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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.
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.
Highway Holdings Limited (HIHO) has declared a cash dividend of $0.15 per share for common stockholders. This dividend will be disbursed on October 7, 2022 to those on record as of September 30, 2022. Highway Holdings is a leading international manufacturer, primarily serving blue-chip equipment manufacturers in Germany, with facilities in Yangon, Myanmar, and Shenzhen, China. The announcement highlights the company's commitment to delivering value to its shareholders.
Highway Holdings Limited (Nasdaq: HIHO) reported Q1 fiscal 2023 results ending June 30, 2022. Net sales decreased to $2.94 million from $2.99 million year-over-year. However, net income rose to $390,000 ($0.09 per diluted share) compared to $333,000 ($0.08 per diluted share) a year ago. Gross profit improved to $1.052 million with a gross profit margin of 35.7%. The company benefited from government financial assistance due to COVID-related shutdowns, although operations remain challenged by ongoing restrictions. Cash and equivalents were $6.4 million, indicating solid liquidity.
Highway Holdings Limited (Nasdaq: HIHO) reported significant growth in its fiscal year 2022, with net sales rising 34.8% to $12.4 million and returning to profitability with net income of $443,000, or $0.11 per diluted share. The fourth quarter net sales surged 62.8% to $3.0 million. Factors contributing to this success included improved operations in Myanmar and China, enhanced electronic component deliveries, and increased demand, especially in Europe. Gross profit also improved, reaching $3.8 million for the year.
Highway Holdings Limited (Nasdaq: HIHO) has declared a cash dividend of $0.05 per share, to be paid on April 8, 2022. Shareholders of record on March 8, 2022 will qualify for this dividend. The company is recognized for its manufacturing of quality parts for leading equipment manufacturers primarily based in Germany, with operations in location value="LC/hk"Hong Kong, location value="LU/mm..yangon"Myanmar, and location value="LU/cn..shnzhn"China.
Highway Holdings Limited (Nasdaq:HIHO) reported its fiscal 2022 third-quarter results, showing a robust year-over-year growth despite ongoing COVID-19 challenges. Net sales rose by 18% to $3.0 million, with net income climbing to $240,000, or $0.06 per diluted share. For the nine-month period, net sales increased by 28% to $9.4 million, and net income surged to $812,000, or $0.19 per diluted share. However, gross margin decreased to 28.6% from 34.1% due to supply chain issues, and the company incurred a $20,000 currency exchange loss. The cash position stood at approximately $6.8 million, reflecting strategic pre-payments for materials.
Highway Holdings Limited (Nasdaq: HIHO) has announced a cash dividend of $0.06 per share on its common stock. The dividend is set to be paid on November 24, 2021 to shareholders on record as of November 2, 2021. Highway Holdings specializes in manufacturing quality parts for major equipment manufacturers, with administrative offices in location value="LC/hk"Hong Kong and production facilities in location value="LU/mm..yangon"Myanmar and location value="LU/cn..shnzhn"China.
Highway Holdings Limited (Nasdaq: HIHO) reported a strong fiscal 2022 second quarter with net sales increasing 23.7% to $3.4 million and net income rising to $242,000 from $229,000 a year ago. For the six-month period, net sales hit $6.4 million, up 33.2%, with net income of $575,000 compared to $6,000 previously. Despite challenges from COVID-19 and raw material shortages, the company expressed optimism about future business growth. Gross profit for the quarter was $1,093,000, but the gross profit margin slipped to 32.5%.