Forward Industries, Inc. — Director's Dealing 2005

Jan 31, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-01-27

Reporting Person: BALL JEROME (Director, Chairman and CEO)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-27	Common Stock	M	20000	$2	Acquired	237500	Direct
2005-01-27	Common Stock	S	20000	$7.37	Disposed	217500	Direct
2005-01-31	Common Stock	M	26500	$2	Acquired	244000	Direct
2005-01-31	Common Stock	S	26500	$7.58	Disposed	217500	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-27	Common Stock Option to buy	$2	M	20000	Disposed	2005-12-31	Common Stock (20000)	Direct
2005-01-31	Common stock option to buy	$2	M	26500	Disposed	2005-12-31	Common Stock (26500)	Direct

Footnotes

F1: Weighted average sell price of $7.05 to $7.55.

F2: Weighted average sell price of $7.50 to $7.70.