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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) reported fiscal third quarter results with net sales of $2.5 million, down from $3.6 million a year ago. Net income was $84,000, or $0.02 per diluted share, compared to $318,000, or $0.08 per diluted share, previously. For the nine months, net sales were $7.3 million, down from $9.6 million, with net income at $90,000, or $0.02 per diluted share. The results were affected by COVID-19 and trade issues impacting supply chains. Gross margins improved to 34.0% for the quarter, while reduced SG&A expenses aided performance. The company's cash position is $7.5 million.
Highway Holdings Limited (Nasdaq: HIHO) announced a manufacturing order valued at approximately $1.5 million from California-based Playmaji for their new Polymega gaming console. This marks the first order under a two-year exclusive contract that could yield at least $8.8 million if fully utilized. Initially, production will occur in China due to travel restrictions. The company anticipates meaningful sales contributions from this product line in the coming years, driven by consumer marketing initiatives and a rise in home entertainment demand due to the pandemic.
Highway Holdings Limited (Nasdaq: HIHO) declared a cash dividend of $0.06 per share on its common stock. The dividend payment is scheduled for November 25, 2020, to shareholders of record as of November 3, 2020. This announcement reflects the company’s ongoing commitment to returning value to shareholders. Highway Holdings is an international manufacturer serving blue chip equipment producers in Germany, with operations based in Hong Kong, Yangon, Myanmar, and Shenzhen, China.
Highway Holdings Limited (Nasdaq: HIHO) reported Q2 and six-month results for fiscal 2021, showing net sales of $2.7 million, down from $3.2 million a year prior. Despite this decline, net income improved to $229,000, or $0.06 per diluted share, compared to a net loss last year. Total sales for the first half were $4.8 million, down from $6.0 million, with a modest net income of $6,000. The company benefited from government subsidies amid the pandemic and reported a strong balance sheet with cash exceeding $8.6 million. Gross profit for Q2 was $931,000, reflecting a 34.2% margin.
Highway Holdings Limited (Nasdaq: HIHO) announced a pilot program to manufacture a security-related product for a U.S.-based company with a strong industrial and home security background. The manufacturing will occur in Myanmar, chosen for its operational capabilities as a China alternative. The initial order volume is modest, but both parties aim for a long-term partnership. The move reflects a broader strategy to attract U.S. and European businesses seeking suppliers outside of China, driven by supply chain challenges and trade tensions.