Highway Holdings Reports Strong Fiscal 2022 Third Quarter and Nine-Month Results
Net sales for the fiscal 2022 third quarter increased by 18 percent to
For the nine months, net sales increased by 28 percent to
“Results for the quarter continued to be impacted by the ongoing global effects of COVID-19. In addition, trade-related issues involving
“Despite the military coup in
Gross margin as a percentage of sales for the three months ended
Selling, general and administrative expenses decreased for the quarter by
Net income for the fiscal third quarter reflects a currency exchange loss of
“Certain financial comparisons on a historical basis are somewhat misleading due to the extraordinary impact of Covid-19 exposure, including governmental subsidies and business interruptions, during the past two years. Nonetheless, our increase in profitability was essentially due to increased sales,” Kohl said.
The company reported a
Kohl noted the company’s balance sheet remains strong, despite a decrease in cash. The company’s total cash position at
The company’s current ratio was 2.9:1 at
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, and other factors discussed in the company’s various filings with the
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||||||||||
Consolidated Statement of Income |
||||||||||||||||
(Dollars in thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
|
|
|||||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net sales |
$ |
2,995 |
|
|
$ |
2,544 |
|
|
$ |
9,357 |
|
|
$ |
7,320 |
|
|
Cost of sales |
|
2,137 |
|
|
|
1,676 |
|
|
|
6,476 |
|
|
|
5,000 |
|
|
Gross profit |
|
858 |
|
|
|
868 |
|
|
|
2,881 |
|
|
|
2,320 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Selling, general and administrative expenses |
|
671 |
|
|
|
849 |
|
|
|
2,148 |
|
|
|
2,277 |
|
|
Operating income |
|
187 |
|
|
|
19 |
|
|
|
733 |
|
|
|
43 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Non-operating items |
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Exchange gain /(loss), net |
|
(15 |
) |
|
|
(22 |
) |
|
|
(20 |
) |
|
|
(60 |
) |
|
Interest income |
|
3 |
|
|
|
7 |
|
|
|
9 |
|
|
|
15 |
|
|
Gain/(Loss) on disposal of Asset |
|
0 |
|
|
|
0 |
|
|
|
14 |
|
|
|
9 |
|
|
Other income/(expenses) |
|
0 |
|
|
|
0 |
|
|
|
1 |
|
|
|
8 |
|
|
Total non-operating income/ (expenses) |
|
(12 |
) |
|
|
(15 |
) |
|
|
4 |
|
|
|
(28 |
) |
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net profit before income tax and non-controlling interests |
|
175 |
|
|
|
4 |
|
|
|
737 |
|
|
|
15 |
|
|
Income taxes benefit/(expense) |
|
72 |
|
|
|
80 |
|
|
|
100 |
|
|
|
80 |
|
|
Net profit before non-controlling interests |
|
247 |
|
|
|
84 |
|
|
|
837 |
|
|
|
95 |
|
|
Less: net gain/(loss) attributable to non-controlling interests |
|
7 |
|
|
|
0 |
|
|
|
25 |
|
|
|
5 |
|
|
Net income attributable to Highway Holdings Limited’s shareholders |
240 |
84 |
|
|
|
812 |
|
|
90 |
|
||||||
|
|
|
|
|
|
|
|
|||||||||
Net gain per share – Basic and Diluted |
||||||||||||||||
Basic |
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
0.20 |
|
|
$ |
0.02 |
|
|
Diluted |
$ |
0.06 |
|
|
$ |
0.02 |
|
|
$ |
0.19 |
|
|
$ |
0.02 |
|
|
|
|
|
|
|
|
|
|
|||||||||
Weighted average number of shares outstanding |
|
|
|
|
|
|
|
|||||||||
Basic |
|
4,030 |
|
|
|
3,977 |
|
|
|
4,030 |
|
|
|
3,977 |
|
|
Diluted |
|
4,205 |
|
|
|
4,173 |
|
|
|
4,205 |
|
|
|
4,073 |
|
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES |
||||||||
Consolidated Balance Sheet |
||||||||
(Dollars in thousands, except per share data) |
||||||||
|
|
|
|
|||||
|
2021 |
|
2021 |
|||||
|
|
|
|
|||||
Current assets: |
|
|
|
|||||
Cash and cash equivalents |
$ |
6,780 |
|
|
$ |
7,757 |
|
|
Accounts receivable, net of doubtful accounts |
|
2,385 |
|
|
|
973 |
|
|
Inventories |
|
2,522 |
|
|
|
2,238 |
|
|
Prepaid expenses and other current assets |
|
312 |
|
|
|
513 |
|
|
Total current assets |
|
11,999 |
|
|
|
11,481 |
|
|
|
|
|
|
|||||
Property, plant and equipment, (net) |
|
769 |
|
|
|
833 |
|
|
Operating lease right-of-use assets |
|
2,032 |
|
|
|
2,795 |
|
|
Long-term deposits |
|
290 |
|
|
|
282 |
|
|
Long-term loan receivable |
|
95 |
|
|
|
95 |
|
|
Investments in equity method investees |
|
- |
|
|
|
- |
|
|
Total assets |
$ |
15,185 |
|
|
$ |
15,486 |
|
|
|
|
|
|
|||||
Current liabilities: |
|
|
|
|||||
Accounts payable |
$ |
1,262 |
|
|
$ |
653 |
|
|
Operating lease liabilities, current |
|
982 |
|
|
|
821 |
|
|
Other liabilities and accrued expenses |
|
1,931 |
|
|
|
2,347 |
|
|
Income tax payable |
|
23 |
|
|
|
58 |
|
|
Dividend payable |
|
0 |
|
|
|
85 |
|
|
Total current liabilities |
|
4,198 |
|
|
|
3,964 |
|
|
|
|
|
|
|||||
Long term liabilities : |
|
|
|
|||||
Operating lease liabilities, non-current |
|
447 |
|
|
|
1,142 |
|
|
Deferred income taxes |
|
522 |
|
|
|
607 |
|
|
Total liabilities |
|
5,167 |
|
|
|
5,713 |
|
|
|
|
|
|
|||||
Shareholders’ equity: |
|
|
|
|||||
Preferred shares, |
|
- |
|
|
|
- |
|
|
Common shares, |
|
40 |
|
|
|
40 |
|
|
Additional paid-in capital |
|
11,795 |
|
|
|
11,709 |
|
|
Accumulated deficit |
|
(1,713 |
) |
|
|
(2,041 |
) |
|
Accumulated other comprehensive income/(loss) |
|
(146 |
) |
|
|
48 |
|
|
Non-controlling interest |
|
42 |
|
|
|
17 |
|
|
Total shareholders’ equity |
|
10,018 |
|
|
|
9,773 |
|
|
|
|
|
|
|||||
Total liabilities and shareholders’ equity |
$ |
15,185 |
|
|
$ |
15,486 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220131005326/en/
310-471-1288
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