{"id":57861,"date":"2024-08-01T12:04:02","date_gmt":"2024-08-01T12:04:02","guid":{"rendered":"https:\/\/english.saigonbiz.com.vn\/2024\/08\/01\/highway-holdings-reports-first-quarter-fiscal-2025-results-revenue-increases-39-yoy\/"},"modified":"2024-08-01T12:04:02","modified_gmt":"2024-08-01T12:04:02","slug":"highway-holdings-reports-first-quarter-fiscal-2025-results-revenue-increases-39-yoy","status":"publish","type":"post","link":"https:\/\/english.saigonbiz.com\/vn\/highway-holdings-reports-first-quarter-fiscal-2025-results-revenue-increases-39-yoy\/","title":{"rendered":"HIGHWAY HOLDINGS REPORTS FIRST QUARTER FISCAL 2025 RESULTS; REVENUE INCREASES 39% YoY"},"content":{"rendered":"
\n

HONG KONG\u00a0<\/span>, Aug. 1, 2024<\/span><\/span> \/PRNewswire\/ — Highway Holdings Limited (Nasdaq: HIHO<\/b>) today reported financial results for the first quarter of fiscal year 2025 ended June 30, 2024<\/span>.<\/p>\n

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

Roland Kohl<\/span>, 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<\/span> operating loss in the year ago period.<\/p>\n

“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\u00a0deemphasized business lines, which taken together would ultimately help us return to improved profitability.”\u00a0<\/p>\n

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

Selling, general and administrative expenses for the first quarter of fiscal year 2025 declined by 15.3% to $658,000<\/span> in the first quarter 2025 from $777,000<\/span> in the year ago period, reflecting the positive benefit of the Company’s operating expense reduction strategy. \u00a0<\/p>\n

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

The Company ended the first quarter of fiscal year 2025 in a solid financial position with $6.0 million<\/span> of cash\u00a0and cash equivalents, which exceeded its\u00a0combined short- and long-term liabilities by $1<\/span>.65\u00a0million. At June 30<\/span>, 2024,\u00a0the Company had a working capital balance of $5<\/span>.7\u00a0million, with a current ratio of 2.6:1, and total shareholders’ equity of $6<\/span>.5\u00a0million, compared to $6<\/span>.6\u00a0million as of March 31, 2024<\/span>.<\/p>\n

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

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<\/span> and its manufacturing facilities are located in Yangon, Myanmar<\/span> and Shenzhen, China<\/span>.<\/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 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.<\/i><\/p>\n

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

\u00a0<\/p>\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

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

Consolidated Statement of Income
(In thousands of\u00a0U.S. dollars, except for shares and per share data)<\/span><\/p>\n<\/td>\n<\/tr>\n

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

Fiscal First Quarter Ended <\/span><\/b><\/span><\/p>\n<\/td>\n<\/tr>\n

<\/td>\n<\/td>\n<\/td>\nJune 30<\/span><\/b><\/p>\n

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

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

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

2024<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

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

$1,879<\/span><\/p>\n<\/td>\n

<\/td>\n\n

$1,347<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

1,218<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

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

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

<\/td>\n\n

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

\n

\u00a0<\/p>\n

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

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

\u00a0<\/p>\n

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

<\/td>\n\n

\u00a0<\/p>\n

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

\n

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

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

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

<\/td>\n\n

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

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

Non-operating income (expense):<\/span><\/p>\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<\/tr>\n
\n

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

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

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

<\/td>\n\n

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

\n

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

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

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

<\/td>\n\n

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

\n

Gain (loss) on disposal of assets<\/span><\/p>\n<\/td>\n

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

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

<\/td>\n\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

<\/td>\n\n

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

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

Net income (loss) before income taxes<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

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

\n

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

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

–<\/span><\/p>\n<\/td>\n

<\/td>\n\n

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

\n

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

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

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

<\/td>\n\n

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

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

Less: net gain\/(loss) attributable to non-controlling interests<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

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

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

Net income attributable to Highway Holdings Limited’s<\/span><\/p>\n<\/td>\n

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

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

<\/td>\n\n

($338)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Shareholders<\/span><\/p>\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<\/tr>\n
\n

\u00a0<\/p>\n

Net income (loss) per share \u2013 Basic<\/span><\/p>\n<\/td>\n

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

$0.02<\/span><\/p>\n<\/td>\n

<\/td>\n\n

($0.08)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

Net income (loss) per share – Diluted<\/span><\/p>\n

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

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

$0.02<\/span><\/p>\n<\/td>\n

<\/td>\n\n

($0.08)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

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

4,506<\/span><\/p>\n<\/td>\n

<\/td>\n\n

4,248<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\u00a0<\/p>\n

4,506<\/span><\/p>\n<\/td>\n

<\/td>\n\n

\u00a0<\/p>\n

4,248<\/span><\/p>\n<\/td>\n<\/tr>\n

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

\u00a0<\/p>\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

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

Consolidated Balance Sheet
(In thousands of\u00a0U.S. dollars, except for shares and per share data)<\/span><\/p>\n<\/td>\n<\/tr>\n

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

June 30<\/span><\/p>\n

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

\n

March 31<\/span><\/p>\n

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

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

2024<\/span><\/p>\n<\/td>\n

\n

2024<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

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

$5,991<\/span><\/p>\n<\/td>\n

\n

$6,601<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

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

1,660<\/span><\/p>\n<\/td>\n

\n

1,253<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

1,532<\/span><\/p>\n<\/td>\n

\n

1,566<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

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

\n

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

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

9,332<\/span><\/p>\n<\/td>\n

\n

9,646<\/span><\/p>\n<\/td>\n<\/tr>\n

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

Goodwill, net<\/span><\/p>\n<\/td>\n

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

–<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

1,217<\/span><\/p>\n<\/td>\n

\n

1,375<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

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

\n

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

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

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

\n

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

\n

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

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

10,879<\/span><\/p>\n<\/td>\n

\n

11,318<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

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

$807<\/span><\/p>\n<\/td>\n

\n

$935<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

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

\n

Accrued expenses and other liabilities <\/span><\/p>\n<\/td>\n

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

1,719<\/span><\/p>\n<\/td>\n

\n

1,789<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

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

\n

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

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

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

\n

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

\n

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

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

3,652<\/span><\/p>\n<\/td>\n

\n

3,837<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

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

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

\n

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

\n

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

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

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

\n

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

\n

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

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

4,342<\/span><\/p>\n<\/td>\n

\n

4,680<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

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

–<\/span><\/p>\n<\/td>\n

\n

–<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

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

\n

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

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

12,144<\/span><\/p>\n<\/td>\n

\n

12,117<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

(5,137)<\/span><\/p>\n<\/td>\n

\n

(5,015)<\/span><\/p>\n<\/td>\n<\/tr>\n

\n

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

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

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

\n

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

\n

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

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

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

\n

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

\n

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

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

6,537<\/span><\/p>\n<\/td>\n

\n

6,638<\/span><\/p>\n<\/td>\n<\/tr>\n

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

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

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

$10,879<\/span><\/p>\n<\/td>\n

\n

$11,318<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

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

HONG KONG\u00a0, 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 […]\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-57861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pr-newswire"],"yoast_head":"\nHIGHWAY HOLDINGS REPORTS FIRST QUARTER FISCAL 2025 RESULTS; REVENUE INCREASES 39% YoY - 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-reports-first-quarter-fiscal-2025-results-revenue-increases-39-yoy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"HIGHWAY HOLDINGS REPORTS FIRST QUARTER FISCAL 2025 RESULTS; 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