	674,471     Denominator for  diluted earnings per share -         weighted average shares  	7,998,285  	7,835,059  	8,011,966  	7,306,463                               Net  income per common share                       Basic $0.04 $0.37  $0.14 $0.90           Diluted 	$	0.04 	$	0.33 	$	0.14 	$0.82             Options excluded due to antidilution  	30,000  --   30,000  --  
 

10

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

5.            INCOME TAXES

The Company's incometax provision consists of the following United States and foreign components:

Three Months Ended  June 30,

Nine Months Ended  June 30,

U.S. Federal and State

2006

2005

2006

2005

    Current

 $

	97,121 

 $

555,008   

 $

536,191 

 $

1,339,837   

Deferred

	2,769 

21,727 

171,078 

270,051   

Foreign:

Current

11,800 

112,832 

(2,500)

269,632 

Deferred

-- 

-- 

-- 

-- 

Income  tax provision

 $

111,690 

 $

689,567   

 $

704,769 

 $

1,879,520   

Forthe three- and nine-month periods ended June 30, 2006, the Company recordedprovisions for income taxes of approximately $112,000 and $705,000,respectively. The Company's effective tax rate does not approximate thestatutory corporate United States Federal income tax rate primarily due to taxrate differentials in respect of United States state and foreign taxes.  Due tothe availability of deferred tax assets and additional tax benefits resultingfrom the exercise of stock options by certain employees during the three-and nine-monthperiods ended June 30, 2006, the Company has not recorded any amounts payablefor U.S. income taxes. 

Effective June 2001,undistributed earnings of the Company's foreign subsidiaries are considered tobe permanently invested; therefore, in accordance with SFAS No. 109, noprovision for U.S. Federal and state income taxes on those earnings has beenprovided.  At June 30, 2006, the Company's foreign subsidiaries hadapproximately $4,863,000 of accumulated undistributed earnings.

6.            COMMITMENTS ANDCONTINGENCIES

**Royalty Commitments**The Company has licensedthe use of certain trademarks of Motorola, Inc. ("Motorola") for thedistribution and sale of carry solution products throughout Europe, the MiddleEast and Africa (the "EMEA Region") under a license agreementeffective October 1, 2004, which replaces a previous agreement that expired September 30, 2004.  Under the terms of the license agreement, the Company isrequired to pay Motorola a royalty based upon a percentage of the Company's netsales to third parties of licensed products within the EMEA Region, subject topayment of minimum royalties (irrespective of actual net sales) to Motorolaover the following three contract periods: 

Contract Period 1:  October 1, 2004 to December 31, 2005 

Contract Period 2:  January 1, 2006 to December 31, 2006 

Contract Period 3:  January 1, 2007 to December 31, 2007 

 

 

11

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

6.            COMMITMENTS ANDCONTINGENCIES (CONTINUED)

**Royalty Commitments (Continued)**

The minimum royaltypayment to Motorola for Contract Period 1 was $375,000, or $300,000annualized.  Prior to the end of Contract Period 1 and Contract Period 2,the Company and Motorola agreed that, at such times, they would establish newminimum royalty amounts for Contract Period 2 and Contract Period 3,respectively.  If the Company were unable to reach agreement at eithersuch time with Motorola on the minimum royalty payment for Contract Period 2 orContract Period 3, as the case may be, then the parties have agreed that theminimum royalty payment for the ensuing relevant period may not be less thanseventy-five per cent (75%) of the annualized royalties payable in respect ofactual sales for the prior contract period, provided, however, that in no eventwould the minimum royalty in such ensuing contract period be less thanseventy-five percent (75%) nor more than one-hundred-twenty-five percent (125%)of the amount of the prior period's annualized minimum royalty.  As a result ofthe application of the foregoing, the minimum royalty for Contract Period 2 wasset at $225,000.

If the Company elects toterminate the license before December 31, 2007, it will be required to pay apenalty of an amount equal to up to one year's minimum royalty under certainconditions as specified in the agreement. The minimum royalty commitments arerecognized as expense in the applicable contract period. 

In July 2005, thelicense agreement with Motorola was amended to expand the licensed territory toinclude the APAC Region as well as the EMEA Region in consideration for paymentof additional royalties on sales in the APAC Region, subject to payment ofminimum royalties, separate and apart from royalties payable in respect ofsales in the EMEA Region.  Minimum royalties in respect of the APAC territoryare not considered material.

Under the licenseagreement, the Company recorded royalty expense of $154,000 and $394,000 forthe three- and nine-month periods ended June 30, 2006, respectively, and $75,000and $227,000 for the three- and nine-month periods ended June 30, 2005,respectively, which amounts are included in selling expenses in theaccompanying consolidated statements of income.  The increases in royaltyexpense of $79,000 and $167,000 for the three-and nine-month periods,respectively, are primarily a result of higher royalty sales in the EMEA Regionand, to a lesser extent, additional minimum royalties in respect of the APACRegion.

**Legal Proceedings**From time to time, theCompany may become a party to legal actions or proceedings in the ordinary courseof its business.  As of June 30, 2006, there were no such actions orproceedings, either individually or in the aggregate, that, if decidedadversely to the Company's interests, the Company believes would be material toits business.

**Bank Guarantee**In July 2002, ForwardInnovations, the Company's Swiss subsidiary, and its European logisticsprovider (freight forwarding and customs agent) entered into a RepresentationAgreement whereby, among other things, the European logistics provider agreedto act as such subsidiary's fiscal representative in The Netherlands for thepurpose of providing services in connection with any value added tax matters.As part of this agreement, the subsidiary agreed to provide an undertaking tothe logistics provider with respect to any value added tax liability arising inThe Netherlands that the logistics provider paid on the subsidiary's behalf. InFebruary 2004, such subsidiary entered into a guarantee agreement with a Swissbank relating to the repayment of any amount up to €224,000 (approximately $282,000as of June 30, 2006) paid by such bank to the logistics provider pursuant to aletter of credit that was issued by the bank in favor of the logistics providerin order to satisfy such undertaking.  The subsidiary would be required toperform under the guarantee only in the event that: (i) a value added taxliability is imposed on the Company's sales in The Netherlands, (ii) thelogistics provider asserts that it has been called upon in its capacity assurety by the Dutch Receiver of Taxes to pay such taxes, (iii) the subsidiaryor the Company on its behalf fails or refuses to remit the amount of valueadded tax due to the logistics provider, and (iv) the logistics provider makesa drawing under the letter of credit. On December 31, 2004, and on each anniversary thereafter until December 31, 2009, it is intended that the bankletter of credit will be renewed automatically for one-year periods. Thesubsidiary has agreed to keep a letter of credit guarantee in place for five yearsfollowing the date its relationship terminates with the logistics provider. Asof June 30, 2006, the Company has not recorded a liability in connection withthis guarantee.

 

12

**Forward Industries, Inc.Notes to Consolidated Financial StatementsThree-and Nine-Month Periods Ended June 30, 2006 and 2005(Unaudited)**

 

 

7.            EQUITY

**Stock OptionExercises**During the three-month period ended June 30, 2006, no shares of common stock were issued due to the exercise of stock options.  During the nine-month period ended June 30, 2006, 27,900 shares of common stock were issued due to the exercise of options with a range of exercise pricesfrom $2.21 to $3.25.

**Treasury Share Purchases**The Company did not purchase any shares of itscommon stock during the three- and nine-month periods ended June 30, 2006.

 

 

 

 

 

 

 

 

 

13

ITEM 2:   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION ANDRESULTS OF OPERATIONS

**Cautionarystatement for purposes of the "Safe Harbor" provisions of the PrivateSecurities Litigation Reform Act of 1995**

Thisquarterly report contains forward-looking statements that are not based onhistorical fact and that involve assessments of certain risks, developments,and uncertainties.  Such forward looking statements, within the meaning of thePrivate Securities Litigation Reform Act of 1995, can be identified by the useof forward-looking terminology such as "may", "will", "should", "expect","anticipate", estimate", "intend",  "continue", or "believe", or the negativesor other variations of these terms or comparable terminology.  Forward lookingstatements may include projections, forecasts, or estimates of futureperformance.  Forward looking statements are based upon assumptions that webelieve to be reasonable at the time such forward looking statements are made. Whether those assumptions will be realized will be determined by futurefactors, developments, and events, which are difficult to predict and may bebeyond our control.  Actual factors, developments, and events may differmaterially from those assumed.  Such risk factors, uncertainties,contingencies, and developments, including those discussed in this Management'sDiscussion and Analysis of Financial Condition and Results of Operations andthose identified in "Risk Factors" in our annual report on Form 10-KSB for thefiscal year ended September 30, 2005, could cause our future operating resultsto differ materially from those set forth in any forward looking statement.  Suchfactors include, among other, the following: our success in winning newbusiness from our customers and against competing vendors, whether replacementprograms that we win will be as successful as those that are replaced; levelsof demand and pricing generally for cellular handsets and blood glucosemonitoring devices for which we supply carry solutions; general economic andbusiness conditions, nationally and internationally in the countries in whichwe do business; our ability to manage inventory levels and obsolescence underthe new distribution hub arrangements required by our OEM customers; demographicchanges; changes in technology, including developments in cellular handsets orthe control and monitoring of diabetes; increased competition; changesaffecting one or more of our principal Original Equipment Manufacturer ("OEM")customers; governmental regulations and changes in, or the failure to complywith, governmental regulations; and other factors included elsewhere in thisreport and our other reports filed with the Commission, including withoutlimitation, those described under the caption Risk Factors contained in ourAnnual Report on Form 10-KSB for the fiscal year ended September 30, 2005. Accordingly, there can be no assurance that any such forward looking statement,projection, forecast or estimate can be realized or that actual returns orresults will not be materially lower than those that may be estimated.

**Giventhese uncertainties, readers are cautioned not to place undue reliance on suchforward-looking statements.  The Company disclaims any obligation to update anysuch factors or to publicly announce the results of any revisions to any of theforward-looking statements contained herein to reflect future results, eventsor developments.**

**Management'sDiscussion and Analysis of Financial Condition and Results of Operations**

Thefollowing discussion and analysis shouldbe read in conjunction with our unaudited Consolidated Financial Statements andthe notes thereto and other financial information appearing elsewhere in thisQuarterly Report on Form 10-QSB and in our Annual Report on Form 10-KSB for thefiscal year ended September 30, 2005.  This discussion and analysis compares ourconsolidated results of operations for the three months ended June 30, 2006(the "2006 Quarter"), with the three months ended June 30, 2005 (the "2005Quarter"), and the nine months ended June 30, 2006 (the "2006 Period"), withthe nine months ended June 30, 2005 (the "2005 Period"), and are based on orderived from the Unaudited Consolidated Financial Statements included elsewherein this Quarterly Report. There have been no material changes in criticalaccounting estimates since September 30, 2005.  All figures in the followingdiscussion are presented on a consolidated basis. All dollar amounts andpercentages presented herein have been rounded to approximate values.

 

14

 

Thepreparation of financial statements in conformity with GAAP requires us to makeestimates and assumptions that affect the reported amounts of assets,liabilities, and disclosure of contingent assets and liabilities at the date ofthe financial statements and the reported amounts of revenues and expensesduring the reporting periods.  On an on-going basis, we evaluate ourestimates.  We base our estimates on historical experience and on various otherassumptions that are believed to be reasonable under the circumstances, theresults of which form the basis for making estimates about the carrying valuesof assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.

**Variabilityof Revenues and Results of Operations**

Becauseour sales revenues are highly concentrated in a few large customers, andbecause the volumes of these customers' order flows to us are highly variable,with short lead times, our quarterly revenues, and consequently our results ofoperations, are highly variable and subject to significant changes over arelatively short period of time.

We dependfor the predominant proportion of our sales revenues on OEM orders from our sixlargest customers, each of which is a large, multinational corporation.  Eachof these customers launches many different products and purchases productsaccessories, such as carrying cases, from many different vendors.  When we areselected to supply a carry solution "in-box" for a specific product and launch,we may not be in a position to know the frequency or volumes of our customers'orders, or the duration of such orders (which will depend on the OEM customerproduct's life cycle), all of which depend on our customers' ongoingassessments of the product's relative contribution to their businesses, as wellas other factors.  Adding further uncertainty to the lack of predictability toorder flow, our customers are increasingly requesting that we furnish productto distribution hubs for future consumption by them, rather than in respect ofdirect purchase orders, as discussed below.  Our OEM customers may keepproducts for which our carry solutions have been selected to be packaged"in-box" in active promotion for many months, or for a very short period oftime, depending on the popularity of the product, product development cyclesand new product introductions, as well as our customers' competitors' productofferings.  Short product life cycles are particularly characteristic of thecellular handset market, where new functionality is constantly introduced,competition among vendors is high, and industry technical standards are subjectto continuing change.  When "in-box" programs end, and to the extent that theintroduction of new programs by our customers does not include our products asan accessory "in-box", or such new programs do include our products as anaccessory "in-box" but do not result in a comparable level of demand for ourproducts, the level of our OEM product sales is susceptible to significant andrapid change.  

All ofthis makes our quarterly revenue levels susceptible to a high degree ofvariability and difficult to predict.  Significant, rapid shifts in ouroperating results may occur if and when one or more of these customersincreases or decreases the size(s) of, or eliminates, its orders from us byamounts that are material to our business. These factors are largelyresponsible for the fluctuations between the period of sharply increasing revenuesand net income experienced in Fiscal 2005 and the period of markedly decreasingrevenues and net income in the 2006 Period.  

**Trendsin Results of Operations**
-  *The three major "in-box"programs that drove our results of operations to exceptional levels duringFiscal 2005 continued to be characterized by declining revenue, gross profit,and net income in the 2006 Period*. Webelieve that these three programs matured at the end of Fiscal 2005. Two ofthese three programs substantially terminated in the 2006 Quarter, whereasdemand for the third and largest program has continued to be substantially lowerthan Fiscal 2005, and will most likely terminate in Fiscal 2007. Insofar as new"in-box" programs are not performing to the exceptional level of the majorprograms that drove results of operations in Fiscal 2005, we continue toexperience a declining trend in revenues, gross profit, and net income in ourresults of operations generally.  We continue to experience pricing pressureand shifts in product mix to lower priced items from our OEM customer withrespect to certain of our products included "in-box" for the third andremaining program. We expect our levels of revenue, gross profit, and netincome in Fiscal 2006 to be significantly lower than the exceptional results ofFiscal 2005.  

15
**-  *Gross profit percentagedeteriorated sharply in the 2006 Quarter compared to the 2005 Quarter and isexpected to remain significantly lower in the next quarter compared with thelevels experienced in the 2005 Period.* In addition to compression of margins attributable to declining prices forcertain products included in largest of the three major "in-box" programsreferred to above, as the product revenues in respect of these programsdeclined, the relative contribution of other lower-margin "in-box" programsbecame proportionally greater, thereby further reducing gross profit percentageas a whole for the 2006 Quarter.  To better control our costs, we are improvingour purchasing practices for our major OEM "in-box" programs, developingalternate lower cost sources of supply, and are in the process of relocatingour Hong Kong sourcing and inspection facility to mainland China in an effortto reduce our overall cost structure there.  
-  *Our inventory levels haveincreased and may remain at historically high levels in future periods as weadjust to operational factors arising from hub agreements recently entered intowith several of our large OEM customers.* Under these agreements, we arerequired to source and ship our products to our OEM customers' distributionhubs, but do not invoice the OEM customer until it withdraws our product fromthe hub for sale through its chain of distribution.  We have entered into theseagreements with three of our largest OEM customers for certain locations wherethey operate such hubs. The implementation of these arrangements affects ourinventory levels and the timing of our revenue recognition, costs, and otheraspects of our operations. 
-  *Product manufacture isincreasingly being outsourced by our OEM customers to contract manufacturingfirms in China and in Southeast Asia*.Such firms are performing assembly and product packaging functions, includingthe bundling of product accessories such as ours with the OEM customer's product. As a consequence of this trend, we are increasingly distributing our carrysolution products to the contract manufacturing firm on behalf of our OEMcustomer.  In some cases, depending on our sales and payment arrangements withour OEM customers, we may invoice the contract manufacturing firm and not theOEM customer.  Therefore, it is the contract manufacturing firm's credit towhich we must look for payment in such cases and not that of our OEM"customer".  This may alter the credit profile of our customer base and mayinvolve significant purchase order volumes.  In some, but not all cases, themanufacturing firm is itself a large, multinational entity with significantfinancial resources.  A second result of this trend toward origination oforders from contract manufacturers is that Asia has in recent periods accountedfor an increasing percentage of our sales revenues, as seen in the tablesbelow.   In addition, we believe that the increasing reliance on contractmanufacturers by our OEM customers is an effort to reduce costs of supply that mayalso be increasing pressure to compress margins in respect of accessoryproducts packaged "in-box". 

**Resultsof Operations for the 2006 Quarter compared to the 2005 Quarter**

**Net Income**

Net income inthe 2006 Quarter was $0.3 million compared to net income of $2.6 million in the2005 Quarter, a decrease of approximately $2.3 million or 89%.  The decreasewas due almost entirely to significantly lower gross margin on significantlyreduced sales of cell phone products, offset in very small part by a $0.2million increase in other income. Basic and diluted earnings per share were $0.04for the 2006 Quarter, compared to basic and diluted earnings per share of $0.37and $0.33, respectively, in the 2005 Quarter.  

**NetSales**

Net sales decreased $5.8 million or 44% to $7.3 millionin the 2006 Quarter compared to $13.1 million in the 2005 Quarter due primarilyto lower sales of OEM cell phone products, which attained historically highlevels in the 2005 Quarter due primarily to the success of three "in-box"programs. Net sales of cell phone and diabetic carry solution products wereadversely affected due to lower selling prices, shifts in product mix to lowerpriced items, and a decline in demand from some of our OEM customers withrespect to certain of our products included "in-box" for certain key programs. Thetables below set forth approximate sales by product line and geographiclocation of our customers for the periods indicated.

16

**Net  Sales for 2006 Quarter  3  Months ended June 30, 2006  (millions  of dollars)**

** **

**US**

**Europe**

**Asia**

Total

Cell Phone Products

 $

0.65 

 $

1.37 

 $

1.30 

 $

3.32 

Diabetic Products

1.00 

0.35 

1.52 

 $

2.87 

Other Products

0.66 

0.04 

0.42 

 $

1.12 

**Total***

** $**

**2.31 **

** $**

**1.76 **

** $**

**3.24 **

** $**

**7.31 **

                               

**Net  Sales for 2005 Quarter   3  Months ended June 30, 2005  (millions  of dollars)**

** **

**US**

**Europe**

**Asia**

**Total**

Cell Phone Products

 $

1.48 

 $

4.48 

 $

3.50 

 $

9.46 

Diabetic Products

0.91 

0.66 

1.27 

 $

2.84 

Other Products

0.61 

0.01 

0.19 

 $

0.81 

**Total***

** $**

**3.00 **

** $**

**5.15 **

** $**

**4.96 **

** $**

**13.11 **

* Tables maynot total due to rounding.

***Cell Phone Product Sales*:**Our cell phone carrysolutions products include carrying cases for handsets and camera attachments,plastic belt clips, carrying case straps and bags, screen cleaners, decorativefaceplates, and other attachments used to carry or enhance the appearance ofcellular telephone handsets.  

We design to the orderof and sell these products directly to cell phone handset original equipmentmanufacturers Motorola and Nokia.  Our cases are packaged as an accessory"in-box" with the handsets that are sold by our OEM customers. In addition, under our license agreements with Motorola and SAGEM, we distributeour products directly to third party wholesalers and retailers in the EMEARegion for sale as separately packaged accessories.  In addition, under theMotorola license, we have been granted the right to distribute products in theAPAC Region, where as yet no sales have been made that are considered materialto our results of operations.

Total sales of cellphone products decreased $6.2 million, or 65%, to $3.3 million in the 2006Quarter from $9.5 million in the 2005 Quarter. Total cell phone product salesinclude our OEM "in-box" sales to Motorola and Nokia, as well as sales underour license agreements. OEM cell phone product sales were significantly lower asa result of decline in demand from Motorola and Nokia for certain of our productsincluded "in-box" for three major programs that drove our sales to exceptionallevels during Fiscal 2005. These three programs contributed approximately $0.9million, or 12%, of total net sales in the 2006 Quarter, compared to $8.0million, or 61%, of total net sales in the 2005 Quarter. 

Sales to third partiesunder our license agreement with Motorola totaled $1 million in the 2006Quarter compared to $0.4 million in the 2005 Quarter, an increase of $0.6million, or 150%, which we believe is inversely related to the sales of carryaccessories included "in-box" by our OEM customers. 

***Diabetic Product Sales*:**We design to the orderof and sell directly to OEMs carrying cases used by diabetics to carry theirpersonal electronic, blood glucose monitoring kits. OEM customers for thesecarrying cases include Abbott Labs, Bayer, Lifescan (a subsidiary of Johnson& Johnson), and Roche Diagnostics. Our carrying cases are packaged as anaccessory "in-box" with the monitoring kits that are sold by our OEMcustomers.

Sales of cases forblood glucose monitoring kits were $2.9 million in the 2006 Quarter, essentiallyunchanged compared to sales of such products of $2.8 million in the 2005Quarter. OEM sales of carrying cases for blood glucose monitoring kitsrepresented 39% of our total net sales in the 2006 Quarter compared to 22% ofour total net sales in the 2005 Quarter as a result of the decrease in cellphone product sales revenues in the 2006 Quarter compared to the 2005 Quarter.
 
17

****

**Other Product Sales:**We design and sell anumber of other carrying solutions for items such as cameras, portable oxygentanks, bar code scanners, MP3 players, and other carrying solutions for anassortment of products on a made-to-order basis that are customized to meet theindividual needs of our smaller OEM customers.  By the nature of ourdistribution in this market, sales of these customized products to order intheir product category vary from period to period without necessarilyreflecting a significant trend in overall demand for these items. Sales ofother products increased $0.3 million, or 38%, to $1.1 million in the 2006Quarter from $0.8 million in the 2005 Quarter. This increase is primarilyattributable to $0.4 million of sales in the 2006 Quarter to a satellite radio,company which is a new OEM customer that first accounted for revenues in thefirst quarter of our 2006 fiscal year.

**GrossProfit**

Gross profit decreased$3 million, or 64%, to $1.7 million in the 2006 Quarter from $4.7 million inthe 2005 Quarter. This decrease was due to lower sales volumes for OEM cellphone accessory products, lower margins on such reduced volumes due to pricingpressures, shifts in product mix to lower price/lower margin items, and higherfreight costs and costs of operating our Hong Kong facility.  As a percentageof sales, gross profit decreased to 24% in the 2006 Quarter from 36% in the2005 Quarter.  Even with the significantly lower sales volumes: the costs ofoperating our Hong Kong facility remained even at $0.6 million, or 7.9% of netsales in the 2006 Quarter, compared to 4.4% of total net sales in the 2005Quarter as a result of higher personnel costs. Freight costs increased to $0.3million or 4.4% of net sales in the 2006 Quarter compared to $0.7 million or 2.2% of net sales in the 2005 Quarter as a result of increased reliance on airfreight to meet customer deadlines and a higher number of low dollar valueshipments of licensed products that are subject to a fixed cost per shipment.

**Selling,General, and Administrative Expenses**

Selling, general, and administrativeexpenses increased $0.2 million, or 14%, to $1.6 million in the 2006 Quarterfrom $1.4 million in the 2005 Quarter primarily due to higher royalty,insurance, directors' compensation, and personnel costs.  In particular,royalties paid to Motorola increased $80,000 to $150,000 due to higher sales oflicensed products.            

**Other Income (Expense)**

Other income (expense)improved $248,000 to income of $220,000 in the 2006 Quarter compared to expenseof $28,000 in the 2005 Quarter as a result of increased interest income earnedon higher average cash balances and interest rates in the 2006 Quarter ascompared to the 2005 Quarter.  In the 2005 Quarter, other expense attributableto foreign exchange losses exceeded the level of our interest income.

**PretaxIncome**

Pretax income decreased$2.9 million or 88% to $0.4 million in the 2006 Quarter from $3.3 million inthe 2005 Quarter as a result of the decrease in gross profit as describedabove.
 
18

****

**IncomeTaxes**

Ourprovision for income taxes decreased $0.6 million in the 2006 Quarter to approximately$0.1 million from $0.7 million in the 2005 Quarter.  Our effective tax rateincreased to 28% in the 2006 Quarter from 21% in the 2005 Quarter primarilybecause during the 2006 Quarter we earned a higher proportion of our income inthe United States, where the statutory state and federal income tax rates aresignificantly higher, versus Switzerland.

We have in the pastconsidered the earnings of our foreign subsidiaries indefinitely invested and,accordingly, have not recorded a provision for U.S. income taxes on theirunrepatriated earnings.  At June 30, 2006, those cumulative earnings wereapproximately $4.9 million.  On October 22, 2004, the American Jobs Creation Act of 2004, or the "Act", became law. The Act creates a one-time taxincentive for United States corporations to repatriate accumulated incomeearned abroad by providing a tax deduction equal to 85% of the dividendsreceived for certain foreign earnings that are repatriated.  The Company hasevaluated the effects of the repatriation provision and has elected not toavail itself of the Act's repatriation incentives.

**Resultsof Operations for the 2006 Period compared to the 2005 Period**

**Net Income**

Net income inthe 2006 Period was $1.1 million compared to net income of $6.0 million in the2005 Period, a decrease of approximately $4.9 million or 82%.  The decrease waspredominantly due to significantly lower gross margin on significantly lower salesof cell phone products. Basic and diluted earnings per share were $0.14 for the2006 Period, compared to basic and diluted earnings per share of $0.90 and $0.82,respectively, in the 2005 Period. 

**NetSales**

Net sales decreased $10.9 million or 33% to $22.4 millionin the 2006 Period compared to $33.3 million in the 2005 Period due primarily tolower sales of OEM cell phone products, which attained historically high levelsin the 2005 Period due primarily to the success of three "in-box programs. Netsales of cell phone and diabetic carry solution products were adverselyaffected due to lower selling prices, shifts in product mix to lower priceditems, and a decline in demand from some of our OEM customers with respect toour products included "in-box" for certain key programs.
 
 

 

19

 

**Net  Sales for 2006 Period  9  Months ended June 30, 2006  (millions  of dollars)**

** **

**US**

**Europe**

**Asia**

**Total**

Cell Phone Products

 $

2.84 

 $

3.87 

 $

4.94 

 $

11.65  

Diabetic Products

3.27 

1.11 

3.50 

 $

7.88  

Other Products

2.01 

0.04 

0.85 

 $

2.90  

**Total***

** $**

**8.12 **

** $**

**5.02 **

** $**

**9.29 **

** $**

**22.43 **

                               

**Net  Sales for 2005 Period   9  Months ended June 30, 2005  (millions  of dollars)**

** **

**US**

**Europe**

**Asia**

**Total**

Cell Phone Products

 $

4.01 

 $

11.22 

 $

7.18 

 $

22.41  

Diabetic Products

2.64 

1.79 

3.88 

 $

8.31 

Other Products

2.02 

0.02 

0.50 

 $

2.54 

**Total***

** $**

**8.67 **

** $**

**13.03 **

** $**

**11.56 **

** $**

**33.26 **

* Tables maynot total due to rounding.

***Cell Phone Product Sales*:**Total sales of cellphone products decreased $10.7 million, or 48%, to $11.7 million in the 2006 Periodfrom $22.4 million in the 2005 Period.  Total cell phone product sales includeour OEM "in-box" sales to Motorola and Nokia, as well as sales under ourlicense agreements. OEM cell phone product sales for the 2006 Period totaled $9.2million, compared to $20.9 million in the 2005 Period, a decrease of $11.7 millionor 56%. OEM cell phone product sales were significantly lower as a result ofdecline in demand from Motorola and Nokia for certain of our products included"in-box" for three major programs that drove our sales to exceptional levelsduring Fiscal 2005. These three programs contributed approximately $5.6million, or 25%, of total net sales in the 2006 Period, compared to $18.5million, or 56%, of total net sales in the 2005 Period. 

In addition, our OEMcell phone revenue was adversely affected by a sourcing, billing, and paymentarrangement for one particular cell phone customer's products in which werecognized revenue only to the extent of the related gross profit on sales tothis customer. Had we not implemented this arrangement, our OEM cell phonerevenues would have been approximately $1.1 million higher in the 2006 Period.

Sales to third partiesunder our license agreement with Motorola totaled $2.3 million in the 2006 Periodcompared to $1.5 million in the 2005 Period, an increase of $0.8 million, or 53%,which we believe is inversely related to the sales of carry accessories included"in-box" by our OEM customers. 

***Diabetic Product Sales*:**Sales of cases forblood glucose monitoring kits decreased $0.4 million, or 5%, to $7.9 million inthe 2006 Period from $8.3 million in the 2005 Period. The decrease was dueprimarily to lower sales to Lifescan, our largest OEM customer for these cases,and Roche, sales to whom decreased $0.8 million and $0.5 million, or 19% and 83%,respectively. These decreases more than offset a $0.8 million, or 52%, increasein sales to Abbott Labs.  OEM sales of carrying cases for blood glucosemonitoring kits represented 35% of our total net sales in the 2006 Periodcompared to 25% of our total net sales in the 2005 Period, as a result of the decreasein cell phone product sales revenues in the 2006 Period compared to the 2005Period.

**Other Product Sales:**Sales of other productsincreased $0.4 million, or 16% to $2.9 million in the 2006 Period, from $2.5 millionin the 2005 Period. This increase is primarily attributable to $0.7 million ofsales to a satellite radio company in the 2006 Period, which was offset in partby a $0.4 million decrease in sales to an MP3 manufacturer.

 20
****
**GrossProfit**

Gross profit decreased$6.3 million, or 52%, to $5.8 million in the 2006 Period from $12.1 million inthe 2005 Period. Gross profit decreased primarily due to lower sales volumesfor OEM cell phone accessory products, lower margins on such reduced sellingvolumes due to pricing pressures, shifts in our OEM cell phone product mix, andhigher freight costs and cost of operating our Hong Kong facility.  As apercentage of sales, gross profit decreased to 26% in the 2006 Period from 36%in the 2005 Period.  Even with the significantly lower sales volumes: the costsof operating our Hong Kong facility increased to $1.8 million, or 7.8% of net sales,in the 2006 Period from $1.6 million, or 4.8% of total net sales in the 2005 Periodprimarily as a result of higher personnel costs; and freight costs increased to$0.9 million or 4.1% of net sales in the 2006 Period compared to $0.7 millionor 2.2% of net sales in the 2005 Period as a result of increased reliance on airfreight to meet customer deadlines and a higher number of low dollar valueshipments of licensed products that are subject to a fixed cost per shipment.

**Selling,General, and Administrative Expenses**

Selling, general, andadministrative expenses increased $0.2 million, or 5%, to $4.5 million in the2006 Period from $4.3 million in the 2005 Period primarily due to higherroyalty, insurance, directors compensation and travel and entertainment costs. Inparticular, royalties owed to Motorola increased $170,000 to $390,000 due tohigher sales of licensed products.  In addition, personnel expenses for the2005 Period included $0.3 million of accrued performance-based bonuses, whereasthe 2006 Period did not include such an accrual, thereby masking increases inpersonnel expenses, professional fees, and other general and administrativeexpenses. 

**Other Income (Expense)**

Other income (expense)improved $0.6 million to income of $0.6 million in the 2006 Period compared toincome of $6,000 in the 2005 Period as a result of the increase in interestincome earned on higher average cash balances and interest rates in the 2006Period compared to the 2005 Period.  In the 2005 Period, other expenseprimarily attributable to foreign exchange losses served to offset in part ourinterest income.

**PretaxIncome**

Pretax income decreased$6 million or 77% to $1.8 million in the 2006 Period from $7.8 million in the2005 Period as a result of the decrease in gross profit as described above.

**IncomeTaxes**

Ourprovision for income taxes decreased $1.2 million in the 2006 Period to $0.7million from $1.9 million in the 2005 Period.  Our effective tax rate increasedto 39% in the 2006 Period from 24% in the 2005 Period primarily because duringthe 2006 Period we earned a higher proportion of our income in the United States, where the statutory state and federal income tax rates are significantly higher, versus  Switzerland.

Wehave in the past considered the earnings of our foreign subsidiariesindefinitely invested and, accordingly, have not recorded a provision for U.S. income taxes on their unrepatriated earnings.  At June 30, 2006, those cumulative earnings were approximately $4.9 million.  On October 22, 2004, the American Jobs Creation Act of 2004, or the "Act", became law. The Act creates a one-timetax incentive for United States corporations to repatriate accumulated incomeearned abroad by providing a tax deduction equal to 85% of the dividendsreceived for certain foreign earnings that are repatriated.  The Company has evaluated the effects of therepatriation provision and has elected not to avail itself of the Act'srepatriation incentives.

21
****
**Liquidity and Capital Resources**

* *During the 2006Period, we generated $1.9 million of cash from operations compared to $3.3million of cash from operations generated in the 2005 Period. Our operatingcash flows in the 2006 Period consisted of net income of $1.1 million,increased by $1.0 million for non-cash items, including $0.5 million of taxbenefit related to stock options exercised and provisions for obsoleteinventory, deferred income taxes, and depreciation totaling nearly $0.5 million.These cash flows were increased by net changes in working capital items of $0.2million, consisting primarily of a decrease in accounts receivable $6.9million, which was offset, for the most part, by increases in inventories of $2.3million and decreases in accounts payable and accrued expenses of $3 million,and $1.5 million, respectively.  The lower levels of accounts receivable andaccounts payable in the 2006 Period are attributable to lower levels of salesin the 2006 Period compared to sales levels experienced in the last quarter ofFiscal 2005. The higher level of inventory in the 2006 Period is in support ofexisting sales orders and the entry into the hub arrangements as describedabove. The decrease in accrued expenses is primarily a result of accruedremuneration that was subsequently paid in the 2006 Period. No such accrual forremuneration was required as of June 30, 2006.

Our operating cash flowsin the 2005 Period consisted of net income of $6 million, adjusted for non-cashitems including a tax benefit from the exercise of stock options of $1.4million, deferred income taxes of $0.2 million, and provisions for depreciationand obsolete inventory $0.1 million, respectively, less net changes in workingcapital items of $4.5 million.  Changes in working capital items in the 2005Period consisted primarily of increases in accounts receivable and inventoriesof $6.1 million and $0.5 million, respectively. These increases were offset inpart by an increase in accounts payable of $1.8 million.

Net investing activitiesgenerated $56,000 in cash during the 2006 Period and consisted of $75,000 ofcash generated from the sale of marketable equity securities and $19,000 ofcash used for purchases of property, plant and equipment, primarily computerand telecommunications hardware and software. Net investing activities used $0.1million of cash during the 2005 Period for purchases of property, plant andequipment, primarily computer and telecommunications hardware and software.

Net financing activitiesgenerated $0.1 million in cash during the 2006 Period and $2.6 million in the 2005Period, primarily from the issuance of common stock upon the exercise of stockoptions to purchase approximately 27,900 and 1,180,000 shares, respectively, ofcommon stock under our 1996 Stock Incentive Plan.  

At June 30, 2006, our current ratio (current assets divided by current liabilities) was 10.6; our quickratio (current assets less inventories divided by current liabilities) was 9.36;and our working capital (current assets less current liabilities) was $24.3 million. As of such date, we had no short- or long-term debt balances outstanding. 

Our primary sources ofliquidity are cash on hand, our operating cash flow, and our bank credit facilities.Based on current market conditions as well as the relatively small number ofstock options remaining unexercised, we do not believe that exercises ofemployee or director stock options, or tax benefits derived there from, willconstitute a material source of liquidity in future periods compared to Fiscal2005. The primary demands on our working capital are: our accounts payablearising in the ordinary course of business, the most significant of which arisewhen our customers place orders and we order from our suppliers; and ourcommitments under our license agreement with Motorola.  

We anticipate that ourliquidity and financial resources for the ensuing fiscal year will be adequateto manage our financial requirements.

22

In March 2006, Forwardand Koszegi renewed its credit facility with a U.S. bank that provides for acommitted line of credit in the maximum amount of $3 million, including a $1.5million sub-limit for letters of credit. The line expires in March 2007 and isrenewable annually, at the discretion of the bank, subject to our submission ofsatisfactory financial information and other documentation. Forward and Koszegiare required to eliminate borrowings for thirty consecutive days during theterm of the facility and are required to maintain certain financial covenantsincluding the  maintenance of current and tangible net worth ratios, asdefined. Amounts drawn under the credit facility bear interest at LIBOR plus2.5% and are secured by substantially all of Koszegi's assets and certain assetsof Forward.  At June 30, 2006, there were no outstanding borrowings or letterof credit obligations under this facility. 

In February 2003,Forward Innovations established a credit facility with a Swiss bank thatprovides for an uncommitted line of credit in the maximum amount of$400,000.  Amounts borrowed under the facility may be structured as a termloan or loans, with a maximum repayment period of 12 months, or as a guaranteefacility, or any combination of the foregoing.  Either party may terminatethe facility at any time; however, such termination would not affect the statedmaturity of any term loan outstanding under the facility.  Amountsborrowed other than as a term loan must be settled quarterly or converted intoterm loans. In connection with this facility, Forward Innovations has agreed tocertain covenants.  Amounts drawn under this credit facility bear interest atvariable rates established by the bank (5.5% as of June 30, 2006). At June 30, 2006, Forward Innovations is contingently liable to the bank under a letter ofcredit issued on its behalf in the amount of €224,000 (approximately $282,000as of June 30, 2006) in favor of Forward Innovations' freight forwarder andcustoms agent in connection with its logistics operations in The Netherlands.  Theeffect of the issuance of the letter of credit is to reduce the availability ofthe credit line in an amount equal to the face amount of the letter of credit.

On September 27, 2002, our Board of Directorsauthorized the repurchase of up to 400,000 shares of our outstanding commonstock, or approximately 7% of the number of shares then outstanding. On January 21, 2004, our Board increased the amount of shares authorized for repurchase to486,200. As of June 30, 2006, we had repurchased an aggregate of 102,600 sharesat a cost of approximately $171,000, but none during the 2006 Quarter, underthat authorization.

**Contractual Obligations and Commercial Commitments**

The Company has entered into various contractualobligations and commercial commitments that, under accounting principlesgenerally accepted in the United States, are not recorded as a liability.   Thefollowing is a summary of such contractual cash obligations as of June 30, 2006:

**Contractual  Obligation or Commitment**

**July 06 - June 07**

**July 07- June 09**

**July 09 - June 11**

**Thereafter**

Employment & Consulting Agreements

 $

835,000 

 $

418,000 

 $

-- 

 $

-- 

Operating Leases

241,000 

287,000 

312,000 

153,000 

License Agreements**

259,000 

122,000 

-- 

-- 

Totals

 $

1,335,000 

 $

827,000 

 $

312,000 

 $

153,000 

**The amounts shown as licensee agreement obligations represent the minimumamounts the Company would incur as a royalty expense under the present terms ofits Motorola license agreement. 

TheCompany has not guaranteed the debt of any unconsolidated entity and does notengage in derivative transactions or maintain any off-balance sheet specialpurpose entities.  

23

ITEM 3.          CONTROLS AND PROCEDURES

**Evaluation of disclosure controls and procedures**.  

Our management is responsible for establishing and maintaining a system ofdisclosure controls and procedures (as defined in Rule 13a-15(e))  under theExchange Act) that is designed to ensure that information required to bedisclosed by the Company in the reports that we file or submit under theExchange Act is recorded, processed, summarized and reported, within the timeperiods specified in the Commission's rules and forms. Disclosure controls andprocedures include, without limitation, controls and procedures designed toensure that information required to be disclosed by an issuer in the reportsthat it files or submits under the Exchange Act is accumulated and communicatedto the issuer's management, including its principal executive officer orofficers and principal financial officer or officers, or persons performingsimilar functions, as appropriate to allow timely decisions regarding requireddisclosure.

Inaccordance with Exchange Act Rules 13a-15, our management, with theparticipation of our Chief Executive Officer and Chief Financial Officer,performed an evaluation of the effectiveness of the Company's disclosurecontrols and procedures as of the end of the period covered by this QuarterlyReport. Based on that evaluation, the Company's Chief Executive Officer andChief Financial Officer concluded that the Company's disclosure controls andprocedures were effective, as of the end of the period covered by thisQuarterly Report, to provide reasonable assurance that information required tobe disclosed in the Company's reports filed or submitted under the Exchange Actis recorded, processed, summarized and reported within the time periodsspecified in the Commission's rules and forms. 

**Changes in internal controls**.

Our management, with the participation our Chief Executive Officer and Chief Financial Officer, performed an evaluation as to whether any change in our internal controls over financial reporting  occurred during the 2006 Quarter.  Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that no change occurred in the Company's internal controls over financial reporting during the 2006 Quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

 

 

 

 

 

24

 

**PART II.   OTHER INFORMATION**

ITEM 4.          SUBMISSION OF MATTERS TO A VOTE OFSECURITY HOLDERS

TheCompany held its Annual Meeting of Stockholders on April 27, 2006.  The following matters were voted upon at the Annual Meeting of Shareholders:

1.       Election of a Board of Directors

Number of Shares Voted

Name

For

Withheld

Jerome E. Ball......................

6,626,215

71,864

Bruce Galloway..................  

6,611,097

86,982

Edwin Levy.........................  

6,615,480

82,599

Louis Lipschitz...................  

6,619,166

78,913

Norman Ricken...................  

6,630,941

67,138

Douglas Sabra....................  

6,608,805

89,274

Michael Schiffman.............  

6,624,130

73,949

2.       Proposal to approve the ForwardIndustries, Inc. 2006 Restricted Stock Plan.

Number of Shares Voted

For

Against

Abstain

1,931,548

278,804

31,271

Note: Subsequentto the Annual Meeting of Stockholders, the Company's Board of Directors votedto terminate the Forward Industries, Inc. 2006 Restricted Stock Plan in itsentirety as well as awards granted thereunder. The Company intends to introducea revised stock plan at the next shareholder meeting.

3.       Ratification of Kaufman, Rossin& Co., P.A. as the independent registered public accounting firm for theCompany for the Fiscal Year ending September 30, 2006.

Number of Shares Voted

For

Against

Abstain

Ratify Kaufman & Rossin &  Co., P.A. as the independent registered public accounting firm for the  Company the Fiscal Year ending September 30, 2006.... 

6,633,252

52,232

12,595
 
 

25

 

ITEM 6.        EXHIBITS

 Exhibits filed herewith:

                31.1 Certification of the ChiefExecutive Officer under Section 302 of the Sarbanes-Oxley Act of 2002

                31.2 Certification of the Chief Financial Officer under Section302 of the Sarbanes-Oxley Act of 2002

                32.1Certifications of the Chief Executive Officer and Chief Financial Officer underSection 906 of the Sarbanes-Oxley Act of 2002

               

 

 

 

 

26

 

**SIGNATURES**

Inaccordance with the requirements of the Securities Exchange Act of 1934, theregistrant caused this report to be signed on its behalf by the undersigned,hereunto duly authorized.

Dated:  July 27, 2006

FORWARD INDUSTRIES, INC.(Registrant)

 

By: /s/Jerome E. Ball                                          

Jerome E. Ball Chairman and Chief Executive Officer

 

By:/s/Douglas W. Sabra                                   

DouglasW. Sabra Vice President, Chief Financial Officer andPrincipal Accounting Officer

                                                                               
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