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Highway Holdings Ltd (Nasdaq: HIHO) is an international leader in the manufacturing and supply of metal, plastic, electric, and electronic components, subassemblies, and finished products targeted at original equipment manufacturers (OEMs) and contract manufacturers. The company operates through two primary segments: Metal Stamping and Mechanical OEM, and Electric OEM.
Highway Holdings is headquartered in Hong Kong with manufacturing facilities located in Shenzhen, China, and Yangon, Myanmar. The company serves a diverse geographical market including Europe, North America, and other Asian countries.
The company's product portfolio includes components for a wide range of applications such as photocopiers, laser printers, print cartridges, electrical connectors, electrical circuits, vacuum cleaners, LED power supplies, stepping motors, pumps for dishwashers, and other washing machine parts. Highway Holdings also provides design and development support for the tooling used in the metal and plastic manufacturing process, and offers an array of other manufacturing and engineering services.
In recent developments, Highway Holdings faced challenges due to the COVID-19 pandemic, which impacted production, supply chains, and customer orders. Despite these setbacks, the company maintained a strong financial position with no debt and a robust cash balance of approximately $7 million as of March 31, 2023. The company’s strategic focus is on supporting customers and reinforcing financial stability.
Additionally, the company has resumed manufacturing for Playmaji, Inc., the maker of the Polymega® game console, following a partnership and investment from Atari. This project is expected to drive growth as production ramps up.
Looking ahead, Highway Holdings plans to acquire a majority stake in Synova Metall- und Kunststofftechnik GmbH, a German-based OEM manufacturer specializing in plastic injection molding and metal technology. This acquisition, expected to be completed in early 2024, aims to enhance the company's technological capabilities and expand its customer base.
With a commitment to quality, innovation, and customer satisfaction, Highway Holdings Ltd is well-positioned for future growth and success in the post-pandemic economic landscape.
Highway Holdings Limited (Nasdaq: HIHO) announced its fiscal year 2023 second quarter results, reporting net sales of $3 million, down from $3.4 million year-over-year, attributed to disruptions from China's Zero-COVID policy. Net income rose to $396,000 ($0.10 per diluted share), up from $242,000 ($0.06 per diluted share) in Q2 2022. For the first half of FY2023, sales totaled $6 million, down from $6.4 million, but net income increased to $783,000 ($0.19 per diluted share) from $575,000 ($0.14 per diluted share). The company's cash reserves exceed $6 million, with strong equity of $9.7 million.
Highway Holdings Limited (HIHO) has declared a cash dividend of
Highway Holdings Limited (Nasdaq: HIHO) reported Q1 fiscal 2023 results ending June 30, 2022. Net sales decreased to $2.94 million from $2.99 million year-over-year. However, net income rose to $390,000 ($0.09 per diluted share) compared to $333,000 ($0.08 per diluted share) a year ago. Gross profit improved to $1.052 million with a gross profit margin of 35.7%. The company benefited from government financial assistance due to COVID-related shutdowns, although operations remain challenged by ongoing restrictions. Cash and equivalents were $6.4 million, indicating solid liquidity.
Highway Holdings Limited (Nasdaq: HIHO) reported significant growth in its fiscal year 2022, with net sales rising 34.8% to $12.4 million and returning to profitability with net income of $443,000, or $0.11 per diluted share. The fourth quarter net sales surged 62.8% to $3.0 million. Factors contributing to this success included improved operations in Myanmar and China, enhanced electronic component deliveries, and increased demand, especially in Europe. Gross profit also improved, reaching $3.8 million for the year.
Highway Holdings Limited (Nasdaq: HIHO) has declared a cash dividend of
Highway Holdings Limited (Nasdaq:HIHO) reported its fiscal 2022 third-quarter results, showing a robust year-over-year growth despite ongoing COVID-19 challenges. Net sales rose by 18% to $3.0 million, with net income climbing to $240,000, or $0.06 per diluted share. For the nine-month period, net sales increased by 28% to $9.4 million, and net income surged to $812,000, or $0.19 per diluted share. However, gross margin decreased to 28.6% from 34.1% due to supply chain issues, and the company incurred a $20,000 currency exchange loss. The cash position stood at approximately $6.8 million, reflecting strategic pre-payments for materials.
Highway Holdings Limited (Nasdaq: HIHO) has announced a cash dividend of
Highway Holdings Limited (Nasdaq: HIHO) reported a strong fiscal 2022 second quarter with net sales increasing 23.7% to $3.4 million and net income rising to $242,000 from $229,000 a year ago. For the six-month period, net sales hit $6.4 million, up 33.2%, with net income of $575,000 compared to $6,000 previously. Despite challenges from COVID-19 and raw material shortages, the company expressed optimism about future business growth. Gross profit for the quarter was $1,093,000, but the gross profit margin slipped to 32.5%.
Highway Holdings Limited (Nasdaq: HIHO) has declared a cash dividend of $0.06 per share on its common stock. This dividend will be paid on October 12, 2021, to shareholders of record as of September 7, 2021. Highway Holdings is recognized for manufacturing quality parts for major equipment manufacturers, primarily in Germany, with operations based in Hong Kong, Myanmar, and China.
Highway Holdings Limited (Nasdaq: HIHO) reported a strong fiscal 2022 first quarter, with net sales rising 46% to $3.0 million from $2.1 million year-over-year. The company shifted from a net loss of $223,000 to a net income of $333,000, equating to $0.08 per diluted share. Gross profit improved to $930,000 with a margin of 31%, up from 25%. SG&A expenses decreased by $113,000, resulting in a lower ratio to sales. The company maintains a solid financial footing with $7.7 million in cash and equivalents, surpassing liabilities by $2.2 million.
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