{"id":57193,"date":"2024-07-12T12:03:27","date_gmt":"2024-07-12T12:03:27","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/07\/12\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/"},"modified":"2024-07-12T12:03:27","modified_gmt":"2024-07-12T12:03:27","slug":"highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/","title":{"rendered":"HIGHWAY HOLDINGS RESTATES UNAUDITED FINANCIAL STATEMENTS FOR 3 AND 9 MONTHS ENDED DECEMBER 31, 2023 RESULTING IN HIGHER NET INCOME FOR BOTH PERIODS"},"content":{"rendered":"
\n

HONG KONG<\/span><\/span>, July 12, 2024<\/span><\/span> \/PRNewswire\/ — Highway Holdings Limited (Nasdaq: HIHO<\/b>) (the “Company” or “Highway Holdings”) today announced it has restated its unaudited quarterly financial statements for the three and nine months ended December 31, 2023<\/span>, which were released in an earnings press release on February 1, 2024<\/span>. The decision to restate the financial statements was approved on July 12, 2024<\/span> by Highway Holdings’ Board of Directors upon the recommendation of the Audit Committee of the Board of Directors and after consultation with management.<\/p>\n

Investors should no longer rely upon the previously released financial statements cited above. Similarly, any other press releases and investor communications containing information derived from such financial statements should no longer be relied upon.<\/p>\n

The Company has concluded that the interim financial statements cannot be relied upon due to the misapplication of a revenue recognition accounting standard following a change in inventory fulfillment and transfer procedures by one of the Company’s customers. The inventory adjustment resulted in the erroneous inclusion of $1,875,000<\/span> in net sales and $1,921,000<\/span> in cost of sales from the transfers of certain parts to be included in products manufactured by the Company for its customer. This misapplication was identified during the preparation of Highway Holdings’ Annual Report on Form 20-F for the fiscal year ended March 31, 2024<\/span>. The restated financial statements for the three and nine months ended December 31, 2023<\/span> are attached to this press release.<\/p>\n

The adjustments to net sales and other line items resulting from the changed inventory transfer policies resulted in an increase in net income for the third quarter of fiscal year 2024 from $302,000<\/span>, or $0.07<\/span> per diluted share, to $348,000<\/span>, or $0.08<\/span> per diluted share, and resulted in an increase in net income for the first nine months of fiscal year 2024 from $177,000<\/span>, or $0.04<\/span> per diluted share, to $223,000<\/span>, or $0.05<\/span> per diluted share in the restated financial statements<\/p>\n

Today’s announcement reiterates Highway Holdings’ continued commitment to improve its practices and uphold the highest standards of financial reporting.<\/p>\n

About Highway Holdings\u00a0 <\/b><\/p>\n

Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings’ administrative offices are located in Hong Kong<\/span> and its manufacturing facilities are located in\u00a0Yangon, Myanmar<\/span> and Shenzhen, China<\/span>. For more information visit website www.highwayholdings.com<\/a>.<\/p>\n

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 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.<\/i><\/p>\n

(Financial Tables Follow)<\/b><\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Statement of Income<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands, except per share data)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Unaudited)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

Three Months Ended<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Nine Months Ended<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n\n

December 31,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

December 31,<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

20<\/span>23<\/span><\/p>\n

Announced<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2023<\/span><\/p>\n

Restated<\/span><\/p>\n<\/td>\n

<\/td>\n\n

20<\/span>23<\/span><\/p>\n

Announced <\/span><\/p>\n<\/td>\n

<\/td>\n\n

20<\/span>23<\/span><\/p>\n

Restated<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net sales<\/span><\/p>\n<\/td>\n

\n

$4,107<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$2,232<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$6,776<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$4,901<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Cost of sales<\/span><\/p>\n<\/td>\n

\n

3,231<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,310<\/span><\/p>\n<\/td>\n

<\/td>\n\n

5,140<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3,219<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Gross profit<\/span><\/p>\n<\/td>\n

\n

876<\/span><\/p>\n<\/td>\n

<\/td>\n\n

922<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,636<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,682<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Selling, general and administrative expenses<\/span><\/p>\n<\/td>\n

\n

679<\/span><\/p>\n<\/td>\n

<\/td>\n\n

679<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,728<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,728<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Operating income<\/span>\/(loss) <\/span><\/p>\n<\/td>\n

\n

197<\/span><\/p>\n<\/td>\n

<\/td>\n\n

243<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(92)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(46)<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Non-operating items<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Exchange gain<\/span> <\/span>\/<\/span>(loss)<\/span>, net<\/span><\/p>\n<\/td>\n

\n

27<\/span><\/p>\n<\/td>\n

<\/td>\n\n

27<\/span><\/p>\n<\/td>\n

<\/td>\n\n

58<\/span><\/p>\n<\/td>\n

<\/td>\n\n

58<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Interest income<\/span><\/p>\n<\/td>\n

\n

63<\/span><\/p>\n<\/td>\n

<\/td>\n\n

63<\/span><\/p>\n<\/td>\n

<\/td>\n\n

156<\/span><\/p>\n<\/td>\n

<\/td>\n\n

156<\/span><\/p>\n<\/td>\n

<\/td>\n<\/tr>\n
\n

Gain\/(Loss) on disposal of Asset<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3<\/span><\/p>\n<\/td>\n

<\/td>\n\n

16<\/span><\/p>\n<\/td>\n

<\/td>\n\n

16<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Other income<\/span>\/(expenses)<\/span><\/p>\n<\/td>\n

\n

8<\/span><\/p>\n<\/td>\n

<\/td>\n\n

8<\/span><\/p>\n<\/td>\n

<\/td>\n\n

14<\/span><\/p>\n<\/td>\n

<\/td>\n\n

14<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Total non-operating income\/ (expenses)<\/span><\/p>\n<\/td>\n

\n

101<\/span><\/p>\n<\/td>\n

<\/td>\n\n

101<\/span><\/p>\n<\/td>\n

<\/td>\n\n

244<\/span><\/p>\n<\/td>\n

<\/td>\n\n

244<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net <\/span>income <\/span>before income tax and non-controlling <\/span>interest<\/span>s <\/span><\/p>\n<\/td>\n

\n

298<\/span><\/p>\n<\/td>\n

<\/td>\n\n

344<\/span><\/p>\n<\/td>\n

<\/td>\n\n

152<\/span><\/p>\n<\/td>\n

<\/td>\n\n

198<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Income taxes<\/span><\/p>\n<\/td>\n

\n

1<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Net <\/span>income <\/span>before non-controlling interests<\/span><\/p>\n<\/td>\n

\n

299<\/span><\/p>\n<\/td>\n

<\/td>\n\n

345<\/span><\/p>\n<\/td>\n

<\/td>\n\n

159<\/span><\/p>\n<\/td>\n

<\/td>\n\n

205<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Net loss <\/span>attributable to non-controlling interests<\/span><\/p>\n<\/td>\n

\n

3<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3<\/span><\/p>\n<\/td>\n

<\/td>\n\n

18<\/span><\/p>\n<\/td>\n

<\/td>\n\n

18<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Net <\/span>i<\/span>ncome <\/span>attributable to Highway <\/span><\/p>\n

Holdings Limited<\/span>‘s<\/span> shareholders<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

302<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

348<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

177<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

223<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Net<\/span> Gain\/<\/span> (loss) per share \u2013 Basic\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/p>\n

\u00a0<\/span><\/p>\n<\/td>\n

\n

$0.07<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$0.08<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$0.04<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$0.05<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Net<\/span> Gain\/ (loss)<\/span> <\/span>per share – Diluted\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/span><\/p>\n<\/td>\n

\n

$0.07<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$0.08<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0\u00a0 <\/span><\/p>\n

$0.04<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

$0.05<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Weighted average number of shares<\/span> outstanding <\/span>\u00a0<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Basic<\/span><\/p>\n<\/td>\n

\n

4,386<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,386<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,314<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,314<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
\n

Diluted<\/span><\/p>\n<\/td>\n

\n

\u00a0<\/p>\n

4,396<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

4,396<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

4,323<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

4,323<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u00a0<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Consolidated Balance Sheet<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

\n

(Dollars in thousands, except per share data)<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n\n

Dec 31<\/b><\/span><\/p>\n<\/td>\n

<\/td>\n\n

Dec<\/b>\u00a03<\/b>1<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n\n

20<\/b>23<\/b><\/span><\/p>\n

Announced<\/span><\/p>\n<\/td>\n

<\/td>\n\n

20<\/b>2<\/b>3<\/b><\/span><\/p>\n

Restated<\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current assets: <\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Cash and cash equivalents <\/span><\/p>\n<\/td>\n

\n

$6,186<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$6,186<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accounts receivable, net of doubtful accounts <\/span><\/p>\n<\/td>\n

\n

3,533<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,658<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Inventories <\/span><\/p>\n<\/td>\n

\n

1,812<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,858<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Prepaid expenses and other current assets<\/span><\/p>\n<\/td>\n

\n

200<\/span><\/p>\n<\/td>\n

<\/td>\n\n

200<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income tax recoverable<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total current assets<\/span><\/p>\n<\/td>\n

\n

11,731<\/span><\/p>\n<\/td>\n

<\/td>\n\n

9,902<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Property, plant and equipment, (net)<\/span><\/p>\n<\/td>\n

\n

379<\/span><\/p>\n<\/td>\n

<\/td>\n\n

379<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease right-of-use assets<\/span><\/p>\n<\/td>\n

\n

2,004<\/span><\/p>\n<\/td>\n

<\/td>\n\n

2,004<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term deposits<\/span><\/p>\n<\/td>\n

\n

205<\/span><\/p>\n<\/td>\n

<\/td>\n\n

205<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long-term loan receivable<\/span><\/p>\n<\/td>\n

\n

95<\/span><\/p>\n<\/td>\n

<\/td>\n\n

95<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Investments in equity method investees<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total assets<\/span><\/p>\n<\/td>\n

\n

$14,414<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$12,585<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Current liabilities:<\/u><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Accounts payable<\/span><\/p>\n<\/td>\n

\n

$2,477<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$602<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Operating lease liabilities, current<\/span><\/p>\n<\/td>\n

\n

586<\/span><\/p>\n<\/td>\n

<\/td>\n\n

586<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Other liabilities and accrued expenses <\/span><\/p>\n<\/td>\n

\n

1,845<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,845<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Income tax payable <\/span><\/p>\n<\/td>\n

\n

551<\/span><\/p>\n<\/td>\n

<\/td>\n\n

551<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Dividend<\/span> payable<\/span><\/p>\n<\/td>\n

\n

46<\/span><\/p>\n<\/td>\n

<\/td>\n\n

46<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total current liabilities<\/span><\/p>\n<\/td>\n

\n

5,505<\/span><\/p>\n<\/td>\n

<\/td>\n\n

3,630<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Long term liabilities<\/u>:<\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Operating lease liabilities, non-current<\/span><\/p>\n<\/td>\n

\n

1,013<\/span><\/p>\n<\/td>\n

<\/td>\n\n

1,013<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Deferred income taxes<\/span><\/p>\n<\/td>\n

\n

98<\/span><\/p>\n<\/td>\n

<\/td>\n\n

98<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Long terms accrued expenses<\/span><\/p>\n<\/td>\n

\n

17<\/span><\/p>\n<\/td>\n

<\/td>\n\n

17<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Total liabilities<\/span><\/p>\n<\/td>\n

\n

6,633<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,758<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Shareholders’ equity:<\/u><\/span><\/p>\n<\/td>\n

<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Preferred shares, $0.01 par value<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Common shares, $0.01 par value<\/span><\/p>\n<\/td>\n

\n

44<\/span><\/p>\n<\/td>\n

<\/td>\n\n

44<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Additional paid-in capital<\/span><\/p>\n<\/td>\n

\n

12,140<\/span><\/p>\n<\/td>\n

<\/td>\n\n

12,140<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated deficit<\/span><\/p>\n<\/td>\n

\n

(3,879)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(3,833)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Accumulated other comprehensive <\/span>income<\/span>\/(loss)<\/span> <\/span><\/p>\n<\/td>\n

\n

(517)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(517)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Non-controlling interest<\/span><\/p>\n<\/td>\n

\n

(7)<\/span><\/p>\n<\/td>\n

<\/td>\n\n

(7)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

\u00a0\u00a0 <\/span>Total shareholders’ equity<\/span><\/p>\n<\/td>\n

\n

7,781<\/span><\/p>\n<\/td>\n

<\/td>\n\n

7,827<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
\n

Total liabilities and shareholders’ equity<\/span><\/p>\n<\/td>\n

\n

$14,414<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$12,585<\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

\u00a0<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

HONG KONG, July 12, 2024 \/PRNewswire\/ — Highway Holdings Limited (Nasdaq: HIHO) (the “Company” or “Highway Holdings”) today announced it has restated its unaudited quarterly financial statements for the three and nine months ended December 31, 2023, which were released in an earnings press release on February 1, 2024. The decision to restate the financial […]\n","protected":false},"author":1,"featured_media":79226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-57193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr-newswire"],"yoast_head":"\nHIGHWAY HOLDINGS RESTATES UNAUDITED FINANCIAL STATEMENTS FOR 3 AND 9 MONTHS ENDED DECEMBER 31, 2023 RESULTING IN HIGHER NET INCOME FOR BOTH PERIODS - Biz and Live in Saigon<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HIGHWAY HOLDINGS RESTATES UNAUDITED FINANCIAL STATEMENTS FOR 3 AND 9 MONTHS ENDED DECEMBER 31, 2023 RESULTING IN HIGHER NET INCOME FOR BOTH PERIODS\" \/>\n<meta property=\"og:description\" content=\"HONG KONG, July 12, 2024 \/PRNewswire\/ — Highway Holdings Limited (Nasdaq: HIHO) (the “Company” or “Highway Holdings”) to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/\" \/>\n<meta property=\"og:site_name\" content=\"Biz and Live in Saigon\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SaigonbizGroup\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-12T12:03:27+00:00\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#\/schema\/person\/267b348e6cf32a66aab33637c2d399a6\"},\"headline\":\"HIGHWAY HOLDINGS RESTATES UNAUDITED FINANCIAL STATEMENTS FOR 3 AND 9 MONTHS ENDED DECEMBER 31, 2023 RESULTING IN HIGHER NET INCOME FOR BOTH PERIODS\",\"datePublished\":\"2024-07-12T12:03:27+00:00\",\"dateModified\":\"2024-07-12T12:03:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/\"},\"wordCount\":727,\"publisher\":{\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/#organization\"},\"articleSection\":[\"Pr Newswire\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/\",\"url\":\"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-restates-unaudited-financial-statements-for-3-and-9-months-ended-december-31-2023-resulting-in-higher-net-income-for-both-periods\/\",\"name\":\"HIGHWAY HOLDINGS RESTATES UNAUDITED FINANCIAL STATEMENTS FOR 3 AND 9 MONTHS ENDED DECEMBER 31, 2023 RESULTING IN HIGHER NET INCOME FOR BOTH PERIODS - 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