Forward Industries, Inc. - Director's Dealing 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: FORWARD INDUSTRIES INC (FORD)
CIK: 0000038264
Period of Report: 2005-01-24

Reporting Person: SCHIFFMAN MICHAEL (Director, President & COO)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-01-24	Common Stock	M	87100	$1.5	Acquired	389527	Direct
2005-01-24	Common Stock	M	2900	$2	Acquired	392427	Direct
2005-01-24	Common Stock	S	90000	$6.83	Disposed	302427	Direct
2004-01-25	Common Stock	M	5000	$2	Acquired	307427	Direct
2005-01-25	Common Stock	S	5000	$8	Disposed	302427	Direct
2005-01-26	Common Stock	M	10000	$2	Acquired	312427	Direct
2005-01-26	Common Stock	S	10000	$7.15	Disposed	302427	Direct

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-01-24	Common stock option to buy	$1.5	M	87100	Disposed	2005-12-31	Common Stock (87100)	Direct
2005-01-24	Common stock option to buy	$2	M	2900	Disposed	2005-12-31	Common stock (2900)	Direct
2005-01-25	Common stock option to buy	$2	M	5000	Disposed	2005-12-31	Common Stock (5000)	Direct
2005-01-26	Common stock option to buy	$2	M	10000	Disposed	2005-12-31	Common Stock (10000)	Direct

F1: Weighted average price of various sales between $6.40 and $7.25 on this date.

F2: Weighted average price of various sales this date between $7.10 and $7.20.

F3: Includes various options at exercise prices ranging from $2.00 to $3.25.