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BORTALA, China, Nov. 22, 2024 /PRNewswire/ -- On November 21, the State Grid Bortala Power Supply Company organized marketing professionals to conduct customer visits regarding the G219 Wenhuo Highway construction project, striving to ensure stable electricity supply for the construction. The G219 Wenhuo Highway construction project is a key construction project in Xinjiang. The project emphasizes refined construction efforts and incorporates green construction technology throughout the entire process. The Moxun Mountain Tunnel is a critical part of the Wenhuo Highway. The surrounding geological structure is complex, with changing climates. China Communications Second Highway Engineering Bureau Ltd. has invested in the construction of a new 110 kV Moxun Mountain Substation to provide power supply for intelligent construction equipment such as TBM tunneling machines, electric dual-head vehicles, and welding robots. The company proactively connected with users and established a dedicated flexible service team for key projects prior to commissioning. They customized power supply solutions based on the varying construction intensities and equipment usage at different stages of highway development. In-depth discussions were held with the construction units regarding the scale of the substation, the capacity of the main transformer, incoming and outgoing line specifications, and other critical parameters. "The Moxun Mountain Tunnel utilizes advanced TBM construction technology, incorporating clean energy as the primary power source for excavation, shotcreting, support, and muck transportation, in order to achieve green construction and reduce energy consumption and emissions," said Su Ze Yi, the project manager for the G219 Wenhuo S3 standard section of China Communications Second Engineering Bureau. The G219 Wenhuo Highway project consumes approximately 1.6 million kilowatt-hours of electricity per month, reflecting high electricity demand and production requirements. Currently, the Moxun Mountain Tunnel has successfully advanced 1,000 meters, marking yet another milestone towards the full completion and operation of the Wenhuo Highway, laying a solid foundation for the subsequent progress of the project. Looking ahead, the company will closely monitor the construction progress of major projects, comprehensively enhance the service level of "accessing electricity," and create an exceptional brand for power supply services. It will continue to deepen the "Sunshine Industry Expansion" initiative, constantly improve the convenience and satisfaction of customers in obtaining electricity, and continuously empower the high-quality development of the Bortala region.
60.1% Year Over Year Increase in Second Quarter Revenue 117.8% Year Over Year Increase in Second Quarter Gross Profit Cash and Cash Equivalents of $1.28 Per Diluted Share HONG KONG, Oct. 11, 2024 /PRNewswire/ -- Highway Holdings Limited (Nasdaq: HIHO, "the Company" or "Highway Holdings") today reported results for the second quarter of fiscal year 2025 and the six months ended September 30, 2024, with second quarter of fiscal year 2025 revenue growth of 60.1% and gross profit growth of 117.8% on a year over year basis. Roland Kohl, chairman, president and chief executive officer of Highway Holdings, noted, "While the positive results reflect an improving environment at our customers, we still have a lot of ground to make up to return to our normalized pre-COVID business level. The rebound continues but has been slowed by the uncertain macro environment, following the fallout of COVID, as orders for customer products have been adversely impacted by the Russia/Ukraine war and the conflict in Mid-East. In addition, our business progress is not immediately reflected on a net income comparison, and we caution investors this is not an accurate measure, because we benefitted in the year ago period from the reversal of previously taken bad debt provisions. With that being said, we are encouraged with our progress and expect an improving business environment over the coming quarters will help our business now that we have stopped the bleeding and can focus on expanding revenue growth, profitability and free cash flow." Mr. Kohl concluded, "We are cautiously optimistic that we have come through the worst part of this low business cycle. Even with our existing products still experiencing below normal levels of demand, we are coming online shortly with the new motor project we previously announced. Production is expected to start in the fiscal third quarter of 2025 and should ramp up in the fiscal fourth quarter of 2025. As a result, if our core existing business remains stable or improves slightly, the positive impact of the additional new business will help drive a further improvement in results. Our company is financially very healthy with over $5.6 million in cash on hand and a net cash positive position. At the same time, as part of our business growth strategy, we are evaluating numerous possible ventures, which could substantially improve the Company's future. We are fully committed to building value for the Company and all shareholders, as we continue to build on our track record of success over the long-term." Select Additional Financial Results: Gross profit for the second quarter of fiscal year 2025 was $834,000 compared with $383,000 in the year ago period mainly due to the 60.1% increase in sales over the same period. Gross profit as a percentage of sales for the second quarter of fiscal year 2025 was 39.4 percent, compared to 29.0 percent in the year ago period. Gross profit for the first half of fiscal year 2025 was $1,495,000 compared with $760,000 in the year ago period. Gross profit as a percentage of sales for the first half of fiscal year 2025 was 37.4 percent compared with 28.5 percent in the year ago period. Selling, general and administrative expenses for the second quarter of fiscal year 2025 increased to $724,000 from $272,000, primarily reflecting the above-noted bad debt provision reversal in the year ago period. Net income for the second quarter of fiscal year 2025 reflects a currency exchange gain of $58,000 compared to a $14,000 gain in the year ago period mainly due to a weakening of the Kyat. The Company reported a currency exchange gain of $96,000 for the first half of fiscal year 2025, compared with a $31,000 gain in the year ago period. The Company had interest income of approximately $58,000 for the second quarter of fiscal year 2025, and interest income of approximately $103,000 for the first half of fiscal year 2025 due to the increase in interest rates. The Company's balance sheet remains strong, with total assets of $11.0 million dollar and cash and cash equivalents in excess of $5.6 million, or approximately $1.28 per diluted share. The cash and cash equivalent amount exceeded all of its short- and long-term liabilities by approximately $1.4 million. Total shareholders' equity at September 30, 2024, was $6.8 million, or $1.54 per diluted share. About Highway Holdings Limited Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings' administrative offices are located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar, and Shenzhen, China. For more information visit website www.highwayholdings.com. 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, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F. (Financial Tables Follow) HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statement of Income (Dollars in thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended September 30, September 30, 2024 2023 2024 2023 Net sales $2,117 $1,322 $3,996 $2,669 Cost of sales 1,283 939 2,501 1,909 Gross profit 834 383 1,495 760 Selling, general and administrative expenses 724 272 1,382 1,049 Operating income/(loss) 110 111 113 (289) Non-operating items Exchange gain /(loss), net 58 14 96 31 Interest income 58 53 103 93 Gain/(Loss) on disposal of assets - 13 - 13 Other income/(expenses) 5 6 12 6 Total non-operating income/ (expenses) 121 86 211 143 Net income before income tax and non-controlling interests 231 197 324 (146) Income taxes 0 3 0 6 Net income before non-controlling interests 231 200 324 (140) Less: net gain attributable to non-controlling interests 0 (13) (5) (15) Net income/(loss) attributable to Highway Holdings Limited's shareholders 231 213 329 (125) Net Gain/ (loss) per share – Basic $0.05 $0.05 $0.08 $(0.03) Net Gain/ (loss) per share - Diluted $0.05 $0.05 $0.08 $(0.03) Weighted average number of shares outstanding Basic 4,402 4,219 4,379 4,345 Diluted 4,402 4,235 4,379 4,345 HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Balance Sheet (Dollars in thousands, except per share data) (unaudited) Sept 30, (audited) Mar 31, 2024 2024 Current assets: Cash and cash equivalents $5,614 $6,601 Accounts receivable, net of doubtful accounts 1,982 1,253 Inventories 1,785 1,566 Prepaid expenses and other current assets 156 226 Total current assets 9,537 9,646 Property, plant and equipment, (net) 64 - Operating lease right-of-use assets 1,142 1,375 Long-term deposits 206 202 Long-term loan receivable 95 95 Investments in equity method investees - - Total assets $11,044 $11,318 Current liabilities: Accounts payable $1,021 $935 Operating lease liabilities, current 621 588 Other liabilities and accrued expenses 1,559 1,789 Income tax payable 484 480 Dividend payable 45 45 Total current liabilities 3,730 3,837 Long term liabilities : Operating lease liabilities, non-current 507 803 Long terms accrued expenses 40 40 Total liabilities 4,277 4,680 Shareholders' equity: Preferred shares, $0.01 par value - - Common shares, $0.01 par value 44 44 Additional paid-in capital 12,159 12,117 Accumulated deficit (4,908) (5,015) Accumulated other comprehensive income/(loss) (516) (501) Non-controlling interest (12) (7) Total shareholders' equity 6,767 6,638 Total liabilities and shareholders' equity $11,044 $11,318
TAIPEI, Oct. 5, 2024 /PRNewswire/ -- In response to the increasing frequency of natural disasters, FETC International, in collaboration with FETC, has developed the AIoT Highway Maintenance Decision Support System. This advanced system is designed to protect electronic toll collection (ETC) infrastructure and ensure the safety of operations and maintenance (O&M) personnel during extreme weather events. AIOT System Forecast for Typhoon Krathon on Oct. 3, 2024 The AIoT system integrates various technologies, including an AI Weather Forecast module that processes data from multiple sources such as 11 micro weather stations installed on ETC gantries and the Civil IoT Taiwan network. In addition, it features a Thunderstorm Warning and Monitoring module supported by the Earth Networks Total Lightning Network, enhancing the accuracy of lightning alerts, and an Equipment Life Cycle Exploration module that predicts and analyzes the status of ETC equipment to proactively address maintenance needs. Key capabilities of the system include: Lightning hazard warnings within a 15-kilometer radius, enabling preemptive measures to safeguard infrastructure and personnel. Severe weather alerts with an accuracy rate of over 80%, providing warnings 24 hours in advance to minimize potential disruptions. Weather forecasts for toll stations for the upcoming week, helping O&M teams plan maintenance and safety procedures in advance. During the recent Typhoon Krathon, the AIoT system proved its effectiveness by issuing an alert five days before sea warnings were officially issued. This early detection enabled O&M personnel to vacate from non-impact areas, reducing the risk to staff and saving significant costs associated with emergency preparations and unnecessary on-site staffing. As a result, FETC successfully prevented data loss and system downtime during the typhoon. "We are proud to introduce a solution that not only protects our ETC infrastructure but also ensures the safety of our O&M personnel during increasingly unpredictable and severe weather conditions," said Vice President, Richard Wu of FETC. "With this system, we are taking a proactive approach to maintaining operational continuity and system resilience, even under the most challenging circumstances." The AIoT Highway Maintenance Decision Support System represents FETC International's ongoing commitment to utilizing innovative technologies to enhance infrastructure resilience and operational efficiency.
HONG KONG, Sept. 5, 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 an ODM project instead of an OEM one. However, the original schedule faced significant delays, extending over three years, due to the impact of COVID-19 and its aftermath." "We currently manufacture synchron and stepping motors for another major customer, and our new model brushless electric motor is a significant addition to our existing production lines. As soon as our new production line gears up and is fully operational, we anticipate becoming a leading supplier of this motor type to the customer we designed the motor for. The increased demand for this new model is expected to significantly boost our production volume and serve as a major contributor to our revenue growth in the near future." About Highway Holdings Limited Highway Holdings is an international manufacturer of a wide variety of quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings' administrative offices are located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China. For more information, visit the Company's website at www.highwayholdings.com. 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, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F.
BANGKOK, Aug. 28, 2024 /PRNewswire/ -- FETC International is excited to announce its participation in the 5th International Conference on Highway Engineering (iCHE 2024), organized by the Department of Highways (DOH) and set to take place in Bangkok, Thailand. FETC International is eager to present its latest advancements in highway technology through a workshop and a dedicated booth. FETC International is honored to serve as the lead facilitator for a 90-minute Smart Mobility workshop on September 5. This workshop will feature a distinguished lineup of speakers and industry leaders, including Director of Inter-City Motorway Division, Department of Highways, Dr. Thanasak Wongtanakitcharoen, President of ITS Thailand, Dr. Tongkarn Kaewchalermtong, Professor at Chulalongkorn School of Integrated Innovation, Dr. Agachai Sumalee as well as Managing Director of FETC International Thailand, Kenny Chen. These esteemed speakers will provide valuable insights into the current M-Flow planning, emerging trends in intelligent transportation systems and the integration of advanced technologies in highway innovation. Workshop Title: Smart Mobility - Digital Technology and Innovation of Highways in Thailand Date: September 5 Time: 10:30-12:00 Venue: BITEC, Bangkok During the workshop, participants will gain in-depth knowledge about the latest trends and advancements in intelligent transportation systems (ITS), with a focus on the Free-Flow Electronic Toll Collection – M-Flow planning and design. This session promises to be an invaluable opportunity for professionals in the field to learn from leading experts and engage in meaningful discussions. In addition to the workshop, FETC International will showcase its groundbreaking AI Powered M-Flow ETC Solution at the event. This innovative solution demonstrates a transformative approach to highway management, where M-Flow and traditional toll booth systems are integrated to enhance efficiency, prevent toll loss and ensure user experience. Attendees will have the opportunity to witness live demonstrations and explore the capabilities of this cutting-edge technology. "We are thrilled to participate in the iCHE 2024 and share our vision for the future of intelligent transportation systems," said Kenny Chen, Managing Director of FETC International Thailand. "We extend our gratitude to the DOH for providing this platform and look forward to contributing to the important discussions on Smart Mobility." FETC International invites all attendees of the iCHE 2024 to join the workshop and visit the booth to learn more about our innovative solutions. For more information about iCHE and FETC International's presence in the conference, please visit https://www.iche2024.com/iche-2024-programme/ . About FETC International FETCi is the world's leading intelligent tolling service enabler and ITS service provider. With over two decades of experience in planning, implementation and operation of MLFF ETC, FETCi aims to work with partners to accelerate digital transformation towards smart highway and smart city through digital technologies. With a focus on innovation and sustainability, FETC International is dedicated to improving transportation systems and enhancing the quality of life for communities worldwide.
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 was $26,000 compared to $263,000 in the year ago period. Net loss for the fiscal 2024 fourth quarter was $1.18 million, or $0.26 per diluted share, compared to a net loss of $1.13 million, or $0.28 per diluted share in the year ago period. Net sales for fiscal year 2024 were $6.3 million compared to $10.2 million for the fiscal year 2023, reflecting the above noted negative impact of the COVID-19 pandemic. Gross profit for the fiscal year 2024 was $1.7 million with a gross margin of 27%, compared to $3.1 million and 30.7% percent for the fiscal year 2023. Net loss for the fiscal year 2024 was $959,000, or $0.22 per diluted share, compared with a net loss of $294,000, or $0.07 per diluted share, in the fiscal year 2023. Roland Kohl, chairman, president and chief executive officer of Highway Holdings, said, "The decrease in sales for fourth quarter and fiscal year 2024 reflects the precipitous decline in demand from nearly all of our customers as their businesses were whipsawed during and after COVID-19, first by supply shortages, lock downs and logistical challenges followed by a worldwide loosening of COVID restrictions, which resulted in an immediate decrease in demand, highly inflated inventory levels, and further production disruptions. The complexities of this business situation and boom and bust period were unprecedented and are still being felt today. The severity of the impact on our business was increased due to the concentration of customers reliant upon the home and household products markets. To put this in perspective, we saw demand from customers suddenly decline for short time periods to almost zero, as they grappled with their own major business losses and increased inventory levels. As an OEM company, we have no recourse or fallback position – when customer businesses fall we fall with them. In the past, we have been able to mitigate the impact of market fluctuations with top tier customers. Unfortunately, with COVID-19, the severity of the business downturn was too great even for them to offset." "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 $335,000 and $527,000 for use asset rights, which resulted in the unusually high loss for the fiscal year 2024. In total, about $2.45 million of such write offs and provisions were taken as mentioned above, in an effort to protect the Company from being caught in another extreme situation, which would damage our future expected recovery. These provisions, in combination with our strong cash position and having no debt, should provide our Company increased stability in the future." "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 Kunststofftechnik GmbH, a company in Germany, will be a significant strategic move if consummated . Synova operates an OEM/ODM business in similar industries to ours, with a different but equally, high-quality customer base. In the wake of the current weak growth in the German economy, Synova's business development has also weakened since the end of 2023. We have therefore decided to postpone the acquisition for the time being, and will revisit this opportunity once business performance has improved and we can project a positive outlook, as we have identified compelling synergies in our initial due diligence. Fortunately, we remain in a strong financial position with total equity of $6.6 million as of March 31, 2024, representing approximately $1.52 per diluted share, and are well-positioned for growth once the macro environment stabilizes and the effects of the post-COVID-19 boom and bust cycle subside." The Company reported a $198,000 currency exchange gain for the fiscal year 2024 compared with a $32,000 currency exchange gain in the fiscal year 2023. The currency exchange gain in the current year was mainly due to the weakened Kyat. The Company does not engage in currency exchange rate hedging, and the fluctuations in the exchange rate of the RMB and Kyat are expected to affect the Company's future results. The Company received $248,000 in interest income due to a better fund arrangement with banks for fixed deposits to maximize interest income. The Company's cash balance at March 31, 2024 was approximately $6.6 million, or approximately $1.51 per diluted share. Total current assets at March 31, 2024, were $9.6 million, with working capital of $5.8 million and a current ratio of 2.5:1. Total accounts receivable at March 31, 2024 decreased to $1.2 million from $1.9 million in the fiscal year 2023, reflecting the decrease in net sales in the fourth quarter and fiscal year 2024. About Highway Holdings Highway Holdings is an international manufacturer of a wide variety of high-quality parts and products for blue chip equipment manufacturers based primarily in Germany. Highway Holdings' administrative office is located in Hong Kong and its manufacturing facilities are located in Yangon, Myanmar and Shenzhen, China. 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 Myanmar, relations between the U.S. and China, and other factors discussed in the company's various filings with the Securities and Exchange Commission, including without limitation, the company's annual reports on Form 20-F. (Financial Tables Follow) Consolidated Statement of Income HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIES Consolidated Statement of Income (Dollars in thousands, except per share data) Three Months Ended Year Ended March 31, (Unaudited) March 31, (Audited) 2024 2023 2024 2023 Net sales $1,420 $1,695 $6,321 $10,242 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) Non-operating items 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 Share of profits / (loss) of equity investee - - - - 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) Less: Net gain / (loss) attributable to non- controlling Interests (1) 1 (19) 1 Net income/(loss) attributable to Highway Holdings Limited shareholders ($1,182) ($1,125) ($959) ($294) Net income/(loss) per share: Basic ($0.26) ($0.28) ($0.22) ($0.07) Diluted ($0.26) ($0.28) ($0.22) ($0.07) Weighted average number of shares outstanding: Basic 4,474 4,087 4,373 4,070 Diluted 4,474 4,087 4,373 4,070 HIGHWAY HOLDINGS LIMITED AND SUBSIDIARIESConsolidated Balance Sheet (In thousands, except per share data) March 31, March 31, 2024 2023 Current assets: Cash and cash equivalents $6,601 $6,952 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 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 $11,318 $13,883 Current liabilities: Accounts payable $935 $928 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 Long term liabilities: Operating lease liabilities, non-current 803 1,482 Deferred income taxes - 107 Long term accrued expenses 40 17 Total liabilities 4,680 5,667 Shareholders' equity: Preferred shares, $0.01 par value - - Common shares, $0.01 par value 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 $11,318 $13,883
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On-Highway
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