Highway Holdings Reports Fiscal 2022 Fourth Quarter and Year-End Results
--Sales Up Sharply for Both Periods; Return to Profitability for Year--
Net sales for the fiscal 2022 fourth quarter increased 62.8 percent to
The company reported a reduced net loss for the quarter of
Net sales for fiscal 2022 increased 34.8 percent to
“The increase in net sales for fiscal 2022, as well as the fourth quarter, was primarily attributable to (i) a more normalized level of operating activity at both our
He noted fiscal 2022 financial results were impacted by world-wide material shortages, including electronic components and semiconductors, in particular electronic components and circuits for an electronic game product for a
Gross profit for the fiscal 2022 fourth quarter was
Gross profit for fiscal 2022 was
Selling, general and administrative expenses increased slightly to
The company realized a currency exchange loss of
Kohl noted that the company’s balance sheet remains strong. Total current assets at
Kohl highlighted the company’s strong financial position with total equity of
About
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, the political situation in
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statement of Income (Dollars in thousands, except per share data) |
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Three Months Ended |
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Year Ended |
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(Unaudited) |
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(Audited) |
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2022 |
|
2021 |
|
2022 |
|
2021 |
|
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|
|
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|
Net sales |
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|
|
|
|
|
|
Cost of sales |
2,119 |
|
1,461 |
|
8,595 |
|
6,461 |
Gross profit |
889 |
|
387 |
|
3,770 |
|
2,707 |
Selling, general and administrative expenses |
1,055 |
|
1,046 |
|
3,203 |
|
3,323 |
Operating (loss)/income |
(166) |
|
(659) |
|
567 |
|
(616) |
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|
|
|
|
|
|
|
Non-operating items |
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|
|
|
|
|
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|
|
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|
Exchange loss, net |
(4) |
|
0 |
|
(24) |
|
(60) |
Interest income |
2 |
|
1 |
|
11 |
|
16 |
Gain on disposal of assets |
0 |
|
0 |
|
14 |
|
9 |
Other (expense)/income |
(1) |
|
43 |
|
0 |
|
51 |
Total non-operating (expenses)/income |
(3) |
|
44 |
|
1 |
|
16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Net (loss)/income before income tax and non-controlling interests |
(169) |
|
(615) |
|
568 |
|
(600) |
Income taxes |
(201) |
|
66 |
|
(101) |
|
146 |
Net (loss)/income before non-controlling interests |
(370) |
|
(549) |
|
467 |
|
(454) |
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|
|
|
|
|
|
|
Less: Net gain/(loss) attributable to non-controlling interests |
(1) |
|
2 |
|
24 |
|
7 |
Net (loss)/income attributable to |
( |
|
( |
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|
|
( |
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Net (loss)/income per share: |
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Basic |
( |
|
( |
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|
|
( |
Diluted |
( |
|
( |
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|
|
( |
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Weighted average number of shares outstanding: |
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|
|
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|
|
|
Basic |
4,033 |
|
4,006 |
|
4,033 |
|
4,006 |
Diluted |
4,033 |
|
4,006 |
|
4,188 |
|
4,006
|
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheet (In thousands, except per share data) |
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2022 |
2021 |
Current assets: |
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|
Cash and cash equivalents |
|
|
Time deposits |
1,075 |
- |
Accounts receivable, net of doubtful accounts |
2,260 |
973 |
Inventories |
2,350 |
2,238 |
Prepaid expenses and other current assets |
620 |
513 |
Income tax recoverable |
7 |
- |
Total current assets |
12,322 |
11,481 |
|
|
|
Property, plant, and equipment, (net) |
643 |
833 |
Operating lease right-of-use assets |
1,799 |
2,795 |
Long-term deposits |
- |
282 |
Long-term loan receivable |
95 |
95 |
Investments in equity method investees |
- |
- |
Total assets |
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|
|
|
|
Current liabilities: |
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Accounts payable |
|
|
Operating lease liabilities, current |
933 |
821 |
Accrual expenses and other liabilities |
2,599 |
2,347 |
Income tax payable |
620 |
58 |
Dividend payable |
202 |
85 |
Total current liabilities |
5,182 |
3,964 |
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|
Long-term liabilities: |
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|
Operating lease liabilities, non-current |
268 |
1,142 |
Deferred income taxes |
140 |
607 |
Total liabilities |
5,590 |
5,713 |
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|
Shareholders' equity: |
|
|
Preferred shares, |
- |
- |
Common shares, |
40 |
40 |
Additional paid-in capital |
11,816 |
11,709 |
Accumulated deficit |
(2,284) |
(2,041) |
Accumulated other comprehensive (loss)/income |
(303) |
48 |
Non-controlling interests |
- |
17 |
Total equity |
9,269 |
9,773 |
Total liabilities and shareholders' equity |
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