On Wednesday, Shares of Forward Industries Inc. (NASDAQ:FORD), skyrocketed 41.41% to $1.81.
Forward Industries, declared financial results for its third fiscal quarter ended June 30, 2015.
Third Quarter 2015 Financial Highlights
- Revenues were $7.2 Million.
- Gross profit percentage rose to 18.6% from 18.3% in the third quarter of 2014.
- Income from Operations was $494 thousand up from $32 thousand from the third quarter of 2014.
- Net Income was $496 thousand up from $20 thousand from the third quarter of 2014.
- Earnings per share were $0.06 per share contrast to $0.00 per share for the third quarter of 2014.
- Cash and cash equivalents totaled $4.3 million at June 30, 2015.
Forward Industries, Inc., together with its auxiliaries, designs, markets, and distributes carry and protective solutions primarily for hand held electronic devices. The company offers carrying cases and other accessories for medical monitoring and diagnostic kits; and other portable electronic and non-electronic products, such as sporting and recreational products, bar code scanners, smartphones, GPS location devices, tablets, firearms, and other products.
Shares of Toll Brothers Inc (NYSE:TOL), inclined 2.45% to $35.94, during its last trading session.
Toll Brothers, declared results for its third quarter and nine months ended July 31, 2015.
FY 2015 Third Quarter Financial Highlights:
- FY 2015’s third-quarter net income was $66.7 million, or $0.36 per share diluted, contrast to net income of $97.7 million, or $0.53 per share diluted, in FY 2014’s third quarter.
- Pre-tax income was $107.5 million, contrast to pre-tax income of $151.3 million in FY 2014’s third quarter. Comprised of in FY 2015’s third-quarter cost of sales were impairments of $18.0 million and a $4.9 million net enhance in reserves, contrast to impairments of $6.0 million and a reserve reversal of $7.0 million in FY 2014’s third quarter.
- Revenues of $1.03 billion and home building deliveries of 1,419 units declined 3% in dollars and 2% in units, contrast to FY 2014’s third quarter. The average price of homes delivered was $724,000, contrast to $732,000 in FY 2014’s third quarter.
- Net signed contracts of $1.23 billion and 1,479 units rose 30% in dollars and 12% in units, contrast to FY 2014’s third quarter. The average price of net signed contracts was $834,000, the highest quarterly average in the Company’s history, contrast to $717,000 in FY 2014’s third quarter, driven by an enhance in the number and average price of California contracts.
- For the first four weeks of August, the start of the Company’s FY 2015 fourth quarter, net contracts was up 16% in units contrast to the same period in FY 2014.
- Backlog of $3.69 billion and 4,447 units rose 19% in dollars and 6% in units, contrast to FY 2014’s third-quarter-end backlog. This was the highest backlog for any quarter-end in eight years, dating back to FY 2007’s second-quarter end. At FY 2015’s third-quarter end, the average price of homes in backlog was $829,000, contrast to $737,000 at FY 2014’s third-quarter end. This was the first time that the Company’s average price in backlog at quarter end exceeded $800,000.
- Gross margin was 19.8% in FY 2015’s third quarter, contrast to 22.7% in FY 2014’s third quarter. Not taking into account interest, impairments and changes in reserves, FY 2015’s third-quarter gross margin was 25.6%, contrast to 26.1% in FY 2014’s third quarter.
- SG&A as a percentage of revenue was 11.3%, contrast to 10.4% in FY 2014’s third quarter.
- Income from operations was 8.5% of revenue, contrast to 12.3% of revenue in FY 2014’s third quarter.
- Other income and Income from unmerged entities totaled $20.0 million, contrast to $21.7 million in FY 2014’s third quarter.
- At FY 2015’s third-quarter end, the Company had about 45,400 lots owned and optioned, contrast to about 45,000 one quarter earlier and 49,000 one year ago.
- The Company ended its third quarter with 267 selling communities, contrast to 269 at FY 2015’s second-quarter end, and 256 at FY 2014’s third-quarter end. The Company anticipates ending FY 2015 with between 270 and 285 selling communities.
- The Company anticipates FY 2015 fourth quarter deliveries of between 1,645 and 1,945 units with an average price of between $780,000 and $800,000. This range results in projected full FY 2015 deliveries of between 5,350 and 5,650 units with an average delivered price of between $745,000 and $760,000.
- The Company anticipates its FY 2015 fourth quarter gross margin, not taking into account interest, impairments, and changes in reserves, to be about 26.7%, resulting in a full FY 2015 gross margin projection, not taking into account interest, impairments and changes in reserves, of about 26.2%. This is 20 basis points higher than the previous FY 2015 full year guidance. The Company anticipates continued margin expansion in FY 2016.
Toll Brothers, Inc., together with its auxiliaries, designs, builds, markets, and arranges finance for detached and attached homes in luxury residential communities in the Unites States. It is also involved in building and selling homes in urban infill markets.
Finally, EnteroMedics Inc (NASDAQ:ETRM), ended its last trade with -0.80% loss, and closed at $0.249.
EnteroMedics, declared that Mark B. Knudson, Ph.D., EnteroMedics Founder, Chairman, President and Chief Executive Officer notified the Company of his intention to retire effective December 31, 2015. Dr. Knudson will remain Chairman of the EnteroMedics Board of Directors. The Company also declared that Jon Tremmel, a Member of the Company’s Board of Directors, has been designated as Consultant to the CEO. Mr. Tremmel will lead a search committee to find a successor for the chief executive role in addition to provide planned advice to the Company regarding its commercialization and reimbursement activities during the transition.
EnteroMedics, founded by Dr. Knudson in 2003, is one of over 20 healthcare companies that he has started or assisted establish. Preceding to EnteroMedics, Dr. Knudson held administration positions in Research and Development at Cardiac Pacemakers, Inc. (CPI-Guidant) and was a member of the faculty of the University of Washington School of Medicine in Seattle, Washington. He was the recipient of an Individual Post-doctoral Fellowship Award from the National Institutes of Health. Dr. Knudson received a Ph.D. degree (Physiology) from Washington State University and a B.S. degree in biology from Pacific Lutheran University. He holds numerous United States patents and serves or has served on boards of several companies and institutions, both public and private. Dr. Knudson was elected to membership in Sigma Xi, the scientific research society of North America in 1975 and is a Fellow of the American Heart Association.
EnteroMedics Inc., a medical device company, focuses on the design and development of devices that use neuroblocking technology to treat obesity, metabolic diseases, and other gastrointestinal disorders. The company’s proprietary neuroblocking technology is designed to intermittently block the vagus nerve using electrical impulses.
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