Business
HIGHWAY HOLDINGS REPORTS FISCAL 2023 THIRD QUARTER AND NINE-MONTH RESULTS
HONG KONG, Feb. 15, 2023 /PRNewswire/ -- Highway Holdings Limited (Nasdaq:HIHO) (the "Company" or "Highway Holdings") today reported results for its fiscal
About this update from Highway Holdings Limited
[{"type":"text","content":"HONG KONG, Feb. 15, 2023 /PRNewswire/ -- Highway Holdings Limited (Nasdaq:HIHO) (the \"Company\" or \"Highway Holdings\") today reported results for its fiscal third quarter and nine months ended December 31, 2022, with approximately $1.54 in cash per diluted share.\nNet sales for the third quarter of fiscal year 2023 were $2.6 million compared with $3.0 million a year ago, reflecting the renewed impact of the COVID-19 pandemic on the Company, its customers and its supply chain, which affected the Company's overall business in the fiscal third quarter. Net income for the third quarter of fiscal year 2023 was $52,000, or $0.01 per diluted share, compared with $240,000 or $0.06 per diluted share for the same period last year. The Company noted the comparisons are not very meaningful because of the disruptions and subsidies impacting different periods and distorting the numbers.\nNet sales for the first nine months of fiscal year 2023 were $8.5 million compared with $9.3 million for the same period last year. Net income for the first nine months of 2023 was $831,000, or $0.20 per diluted share, compared with a net income of $812,000, or $0.19 per diluted share for the same period last year.\nGross margin for the third quarter of fiscal year 2023 was 28.4 percent, compared to 28.6 percent for the same period last year. For the first nine months of fiscal year 2023, gross margin increased by 300 basis points to 33.7 percent from 30.7 percent for the same period last year.\nRoland Kohl, chairman, president and chief executive officer of Highway Holdings, said, \"We continue to work closely with our customers and supply chain to navigate the ongoing challenges we are collectively facing. We went from disruptive \"zero-tolerance\" COVID shutdowns to the sudden unrestricted opening causing havoc and disrupting our China operations. To put the recent situation into perspective, we recently had over half of our Chinese employees reporting sickness, with some recovering and returning to work, while others still remain out. While we are pleased to see our workforce has now substantially returned to full capacity after the annual Chinese New Year holiday, we believe the lack of full workforce status before that date will also adversely impact our business in the current quarter. As this situation exists not only in our own operation but acros...