Welcome to our dedicated page for Highway Hldgs news (Ticker: HIHO), a resource for investors and traders seeking the latest updates and insights on Highway Hldgs stock.
Highway Holdings Ltd (HIHO) is a global manufacturer of precision metal, plastic, and electronic components for OEM partners and industrial markets. This dedicated news hub provides investors and industry professionals with centralized access to the company's official announcements and operational developments.
Our continuously updated collection features earnings reports, product innovation announcements, and strategic partnership updates. Users can track HIHO's manufacturing advancements in metal stamping, electrical components, and automation solutions across global markets.
The resource simplifies monitoring of key performance indicators through quarterly financial disclosures, leadership updates, and production capacity expansions. All content is sourced directly from company filings and verified channels to ensure reliability.
Bookmark this page for efficient tracking of HIHO's engineering developments, European market activities, and quality assurance initiatives. Stay informed about the company's role in supplying critical components to electronics, appliances, and industrial equipment sectors.
Highway Holdings (Nasdaq: HIHO) reported financial results for Q4 and FY 2024 ended March 31, 2024. Key points:
- Q4 net sales: $1.4 million (vs $1.7 million in Q4 2023)
- Q4 net loss: $1.18 million or $0.26 per diluted share
- FY 2024 net sales: $6.3 million (vs $10.2 million in FY 2023)
- FY 2024 net loss: $959,000 or $0.22 per diluted share
The company faced challenges due to COVID-19 impacts, resulting in decreased demand and inventory imbalances. They took provision charges totaling $2.45 million. Despite difficulties, HIHO maintains a strong financial position with $6.6 million in total equity and no debt.
Highway Holdings (NASDAQ: HIHO) announced the restatement of its unaudited financial statements for the quarters ending December 31, 2023, due to a revenue recognition error caused by a change in a customer's inventory procedures. The adjustment includes removing $1.875 million in net sales and $1.921 million in cost of sales, identified during the preparation of the annual report for the fiscal year ending March 31, 2024.
Despite the adjustments, net income has increased: for Q3 of fiscal 2024, it rose from $302,000 ($0.07 per diluted share) to $348,000 ($0.08 per diluted share), and for the first nine months, it increased from $177,000 ($0.04 per diluted share) to $223,000 ($0.05 per diluted share).
The announcement reflects the company's dedication to maintaining financial accuracy and integrity.
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