美通社

2024-08-01 19:00

HIGHWAY HOLDINGS REPORTS FIRST QUARTER FISCAL 2025 RESULTS; REVENUE INCREASES 39% YoY

HONG KONG , Aug. 1, 2024 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO) today reported financial results for the first quarter of fiscal year 2025 ended June 30, 2024.

Net sales for the first quarter of fiscal year 2025 ended June 30, 2024 increased 39.3% to $1.88 million compared with $1.35 million in the first quarter of fiscal year 2024. Net gain for the first quarter of fiscal year 2025 was $98,000, or $0.02 per diluted share, compared with net loss of $338,000, or a loss of $0.08 per diluted share in the first quarter of fiscal year 2024.

Roland Kohl, chairman, president and chief executive officer of Highway Holdings, commented, "We are seeing signs of improvement and have reason for cautious optimism. The growth in sales this quarter compared to the year ago period was the result of substantially all our customers increasing their orders. We have still not returned to the level our business was at pre-COVID, therefore we were only able to reach breakeven on an operating level, which is a significant improvement compared to the $400,000 operating loss in the year ago period.

"We are pleased to maintain a solid financial position, which we believe gives us the ability to navigate the operating challenges and forge a path that supports a return to long-term growth. In the most recent quarter, our reported net profit came mainly from interest income based on the fortified cash position we built, and a favorable currency exchange gain. Overall, the favorable trend of orders for our existing business from our main customers is stable to slightly increasing. We are cautiously optimistic this trend will continue along with the contribution of a pending new business line, and the revival of some mature previously deemphasized business lines, which taken together would ultimately help us return to improved profitability." 

Gross profit for the first quarter of fiscal year 2025 increased to $661,000, or 35%, compared with $377,000 and 28%, respectively, in the first quarter of fiscal year 2024, primarily due to a favorable product mix.

Selling, general and administrative expenses for the first quarter of fiscal year 2025 declined by 15.3% to $658,000 in the first quarter 2025 from $777,000 in the year ago period, reflecting the positive benefit of the Company's operating expense reduction strategy.  

The Company recognized a $38,000 currency exchange gain in the first quarter of fiscal year 2025, compared to $17,000 in the first quarter of fiscal year 2024, with $52,000 in interest and other income in the first quarter of 2025 compared to $40,000 in the year ago period, primarily due to the continued benefit of foreign currency hedging activities and higher interest rates.

The Company ended the first quarter of fiscal year 2025 in a solid financial position with $6.0 million of cash and cash equivalents, which exceeded its combined short- and long-term liabilities by $1.65 million. At June 30, 2024, the Company had a working capital balance of $5.7 million, with a current ratio of 2.6:1, and total shareholders' equity of $6.5 million, compared to $6.6 million as of March 31, 2024.

About Highway Holdings 

Highway Holdings is an international manufacturer of a wide variety of high-quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings' administrative office is located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China.

Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, the remaining impact of the worldwide COVID-19 pandemic, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.

(Financial Tables Follow)

 

 

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Statement of Income
(In thousands of U.S. dollars, except for shares and per share data)





Fiscal First Quarter Ended




June 30

(Unaudited)

 




2024


2023

Net sales



$1,879


$1,347

Cost of sales



1,218


970

Gross profit



661


377

 

Selling, general and administrative expenses



 

658


 

777

Operating income (loss)



3


(400)







Non-operating income (expense):












Exchange gain (loss), net



38


17

Interest income



45


40

Gain (loss) on disposal of assets



-


-

Other income (expense)



7


-

Total non-operating income (expenses)



90


57







Net income (loss) before income taxes



93


(343)

Income taxes



-


3

Net income (loss)



93


(340)







Less: net gain/(loss) attributable to non-controlling interests



(5)


(2)







Net income attributable to Highway Holdings Limited's



$98


($338)

Shareholders












 

Net income (loss) per share – Basic



$0.02


($0.08)

Net income (loss) per share - Diluted

 



$0.02


($0.08)

Weighted average number of shares outstanding:






Basic



4,506


4,248

Diluted



 

4,506


 

4,248







 

 

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES

Consolidated Balance Sheet
(In thousands of U.S. dollars, except for shares and per share data)









June 30

(Unaudited)

March 31

(Audited)




2024

2024

Current assets:





Cash and cash equivalents



$5,991

$6,601






Accounts receivable, net of doubtful accounts



1,660

1,253

Inventories



1,532

1,566

Prepaid expenses and other current assets



149

226

Total current assets



9,332

9,646






Goodwill, net



-

-

Property, plant and equipment, net



34

-

Operating lease right-of-use assets



1,217

1,375

Long-term deposits



201

202

Long-term loan receivable



95

95

Total assets



10,879

11,318






Current liabilities:





Accounts payable



$807

$935

Operating lease liabilities, current



595

588

Accrued expenses and other liabilities



1,719

1,789

Income tax payable



471

480

Dividend payable



60

45

Total current liabilities



3,652

3,837






Operating lease liabilities, non-current



650

803

Long term accrued expenses



40

40

Total liabilities



4,342

4,680






Shareholders' equity:





Preferred shares, $0.01 par value



-

-

Common shares, $0.01 par value



44

44

Additional paid-in capital



12,144

12,117

Accumulated deficit



(5,137)

(5,015)

Accumulated other comprehensive (loss) / income



(502)

(501)

Non-controlling interest



(12)

(7)

Total shareholders' equity



6,537

6,638






Total liabilities and shareholders' equity



$10,879

$11,318

 

source: Highway Holdings Limited

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