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Forward Industries: A Turnaround Story

If a company finally turns the corner to profitability and no one is around to hear, does the stock make a sound? In the case of Forward Industries (FORD), that's an emphatic "no." Trading at just a paltry $13m market cap, and $6m net of cash, it's not hard to see why this stock is underfollowed. The business is boring- manufacturing carrying cases for electronics and medical devices is about as exciting as watching Henry Fonda pick strawberries. Additionally, the company has had a history of not getting it done financially. Operating losses in 2007, 2008, 2009, 2010, 2011, and 2012 did not help in building a shareholder base or analyst coverage.

However, in fiscal 2013 the...

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