HIGHWAY HOLDINGS REPORTS FISCAL FOURTH QUARTER AND FULL YEAR 2024 RESULTS
For the fiscal 2024 fourth quarter, net sales were
Net sales for fiscal year 2024 were
"The impact of this boom and bust cycle continues to be felt throughout our industry worldwide, and directly impacts many of the customers we manufacture for in the home products space. Our primary focus remains on supporting our customers and reinforcing our financial stability. Being conservative, which such an extreme situation warrants, we established reserves for various contingencies, such as potential severance payments, allowances for expected credit losses, potential inventory write offs and tax provisions. Also during the year, due to the ongoing difficult business climate, we took an impairment loss for machines assets of
"As an OEM, the dramatic decline in demand and imbalance in inventory going into and coming out of COVID-19 have served as a stark reminder that we are not only completely dependent on our customers but in addition some of our customers also use us to balance out their business failures. This business reality is serving as a catalyst for us to work on the development of a second line of business with a greater sense of urgency in order to prevent – or mitigate the risks – of such an event from happening again. We also remain active on the M&A front. The planned and previously announced acquisition of Synova Metall- und
The Company reported a
The Company's cash balance at
About
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements which involve risks and uncertainties, including but not limited to economic, competitive, governmental, political and technological factors affecting the company's revenues, operations, markets, products and prices, the impact of the worldwide COVID-19 pandemic, the political situation in
(Financial Tables Follow)
Consolidated Statement of Income HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statement of Income (Dollars in thousands, except per share data) |
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Three Months Ended |
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Year Ended |
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(Unaudited) |
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(Audited) |
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2024 |
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2023 |
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2024 |
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2023 |
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Net sales |
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Cost of sales |
1,394 |
|
1,432 |
|
4,613 |
|
7,101 |
Gross profit |
26 |
|
263 |
|
1,708 |
|
3,141 |
Selling, general and administrative expenses |
749 |
|
1,488 |
|
2,477 |
|
3,618 |
Impairment of property, plant and equipment |
335 |
|
- |
|
335 |
|
- |
Impairment of operating lease right of use assets |
527 |
|
- |
|
527 |
|
- |
Operating income/(loss) |
(1,585) |
|
(1,225) |
|
(1,631) |
|
(477) |
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Non-operating items |
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Exchange gain/(loss), net |
140 |
|
6 |
|
198 |
|
32 |
Interest income |
92 |
|
52 |
|
248 |
|
87 |
Gain on disposal of assets |
14 |
|
0 |
|
16 |
|
7 |
Other income |
2 |
|
33 |
|
30 |
|
38 |
Total non-operating income / (expenses) |
248 |
|
91 |
|
492 |
|
164 |
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Share of profits / (loss) of equity investee |
- |
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- |
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- |
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- |
Net income/(loss) before income tax and non- controlling Interest |
(1,337) |
|
(1,134) |
|
(1,139) |
|
(313) |
Income taxes |
154 |
|
10 |
|
161 |
|
20 |
Net income/(loss) before non-controlling interests |
(1,183) |
|
(1,124) |
|
(978) |
|
(293) |
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Less: Net gain / (loss) attributable to non- controlling Interests |
(1) |
|
1 |
|
(19) |
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1 |
Net income/(loss) attributable to Highway Holdings Limited shareholders |
( |
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( |
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( |
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( |
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Net income/(loss) per share: |
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Basic |
( |
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( |
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( |
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( |
Diluted |
( |
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( |
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( |
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( |
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Weighted average number of shares outstanding: |
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Basic |
4,474 |
|
4,087 |
|
4,373 |
|
4,070 |
Diluted |
4,474 |
|
4,087 |
|
4,373 |
|
4,070 |
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Balance Sheet (In thousands, except per share data) |
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March 31, |
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2024 |
2023 |
Current assets: |
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Cash and cash equivalents |
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Accounts receivable, net of doubtful accounts |
1,253 |
1,886 |
Inventories |
1,566 |
1,413 |
Prepaid expenses and other current assets |
226 |
406 |
Income tax recoverable |
- |
3 |
Total current assets |
9,646 |
10,660 |
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Property, plant, and equipment, (net) |
- |
401 |
Operating lease right-of-use assets |
1,375 |
2,514 |
Long-term deposits |
202 |
213 |
Long-term loan receivable |
95 |
95 |
Investments in equity method investees |
- |
- |
Total assets |
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Current liabilities: |
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Accounts payable |
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Operating lease liabilities, current |
588 |
573 |
Accrual expenses and other liabilities |
1,789 |
1,991 |
Income tax payable |
480 |
568 |
Dividend payable |
45 |
1 |
Total current liabilities |
3,837 |
4,061 |
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Long term liabilities: |
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Operating lease liabilities, non-current |
803 |
1,482 |
Deferred income taxes |
- |
107 |
Long term accrued expenses |
40 |
17 |
Total liabilities |
4,680 |
5,667 |
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Shareholders' equity: |
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Preferred shares, |
- |
- |
Common shares, |
44 |
41 |
Additional paid-in capital |
12,117 |
12,003 |
Accumulated deficit |
(5,015) |
(3,396) |
Accumulated other comprehensive income /(loss) |
(501) |
(444) |
Non-controlling interest |
(7) |
12 |
Total equity |
6,638 |
8,216 |
Total liabilities and shareholders' equity |
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