| **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, 2005.

or

[   ]       TRANSITION REPORT UNDER SECTION 13 OR  15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 	for the transition period from  ____ to  ____

Commission file number	0-6669

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

                                  New York                                                                                               13-1950672                                     	                  (State or other jurisdiction of                                                         (I.R.S.  Employer Identification No.)	                  incorporation or organization)

                  1801 Green Rd., Suite E, Pompano Beach, FL                                                   33064                                                   (Address of principal executive  offices)                                                     (Zip  Code)

                                                                       	

                                 (954) 419-9544                              (Issuer's Telephone Number, including Area Code)

                                                                                                  (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  Securities Exchange Act of 1934 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 [   ].

As  of July 25, 2005, 7,406,438 shares of Common Stock were outstanding.

Transitional  Small Business Disclosure Format:    Yes [   ]  No [X] |
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 1

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**FORWARDINDUSTRIES, INC. AND SUBSIDIARIESFORM 10-QSBTHREEMONTHS ENDED June 30, 2005**

**CONTENTS**

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| **PART  I** | ** ** | **FINANCIAL  INFORMATION**                                                                             | ** **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|             |            |      Consolidated Balance Sheets as of June 30, 2005 (Unaudited) and September 30,	2004 | 3
     	

 

     Unaudited Consolidated Statements of Income for the Three and Nine Months	    Ended June 30, 2005 and 2004

4
     	

 

     Unaudited Consolidated Statements of Cash Flows for the Nine Months	    Ended June 30, 2005 and 2004

5
     	

 

     Notes to Consolidated Financial Statements (Unaudited)

6
     
Item  2.

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

14
   
Item  3.

Controls  and Procedures

26
   
**PART  II**

** **

**OTHER  INFORMATION**

** **
   
Item  4

Submission  of Matters to a Vote of Security Holders

27
   
Item  6.

Exhibits

28
   
Signatures

29
   
 

**NoteRegarding Use of Certain Terms**

                In this Quarterly Reporton Form 10-QSB, unless the context otherwise requires, the terms"we", "our", and the "Company"  refer to ForwardIndustries, Inc., a New York corporation, together with its consolidatedsubsidiaries; "Forward" or "Forward Industries" refers to Forward Industries,Inc., "common stock" refers to the common stock, $.01 par value per share, ofForward Industries, Inc.; "Koszegi" refers to Forward Industries'wholly owned subsidiary Koszegi Industries Inc., an Indiana corporation; "Koszegi Asia" refers to Forward Industries' whollyowned subsidiary Koszegi Asia Ltd., a Hong Kong corporation; "ForwardInnovations" refers to Forward Industries' wholly owned subsidiary ForwardInnovations GmbH, a Swiss corporation;  "GAAP"refers to accounting principles generally accepted in the United States; "Commission"refers to the United States Securities and Exchange Commission; and "ExchangeAct" refers to the United States Securities Exchange Act of 1934.
 
2

**PART I.   FINANCIAL INFORMATION**

ITEM 1.  FINANCIAL STATEMENTS

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

**June 30,**

** **

**September 30,**

**2005**

** **

**2004**

**ASSETS**

**(Unaudited)**

** **

** **

 

Current assets:

   Cash and cash equivalents

$10,314,149 

 $  4,487,415 

   Accounts receivable - net

9,740,655 

3,609,559 

   Inventories

1,197,024 

811,694 

   Prepaid expenses and other current assets

139,792 

190,076 

   Deferred tax asset

511,561 

164,413 

      Total current assets

21,903,181 

9,263,157 

Property, plant, and equipment - net

269,359 

264,043 

Deferred tax asset

-- 

617,199 

Other assets

44,467 

44,967 

     **TOTAL ASSETS**

$22,217,007 

 $10,189,366 

**LIABILITIES AND  SHAREHOLDERS' EQUITY**

Current liabilities:

   Accounts payable

$3,606,555 

 $  1,813,543 

   Accrued expenses and other current liabilities

1,059,088 

757,026 

      Total current liabilities

4,665,643 

2,570,569 

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; 7,969,931 and 6,789,931  shares issued at June 30, 2005 and September 30, 2004, respectively  (including 563,493 held in treasury at such dates)

79,699 

67,899 

   Paid-in capital

12,916,938 

8,948,339 

   Retained earnings (accumulated deficit)

5,407,886 

(544,282)

18,404,523 

8,471,956 

   Less: Cost of shares in treasury

(853,159)

(853,159)

      Total shareholders' equity

17,551,364 

7,618,797 

**TOTAL LIABILITIES AND SHAREHOLDERS'  EQUITY**

$22,217,007 

 $10,189,366 

 

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,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Net sales

$13,108,194 

$5,245,886 

$33,262,367 

$14,739,854 

Cost of  goods sold

8,377,983 

3,447,207 

21,169,445 

9,786,723 

Gross  profit

4,730,211 

1,798,679 

12,092,922 

4,953,131 

Operating  expenses:

Selling

848,944 

800,630 

2,381,753 

2,209,963 

General  and administrative

591,851 

617,920 

1,885,500 

1,635,575 

Total  operating expenses

1,440,795 

1,418,550 

4,267,253 

3,845,538 

Income from operations

3,289,416 

380,129 

7,825,669 

1,107,593 

Other  income (expense):

Interest  income

30,328 

4,762 

51,948 

8,955 

Other  income (expense) - net

(58,665)

(10,092)

(45,929)

5,692 

Total  other income (expense)

(28,337)

(5,330)

6,019 

14,647 

Income  before provision for income taxes

3,261,079 

374,799 

7,831,688 

1,122,240 

Provision  for income taxes

689,567 

28,600 

1,879,520 

94,911 

Net  income

$2,571,512 

$346,199 

    

$5,952,168 

$1,027,329 

Net  income per common and common equivalent share

Basic

$0.37  

$0.06 

$0.90 

$0.17  

Diluted

$0.33  

$0.05  

$0.82 

$0.16  

Weighted  average number of common and common equivalent shares outstanding

Basic

7,041,600 

6,204,808 

6,631,992 

6,110,321 

Diluted

7,835,059 

6,599,780 

7,306,463 

6,447,131 

** **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,**

**     2005**

** **

**2004**

**OPERATING ACTIVITIES:**

Net  income

$5,952,168 

$1,027,329 

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

Tax  benefit from exercise of stock options

1,394,836 

-- 

Deferred  income taxes

175,051 

-- 

Depreciation  and amortization

94,607 

90,326 

     Provision for obsolete inventory

87,939 

129,878 

 Provision for bad debts

25,787 

-- 

 Loss on disposal of property, plant and equipment

4,000 

-- 

 Changes  in operating assets and liabilities:

Accounts receivable

(6,156,883)

110,586 

Inventories

(473,269)

(183,614)

Prepaid expenses and other  current assets

50,284 

(25,677)

Other assets

500 

(4,912)

Accounts payable

1,793,012 

171,628 

Accrued expenses and other  current liabilities

302,062 

(178,008)

**NET CASH  PROVIDED  BY OPERATING ACTIVITIES**

**3,250,094 **

** **

**1,137,536 **
     
**INVESTING ACTIVITIES:**

Proceeds from the sale of property,  plant, and equipment

1,000 

-- 

Purchases of property,  plant, and equipment

(104,923)

(115,623)

**NET CASH USED BY  INVESTING ACTIVITIES**

**(103,923)**

** **

**(115,623)**
     
**FINANCING ACTIVITIES:**

Proceeds from exercise of  stock options

2,424,200 

369,396 

Purchase of treasury shares

-- 

(4,385)

Shareholder contribution  from short-swing sale profits

256,363 

-- 

**NET  CASH PROVIDED BY FINANCING ACTIVITIES**

**2,680,563 **

** **

**365,011 **

NET INCREASE IN CASH AND  CASH EQUIVALENTS

5,826,734 

1,386,924 
     
CASH AND CASH  EQUIVALENTS - beginning of period

4,487,415 

2,125,300 
     
CASH  AND CASH EQUIVALENTS - end of period

$10,314,149  	

$3,512,224 

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

 

5

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

 

1.             BASISOF 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 Form10-QSB and Article 10 of Regulation S-X.  Accordingly, they do not includeall the information and footnotes required by accounting principles generallyaccepted in the United States for complete financial statements.  In theopinion of management, 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, 2005, are notnecessarily indicative of the results that may be expected for the fiscal yearending September 30, 2005.

The consolidated balancesheet at September 30, 2004, 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 financial statements included inthe Company's annual report on Form 10-KSB for the fiscal year ended September30, 2004, and should be read in conjunction with the disclosures presented therein. 

                For thethree- and nine-month periods ended June 30, 2005 and 2004, the Company did not have 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.

**Recent Accounting Pronouncements**

TheFinancial Accounting Standards Board issued Statement of Financial AccountingStandards No. 151, Inventory Costs - an Amendment to ARB No. 43, Chapter 4, inNovember 2004.  This Statement requires that abnormal amounts of idlefacility expense, freight, handling costs, and wasted material (spoilage) costsbe recognized as current-period charges.  In addition, this Statementrequires that allocation of fixed production overheads to the costs ofconversion be based on the normal capacity of the production facilities.  Theprovisions of this Statement are effective for inventory costs incurred duringfiscal years beginning after June 15, 2005. The Company does not expect thispronouncement to have a material impact on its financial statements.

TheFinancial Accounting Standards Board issued Statement of Financial AccountingStandards No. 153, Exchanges of Nonmonetary Assets - an amendment of APBOpinion No. 29 in December 2004.   The guidance in APB Opinion No.29, Accounting for Nonmonetary Transactions, is based on the principle thatexchanges of nonmonetary assets should be measured based on the fair value ofthe assets exchanged. The guidance in that Opinion, however, included certainexceptions to that principle. This Statement amends Opinion 29 to eliminate theexception for nonmonetary exchanges of similar productive assets and replacesit with a general exception for exchanges of nonmonetary assets that do nothave commercial substance. A nonmonetary exchange has commercial substance ifthe future cash flows of the entity are expected to change significantly as aresult of the exchange.  The provisions of this Statement are effectivefor nonmonetary asset exchanges occurring in fiscal periods beginning after June 15, 2005. The Company does not expect this pronouncement to have a material impact onits financial statements.

 

6

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

 

1.             BASIS OF PRESENTATION(CONTINUED)

In December 2004 the Financial Accounting StandardsBoard (FASB) issued Statement of Financial Accounting Standard No. 123, asrevised*, Share-based Payment* (FAS 123(R)). The provisions of the new standard were scheduled togo into effect for all interim or annual periods beginning after June 15, 2005. FAS 123(R) requires that compensation cost for allshare-based employee payments be recognized in the statement of operationsbased on grant date fair values of the awards, adjusted to reflect actualforfeitures and the outcome of certain other conditions. The fair value isgenerally not re-measured, except in limited circumstances, or if the award issubsequently modified. The statement will require the Company to estimate thefair value of stock-based awards and recognize expense in the statement ofoperations as the related services are provided. This will change currentpractice as, upon adoption, the Company must cease using the "intrinsic value"method of accounting, currently permitted by APB 25, that resulted in no expensefor all of the Company's stock option awards.

In March 2005, the U.S. Securities andExchange Commission (SEC) issued Staff Accounting Bulletin No. 107 (SAB 107)which expresses views of the SEC staff regarding the application of FAS 123(R).Among other things, SAB 107 provides interpretive guidance related to theinteraction between FAS 123(R) and certain SEC rules and regulations, as wellas provides the SEC staff's views regarding the valuation of share-basedpayment arrangements for public companies. On April 14, 2005, the SEC announced the adoption of a new rule that amends the compliance dates of FAS 123(R).The new rule allows companies to implement FAS 123(R) at the beginning of theirnext fiscal year instead of the next reporting period that begins after June 15, 2005, or December 15, 2005, for small business issuers.

TheCompany will adopt the provisions of the statement as of the beginning of itsfiscal year ending September 30, 2007, and for subsequent periods. Adoption ofthe standard may have a material impact on the results of operations in futureperiods. However, the impact of adoption will depend on levels of share-basedpayments granted. 

**Accountingfor Stock Based Compensation**

In December 2002, theFASB issued SFAS No. 148, *Accounting for Stock-Based Compensation -Transition and Disclosure - an amendment of SFAS 123*, which providesalternative methods for a voluntary change to the fair value method ofaccounting for stock-based employee compensation and amends the disclosurerequirements of SFAS 123. The Company has elected to continue to account forits stock-based employee compensation plans under APB Opinion 25, *Accountingfor Stock Issued to Employees*, and related interpretations. The followingdisclosures are provided in accordance with SFAS 148.

The Company has a stockoption plan and accounts for that plan under the recognition and measurementprinciples of APB Opinion No. 25, *Accounting for Stock Issued to Employees*,and related Interpretations.  No stock-based employee compensation cost hasbeen reflected in net income, as all options granted under the plan had anexercise price equal to the quoted market value of the underlying common stockon the date of grant.

7

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

 

1.             BASIS OF PRESENTATION(CONTINUED)

**Accounting for Stock Based Compensation (continued)**

Ifthe Company had elected to recognize expense in the three and nine-monthperiods ended June 30, 2005 and 2004, for the stock options granted based onthe fair value at the date of grant consistent with the method prescribed bySFAS No. 148, unaudited net income and income per share would have been changedto the pro forma amounts indicated below:

**Three Months Ended**

** **

**Nine Months Ended**

**June 30,**

** **

**June 30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Net income, as reported

$2,571,512

$ 346,199

$5,952,168

$1,027,329

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

245,124

29,112

274,194

91,347

Pro forma net income

$2,326,388

$ 317,087

$5,677,974

$  935,982

Earnings per share:

Basic - as reported

$        0.37

$       0.06

$        0.90

$        0.17

Basic - pro forma

$        0.33

$       0.05

$        0.86

$        0.15

Diluted - as reported

$        0.33

$       0.05

$        0.82

$        0.16

Diluted - pro forma

$        0.30

$       0.05

$        0.78

$        0.15

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 of exchange-tradedoptions, which have no vesting restrictions, are fully transferable, and do notinclude a discount for large block trades.  In addition, option valuationmodels require the input of highly subjective assumptions including theexpected stock price volatility, expected life of the option and otherestimates.  Because the Company's employee stock options have characteristicssignificantly different from those of exchange-traded options, and becausechanges in the subjective input assumptions can materially affect the fairvalue estimate, in management's opinion, the existing models do not necessarilyprovide a reliable single measure of the fair value of its employee stockoptions.

2.            CREDIT FACILITIES

In March 2005, Forwardand Koszegi entered into a new credit facility with a U.S. bank that provides fora committed line of credit in the maximum amount of $3 million, including a$1.5 million sub-limit for letters of credit. The line expires in March 2006and is renewable annually at the bank's discretion. Forward and Koszegi arerequired to eliminate borrowings for thirty consecutive days during the term ofthe facility and are required to comply with certain financial covenants,including the maintenance of current and tangible net worth ratios, as defined.Amounts drawn under the credit facility bear interest at LIBOR plus 2.5% andare secured by substantially all of Koszegi's assets and certain assets ofForward.  At June 30, 2005, there were no outstanding borrowings or letter ofcredit obligations under this facility. 

8

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

2.            CREDIT FACILITIES(CONTINUED)

In February 2003, 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 term loans outstanding.  Amounts borrowed other than asa term loan must be settled quarterly or converted into term loans.  Inconnection with this facility, Forward Innovations has agreed to certaincovenants. Amounts drawn under this credit facility bear interest at variablerates established by the bank (5.5% as of June 30, 2005).  At June 30, 2005, Forward Innovations is contingently liable to the bank in respect of aletter of credit, issued on its behalf in the amount of €224,000 (approximately$270,000 as of June 30, 2005) in favor of Forward Innovations' freightforwarder and customs agent in connection with its logistics operations in TheNetherlands (Refer to Note 6).  The effect of the issuance of the letter ofcredit is to reduce the availability of the credit line in an amount equal tothe face amount of the letter of credit.

3.            BUSINESSSEGMENT INFORMATION

The Company operates in a single business segment:providing carrying solutions for portable electronic devices. The Companydesigns and markets its products primarily to original equipment manufacturersof portable, personal electronic devices such as wireless telecommunicationsdevices and medical equipment.  Geographic locations are determined basedprimarily on the location of the customer or its contract manufacturer.  Information as to revenue source by geographic location is as follows:

**Revenues from external customers (all amounts inthousands of dollars):**

 
**Three Months Ended	June 30,**

** **

**Nine Months Ended	June 30,**

**2005**

**2004**

** **

**2005**

** **

**2004**

United States

   $   3,003

$     1,813

   $8,675

$     5,947

Europe

5,155

2,330

13,032

6,957

Asia

4,952

1,103

11,555

1,836

Total net sales

$13,110

$     5,246

$33,262

$   14,740

 

 

 

9

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

4.        EARNINGS PER SHARE

Basicearnings per share for each period presented is computed using the weighted-averagenumber of shares of common stock outstanding during each period. Dilutedearnings per share is computed using the weighted-average number of common anddilutive common-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 on the NASDAQSmallCap Market for the Company's common stock for the three and nine-monthperiods ended June 30, 2005, were $17.31 and $9.29. The average quoted marketprices on the NASDAQ SmallCap Market for the Company's common stock for thethree and nine-month periods ended June 30, 2004, were $2.60 and $2.46, respectively. Calculation of basic and diluted earnings per share is as follows:

 

**Three Months Ended	June 30,**

**Nine Months Ended	June 30,**

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

Numerator:

Net income

$2,571,512	

$346,199

$5,952,168	

 $1,027,329
                           Denominator:                        Denominator for basic earnings per  share - weighted average shares   7,041,600   6,204,808   6,631,992   6,110,321Dilutive stock options and warrants -  treasury stock method   793,459   394,972   674,471   336,810Denominator for diluted earnings per  share - weighted average shares   7,835,059   6,599,780   7,306,463   6,447,131                           Net income per common share                             Basic   $0.37   $       0.06   $0.90   $       0.17     Diluted   $0.33   $       0.05   $0.82   $       0.16                           Shares excluded due to antidilution   --   266,250   --   
266,250
5.            INCOME TAXES

                TheCompany's income tax 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

**2005**

** **

**2004**

** **

**2005**

** **

**2004**

    Current

$555,008

$ 26,400

$1,339,837

$ 92,711

Deferred

21,727

 --

270,051

 -- 

Foreign:

Current

112,832

2,200

269,632

2,200

Deferred

--

--

--

--

Income  tax provision

$ 689,567

$ 28,600

$1,879,520

$ 94,911

10

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

5.            INCOME TAXES(CONTINUED)

Duringthe three- and nine-month periods ended June 30, 2005, the Company's effective tax rates were 21% and 24% respectively, compared to 8% for the three- andnine-month periods ended June 30, 2004. The lower effective tax rates in 2004resulted because the Company, reduced the valuation allowance it hadestablished against its deferred tax assets (consisting primarily of cumulativenet operating loss carryforwards). Subsequently, during the fourth quarter of thefiscal year ended September 30, 2004, the Company completely eliminated thevaluation allowance against its deferred tax assets and, as a result, realizedthe tax benefits attributable thereto.  For the three- and nine-month periodsended June 30, 2005, the Company recorded a current provision for U.S. Federal incometaxes of $555,008 and $1,339,837, respectively. The Company's effective taxrate does not approximate the statutory United States federal income tax rateprimarily due to tax rate differentials in respect of United States state andforeign taxes. Due to the availability of deferred tax assets and additionaltax benefits resulting from the exercise of stock options by certain employeesduring the three- and nine-month periods ended June 30, 2005, the Company hasnot recorded any amounts payable for U.S. Federal income taxes (other thanalternative minimum tax). See the discussion relating to deductibility ofequity based compensation expense under "Management's Discussion and Analysisof Financial Condition and Results of Operations-Liquidity and CapitalResources."

InJune 2001, the Company established Forward Innovations as a wholly ownedforeign subsidiary in Switzerland to engage in marketing and distributionactivities throughout Europe, the Middle East and Africa. At June 30, 2005, the subsidiary had cumulative undistributed earnings of approximately $3,213,862. The Company considers its investment in the subsidiary to be permanent.  Accordingly, no provision has been made for U.S. federal income taxes on suchundistributed foreign earnings.  

6.            COMMITMENTS AND CONTINGENCIES

**RoyaltyCommitments**

The Company has licensed the use of certaintrademarks of Motorola, Inc. ("Motorola") for the distribution andsale of carry solution products throughout Europe, the Middle East and Africa (the "EMEA Region") under a license agreement effective October 1, 2004, which replaces a previous agreement that expired September 30, 2004.  Under the terms of the license agreement, the Company is required to pay Motorolaa royalty based upon a percentage of the Company's net sales to third partiesof licensed products within the EMEA Region, subject to payment of minimumroyalties (irrespective of actual net sales) to Motorola over the followingthree contract periods: 

•        Contract Period1:  October 1, 2004 to December 31, 2005 

•        Contract Period2:  January 1, 2006 to December 31, 2006 

•        Contract Period3:  January 1, 2007 to December 31, 2007 

The minimum royalty payment to Motorolafor Contract Period 1 is $375,000, or $300,000 annualized.  Prior to theend of Contract Period 1 and Contract Period 2, the Company and Motorola haveagreed that, at such times, they will establish new minimum royalty amounts forContract Period 2 and Contract Period 3, respectively.  If the Company is unableto reach agreement at such time with Motorola on the minimum royalty paymentfor Contract Period 2 or Contract Period 3, as the case may be, then theparties have agreed that the minimum royalty payment for the ensuing relevant periodmay not be less than seventy-five per cent (75%) of the annualized royaltiespayable in respect of actual sales for the prior contract period, provided,however, that in no event shall the minimum royalty in such ensuing contractperiod be less than seventy-five percent (75%) nor more thanone-hundred-twenty-five percent (125%) of the amount of the prior period'sannualized minimum royalty. 

 

 

11

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

6.            COMMITMENTS ANDCONTINGENCIES (CONTINUED)

**Royalty Commitments**

Ifthe Company elects to terminate the license before December 31, 2007, it will be required to pay a penalty of an amount equal to up to one year's minimumroyalty under certain conditions as specified in the agreement. The minimumroyalty commitments are recognized as expense in the applicable contract period. Under the current and expired license agreements with Motorola, as applicable, theCompany recorded royalty expense of $75,000 and $102,000 during the three-monthperiods ended June 30, 2005 and 2004, respectively, and $225,000 and $306,000for the nine-month periods ended June 30, 2005 and 2004, respectively, which areincluded in selling expenses in the accompanying consolidated statements ofincome.

**Legal Proceedings**

In October 2001, theCompany initiated an action against Royal Industries Inc. ("Royal"),in the Supreme Court of the State of New York, Kings County, asserting causesof action for conversion and unjust enrichment. The Company alleges that,without consent or authority, and with full knowledge of the Company's rightsunder a security agreement, Royal wrongfully took possession of certain assetsin which the Company had a properly perfected security interest. The Companyseeks compensatory damages of $1,000,000. Royal filed a counterclaim againstthe Company alleging abuse of process and harassment and seeking an award ofpunitive damages in the amount of $1,000,000.  Although the parties havemade discovery demands, neither has complied, having each interposed objectionsto the nature and scope of the discovery sought, and the action has remainedessentially dormant since service of the answer on November 5, 2001.  Nodepositions have been held, no judicial intervention in the discovery disputehas been sought, and no trial has been scheduled or is likely to be scheduledin the foreseeable future. To date, efforts to resolve the matter bynegotiation have not borne fruit, yet Royal declines to prosecute itscounterclaims.  After consultation with the Company's legal counsel,management believes the case is without merit and it does not appear reasonablypossible that Royal's counterclaims will result in material losses andtherefore, at June 30, 2005, no provision for losses related to this action hasbeen recorded in the accompanying consolidated financial statements.

**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 $270,000as of June 30, 2005) 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 fiveyears following the date its relationship terminates with the logisticsprovider. As of June 30, 2005, the Company has not recorded a liability inconnection with this guarantee.

12

**Forward Industries, Inc.Notes to Consolidated FinancialStatementsThree- and Nine-Month Periods Ended June 30, 2005 and 2004(Unaudited)**

7.             EQUITY

**StockOption Exercises**

During the three- and nine-month periods ended June 30, 2005, 628,600 and 1,180,000 shares of common stock were issued as a result of theexercise of stock options at an average price of $2.22 and $2.05, respectively.

**Treasury Share Purchases**

The Company did not purchase any shares of its common stock during the three-and nine-month periods ended June 30, 2005. 

**Short-Swing Sale**

During the three-month period ended June 30, 2005, a director of the Company sold shares of the Company's common stock in transactions deemed to beshort-swing sales in accordance with Section 16(b) of the Securities ExchangeAct of 1934. Section 16(b) provides that any profits realized by an insider(including directors and officers) from a purchase and sale, or any sale andpurchase, of an equity security of the issuer within any period of less thansix months are recoverable by the issuer, irrespective of the intention of theinsider in entering into such transaction.   Accordingly, the director disgorgedto the Company the profits realized from the stock sale in the amount of approximately$256,000. The Company accounted for the cash receipt as a contribution from ashareholder and reflected the proceeds, net of tax, as an increase inadditional paid-in capital in its financial statements. 

 

 

 

 

 

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 future factors,developments, and events, which are difficult to predict and may be beyond ourcontrol.  Actual factors, developments, and events may differ materially fromthose assumed.  Such risk factors, uncertainties, contingencies, anddevelopments, including those discussed in this Management's Discussion andAnalysis of Financial Condition and Results of Operations and those identifiedin "Risk Factors" in our annual report on Form 10-KSB for the fiscal year endedSeptember 30, 2004, could cause our future operating results to differmaterially from those set forth in any forward looking statement.  Such factorsinclude, among other, the following: our success in winning new business fromour customers and against competing vendors, whether replacement programs thatwe win will be as successful as those that are replaced; levels of demandgenerally for cellular handsets and blood glucose monitoring devices for whichwe supply carry solutions; general economic and business conditions, nationallyand internationally in the countries in which we do business; demographicchanges; changes in technology, including developments in cellular handsets orthe control of diabetes; increased competition; changes affecting one or moreof our principal Original Equipment Manufacturer ("OEM") customers;governmental regulations and changes in, or the failure to comply with,governmental regulations; and other factors included elsewhere in this reportand our other reports filed with the Commission, including without limitation,those described under the caption Risk Factors contained in our Annual Reporton Form 10-KSB for the year ended September 30, 2004.  Accordingly, there canbe no assurance that any such forward looking statement, projection, forecastor estimate can be realized or that actual returns or results will not bematerially 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 toupdate any such factors or to publicly announce the results of any revisions toany of the forward-looking statements contained herein to reflect futureresults, events or developments**.

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

Thefollowing discussion and analysis shouldbe read in conjunction with our Consolidated Financial Statements and the notesthereto and other financial information appearing elsewhere in this Quarterly Reportand in our Annual Report on Form 10-KSB for the fiscal year ended September 30,2004.  Such discussion and analysis compares our consolidated results of operations forthe three months ended June 30, 2005 (the "2005 Quarter"), with the threemonths ended June 30, 2004 (the "2004 Quarter"), and the nine months ended June30, 2005 ("the 2005 Period"), with the nine months ended June 30, 2004 ("the2004 Period"), and is based on or derived from the Unaudited ConsolidatedFinancial Statements included elsewhere in this Report. There have been nomaterial changes in critical accounting estimates since September 30, 2004.  All figures in the following discussion are presented on a consolidated basis.All dollar amounts and percentages presented herein have been rounded toapproximate 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 assumptions about the carryingvalues of assets and liabilities that are not readily apparent from othersources.  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 flow 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 for a specific product and launch, we maynot 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 product's life cycle),all of which depend on our customers' ongoing assessments of the product'srelative contribution to their businesses, as well as other factors.  Our OEMcustomers may keep products for which our carry solutions have been selected tobe packaged "in-box" in active promotion for many months, or for a very shortperiod of time, depending on the popularity of the product, product developmentcycles and new product introductions, and 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.

All ofthis makes our quarterly revenue levels susceptible to a high degree ofvariability and difficult to predict more than a quarter or two into the future. Significant, rapid shifts in our operating results may occur if and when oneor more of these customers increases or decreases the size(s) of, oreliminates, its orders from us by amounts that are material to our business.  Thesefactors make the increases in revenues and net income experienced in the 2005Period fairly typical of the volatility we can experience in our results ofoperations and can lead to equally large and rapid changes in periods ofdeclining revenues.  

15

**Trends in Results of Operations**

•       Net sales increased $7,860,000, or 150%, to $13,110,000 in the 2005Quarter and $18,520,000 or 126% to $33,260,000 in the 2005 Period, continuing atrend of sharp, sequential revenue increases in cell phone product salesestablished in the first quarter of fiscal 2005. This trend of revenue increasesto higher-than-historical levels has been largely driven by three "in-box" programs, which accounted for 61%and 56% of our net sales for the three-and nine-month periods ended June 30,2005, respectively. Based on current confirmed and anticipated orders forexisting "in-box" programs, we expect this revenue trend to continue into ourfourth quarter of our 2005 fiscal year. As reflected above under "Variabilityof Revenues and Results of Operations", orders from our OEM customers aresubject to rapid change or cancellation based on the demand for theseparticular cell phone products and our customers' decisions to continue to bundleour "in-box" carry solution with their products.  When these "in-box" programsend, and to the extent that the introduction of new cell phone models do notinclude our products as an accessory "in-box", or such new models do includeour products as an accessory "in-box" but do not result in a comparable levelof demand for our products, the level of our OEM cell phone product sales maydecline significantly and rapidly from current levels.  As a result, it isdifficult to assess the sustainability of this revenue trend beyond the fourthquarter of our 2005 fiscal year.

•      As more specifically described inour Annual Report on Form 10-KSB for the fiscal year ended September 30, 2004, andupdated for the purposes of this quarterly report on Form 10-QSB, as of  July25, 2005, 663,750 shares of common stock (equal to an additional 9% of thenumber of shares of common stock issued and outstanding on such date) are issuable upon the exercise of stock options granted under our 1996 StockIncentive Plan at exercise prices ranging from $1.75 to $15.91 per share to oneor more of our executive officers, directors and employees.  Assuming thecontinuation of present market conditions in respect of the price of our commonstock, we anticipate that employees who hold such stock options, including our twomost highly compensated executive officers (who hold options covering anaggregate of 620,000 of the above stated number of such shares), will exercise allof the stock options they hold, including, in particular, options covering 370,000shares of common stock that are due to expire on or before December 31, 2005.  Theexercise of these options will have a further dilutive effect on earnings pershare in future quarters, however, our cash position would be strengthened, thedegree to which will depend on the number of options exercised.  In the 2005Period, employees have exercised an aggregate of 1,180,000 options of a totalof 1,813,750 options outstanding at the beginning of the 2005 Period.  The taxbenefits accruing to the Company associated with the exercise of these optionswill be limited.  See the discussion under "-Liquidity and Capital Resources".

•      As discussed above at Note 5 tothe consolidated financial statements included herein, and in greater detail under"Deferred Income Taxes" in our Annual Report on Form 10-KSB for thefiscal year ended September 30, 2004, at that date, we reduced the valuationallowance against our deferred income tax assets to zero.  Accordingly, for thethree and nine-month periods ended June 30, 2005, and for future periods, assumingthat we continue to generate U.S. taxable income, our results of operations nolonger reflect any tax benefit attributable to the reduction of the allowanceagainst deferred tax assets (as was the case in fiscal 2004 and 2003), and,instead, our consolidated statements of income show and will show United StatesFederal (as well as applicable state and foreign)  income tax expense at oureffective tax rate applied to the amount of income before income taxes.

•      There is a broad range of sellingprices within our soft-sided carrying cases product line, and there is also abroad range of selling prices between product lines, for example, soft-sidedcarrying cases compared to other carry solutions such as straps, clips andcamera attachment cases.  Because of the broad variability in price ranges withinand between product types, we anticipate that gross margins will continue tofluctuate depending on our OEM customers' order patterns and preferences andother product mix factors.  Such fluctuations may have the effect of maskingthe impact of fluctuations in unit sale trends.

16

•      Our OEM customers' patterns ofmanufacturing their products and sourcing accessories for their products arechanging and becoming more complex. Product manufacture is increasingly beingoutsourced by them to contract manufacturing firms in China and in Southeast Asia.  In addition, increasingly, such firms are also performing assembly andproduct packaging functions for their OEM customers, including the bundling ofproduct accessories with the product.  As a consequence of this trend, we areincreasingly distributing our carry solution products to the contract manufacturingfirm.  In some cases, depending on our sales and payment arrangements with ourOEM customers, we may invoice the contract manufacturing firm and not the OEMcustomer, and it is the contract manufacturing firm's credit to which we mustlook for payment and not that of our OEM "customer".  One result of this isthat Asia is accounting for an increasing percentage of our sales revenues, asseen in the tables below.  In some, but not all, cases, the manufacturing firmis itself a large, multinational entity with significant financial resources. 

**Resultsof Operations for the 2005 Quarter Compared to the 2004 Quarter**

Net income inthe 2005 Quarter was $2,570,000 compared to net income of $350,000 in the 2004Quarter, an increase of approximately $2,220,000 or 634%.  The increase was dueto higher gross profit, primarily as a result of an increase in sales of cellphone carrying case products, offset in part by a significant increase inprovision for income taxes. Basic and diluted earnings per share were $0.37 and$0.33, respectively, for the 2005 Quarter, compared to basic and dilutedearnings per share of $0.06 and $0.05, respectively, for the 2004 Quarter.

**Net Sales**

Net sales increased $7,860,000or 150% to $13,110,000 in the 2005 Quarter compared to $5,250,000 in the 2004Quarter.  The increase in net sales was due to higher sales of cell phonecarrying case solutions products, which increased $7,230,000, or 324%, and, toa much lesser extent, higher sales of carrying cases for blood glucose monitoringkits for diabetics, which increased $480,000, or 20%, as well as higher salesof other products. The tables below set forth approximate sales by product lineand geographic location of our customers for the periods indicated.

**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 Product Sales

0.61

0.01

0.19

0.81

**Total***

**$3.00**

**$5.15**

**$4.96**

**$13.11**

                               

**Net Sales for 2004 Quarter 	3 Months ended June 30, 2004	(millions of dollars)**

** **

**US**

**Europe**

**Asia**

**Total**

Cell Phone Products

$0.45

$1.17

$0.61

$2.23

Diabetic Products

0.75

1.13

0.48

2.36

Other Product Sales

0.62

0.03

0.02

0.67

**Total***

$1.81

$2.33

$1.11

$5.25

* Tablesmay not 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, hand straps, decorativefaceplates and other attachments used to carry or enhance the appearance ofcellular telephone handsets.  

17

We sell these productsdirectly to cell phone handset original equipment manufacturers including Motorolaand Nokia.  Our cases are packaged as an accessory "in-box" withthe handsets that are sold by our OEM customers.  In addition, under theMotorola license agreement we distribute our products as stand alone accessoriesdirectly to third party wholesalers and retailers in the EMEA region.  InJanuary 2005, we entered into a one-year, renewable, non-exclusive licenseagreement with the French telecommunications company SAGEM relating to thedistribution and sale of carry cases in the EMEA market. However, we do notexpect a significant contribution to revenues under this license agreement in thefiscal year ending September 30, 2005.

Overallsales of cell phone products increased $7,230,000, or 324%, to $9,460,000 in the2005 Quarter from $2,230,000 in the 2004 Quarter. Cell phone product salesinclude our OEM "in-box" sales to Motorola and Nokia, as well as sales underour license agreements with Motorola and SAGEM.  OEM cell phone product sales werevery strong in the 2005 Quarter, continuing a trend of sharp, sequentialrevenue increases established in the first quarter of fiscal 2005.  OEM cellphone product sales for the 2005 Quarter totaled $9,080,000 compared to$1,630,000 in the 2004 Quarter, an increase of $7,450,000 or 457%.  Thetrend of revenue increases to higher than historical levels in the 2005 Quarterhave been driven by three "in-box" programs:

•       An "in-box" program for which we supply the carry case and acleaning cloth to Motorola for its "Razr®" phone, which contributedapproximately $6,110,000 of  revenue in the 2005 Quarter; 

•       An "in-box" program for which we supply the carry case, a handstrap and cleaning cloth to Nokia for its "Troubadix" (7650) handset, which contributedapproximately $1,360,000 of revenue in the 2005 Quarter; and  

•       An "in-box" program for which we supply the carry case toMotorola for its "Triplets" series of phones, which contributed approximately$490,000 of revenue in the 2005 Quarter.

Combined,these three "in-box" programs accounted for $7,960,000, or 84%, of our cellphone product revenues in the 2005 Quarter.

Salesto third parties under our license agreements with Motorola and SAGEM totaled$380,000 in the 2005 Quarter compared to $600,000 in the 2004 Quarter, adecrease of $220,000, or 37%, which we believe, in part, is a function of thestrong take-up of new OEM handset models generally (including carry accessories"in-box" from numerous vendors), which tends to undercut demand for carrysolutions sold through distributors and retailers in the after market. 

**DiabeticProduct 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 asan accessory "in-box" with the monitoring kits that are sold by ourOEM customers.

Sales of cases for bloodglucose monitoring kits increased $480,000, or 20%, to $2,840,000 in the 2005Quarter from $2,360,000 in the 2004 Quarter. The increase was due primarily to highersales to Lifescan, our largest OEM customer for these cases, and Bayer, which increased$350,000 and $380,000, or 36% and 100%, respectively. These increases more thanoffset declines in sales of these cases in the 2005 Quarter to Abbott Labs of $160,000,or 24%, and Roche of $90,000, or 33%, compared to the 2004 Quarter.  Sales ofour carrying cases for OEM diabetic monitoring kits represented 22% of ourtotal net sales in the 2005 Quarter compared to 45% total net sales in the 2004Quarter, as a result of the increase in cell phone product sales revenues inthe 2005 Quarter.

**OtherProduct Sales:**

We designand sell a number of other carrying solutions for items such as cameras,portable oxygen tanks, bar code scanners, MP3 players and other carryingsolutions for an assortment of products on a made-to-order basis that arecustomized to meet the individual needs of our smaller OEM customers.  Bytheir nature, sales of these customized products to order vary from period toperiod without necessarily reflecting a significant trend in overall demand forthese items.  Sales of other products increased $140,000 or 21% to $810,000in the 2005 Quarter from $670,000 in the 2004 Quarter.

18

**GrossProfit**

Grossprofit increased $2,930,000, or 163%, to $4,730,000 in the 2005 Quarter from$1,800,000 in the 2004 Quarter as a result of higher sales volume and, to alesser extent, lower cost of goods sold as a percentage of sales. Gross profitas a percentage of total net sales increased to 36% in the 2005 Quarter from 34%in the 2004 Quarter due to lower freight, duties and customs costs and Hong Kong inspection costs as percentages of total net sales, which more than offset highermaterials costs, as a percentage of sales as well as in absolute terms. Ourfreight costs depend in large part on the distance between our shipping pointsand our customers' facilities and on our sales terms to them.  In recentperiods, an increasing percentage of our shipments have been routed within or toChina directly from our Chinese contract manufacturers' facilities or from our HongKong distribution facility as certain of our customers have relocated manufacturingfacilities to China or have outsourced their manufacturing to manufacturingfirms with facilities in China.  This has had the effect of reducing freight,duties and customs costs as a percentage of sales.  Despite the significantincrease in sales in the 2005 Quarter, freight, duties and customs costs increasedonly 33% in the 2005 Quarter from the 2004 Quarter and represented 2% and 3.9%of total net sales, respectively. We include the cost of operating our Hong Kong procurement and quality assurance facility as a component of our cost of goodssold. The costs of operating the Hong Kong facility were $580,000 and $380,000or 4.4% and 7.2% of total net sales, for the 2005 Quarter and 2004 Quarter,respectively.  Other components of cost of goods sold also contributed to theimprovement in margins.

**Selling,General, and Administrative Expenses**

Selling expensesincreased $50,000, or 6%, to $850,000 in the 2005 Quarter from $800,000 in the2004 Quarter due primarily to an increase in travel and entertainment expense, andsmall increases in other components of selling expense, offset in part by areduction in royalty expense. Travel and entertainment expenses increased $30,000in the 2005 Quarter compared to the 2004 Quarter primarily due to increased airtravel to Asia in connection with our production operations.  The ratio of sellingexpenses to total net sales decreased to 7% in the 2005 Quarter compared to 15%in the 2004 Quarter due to the higher sales volume experienced in the 2005Quarter.

General and administrativeexpenses decreased $30,000, or 5%, to $590,000 in the 2005 Quarter from $620,000in the 2004 Quarter due primarily to a decrease in personnel expenses, offsetin part by increases in professional fees, bad debt expense, and travel andentertainment expense, as well as increases in other components. Personnelexpenses decreased $110,000 in the 2005 Quarter compared to the 2004 Quarterprimarily as a result of timing differences in accruals for staff bonuses. Professionalfees increased $40,000 in the 2005 Quarter compared to the 2004 Quarter due tohigher legal and tax preparation fees. Bad debt expense increased $30,000 inthe 2005 Quarter compared to the 2004 Quarter as a result of higher accountsreceivables estimated to be uncollectible. Travel and entertainment expensesincreased $20,000 in the 2005 Quarter compared to the 2004 Quarter due toincreased air travel to Asia in connection with our production operations. 

**Incomefrom Operations**

Pretax income fromoperations increased $2,910,000 or 766% to $3,290,000 in the 2005 Quarter from$380,000 in the 2004 Quarter as a result of the increase in gross profit asdescribed above, and, to a much lesser extent, the level of selling, generaland administrative expenses, which remained essentially flat.

**Other Income (Expense)**

Total other income (expense)decreased $23,000 or 460% to expense of $28,000 in the 2005 Quarter compared toexpense of $5,000 in the 2004 Quarter.  

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Foreigncurrency losses of $59,000 in the 2005 Quarter increased $49,000 from $10,000in the 2004 Quarter due primarily to the weakening of the Euro relative to theU.S. Dollar and its impact on our Euro denominated assets and liabilities as of June 30, 2005. The weakness of the Euro during the 2005 Quarter resulted inforeign currency losses attributable to settlement of Euro denominatedtransactions. Because we had no interest bearing debt outstanding at any timeduring the 2005 Quarter and maintained higher average cash balances, our netinterest income increased $25,000 in the 2005 Quarter to $30,000 compared to$5,000 in the 2004 Quarter.

**IncomeTaxes**

Oureffective income tax rates were 21% and 8% in the 2005 Quarter and 2004 Quarter,respectively, and do not approximate the statutory federal income tax rateprimarily due to tax rate differentials in respect of United States state andforeign taxes. Provision for income taxes increased $660,000 in the 2005Quarter to $690,000 from $30,000 in the 2004 Quarter.  The provision in the2005 Quarter consists primarily of estimated U.S. federal income taxes, and toa lesser extent, current state and foreign income taxes. In the 2004 Quarter otherthan for estimated federal alternative minimum tax and state taxes, we did notrecord a provision for U.S. income taxes, as we had sufficient net operatingtax loss carryforwards available to offset the current U.S. taxable income for which we had recorded a valuation allowance.

               **Resultsof Operations for the 2005 Period Compared to the 2004 Period**

Net income inthe 2005 Period was $5,950,000 compared to net income of $1,030,000 in the 2004Period, an increase of approximately $4,920,000, or 478%.  The increase was dueto higher gross profit, primarily as a result of an increase in sales of cellphone carrying case products, offset in part by a significant increase inprovision for income taxes. Basic and diluted earnings per share were $0.90 and$0.82, respectively, for the 2005 Period, compared to basic and dilutedearnings per share of $0.17 and $.016, respectively, for the 2004 Period. 

**NetSales**

Net sales increased $18,520,000or 126% to $33,260,000 in the 2005 Period compared to $14,740,000 in the 2004Period.  The increase in net sales was due to higher sales of cell phonecarrying case solutions products, which increased $16,110,000 or 256%, and, toa much lesser extent, higher sales of carrying cases for medical monitoringkits for diabetics, which increased $1,500,000 or 22%, as well as higher salesof other products. The tables below set forth approximate sales by product lineand geographic location of our customers for the periods indicated.

**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 Product Sales

2.02

0.02

0.50

2.54

**Total***

**$8.67**

**$13.03**

**$11.56**

**$33.26**

                               

**Net  Sales for 2004 Period 	9  Months ended June 30, 2004	millions  of dollars)**

** **

**US**

**Europe**

**Asia**

**Total**

Cell Phone  Products

$1.79

$3.64

$0.87

$6.30

Diabetic  Products

2.63

3.25

0.93

6.81

Other Product Sales

1.53

0.06

0.04

1.63

**Total***

**$5.95**

**$6.96**

**$1.83**

**$14.74**

*Tables may not total due to rounding.

20

**Cell Phone Product Sales:**

Overall sales of cellphone products increased $16,110,000, or 256%, to $22,410,000 in 2005 Periodfrom $6,300,000 in the 2004 Period. Cell phone product sales include our OEM "in-box"sales to Motorola and Nokia, as well as sales under our license agreements withMotorola and SAGEM.

OEMcell phone product sales for the 2005 Period totaled $20,870,000 compared to$4,600,000 in the 2004 Period, an increase of $16,270,000, or 354%.  Thehigher than historical revenue levels experienced in the 2005 Period have been primarilydriven by three "in-box" programs:

•      An "in-box" program for which we supply the carry case and acleaning cloth to Motorola for its "Razr®" phone, which  contributedapproximately $12,960,000 of revenue in the 2005 Period;

•      An "in-box" program for which we supply the case, a hand strapand cleaning cloth to Nokia for its "Troubadix" (7650) handset, whichcontributed approximately $3,900,000 of revenue in the 2005 Period; and

•      An "in-box" program for which we supply the carry case toMotorola for its "Triplets" series of phones, which contributed approximately$1,600,000 of revenue in the 2005 Period. 

Combined, these three "in-box"programs accounted for $18,460,000, or 82%, of our cell phone product revenuesin the 2005 Period.

Salesto third parties under our license agreements with Motorola and SAGEM totaled$1,540,000 in the 2005 Period compared to $1,700,000 in the 2004 Period, adecrease of $160,000 or 9%, which we believe, in part, is a function of thestrong take-up of new OEM handset models generally (including carry accessories"in-box" from numerous vendors), which tends to undercut demand for carrysolutions sold through distributors and retailers in the after market.  

**Diabetic Product Sales:**

Sales of cases for bloodglucose monitoring kits increased $1,500,000, or 22%, to $8,310,000 in the 2005Period from $6,810,000 in the 2004 Period. The increase was due primarily tohigher sales to Lifescan, our largest OEM customer for these cases, and Bayer,which increased $1,910,000 and $320,000 or 83% and 21%, respectively. Theseincreases more than offset declines in sales of these cases to Abbott Labs of$710,000 or 31% and Roche of $50,000, or 8%, compared to the 2004 Period.  Salesof our carrying cases for OEM diabetic monitoring kits represented 25% of ourtotal net sales in the 2005 Period compared to 46% total net sales in the 2004Period, as a result of the increase in cell phone product sales revenues in the2005 Period.

**Other Product Sales:**

Sales ofother products increased $910,000 or 56% to $2,540,000 in the 2004 Period from$1,630,000 in the 2004 Period. 

**GrossProfit**

Gross profitincreased $7,140,000, or 144%, to $12,090,000 in the 2005 Period from $4,950,000in the 2004 Period as a result of higher sales volume and, to a lesser extent,lower cost of goods sold as a percentage of sales. Gross profit as a percentageof total net sales increased to 36% in the 2005 Period from 34% in the 2004Period due to lower freight, duties and customs costs and Hong Kong inspectioncosts as percentages of total net sales, which more than offset higher costs ofraw materials, as a percentage of total net sales as well as in absolute terms.Our freight costs depend in large part on the distance between our shippingpoints and our customers' facilities and our sales terms to them. In recentperiods, an increasing percentage of our shipments have been routed within or toChina directly from our Chinese manufacturers' facilities or from our Hong Kongdistribution facility as certain of our customers have relocated manufacturingfacilities to China.  This has had the effect of reducing freight, duties andcustoms costs as a percentage of sales.  Despite the significant increase insales in the 2005 Period, freight, duties and customs costs increased only 24%in the 2005 Period from the 2004 Period and represented 2% and 4% of total netsales, respectively. We include the cost of operating our Hong Kong procurementand quality assurance facility as a component of our cost of goods sold. Thecosts of operating the Hong Kong facility were $1,590,000 and $1,080,000 or 4.8%and 7.3% of total net sales, for the 2005 Period and 2004 Period,respectively.  Other components of cost of goods sold also contributed to theimprovement in margins. 

21

 

**Selling,General, and Administrative Expenses**

Selling expensesincreased $170,000, or 8%, to $2,380,000 in the 2005 Period from $2,210,000 inthe 2004 Period due primarily to increases in selling personnel expense, aswell as lesser increases in other components, including travel andentertainment expense, advertising and promotion, and office expense, offset inpart by a significant reduction in royalty expense. Selling personnel expensesincreased $140,000 in the 2005 Period compared to the 2004 Period primarily dueto higher, performance based bonus expense and employer taxes associated withcompensation derived from the exercise of stock options, offset in part bylower recruitment and training costs.  Royalty expense decreased $50,000 or 14%in the 2005 Period compared to the 2004 Period due to the decrease in the scheduleof minimum royalties provided in the new Motorola license agreement compared tothe agreement that expired in September 2004. The ratio of selling expenses tototal net sales decreased to 7% in the 2005 Period compared to 15% in the 2004Period.

General andadministrative expenses increased $250,000, or 15%, to $1,890,000 in the 2005Period from $1,640,000 in the 2004 Period due to increases in personnelexpenses,  professional fees, bad debt expense and travel and entertainmentexpense. Personnel expenses increased $120,000 in the 2005 Period compared tothe 2004 Period primarily due to higher, performance based bonus compensationaccrued in respect of the current fiscal year to executives in accordance withthe terms of their employment agreements and employer taxes associated withcompensation derived from the exercise of stock options.  Professional feesincreased $100,000 in the 2005 Period compared to the 2004 Period due to higherlegal and tax preparation fees. Bad debt expense increased $30,000 in the 2005Period compared to the 2004 Period as a result of higher accounts receivablesestimated to be uncollectible. Travel and entertainment expenses increased$10,000 in the 2005 Period compared to the 2004 Period due to increased airtravel to Asia in connection with our production operations. These increaseswere offset in small part by reductions in other general and administrativeexpense components in the 2005 Period compared to the 2004 Period.

**Income from Operations**

Pretaxincome from operations increased $6,720,000 or 605% to $7,830,000 in the 2005Period from $1,110,000 in the 2004 Period as a result of the increase in grossprofit as described above, offset in minor part by the increase in selling,general and administrative expenses.

**OtherIncome (Expense)**

Total other income decreased$9,000 or 60% to $6,000 in the 2005 Period compared to $15,000 in the 2004Period.  The components of this change are as follows:

Component

**2005	Period**

** **

**2004	Period**

** **

**Change**

Foreign  currency (loss) gain

$(42,000)

$4,000

$(46,000)

Bad  debt recovery

--

2,000

(2,000)

Loss  on disposal

(4,000)

--

(4,000)

Net  interest income

52,000

9,000

43,000

             Totals:

$6,000

$15,000

$(9,000)

The increase in foreigncurrency losses of $46,000 is due primarily to the weakening of the Eurorelative to the U.S. Dollar and its impact on our Euro denominated assets andliabilities as of June 30, 2005. The volatility of the Euro during the 2005Period resulted in foreign currency losses attributable to settlement of Eurodenominated transactions.

Because we had nointerest bearing debt outstanding at any time during the 2005 Period andmaintained higher average cash balances, our net interest income increased $43,000in the 2005 Period compared to the 2004 Period.

22

**IncomeTaxes**

Oureffective income tax rates were 24% and 8% in the 2005 Period and 2004 Period,respectively, and do not approximate the statutory federal income tax rateprimarily due to tax rate differentials in respect of United States state andforeign taxes. Our provision for income taxes increased $1,790,000 in the 2005Period to $1,880,000 from $90,000 in the 2004 Period.  The provision in the2005 Period consists primarily of estimated U.S. federal income taxes, and to alesser extent, current United States state and foreign income taxes. Other thanfor estimated federal alternative minimum tax and state taxes, we did notrecord a provision in the 2004 Period for U.S. income taxes, as we hadsufficient net operating tax loss carryforwards available to offset the current  U.S. taxable income for which we had recorded a valuation allowance.    

**Liquidityand Capital Resources**

During the 2005 Period,we generated $3,250,000 of cash from operations compared to the 2004 Periodduring which we generated $1,140,000 of cash.  Our operating cash flows inthe 2005 Period consisted of net income of $5,950,000, adjusted for non-cash itemsincluding a tax benefit from exercise of stock options of $1,390,000, deferredincome taxes of $180,000, and provisions for depreciation of $90,000, obsoleteinventory of $90,000, and bad debts of $30,000. These cash flows were offset inpart by net changes in working capital items of $4,480,000, consistingprimarily of increases in accounts receivable and inventories of $6,160,000 and$470,000, respectively. These increases were offset in part by an increase inaccounts payable of $1,790,000.  The higher levels of accounts receivableand accounts payable in the 2005 Period are attributable to our higher sales inthe 2005 Period compared to the 2004 Period. The higher level of inventory inthe 2005 Period is in support of existing sales orders. Operating cash flows inthe 2004 Period resulted primarily from net income of $1,030,000, adjusted fornon-cash items including depreciation expense of $90,000 and a provision forobsolete inventory of $130,000, plus changes in our working capital accounts. Theinventory balance increased $180,000 in the 2004 Period to meet demand for ourproducts based on existing sales orders. The increase in the inventory balance accountsfor the increase in the accounts payable balance of $170,000 in the 2004 Period.Accrued liabilities decreased $180,000 in the 2004 Period primarily as a resultof performance bonuses that were accrued as of September 30, 2003, and paid in the 2004 Period.

Net investing activitiesused $100,000 and $120,000 of cash in the 2005 Period and 2004 Period,respectively, in each case for purchases of property, plant and equipment,primarily computer and telecommunications hardware and software.

Net financing activitiesgenerated $2,680,000 and $370,000 in cash during the 2005 Period and 2004Period, respectively, from the issuance of common stock upon the exercise of stockoptions to purchase 1,180,000 and 237,000 shares, respectively, of common stockunder our 1996 Stock Incentive Plan. In addition, during the quarter ended June 30, 2005, a director of the Company, sold shares of our common stock in transactionsdeemed to be short-swing sales in accordance with Section 16(b) of theSecurities Exchange Act of 1934. Section 16(b) provides that any profitsrealized by an insider (including directors and officers) from a purchase andsale, or any sale and purchase, of an equity security of the issuer within anyperiod of less than six months are recoverable by the issuer, irrespective ofthe intention of the insider in entering into such transaction. Accordingly,the director disgorged to us the profits realized from the stock sale in theamount of approximately $256,000. We accounted for the cash receipt as acontribution from a shareholder and reflected the proceeds, net of tax, as anincrease in additional paid-in capital in our financial statements. 

 In connection with theexercises of stock options in the 2005 Period described above, the Company isentitled to deduct an aggregate of approximately $3,850,000 in respect thereoffrom income on its U.S. Federal incomes tax returns, but we do not believe,under applicable precedents, that the Company is entitled to deduct a further $6,470,000(which would have reduced our future cash tax payments by approximately $2,410,000)otherwise permitted by Section 162(m) under the Internal Revenue Code of 1986,as amended, because of limitations existing under the terms of the Company's1996 Stock Incentive Plan.  Such limitations on the deductibility of executivecompensation have not and will not affect our reported net income.

At June 30, 2005, our current ratio (current assets divided by current liabilities) was 4.69; our quickratio (current assets less inventories divided by current liabilities) was 4.44;and our working capital (current assets less current liabilities) was $17,240,000. As of such date, we had no long-term debt balances outstanding. 

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Our primary sources ofliquidity are cash on hand, our operating cash flow, our bank credit facilitiesand, under current market conditions, exercises of employee stock options untilsuch options are exercised or they expire. The primary demands on our workingcapital are: our accounts payable arising in the ordinary course of business,the most significant of which arise when our customers place orders and weorder from our suppliers; and our commitments under our license agreement withMotorola. Historically, our sources of liquidity have been adequate to satisfyworking capital requirements arising in the ordinary course of business.However, it is possible that, if one of our significant original equipmentmanufacturer customers places an unusually large order with us at a time whenour cash on hand and/or our credit facility could not accommodate the increaseddemands on our working capital, we might have to seek additional sources ofliquidity. Although there can be no assurance, we believe that, under suchcircumstances, we could obtain an increase in our credit facility or obtainnecessary funds under an additional facility.

In March 2005, Forwardand Koszegi entered into a new credit facility with a U.S. bank that providesfor a committed line of credit in the maximum amount of $3 million, including a$1.5 million sub-limit for letters of credit. The line expires in March 2006and is renewable annually, at the discretion of the bank. 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 certainassets of Forward.  At June 30, 2005, there were no outstanding borrowings orletter of 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 term loans outstanding.  Amounts borrowed other than as a termloan must be settled quarterly or converted into term loans.  Inconnection with this facility, Forward Innovations has agreed to certaincovenants, and an intercompany balance owed by Forward Innovations to ForwardIndustries secures Forward Innovations' obligations under the facility. Amounts drawn under this credit facility bear interest at variable ratesestablished by the bank (5.5% as of June 30, 2005). At June 30, 2005, Forward Innovations is contingently liable to the bank under a letter ofcredit, issued on its behalf in the amount of  €224,000 (approximately $270,000as of June 30, 2005) 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 Directors authorized the repurchase of up to 400,000 shares of ouroutstanding common stock, or approximately 7% of the number of shares thenoutstanding. On January 21, 2004, our Board increased the amount of sharesauthorized for repurchase to 486,200. As of June 30, 2005, we have repurchased an aggregate of 102,600 shares at a cost of approximately $171,000, but noneduring the 2005 Period, under that authorization.

24

**Contractual Obligations and CommercialCommitments**

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, 2005:

**Contractual  Obligation or Commitment**

**July  2005 - 	June  2006**

**July  2006- 	June  2008**

**July  2008 - 	June  2010**

**Thereafter**

Employment & Consulting Agreements

$     340,000

$              --	

$                 --

$        --

Operating Leases

178,000

                113,000

--

--

License Agreements**

263,000

281,000

--

--

Totals

$     781,000

$   394,000

$                 --

$        --

** The amounts shown as license agreement obligationsrepresent the minimum amounts the Company will incur as a royalty expense underthe terms of its Motorola license agreement. 

The Company has not guaranteed the debt of anyunconsolidated entity and does not engage in derivative transactions ormaintain any off-balance sheet special purpose entities.  

25

ITEM 3.          CONTROLS AND PROCEDURES

**Evaluationof 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.

In accordance with Exchange ActRules 13a-15, our management, with the participation of our ChiefExecutive Officer and Chief Financial Officer, performed an evaluation of theeffectiveness of the Company's disclosure controls and procedures as of the endof the period covered by this Quarterly Report. Based on that evaluation, theCompany's Chief Executive Officer and Chief Financial Officer concluded thatthe Company's disclosure controls and procedures were effective, as of the endof the period covered by this Quarterly Report, to provide reasonable assurancethat information required to be disclosed in the Company's reports filed orsubmitted under the Exchange Act is recorded, processed, summarized andreported within the time periods specified 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 2005 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 2005 Quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

 

 

 

 

26

**PART II.   OTHER INFORMATION**

ITEM 4.          SUBMISSION OF MATTERS TO A VOTE OF SECURITYHOLDERS

TheCompany held its Annual Meeting of Stockholders on April 21, 2005.  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...................... 

6,124,847

42,847

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

6,125,347

42,347

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

6,104,605

63,089

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

6,125,347

42,347

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

6,096,945

70,749

2.     Ratification of Kaufman, Rossin& Co., P.A. as the independent registered certified public accounting firmfor the Company for the Fiscal Year ending September 30, 2005.

Number of Shares Voted

For

Against

Abstain

Ratify Kaufman & Rossin &  Co., P.A. as the independent registered certified public accounting firm for  the Company the Fiscal Year ending September 30, 2005.... 

6,164,551

1,412

1,731

 

 

 

 

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ITEM 6.        EXHIBITS

EXHIBITSINCORPORATED BY REFERENCE:
 3.0  
ARTICLES OFINCORPORATION AND BY-LAWS 
 			3.1
Certificateof Incorporation of the Company as amended (incorporated by reference toExhibit 2(a) to the Form 10-SB)   			3.2
By-Laws(incorporated by reference to Exhibit 2(b) to the Form 10-SB)  			3.3
Amendmentto By-Laws (Article I, Section 2) (incorporated by reference to Exhibit 3(c) tothe Company's Registration Statement on Form SB-2 filed November 13, 1995 (Reg.No. 33-99338) (the "1995 SB-2 Registration Statement")  			3.4
Certificateof Amendment of Certificate of Incorporation filed by the New York Departmentof State on August 22, 1997 (incorporated by reference to the Company's AnnualReport on Form 10-KSB for the period ended September 30, 1997)  			10.
MATERIALCONTRACTS:  			10.1
LicenseAgreement, effective as of October 1, 2004, between Motorola, Inc. and theCompany (incorporated by reference to Exhibit 10.1 to the Company's CurrentReport on Form 8-K, filed October 18, 2004.  			10.2
EmploymentAgreement effective as of October 1, 1998, between the Company and Michael Schiffman (incorporated by reference to the Company's 10-KSB Exhibit 4(W) for the periodended September 30, 1999).  			10.3
EmploymentAgreement effective as of January 1, 2001 between the Company and Jerome E.Ball (incorporated by reference to the Company's 10-QSB Exhibit 10.1 for theperiod ended March 31, 2001).  			10.4
LetterAgreement dated as of January 30, 2001 between the Company and Jerome E. Ballwith respect to an apartment located at 300 East 56h Street New York, NY(incorporated by reference to the Company's 10-QSB Exhibit 10.2 for the periodended March 31, 2001).  			10.5
EmploymentAgreement effective as of January 1, 2001 between the Company and Michael M. Schiffman (incorporated by reference to the Company's 10-QSB Exhibit 10.3 forthe period ended March 31, 2001).  			10.6
Exhibit A toEmployment Agreement between the Company and Michael M. Schiffman (incorporatedby reference to the Company's 10-QSB Exhibit 10.4 for the period ended March 31, 2001).  			10.7
EmploymentAgreement effective as of January 1, 2001 between the Company and Douglas W.Sabra (incorporated by reference to the Company's 10-QSB Exhibit 10.5 for theperiod ended March 31, 2001).  			10.8
EmploymentAgreement effective as of October 1, 2003 between the Company and Jerome E.Ball (incorporated by reference to Exhibit 99.1 to the Company's Current Reporton Form 8-K filed on October 1, 2003).
28
 			10.9
EmploymentAgreement effective as of October 1, 2003 between the Company and Michael Schiffman (incorporated by reference to Exhibit 99.2 to the Company's Current Report onForm 8-K filed on October 1, 2003).  			10.10
EmploymentAgreement effective as of October 1, 2003 between the Company and Douglas W.Sabra (incorporated by reference to Exhibit 99.3 to the Company's CurrentReport on Form 8-K filed on October 1, 2003).  			21.
SUBSIDIARIESOF THE SMALL BUSINESS ISSUER  			21.1
List of theSubsidiaries of Forward Industries, Inc.
 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

** **

**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 25, 2005

FORWARDINDUSTRIES, INC.                  (Registrant)

By:/s/Jerome E. Ball                                        JeromeE. Ball Chairmanand Chief Executive Officer

 

By:/s/Douglas W. Sabra                                 DouglasW. SabraVicePresident, Chief Financial Officer andPrincipalAccounting Officer   

 

 

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