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.
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Highway Holdings Limited (Nasdaq: HIHO) has declared a new cash dividend of $0.05 per common share, payable on January 5, 2023, to shareholders of record by December 15, 2022. This latest dividend follows two previous payments totaling $0.20 in 2022. Chairman Roland Kohl stated that this declaration reflects the company's financial strength and commitment to enhancing shareholder value.
Highway Holdings (Nasdaq: HIHO) has secured a new order from a Fortune 500 customer for a brushless motor series, with initial deliveries set for December 2022. This order marks a significant expansion of their relationship, as the company has previously supplied motors for nearly 20 years to the customer's German division. The new brushless DC outer runner motor will be provided to the customer's USA division, indicating a diversification of product offerings and a potential expansion in the motor business.
Highway Holdings Limited (Nasdaq: HIHO) announced its fiscal year 2023 second quarter results, reporting net sales of $3 million, down from $3.4 million year-over-year, attributed to disruptions from China's Zero-COVID policy. Net income rose to $396,000 ($0.10 per diluted share), up from $242,000 ($0.06 per diluted share) in Q2 2022. For the first half of FY2023, sales totaled $6 million, down from $6.4 million, but net income increased to $783,000 ($0.19 per diluted share) from $575,000 ($0.14 per diluted share). The company's cash reserves exceed $6 million, with strong equity of $9.7 million.