Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Highway Holdings Reports Fiscal 2022 Second Quarter Results By: Highway Holdings Limited via Business Wire October 18, 2021 at 08:30 AM EDT Highway Holdings Limited (Nasdaq: HIHO) today reported results for its fiscal 2022 second quarter and six-months ended September 30, 2021. Net sales for the fiscal 2022 second quarter increased 23.7 percent to $3.4 million from $2.7 million a year earlier. Net income for the same period was $242,000, or $0.06 per diluted share, compared with net income of $229,000, or $0.06 per diluted share, a year earlier. Net sales for the first half of fiscal 2022 increased 33.2 percent to $6.4 million from $4.8 million a year earlier. Net income for the same period was $575,000, or $0.14 per diluted share, compared with $6,000, or $0.00 per diluted share, a year ago. “Despite the worldwide impact of COVID-19, including raw material shortages, late material deliveries and price increases, shipping delays due to container shortages, and related issues impacting daily operating activities, our financial performance was strong for the quarter. We are encouraged by the increase of business from certain customers, indicating that these companies appear to be recovering from the pandemic. This bodes well for our business longer term,” said Roland Kohl, chairman, president and chief executive officer. Kohl noted, however, that challenges remain for numerous industrial companies, especially those operating in China – reflecting electronic component, plastic material, steel, aluminum and electricity shortages and environmental considerations. “These factors impacted our material suppliers and consequently Highway Holdings’ production schedules during the quarter,” Kohl added. As an example of the unpredictable fluctuations in the manufacturing industry, Kohl noted that sales in July were down about 75 percent of normal activity due to delay of material shipments. “Only exceptional, more expensive, working efforts in August and September at our production facilities in China and Myanmar allowed us to offset the soft start to the quarter,” Kohl said. “Despite headwinds mentioned above, we are encouraged by our evolving new business opportunities, which have been constrained by strict lockdown and quarantine regulations in China, Hong Kong and Myanmar. This could slow down the company’s strong recovery progress,” Kohl said. Gross profit for the second quarter of fiscal 2022 was $1,093,000 compared with $931,000 a year ago. Gross profit as a percentage of sales for the same period was 32.5 percent compared with 34.2 percent a year earlier. Gross profit for the six-month period of fiscal 2022 was $2.0 million compared with $1.5 million a year ago. Gross profit as a percentage of sales for the same period was 32.0 percent compared with 30.4 percent a year earlier. “Gross profit for both the quarter and six months of fiscal 2022 is not fully comparable with fiscal 2021 due to the various operational constraints, delays and shifting business, as well recovery of certain back payments and some one-time governmental assistance that the company received in fiscal 2021,” Kohl said. Net income for the fiscal 2022 second quarter reflects a currency exchange gain of $3,000 compared with a $18,000 currency exchange loss for the same period last year -- mainly due to a stronger U.S. dollar. For the fiscal 2022 six-month period, the company reported a currency exchange loss of $4,000 compared with a currency exchange loss of $38,000 a year earlier. Since the company does not engage in currency exchange rate hedging, Highway Holdings will in the future continue to realize currency exchange gains and losses due to the fluctuation of currency exchange rates. Kohl noted the company’s balance sheet remains strong, with cash and cash equivalents in excess of $7.2 million, or approximately $1.7 per diluted share, exceeding all of its short- and long-term liabilities by approximately $1.7 million. Current liabilities at September 30, 2021 totaled $4.3 million and current assets were $12.2 million. Total shareholders’ equity at September 30, 2021 was $10.3 million, or $2.44 per diluted share, compared with $9.8 million, or $2.44 per diluted share, at March 31, 2021. About Highway Holdings Limited Highway Holdings is an international manufacturer of a wide variety quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are 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, 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 (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales $3,364 $2,719 $6,362 $4,776 Cost of sales 2,271 1,788 4,339 3,324 Gross profit 1,093 931 2,023 1,452 Selling, general and administrative expenses 859 698 1,476 1,428 Operating income 234 233 547 24 Non-operating items Exchange gain /(loss), net 3 (18) (4) (38) Interest income 5 4 6 8 Gain/(Loss) on disposal of Asset 14 8 14 9 Other income/(expenses) 1 7 1 8 Total non-operating income/ (expenses) 23 1 17 (13) Net income before income tax and non-controlling interests 257 234 564 11 Income taxes (5) 0 28 0 Net income before non-controlling interests 252 234 592 11 Less: net gain attributable to non-controlling interests 10 5 17 5 Net income attributable to Highway Holdings Limited’s shareholders 242 229 575 6 Net Gain/ (loss) per share – Basic $0.06 $0.06 $0.14 $0.00 Net Gain/ (loss) per share - Diluted $0.06 $0.06 $0.14 $0.00 Weighted average number of shares outstanding Basic 4,033 3,904 4,033 3,909 Diluted 4,205 3,981 4,205 3,981 HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheet (Dollars in thousands, except per share data) Sept 30 Mar 31 2021 2021 Current assets: Cash and cash equivalents $7,222 $7,757 Accounts receivable, net of doubtful accounts 2,671 973 Inventories 2,095 2,238 Prepaid expenses and other current assets 217 513 Total current assets 12,205 11,481 Property, plant and equipment, (net) 784 833 Operating lease right-of-use assets 2,406 2,795 Long-term deposits 287 282 Long-term loan receivable 95 95 Investments in equity method investees - - Total assets $15,777 $15,486 Current liabilities: Accounts payable $917 $653 Operating lease liabilities, current 877 821 Other liabilities and accrued expenses 2,254 2,347 Income tax payable 47 58 Dividend payable 243 85 Total current liabilities 4,338 3,964 Long term liabilities : Operating lease liabilities, non-current 619 1,142 Deferred income taxes 546 607 Total liabilities 5,503 5,713 Shareholders’ equity: Preferred shares, $0.01 par value - - Common shares, $0.01 par value 40 40 Additional paid-in capital 11,773 11,709 Accumulated deficit (1,709) (2,041) Accumulated other comprehensive income/(loss) 136 48 Treasury shares, at cost – Nil shares as of Sept 30, 2021; and on March 31, 2021 - - Non-controlling interest 34 17 Total shareholders’ equity 10,274 9,773 Total liabilities and shareholders’ equity $15,777 $15,486 View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005314/en/Contacts Gary S. 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Highway Holdings Reports Fiscal 2022 Second Quarter Results By: Highway Holdings Limited via Business Wire October 18, 2021 at 08:30 AM EDT Highway Holdings Limited (Nasdaq: HIHO) today reported results for its fiscal 2022 second quarter and six-months ended September 30, 2021. Net sales for the fiscal 2022 second quarter increased 23.7 percent to $3.4 million from $2.7 million a year earlier. Net income for the same period was $242,000, or $0.06 per diluted share, compared with net income of $229,000, or $0.06 per diluted share, a year earlier. Net sales for the first half of fiscal 2022 increased 33.2 percent to $6.4 million from $4.8 million a year earlier. Net income for the same period was $575,000, or $0.14 per diluted share, compared with $6,000, or $0.00 per diluted share, a year ago. “Despite the worldwide impact of COVID-19, including raw material shortages, late material deliveries and price increases, shipping delays due to container shortages, and related issues impacting daily operating activities, our financial performance was strong for the quarter. We are encouraged by the increase of business from certain customers, indicating that these companies appear to be recovering from the pandemic. This bodes well for our business longer term,” said Roland Kohl, chairman, president and chief executive officer. Kohl noted, however, that challenges remain for numerous industrial companies, especially those operating in China – reflecting electronic component, plastic material, steel, aluminum and electricity shortages and environmental considerations. “These factors impacted our material suppliers and consequently Highway Holdings’ production schedules during the quarter,” Kohl added. As an example of the unpredictable fluctuations in the manufacturing industry, Kohl noted that sales in July were down about 75 percent of normal activity due to delay of material shipments. “Only exceptional, more expensive, working efforts in August and September at our production facilities in China and Myanmar allowed us to offset the soft start to the quarter,” Kohl said. “Despite headwinds mentioned above, we are encouraged by our evolving new business opportunities, which have been constrained by strict lockdown and quarantine regulations in China, Hong Kong and Myanmar. This could slow down the company’s strong recovery progress,” Kohl said. Gross profit for the second quarter of fiscal 2022 was $1,093,000 compared with $931,000 a year ago. Gross profit as a percentage of sales for the same period was 32.5 percent compared with 34.2 percent a year earlier. Gross profit for the six-month period of fiscal 2022 was $2.0 million compared with $1.5 million a year ago. Gross profit as a percentage of sales for the same period was 32.0 percent compared with 30.4 percent a year earlier. “Gross profit for both the quarter and six months of fiscal 2022 is not fully comparable with fiscal 2021 due to the various operational constraints, delays and shifting business, as well recovery of certain back payments and some one-time governmental assistance that the company received in fiscal 2021,” Kohl said. Net income for the fiscal 2022 second quarter reflects a currency exchange gain of $3,000 compared with a $18,000 currency exchange loss for the same period last year -- mainly due to a stronger U.S. dollar. For the fiscal 2022 six-month period, the company reported a currency exchange loss of $4,000 compared with a currency exchange loss of $38,000 a year earlier. Since the company does not engage in currency exchange rate hedging, Highway Holdings will in the future continue to realize currency exchange gains and losses due to the fluctuation of currency exchange rates. Kohl noted the company’s balance sheet remains strong, with cash and cash equivalents in excess of $7.2 million, or approximately $1.7 per diluted share, exceeding all of its short- and long-term liabilities by approximately $1.7 million. Current liabilities at September 30, 2021 totaled $4.3 million and current assets were $12.2 million. Total shareholders’ equity at September 30, 2021 was $10.3 million, or $2.44 per diluted share, compared with $9.8 million, or $2.44 per diluted share, at March 31, 2021. About Highway Holdings Limited Highway Holdings is an international manufacturer of a wide variety quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are 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, 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 (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales $3,364 $2,719 $6,362 $4,776 Cost of sales 2,271 1,788 4,339 3,324 Gross profit 1,093 931 2,023 1,452 Selling, general and administrative expenses 859 698 1,476 1,428 Operating income 234 233 547 24 Non-operating items Exchange gain /(loss), net 3 (18) (4) (38) Interest income 5 4 6 8 Gain/(Loss) on disposal of Asset 14 8 14 9 Other income/(expenses) 1 7 1 8 Total non-operating income/ (expenses) 23 1 17 (13) Net income before income tax and non-controlling interests 257 234 564 11 Income taxes (5) 0 28 0 Net income before non-controlling interests 252 234 592 11 Less: net gain attributable to non-controlling interests 10 5 17 5 Net income attributable to Highway Holdings Limited’s shareholders 242 229 575 6 Net Gain/ (loss) per share – Basic $0.06 $0.06 $0.14 $0.00 Net Gain/ (loss) per share - Diluted $0.06 $0.06 $0.14 $0.00 Weighted average number of shares outstanding Basic 4,033 3,904 4,033 3,909 Diluted 4,205 3,981 4,205 3,981 HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheet (Dollars in thousands, except per share data) Sept 30 Mar 31 2021 2021 Current assets: Cash and cash equivalents $7,222 $7,757 Accounts receivable, net of doubtful accounts 2,671 973 Inventories 2,095 2,238 Prepaid expenses and other current assets 217 513 Total current assets 12,205 11,481 Property, plant and equipment, (net) 784 833 Operating lease right-of-use assets 2,406 2,795 Long-term deposits 287 282 Long-term loan receivable 95 95 Investments in equity method investees - - Total assets $15,777 $15,486 Current liabilities: Accounts payable $917 $653 Operating lease liabilities, current 877 821 Other liabilities and accrued expenses 2,254 2,347 Income tax payable 47 58 Dividend payable 243 85 Total current liabilities 4,338 3,964 Long term liabilities : Operating lease liabilities, non-current 619 1,142 Deferred income taxes 546 607 Total liabilities 5,503 5,713 Shareholders’ equity: Preferred shares, $0.01 par value - - Common shares, $0.01 par value 40 40 Additional paid-in capital 11,773 11,709 Accumulated deficit (1,709) (2,041) Accumulated other comprehensive income/(loss) 136 48 Treasury shares, at cost – Nil shares as of Sept 30, 2021; and on March 31, 2021 - - Non-controlling interest 34 17 Total shareholders’ equity 10,274 9,773 Total liabilities and shareholders’ equity $15,777 $15,486 View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005314/en/Contacts Gary S. Maier (310) 471-1288
Highway Holdings Limited (Nasdaq: HIHO) today reported results for its fiscal 2022 second quarter and six-months ended September 30, 2021. Net sales for the fiscal 2022 second quarter increased 23.7 percent to $3.4 million from $2.7 million a year earlier. Net income for the same period was $242,000, or $0.06 per diluted share, compared with net income of $229,000, or $0.06 per diluted share, a year earlier. Net sales for the first half of fiscal 2022 increased 33.2 percent to $6.4 million from $4.8 million a year earlier. Net income for the same period was $575,000, or $0.14 per diluted share, compared with $6,000, or $0.00 per diluted share, a year ago. “Despite the worldwide impact of COVID-19, including raw material shortages, late material deliveries and price increases, shipping delays due to container shortages, and related issues impacting daily operating activities, our financial performance was strong for the quarter. We are encouraged by the increase of business from certain customers, indicating that these companies appear to be recovering from the pandemic. This bodes well for our business longer term,” said Roland Kohl, chairman, president and chief executive officer. Kohl noted, however, that challenges remain for numerous industrial companies, especially those operating in China – reflecting electronic component, plastic material, steel, aluminum and electricity shortages and environmental considerations. “These factors impacted our material suppliers and consequently Highway Holdings’ production schedules during the quarter,” Kohl added. As an example of the unpredictable fluctuations in the manufacturing industry, Kohl noted that sales in July were down about 75 percent of normal activity due to delay of material shipments. “Only exceptional, more expensive, working efforts in August and September at our production facilities in China and Myanmar allowed us to offset the soft start to the quarter,” Kohl said. “Despite headwinds mentioned above, we are encouraged by our evolving new business opportunities, which have been constrained by strict lockdown and quarantine regulations in China, Hong Kong and Myanmar. This could slow down the company’s strong recovery progress,” Kohl said. Gross profit for the second quarter of fiscal 2022 was $1,093,000 compared with $931,000 a year ago. Gross profit as a percentage of sales for the same period was 32.5 percent compared with 34.2 percent a year earlier. Gross profit for the six-month period of fiscal 2022 was $2.0 million compared with $1.5 million a year ago. Gross profit as a percentage of sales for the same period was 32.0 percent compared with 30.4 percent a year earlier. “Gross profit for both the quarter and six months of fiscal 2022 is not fully comparable with fiscal 2021 due to the various operational constraints, delays and shifting business, as well recovery of certain back payments and some one-time governmental assistance that the company received in fiscal 2021,” Kohl said. Net income for the fiscal 2022 second quarter reflects a currency exchange gain of $3,000 compared with a $18,000 currency exchange loss for the same period last year -- mainly due to a stronger U.S. dollar. For the fiscal 2022 six-month period, the company reported a currency exchange loss of $4,000 compared with a currency exchange loss of $38,000 a year earlier. Since the company does not engage in currency exchange rate hedging, Highway Holdings will in the future continue to realize currency exchange gains and losses due to the fluctuation of currency exchange rates. Kohl noted the company’s balance sheet remains strong, with cash and cash equivalents in excess of $7.2 million, or approximately $1.7 per diluted share, exceeding all of its short- and long-term liabilities by approximately $1.7 million. Current liabilities at September 30, 2021 totaled $4.3 million and current assets were $12.2 million. Total shareholders’ equity at September 30, 2021 was $10.3 million, or $2.44 per diluted share, compared with $9.8 million, or $2.44 per diluted share, at March 31, 2021. About Highway Holdings Limited Highway Holdings is an international manufacturer of a wide variety quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are 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, 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 (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended September 30, September 30, 2021 2020 2021 2020 Net sales $3,364 $2,719 $6,362 $4,776 Cost of sales 2,271 1,788 4,339 3,324 Gross profit 1,093 931 2,023 1,452 Selling, general and administrative expenses 859 698 1,476 1,428 Operating income 234 233 547 24 Non-operating items Exchange gain /(loss), net 3 (18) (4) (38) Interest income 5 4 6 8 Gain/(Loss) on disposal of Asset 14 8 14 9 Other income/(expenses) 1 7 1 8 Total non-operating income/ (expenses) 23 1 17 (13) Net income before income tax and non-controlling interests 257 234 564 11 Income taxes (5) 0 28 0 Net income before non-controlling interests 252 234 592 11 Less: net gain attributable to non-controlling interests 10 5 17 5 Net income attributable to Highway Holdings Limited’s shareholders 242 229 575 6 Net Gain/ (loss) per share – Basic $0.06 $0.06 $0.14 $0.00 Net Gain/ (loss) per share - Diluted $0.06 $0.06 $0.14 $0.00 Weighted average number of shares outstanding Basic 4,033 3,904 4,033 3,909 Diluted 4,205 3,981 4,205 3,981 HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheet (Dollars in thousands, except per share data) Sept 30 Mar 31 2021 2021 Current assets: Cash and cash equivalents $7,222 $7,757 Accounts receivable, net of doubtful accounts 2,671 973 Inventories 2,095 2,238 Prepaid expenses and other current assets 217 513 Total current assets 12,205 11,481 Property, plant and equipment, (net) 784 833 Operating lease right-of-use assets 2,406 2,795 Long-term deposits 287 282 Long-term loan receivable 95 95 Investments in equity method investees - - Total assets $15,777 $15,486 Current liabilities: Accounts payable $917 $653 Operating lease liabilities, current 877 821 Other liabilities and accrued expenses 2,254 2,347 Income tax payable 47 58 Dividend payable 243 85 Total current liabilities 4,338 3,964 Long term liabilities : Operating lease liabilities, non-current 619 1,142 Deferred income taxes 546 607 Total liabilities 5,503 5,713 Shareholders’ equity: Preferred shares, $0.01 par value - - Common shares, $0.01 par value 40 40 Additional paid-in capital 11,773 11,709 Accumulated deficit (1,709) (2,041) Accumulated other comprehensive income/(loss) 136 48 Treasury shares, at cost – Nil shares as of Sept 30, 2021; and on March 31, 2021 - - Non-controlling interest 34 17 Total shareholders’ equity 10,274 9,773 Total liabilities and shareholders’ equity $15,777 $15,486 View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005314/en/