Highway Holdings (NASDAQ:HIHO) reported quarterly losses of $(0.26) per share. This is a 7.14 percent increase over losses of $(0.28) per share from the same period last year. The company reported $1.42 million in sales this quarter. This is a 16.22 percent decrease over sales of $1.70 million the same period last year.
The inventory adjustment resulted in the erroneous inclusion of $1,875,000 in net sales and $1,921,000 in cost of sales from the transfers of certain parts to be included in products manufactured by the Company for its customer. The adjustments to net sales and other line items resulting from the changed inventory transfer policies resulted in an increase in net income for the third quarter of fiscal year 2024 from $302,000, or $0.07 per diluted share, to $348,000, or $0.08 per diluted share, and resulted in an increase in net income for the first nine months of fiscal year 2024 from $177,000, or $0.04 per diluted share, to $223,000, or $0.05 per diluted share in the restated financial stat
HONG KONG , Sept. 4, 2024 /PRNewswire/ -- Highway Holdings Limited (NASDAQ:HIHO, the ", Company", or ", Highway Holdings", ))) today announced the Company received an initial order of 100,000 units for a new model of brushless electric motor from one of its largest strategic customers. The new motor was designed and manufactured by the Company specifically for such customer, with the Company serving as the Original Design Manufacturer ("ODM"), rather than as an Original Equipment Manufacturer ("OEM"). Roland Kohl, chairman, president and chief executive officer of Highway Holdings, commented, "We are very pleased to finally get this order. The development began nearly five years ago under a
HONG KONG , Aug. 1, 2024 /PRNewswire/ -- Highway Holdings Limited (NASDAQ:HIHO) today reported financial results for the first quarter of fiscal year 2025 ended June 30, 2024. Net sales for the first quarter of fiscal year 2025 ended June 30, 2024 increased 39.3% to $1.88 million compared with $1.35 million in the first quarter of fiscal year 2024. Net gain for the first quarter of fiscal year 2025 was $98,000, or $0.02 per diluted share, compared with net loss of $338,000, or a loss of $0.08 per diluted share in the first quarter of fiscal year 2024. Roland Kohl, chairman, president and chief executive officer of Highway Holdings, commented, "We are seeing signs of improvement and have rea
HONG KONG, July 19, 2024 /PRNewswire/ -- Highway Holdings Limited (NASDAQ:HIHO) today reported results for the fiscal fourth quarter and fiscal year ended March 31, 2024. The Company notes that financial results are not comparable with results in prior years, as ongoing business uncertainties required it to take multiple provision charges. For the fiscal 2024 fourth quarter, net sales were $1.4 million compared to $1.7 million in the year ago period, reflecting the ongoing negative impact of the COVID-19 pandemic and subsequent boom and bust period, which led to a sudden reduction in sales and inventory imbalance at the Company's customers and a material decline in new orders. Gross profit
HONG KONG , Aug. 1, 2024 /PRNewswire/ -- Highway Holdings Limited (NASDAQ:HIHO) today reported financial results for the first quarter of fiscal year 2025 ended June 30, 2024. Net sales for the first quarter of fiscal year 2025 ended June 30, 2024 increased 39.3% to $1.88 million compared with $1.35 million in the first quarter of fiscal year 2024. Net gain for the first quarter of fiscal year 2025 was $98,000, or $0.02 per diluted share, compared with net loss of $338,000, or a loss of $0.08 per diluted share in the first quarter of fiscal year 2024. Roland Kohl, chairman, president and chief executive officer of Highway Holdings, commented, "We are seeing signs of improvement and have rea
HONG KONG, July 19, 2024 /PRNewswire/ -- Highway Holdings Limited (NASDAQ:HIHO) today reported results for the fiscal fourth quarter and fiscal year ended March 31, 2024. The Company notes that financial results are not comparable with results in prior years, as ongoing business uncertainties required it to take multiple provision charges. For the fiscal 2024 fourth quarter, net sales were $1.4 million compared to $1.7 million in the year ago period, reflecting the ongoing negative impact of the COVID-19 pandemic and subsequent boom and bust period, which led to a sudden reduction in sales and inventory imbalance at the Company's customers and a material decline in new orders. Gross profit
HONG KONG, July 12, 2024 /PRNewswire/ -- Highway Holdings Limited (NASDAQ:HIHO) (the "Company" or "Highway Holdings") today announced it has restated its unaudited quarterly financial statements for the three and nine months ended December 31, 2023, which were released in an earnings press release on February 1, 2024. The decision to restate the financial statements was approved on July 12, 2024 by Highway Holdings' Board of Directors upon the recommendation of the Audit Committee of the Board of Directors and after consultation with management. Investors should no longer rely upon the previously released financial statements cited above. Similarly, any other press releases and investor com
SC 13G/A - HIGHWAY HOLDINGS LTD (0001026785) (Subject)
SC 13G/A - HIGHWAY HOLDINGS LTD (0001026785) (Subject)
SC 13G/A - HIGHWAY HOLDINGS LTD (0001026785) (Subject)
6-K - HIGHWAY HOLDINGS LTD (0001026785) (Filer)
6-K - HIGHWAY HOLDINGS LTD (0001026785) (Filer)
6-K - HIGHWAY HOLDINGS LTD (0001026785) (Filer)