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<font face="Arial">&nbsp;<b>UNITED STATES<br>
SECURITIES AND EXCHANGE
COMMISSION<br>
Washington, D.C. 20549</b></font></p>



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<font face="Arial"><b>FORM 8-K </b></font></p>



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<font face="Arial"><b>CURRENT REPORT </b></font></p>



<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'>
<font face="Arial"><b>Pursuant to Section 13 OR 15(d) of <br>
The Securities Exchange Act of 1934 </b></font></p>

<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'>
<font face="Arial" size="2">Date of Report (Date of
earliest event reported) <br>
<b>April 26, 2006</b></font></p>



<p align=center style='text-align:center; margin-left:0pt; margin-right:0pt'>
<font face="Arial" size="5"><b>Forward Industries, Inc.<br>
</b></font><font face="Arial" size="1"><b>(Exact name of registrant
as specified in its charter) </b></font></p>





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	<font face="Arial" size="2"><b>000-6669</b></font></p>
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	<font face="Arial" size="2"><b>13-1950672</b></font></p>
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	<font face="Arial" size="2"><b>(State or Other
  Jurisdiction</b></font></p>
  <p align=center style='margin-top:0pt;margin-right:0pt;margin-bottom:.75pt;
  margin-left:0pt;text-align:center'><font face="Arial" size="2"><b>of Incorporation)</b></font></p>
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	<font face="Arial" size="2"><b>(Commission</b></font></p>
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  margin-left:0pt;text-align:center'><font face="Arial" size="2"><b>File Number)</b></font></p>
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	<font face="Arial" size="2"><b>(IRS Employer</b></font></p>
  <p align=center style='margin-top:0pt;margin-right:0pt;margin-bottom:.75pt;
  margin-left:0pt;text-align:center'><font face="Arial" size="2"><b>Identification No.)</b></font></p>
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  &nbsp;
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	<font face="Arial" size="2"><b>1801 Green Road, Suite E</b></font></p>
  <p align=center style='margin-top:0pt;margin-right:0pt;margin-bottom:.75pt;
  margin-left:0pt;text-align:center'><font face="Arial" size="2"><b>Pompano Beach, FL </b>
	</font></p>
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	<font face="Arial" size="2"><b>33064</b></font></p>
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	<font face="Arial" size="2"><b>(Address of principal executive offices)</b></font></p>
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	<font face="Arial" size="2"><b>(Zip&nbsp;Code)</b></font></p>
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<font face="Arial">Registrant's telephone
number, including area code </font> </p>

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<font face="Arial"><b>(954) 419-9544 </b></font></p>





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  <p class=MsoNormal align=center style='text-align:center'><font face="Arial"><b>(Former name or former address, if changed since last
  report)</b></font></p>
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<p style='margin:0pt;margin-bottom:.0001pt'><font face="Arial">Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions: <br>
&nbsp;</font></p>



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  pursuant to Rule 425 under the Securities Act (17 CFR 230.425) <br>
&nbsp;</font></p>
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  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) <br>
&nbsp;</font></p>
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  <p class=MsoNormal><font face="Arial">Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b)) <br>
&nbsp;</font></p>
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  <p class=MsoNormal><font face="Arial">Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c)) <br>
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<p style='margin:0pt;margin-bottom:.0001pt'>&nbsp;</p>
<p style='margin-left:0pt; margin-right:0pt'><font face="Arial"><b>Item 1.01 Entry into a
material definitive agreement. </b></font></p>



<p style='text-indent:24.5pt; margin-left:0pt; margin-right:0pt'>
<font face="Arial">On Thursday, April 27<sup>,
</sup>2006, the Compensation Committee of the Company's Board of Directors determined
to grant to Douglas W. Sabra, the Company's Chief Financial Officer, 20,000
shares of restricted common stock, effective as of the grant date of May 1,
2006.&nbsp; The restricted stock will vest in three equal portions on the next three
anniversary dates of the grant date.&nbsp; The shares of restricted common stock were
granted under the Company' 2006 Restricted Stock Plan approved at the Annual
Meeting of Shareholders.</font></p>



<p style='text-indent:24.5pt; margin-left:0pt; margin-right:0pt'>
<font face="Arial">The Compensation
Committee of the Company's Board of Directors also voted to approve a grant of
options to purchase 10,000 shares of common stock grant to each of the Company's
four Independent Directors, or 40,000 shares in the aggregate.&nbsp; The date of
grant date of the options is May 1, 2006, at an exercise price equal to the closing
price of the Company's common stock on the Nasdaq SmallCap Market on the grant
date.</font></p>

<p style='margin-left:0pt; margin-right:0pt'><font face="Arial"><b>Item 2.02 Results of
Operations and Financial Condition. </b></font></p>



<p style='text-indent:24.5pt; margin-left:0pt; margin-right:0pt'>
<font face="Arial">On Wednesday, April 26, 2006,
the Company issued a press release announcing its results of operations for the
three and six-month period ended March 31, 2006.&nbsp; A copy of the press release
is attached as Exhibit 99.1.</font></p>

<p style='margin:0pt;margin-bottom:.0001pt'><font face="Arial"><b>Item 7.01
Regulation&nbsp;FD Disclosure</b></font></p>

<p class=MsoNormal style='text-indent:24.5pt'><font face="Arial">On
Thursday, April 27<sup>, </sup>2006 at approximately 11:15 AM in response to a
shareholder's question during the Company's annual meeting, the Company's CEO
stated that the Company's preference would be to use its cash to grow its
business rather than buy back shares of common stock under present market
conditions or pay a cash dividend.</font></p>

<p style='margin:0pt;margin-bottom:.0001pt'><font face="Arial"><b>Item 9.01. Financial
Statements and Exhibits. </b></font></p>



<p class=MsoNormal><font face="Arial">(c) Exhibits.</font></p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'>
<font face="Arial">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press release issued on April
26, 2006</font></p>
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<font face="Arial">-1- </font> </p>

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<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'>
<font face="Arial"><b>SIGNATURES </b></font></p>
<p align=center style='margin:0pt;margin-bottom:.0001pt;text-align:center'>&nbsp;</p>



<p style='margin:0pt;margin-bottom:.0001pt;text-indent:24.5pt'>
<font face="Arial">Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized. </font> </p>





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<font face="Arial"><b>Forward Industries Inc.,</b></font></p>

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<font face="Arial"><b>&nbsp;</b></font></p>
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<font face="Arial"><b>By</b>:</font></p>





<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'>
<font face="Arial">/s/ Jerome E. Ball</font></p>

<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'>
<font face="Arial">_______________________________________</font></p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'>
<font face="Arial"><b>Name </b>Jerome
E. Ball</font></p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'>
<font face="Arial"><b>Title:</b> Chairman
and Chief Executive Officer</font></p>



<p class=MsoNormal style='margin-left:72.0pt;text-indent:-72.0pt'>
<font face="Arial"><b>Dated:</b> April
27, 2006</font></p>
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<font face="Arial"><b>EXHIBIT INDEX </b></font></p>

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<font face="Arial"><b><u>Exhibit No.</u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Description</u></b></font></p>

<p class=MsoNormal><font face="Arial">Exhibit 99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Press
release issued by the Company on April 26, 2006</font></p>
<p class=MsoNormal>&nbsp;</p>
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{"company-data": {"conformed-name": "FORWARD INDUSTRIES INC", "cik": "0000038264", "assigned-sic": "3089", "irs-number": "131950672", "state-of-incorporation": "NY", "fiscal-year-end": "0930"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "000-06669", "film-number": "06785528"}, "business-address": {"street1": "1801 GREEN ROAD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064", "phone": "9544199544"}, "mail-address": {"street1": "1801 GREEN RD", "street2": "SUITE E", "city": "POMPANO BEACH", "state": "FL", "zip": "33064"}, "former-company": {"former-conformed-name": "PROGRESS HEAT SEALING CO INC", "date-changed": "19721111"}}
Forward Industries Form 8-K
UNITED STATES
SECURITIES AND EXCHANGE
COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of
earliest event reported)
April 26, 2006
Forward Industries, Inc.
(Exact name of registrant
as specified in its charter)
New York
000-6669
13-1950672
(State or Other
  Jurisdiction
of Incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
1801 Green Road, Suite E
Pompano Beach, FL
33064
(Address of principal executive offices)
(Zip Code)
Registrant's telephone
number, including area code
(954) 419-9544
(Former name or former address, if changed since last
  report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the
registrant under any of the following provisions:
o
Written communications
  pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material
  pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement
  communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
  240.14d-2(b))
o
Pre-commencement
  communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
  240.13e-4(c))
Item 1.01 Entry into a
material definitive agreement.
On Thursday, April 27
,
2006, the Compensation Committee of the Company's Board of Directors determined
to grant to Douglas W. Sabra, the Company's Chief Financial Officer, 20,000
shares of restricted common stock, effective as of the grant date of May 1,
2006.  The restricted stock will vest in three equal portions on the next three
anniversary dates of the grant date.  The shares of restricted common stock were
granted under the Company' 2006 Restricted Stock Plan approved at the Annual
Meeting of Shareholders.
The Compensation
Committee of the Company's Board of Directors also voted to approve a grant of
options to purchase 10,000 shares of common stock grant to each of the Company's
four Independent Directors, or 40,000 shares in the aggregate.  The date of
grant date of the options is May 1, 2006, at an exercise price equal to the closing
price of the Company's common stock on the Nasdaq SmallCap Market on the grant
date.
Item 2.02 Results of
Operations and Financial Condition.
On Wednesday, April 26, 2006,
the Company issued a press release announcing its results of operations for the
three and six-month period ended March 31, 2006.  A copy of the press release
is attached as Exhibit 99.1.
Item 7.01
Regulation FD Disclosure
On
Thursday, April 27
,
2006 at approximately 11:15 AM in response to a
shareholder's question during the Company's annual meeting, the Company's CEO
stated that the Company's preference would be to use its cash to grow its
business rather than buy back shares of common stock under present market
conditions or pay a cash dividend.
Item 9.01. Financial
Statements and Exhibits.
(c) Exhibits.
Exhibit 99.1            Press release issued on April
26, 2006
-1-
SIGNATURES
Pursuant to the
requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly
authorized.
Forward Industries Inc.,
By
:
/s/ Jerome E. Ball
_______________________________________
Name
Jerome
E. Ball
Title:
Chairman
and Chief Executive Officer
Dated:
April
27, 2006
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EXHIBIT INDEX
Exhibit No.
Description
Exhibit 99.1            Press
release issued by the Company on April 26, 2006
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