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Highway Holdings Limited reports developments as a manufacturing issuer focused on OEM components, subassemblies and finished products. The company manufactures metal, plastic, electric and electronic parts through services that include metal stamping, plastic injection molding, screen printing, pad printing and printed circuit board assembly, with reportable activity in metal stamping and mechanical OEM operations and electric OEM operations.
Recurring news covers fiscal results, gross margin and working-capital commentary, customer-driven changes in electric motor demand, production activity in China and Myanmar, exposure to Europe and other export markets, cost actions, revenue diversification efforts, proprietary CO₂ cleaning machines, shareholder matters, governance updates and Nasdaq listing-compliance notices for HIHO common shares.
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Highway Holdings Limited (Nasdaq:HIHO) reported its fiscal third quarter results for 2023, showing net sales of $2.6 million, down from $3.0 million a year ago, largely due to ongoing COVID-19 impacts. Net income decreased to $52,000 ($0.01 per share), compared to $240,000 ($0.06 per share) last year. For the first nine months, net sales totaled $8.5 million, a decline from $9.3 million, with net income at $831,000 ($0.20 per share) versus $812,000 ($0.19 per share) previously. Gross margin improved to 33.7% over the nine months. Cash stood at $6.3 million, or $1.54 per share, and the current ratio was 3.6:1, exceeding liabilities by $2.8 million.