HIGHWAY HOLDINGS REPORTS FIRST QUARTER FISCAL 2025 RESULTS; REVENUE INCREASES 39% YoY
HONG KONG ,
Net sales for the first quarter of fiscal year 2025 ended
"We are pleased to maintain a solid financial position, which we believe gives us the ability to navigate the operating challenges and forge a path that supports a return to long-term growth. In the most recent quarter, our reported net profit came mainly from interest income based on the fortified cash position we built, and a favorable currency exchange gain. Overall, the favorable trend of orders for our existing business from our main customers is stable to slightly increasing. We are cautiously optimistic this trend will continue along with the contribution of a pending new business line, and the revival of some mature previously deemphasized business lines, which taken together would ultimately help us return to improved profitability."
Gross profit for the first quarter of fiscal year 2025 increased to
Selling, general and administrative expenses for the first quarter of fiscal year 2025 declined by 15.3% to
The Company recognized a
The Company ended the first quarter of fiscal year 2025 in a solid financial position with
About Highway Holdings
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 remaining impact of the worldwide COVID-19 pandemic, and other factors discussed in the company's various filings with the
(Financial Tables Follow)
HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Statement of Income |
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Fiscal First Quarter Ended |
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(Unaudited)
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2024 |
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2023 |
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Net sales |
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Cost of sales |
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1,218 |
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970 |
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Gross profit |
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661 |
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377 |
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Selling, general and administrative expenses |
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658 |
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777 |
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Operating income (loss) |
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3 |
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(400) |
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Non-operating income (expense): |
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Exchange gain (loss), net |
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38 |
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17 |
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Interest income |
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45 |
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40 |
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Gain (loss) on disposal of assets |
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- |
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- |
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Other income (expense) |
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7 |
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- |
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Total non-operating income (expenses) |
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90 |
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57 |
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Net income (loss) before income taxes |
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93 |
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(343) |
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Income taxes |
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- |
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3 |
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Net income (loss) |
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93 |
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(340) |
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Less: net gain/(loss) attributable to non-controlling interests |
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(5) |
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(2) |
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Net income attributable to |
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( |
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Shareholders |
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Net income (loss) per share – Basic |
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( |
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Net income (loss) per share - Diluted
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( |
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Weighted average number of shares outstanding: |
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Basic |
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4,506 |
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4,248 |
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Diluted |
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4,506 |
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4,248 |
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HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES
Consolidated Balance Sheet |
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(Unaudited) |
(Audited) |
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2024 |
2024 |
Current assets: |
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Cash and cash equivalents |
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Accounts receivable, net of doubtful accounts |
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1,660 |
1,253 |
Inventories |
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1,532 |
1,566 |
Prepaid expenses and other current assets |
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149 |
226 |
Total current assets |
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9,332 |
9,646 |
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- |
- |
Property, plant and equipment, net |
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34 |
- |
Operating lease right-of-use assets |
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1,217 |
1,375 |
Long-term deposits |
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201 |
202 |
Long-term loan receivable |
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95 |
95 |
Total assets |
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10,879 |
11,318 |
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Current liabilities: |
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Accounts payable |
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Operating lease liabilities, current |
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595 |
588 |
Accrued expenses and other liabilities |
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1,719 |
1,789 |
Income tax payable |
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471 |
480 |
Dividend payable |
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60 |
45 |
Total current liabilities |
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3,652 |
3,837 |
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Operating lease liabilities, non-current |
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650 |
803 |
Long term accrued expenses |
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40 |
40 |
Total liabilities |
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4,342 |
4,680 |
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Shareholders' equity: |
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Preferred shares, |
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- |
- |
Common shares, |
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44 |
44 |
Additional paid-in capital |
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12,144 |
12,117 |
Accumulated deficit |
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(5,137) |
(5,015) |
Accumulated other comprehensive (loss) / income |
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(502) |
(501) |
Non-controlling interest |
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(12) |
(7) |
Total shareholders' equity |
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6,537 |
6,638 |
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Total liabilities and shareholders' equity |
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