Highway Holdings Limited (Chinastock) - 500 Beiträge pro Seite
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Meistdiskutierte Wertpapiere
Platz | vorher | Wertpapier | Kurs | Perf. % | Anzahl | ||
---|---|---|---|---|---|---|---|
1. | 1. | 18.075,00 | +0,33 | 240 | |||
2. | 2. | 1,3800 | -1,43 | 107 | |||
3. | 3. | 0,1890 | -2,58 | 82 | |||
4. | 4. | 172,42 | +6,35 | 78 | |||
5. | 5. | 9,3325 | -3,69 | 75 | |||
6. | 6. | 7,0010 | +4,17 | 53 | |||
7. | 7. | 22,240 | -3,22 | 41 | |||
8. | 8. | 0,0160 | -24,17 | 38 |
Background
Highway Holdings Limited operates in two business segments: metal stamping, including tooling design and manufacturing, and the manufacture and assembly of cameras and clocks. For the FY ended 3/31/03, revenues increased 5% to $20.4M. Net income totaled $485K vs. a loss of $231K. Revenues reflect an increase in sales of single-use cameras. Net income also reflects the inclusion of a higher exchange gain.
Market Cap 8.81 ($) Mio
Cash Per Share ($) 1.09
Book Value/Share ($) 4.11
Revenues (Units in Thousands of U.S. Dollars $)
Quarter 2002 2003
Q1 5,303 4,544
Q2 5,242 5,092
Q3 4,246 5,349
Q4 4,641 5,385
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003
Q1 0.06 0.03
Q2 0.01 0.03
Q3 -0.14 0.06
Q4 -0.01 0.05
Company Data
Suite 810, Level 8
Landmark North
New Territories,
Hong Kong
Kurse von 5$ sind in nächster Zeit gut möglich.
Highway Holdings Reports Strong Financial Results for 2003 Fiscal Year, Fourth Quarter
http://www.quicken.com/investments/news/story/?story=NewsSto…
http://www.quicken.com/investments/news/story/?story=NewsSto…
Heute haben die Market Maker bei HIHO die Schwäche des Markets ausgenutzt, um sich mächtig einzudecken. Es gab großen Umsatz bei den Tiefstkursen von 2.20$. Zum Schluss wurde der Kurs wieder auf 2.58$ hochgerissen.
Day Change -0.02$
Day Change -0.02$
Highway Holdings Ends Stock Repurchase Program; Reports Stock Purchases by Management
Tuesday, July 22, 2003 04:34 PM ET Printer-friendly version
HONG KONG--(BUSINESS WIRE)--July 22, 2003--Highway Holdings Limited (Nasdaq: HIHO, news) today announced that it has terminated the stock repurchase program that has been in effect during the past few years.
Highway Holdings also announced that in June, Roland W. Kohl, chairman, president and chief executive officer, purchased 26,773 shares of the company`s common stock, May Tsang, administrative manager and a director of the company, purchased 8,458 shares, and Joseph Quan, manager at the company`s metal stamping operations, purchased 6,000 shares, each by exercising some of their outstanding options. The exercise price for all of these options was $1.55 per share, and the closing share price of the company`s common stock on the Nasdaq SmallCap Market on the day of the exercise of all of the foregoing options was $1.41.
In July, Mr. Kohl purchased an additional 4,000 shares, at a price of $3.00 per share, by exercising additional options. The closing market price on the day of the purchase was $2.09. Also in July, Lee Benson, a member of the board of directors, purchased 10,000 shares at an exercise price of $1.19 per share, and the closing market price on the day of the exercise was $2.64.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company`s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People`s Republic of China and in Bulgaria.
Tuesday, July 22, 2003 04:34 PM ET Printer-friendly version
HONG KONG--(BUSINESS WIRE)--July 22, 2003--Highway Holdings Limited (Nasdaq: HIHO, news) today announced that it has terminated the stock repurchase program that has been in effect during the past few years.
Highway Holdings also announced that in June, Roland W. Kohl, chairman, president and chief executive officer, purchased 26,773 shares of the company`s common stock, May Tsang, administrative manager and a director of the company, purchased 8,458 shares, and Joseph Quan, manager at the company`s metal stamping operations, purchased 6,000 shares, each by exercising some of their outstanding options. The exercise price for all of these options was $1.55 per share, and the closing share price of the company`s common stock on the Nasdaq SmallCap Market on the day of the exercise of all of the foregoing options was $1.41.
In July, Mr. Kohl purchased an additional 4,000 shares, at a price of $3.00 per share, by exercising additional options. The closing market price on the day of the purchase was $2.09. Also in July, Lee Benson, a member of the board of directors, purchased 10,000 shares at an exercise price of $1.19 per share, and the closing market price on the day of the exercise was $2.64.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company`s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People`s Republic of China and in Bulgaria.
Highway Holdings Declares Annual Cash Dividend
Monday, July 28, 2003 08:22 AM ET
HONG KONG--(BUSINESS WIRE)--July 28, 2003--Highway Holdings Limited (Nasdaq: HIHO, news) today announced that its board of directors has declared an annual cash dividend of $0.08 per share on the company`s common stock for the fiscal year ended March 31, 2003. The dividend will be paid August 18, 2003 to shareholders of record on August 8, 2003.
Monday, July 28, 2003 08:22 AM ET
HONG KONG--(BUSINESS WIRE)--July 28, 2003--Highway Holdings Limited (Nasdaq: HIHO, news) today announced that its board of directors has declared an annual cash dividend of $0.08 per share on the company`s common stock for the fiscal year ended March 31, 2003. The dividend will be paid August 18, 2003 to shareholders of record on August 8, 2003.
Die 5$ werden kommen! +0.08$ pro Aktie D..
Highway Holdings Reports Strong Results for First Fiscal Quarter; Sharp Increases in Sales and Earnings Reflect Growth in All Business Units
Friday, August 8, 2003 08:15 AM ET
HONG KONG--(BUSINESS WIRE)--Aug. 8, 2003--Highway Holdings Limited (Nasdaq: HIHO, news) today reported significant sales and earnings growth for its first fiscal quarter ended June 30, 2003.
Net sales advanced 31% to $6.0 million from $4.5 million a year earlier. Net income for the 2003 first quarter rose 79% to $159,000, equal to $0.05 per diluted share, from $89,000, or $0.03 per diluted share, last year.
"Each of our business segments--camera, clock and watch, and metal manufacturing--contributed to our first quarter growth," said Roland Kohl, Highway Holdings` chairman and chief executive officer. "The positive performance is attributable to generally improving market conditions, as well as to the benefits of sales and marketing initiatives that have been put into place. Results for the 2003 first quarter marked the fifth consecutive quarter of improved sales."
Gross profit as a percentage of sales for the first fiscal quarter of fiscal 2003 increased to 19 percent from 16 percent in the same period a year ago. The company attributed the improvement primarily to an increase in revenues in its metal manufacturing division, which normally has higher margins. The increase represents a turnaround for the division, following a restructuring last year.
Metal sales during the current fiscal quarter rose to $3.5 million from $2.9 million in the comparable quarter last year. While the aggregate dollar volume of metal sales increased, Kohl said metal sales as a percentage of the company`s total revenues remained relatively unchanged, reflecting growth in the camera and clock and watch segments of the company. Sales for the camera unit increased in the first quarter to $1.6 million from $1.2 million a year ago. Clock and watch sales grew to $855,000 from $606,000 a year ago.
Selling, general and administrative expenses for the quarter ended June 30, 2003 rose $1,060,000 from $869,000 last year, but decreased as a percentage of sales to 17.8% from 19.1% last year. Highway Holdings recorded operating income of $79,000 for the quarter, versus an operating loss of $145,000 for last year`s first fiscal quarter.
Kohl said the company`s balance sheet at quarter`s end remained strong and showed further strengthening in a number of key areas. At June 30, 2003, Highway Holdings had working capital of $8.1 million, up from $7.8 million at the close of its prior fiscal year, March 31, 2003. Shareholders` equity improved to $12.1 million from $11.9 million. The current ratio was 2.6:1 at June 30, 2003, and the company had essentially no long term debt.
Highway Holdings Signs Extension on Lease
Monday, August 11, 2003 08:06 AM ET
HONG KONG--(BUSINESS WIRE)--Aug. 11, 2003--Highway Holdings Limited (NASDAQ: HIHO, news) today said it has signed a five year extension on its lease for the company`s manufacturing and dormitory facilities, based in Lung Hua, People`s Republic of China. Terms of the lease extension were not disclosed.
The company said it conducts the majority of its manufacturing from this location.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company`s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People`s Republic of China and in Bulgaria.
Friday, August 8, 2003 08:15 AM ET
HONG KONG--(BUSINESS WIRE)--Aug. 8, 2003--Highway Holdings Limited (Nasdaq: HIHO, news) today reported significant sales and earnings growth for its first fiscal quarter ended June 30, 2003.
Net sales advanced 31% to $6.0 million from $4.5 million a year earlier. Net income for the 2003 first quarter rose 79% to $159,000, equal to $0.05 per diluted share, from $89,000, or $0.03 per diluted share, last year.
"Each of our business segments--camera, clock and watch, and metal manufacturing--contributed to our first quarter growth," said Roland Kohl, Highway Holdings` chairman and chief executive officer. "The positive performance is attributable to generally improving market conditions, as well as to the benefits of sales and marketing initiatives that have been put into place. Results for the 2003 first quarter marked the fifth consecutive quarter of improved sales."
Gross profit as a percentage of sales for the first fiscal quarter of fiscal 2003 increased to 19 percent from 16 percent in the same period a year ago. The company attributed the improvement primarily to an increase in revenues in its metal manufacturing division, which normally has higher margins. The increase represents a turnaround for the division, following a restructuring last year.
Metal sales during the current fiscal quarter rose to $3.5 million from $2.9 million in the comparable quarter last year. While the aggregate dollar volume of metal sales increased, Kohl said metal sales as a percentage of the company`s total revenues remained relatively unchanged, reflecting growth in the camera and clock and watch segments of the company. Sales for the camera unit increased in the first quarter to $1.6 million from $1.2 million a year ago. Clock and watch sales grew to $855,000 from $606,000 a year ago.
Selling, general and administrative expenses for the quarter ended June 30, 2003 rose $1,060,000 from $869,000 last year, but decreased as a percentage of sales to 17.8% from 19.1% last year. Highway Holdings recorded operating income of $79,000 for the quarter, versus an operating loss of $145,000 for last year`s first fiscal quarter.
Kohl said the company`s balance sheet at quarter`s end remained strong and showed further strengthening in a number of key areas. At June 30, 2003, Highway Holdings had working capital of $8.1 million, up from $7.8 million at the close of its prior fiscal year, March 31, 2003. Shareholders` equity improved to $12.1 million from $11.9 million. The current ratio was 2.6:1 at June 30, 2003, and the company had essentially no long term debt.
Highway Holdings Signs Extension on Lease
Monday, August 11, 2003 08:06 AM ET
HONG KONG--(BUSINESS WIRE)--Aug. 11, 2003--Highway Holdings Limited (NASDAQ: HIHO, news) today said it has signed a five year extension on its lease for the company`s manufacturing and dormitory facilities, based in Lung Hua, People`s Republic of China. Terms of the lease extension were not disclosed.
The company said it conducts the majority of its manufacturing from this location.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality metal parts and components for blue chip original equipment manufacturers. It also manufactures clocks and clock movements for sale under the company`s own Kienzle Uhren brand name, as well as for unaffiliated clock companies. Additionally, Highway Holdings manufactures finished products, including single-use and 35mm cameras and other products. The company is headquartered in Hong Kong and operates manufacturing facilities both in Shenzhen province of the People`s Republic of China and in Bulgaria.
Langsam aber sicher bewegt sich HIHO nach oben.
Revenues (Units in Thousands of U.S. Dollars $)
Quarter 2002 2003 2004
Q1 5,303 4,544 5,953
Q2 5,242 5,092 --
Q3 4,246 5,349 --
Q4 4,641 5,385 --
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003 2004
Q1 0.06 0.03 0.05
Q2 0.01 0.03 --
Q3 -0.14 0.06 --
Q4 -0.01 0.05 --
Quarter 2002 2003 2004
Q1 5,303 4,544 5,953
Q2 5,242 5,092 --
Q3 4,246 5,349 --
Q4 4,641 5,385 --
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003 2004
Q1 0.06 0.03 0.05
Q2 0.01 0.03 --
Q3 -0.14 0.06 --
Q4 -0.01 0.05 --
Ich glaube, dass wir noch höhere Kurse bei HIHO sehen werden.
6$ sind so gut wie sicher.
6$ sind so gut wie sicher.
Es ist allerdings wahrscheinlich, dass der Kurs jetzt erst mal zwischen 3.00$ und 4.00$ verharrt.
Es wird wieder interessant bei HIHO.
Erster Institutional Trade seit Jahren. Die Aktie wird jetzt erst entdeckt.
Jetzt sollte man sich die ersten Positionen wieder aufbauen. Mit Limit zwischen 3.00$ und 3.20$. Bei steigenden Kursen kommt das Volumen auch wieder zurück. Daher sollte es zu keinen Problemen beim verkaufen kommen.
Highway Holdings Broadens Manufacturing Capabilities Through Cooperative Agreement with Taiwanese Electronics Company
Oct 01, 2003 (Hugin via COMTEX) -- Intends to Market Flat Panel Electronics Under Its Kienzle Brand Name in Germany HONG KONG, Oct. 1, 2003 (PRIMEZONE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced the signing of a cooperative agreement with Taiwan-based Sinai Technology Co., Ltd., whereby Highway Holdings will gain technical support and training to manufacture products incorporating liquid crystal displays, primarily monitors and televisions, for the German market.
Under terms of the agreement, Highway Holdings said its target is to purchase up to 2,500 units of monitor and television kits on a monthly basis from Sinai Technology beginning in February 2004, with final assembly and production to be completed at its manufacturing facilities in Shenzhen province of The People`s Republic of China. Additional terms were not disclosed.
The company added that these consumer products are intended to be sold under the ``Kienzle`` brand by Kienzle AG, a recently established European marketing company that has licensed the Kienzle brand name from Highway Holdings. The Kienzle name is a highly recognized brand in Germany with a history of over 180 years.
``The cooperative agreement with Sinai Technologies allows Highway Holdings the opportunity to expand its manufacturing capabilities in a growing and dynamic electronic consumer products market with minimal costs,`` said Roland Kohl, president and chief executive officer.
``Since Kienzle has an established reputation for quality manufacturing, our strategy of capitalizing on its name recognizes the importance of continuing this tradition and actually producing many of the new products sold under the Kienzle brand name,`` Kohl added.
Oct 01, 2003 (Hugin via COMTEX) -- Intends to Market Flat Panel Electronics Under Its Kienzle Brand Name in Germany HONG KONG, Oct. 1, 2003 (PRIMEZONE) -- Highway Holdings Limited (Nasdaq:HIHO) today announced the signing of a cooperative agreement with Taiwan-based Sinai Technology Co., Ltd., whereby Highway Holdings will gain technical support and training to manufacture products incorporating liquid crystal displays, primarily monitors and televisions, for the German market.
Under terms of the agreement, Highway Holdings said its target is to purchase up to 2,500 units of monitor and television kits on a monthly basis from Sinai Technology beginning in February 2004, with final assembly and production to be completed at its manufacturing facilities in Shenzhen province of The People`s Republic of China. Additional terms were not disclosed.
The company added that these consumer products are intended to be sold under the ``Kienzle`` brand by Kienzle AG, a recently established European marketing company that has licensed the Kienzle brand name from Highway Holdings. The Kienzle name is a highly recognized brand in Germany with a history of over 180 years.
``The cooperative agreement with Sinai Technologies allows Highway Holdings the opportunity to expand its manufacturing capabilities in a growing and dynamic electronic consumer products market with minimal costs,`` said Roland Kohl, president and chief executive officer.
``Since Kienzle has an established reputation for quality manufacturing, our strategy of capitalizing on its name recognizes the importance of continuing this tradition and actually producing many of the new products sold under the Kienzle brand name,`` Kohl added.
Highway Holdings Reports Strong Second Fiscal Quarter Results; Net Income Up 91 Percent for Six-Month Period; Sales Up 26.5 Percent
http://biz.yahoo.com/pz/031103/47587.html
Revenues (Units in Thousands of U.S. Dollars $)
Quarter 2002 2003 2004
Q1 5,303 4,544 5,953
Q2 5,242 5,092 6,234
Q3 4,246 5,349 --
Q4 4,641 5,385 --
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003 2004
Q1 0.06 0.03 0.05
Q2 0.01 0.03 0.06
Q3 -0.14 0.06 --
Q4 -0.01 0.05 --
http://biz.yahoo.com/pz/031103/47587.html
Revenues (Units in Thousands of U.S. Dollars $)
Quarter 2002 2003 2004
Q1 5,303 4,544 5,953
Q2 5,242 5,092 6,234
Q3 4,246 5,349 --
Q4 4,641 5,385 --
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003 2004
Q1 0.06 0.03 0.05
Q2 0.01 0.03 0.06
Q3 -0.14 0.06 --
Q4 -0.01 0.05 --
Highway Holdings Announces Manufacturing Orders With Potential Sales Value in Excess of $8.2 Million
Wednesday December 17, 7:30 am ET
Business from OSRAM and MIELE Represents Ongoing Strategic Benefits of Producing more Customized Components
HONG KONG, Dec. 17, 2003 (PRIMEZONE) -- Highway Holdings Limited (NasdaqSC:HIHO - News) today announced it has signed a contract for a two-year period with OSRAM, a subsidiary of Siemens AG (NYSE:SI - News), to manufacture metal casings for fluorescent lamp electronic ballasts produced by OSRAM`s factories worldwide.
This order represents an estimated sales value of approximately $7.4 million over a two-year period based upon OSRAM`s utilization last year. Additional terms were not disclosed.
Highway Holdings also said it has received manufacturing contracts valued in excess of $800,000 from the German household appliance company Miele & Cie. KG. The orders from Miele consist of a new tooling order for a new project and an add-on contract for certain appliance components. Additional terms were not disclosed.
``Over the past several months, we have focused considerable attention on leveraging the company`s reputation and manufacturing capabilities to generate increased revenues and higher margins by producing more customized and sophisticated components, subassemblies and complete assemblies for large-scale global customers. The contracts from OSRAM and Miele highlight that our strategy is working well, and we look forward to generating additional business of this caliber,`` said Roland Kohl, chairman and chief executive officer.
Headquartered in Munich, OSRAM, a subsidiary of Siemens AG, is one of the largest lighting manufacturers in the world.
Established in 1899 and based in Gutersloh, Germany, Miele is an international manufacturer of high-end domestic appliances.
Wednesday December 17, 7:30 am ET
Business from OSRAM and MIELE Represents Ongoing Strategic Benefits of Producing more Customized Components
HONG KONG, Dec. 17, 2003 (PRIMEZONE) -- Highway Holdings Limited (NasdaqSC:HIHO - News) today announced it has signed a contract for a two-year period with OSRAM, a subsidiary of Siemens AG (NYSE:SI - News), to manufacture metal casings for fluorescent lamp electronic ballasts produced by OSRAM`s factories worldwide.
This order represents an estimated sales value of approximately $7.4 million over a two-year period based upon OSRAM`s utilization last year. Additional terms were not disclosed.
Highway Holdings also said it has received manufacturing contracts valued in excess of $800,000 from the German household appliance company Miele & Cie. KG. The orders from Miele consist of a new tooling order for a new project and an add-on contract for certain appliance components. Additional terms were not disclosed.
``Over the past several months, we have focused considerable attention on leveraging the company`s reputation and manufacturing capabilities to generate increased revenues and higher margins by producing more customized and sophisticated components, subassemblies and complete assemblies for large-scale global customers. The contracts from OSRAM and Miele highlight that our strategy is working well, and we look forward to generating additional business of this caliber,`` said Roland Kohl, chairman and chief executive officer.
Headquartered in Munich, OSRAM, a subsidiary of Siemens AG, is one of the largest lighting manufacturers in the world.
Established in 1899 and based in Gutersloh, Germany, Miele is an international manufacturer of high-end domestic appliances.
Highway Holdings Expands Business with World`s Leading Lighting Company
Friday January 2, 7:30 am ET
Establishes New Factory Dedicated Exclusively to OEM Light Fixture Manufacturing for OSRAM
HONG KONG, Jan. 2, 2004 (PRIMEZONE) -- Highway Holdings Limited (NasdaqSC:HIHO - News) today announced it has received an initial original equipment manufacturing order from OSRAM GmbH, a subsidiary of Siemens AG (NYSE:SI - News), valued at approximately $3.7 million. The company said this initial contract represents an entirely new business line and the beginning of a long-term commitment to produce finished products in an original equipment manufacturing capacity.
Production by Highway Holdings of the lighting fixtures under this agreement is expected to commence in March/April 2004. The agreement`s initial term expires at the end of 2004, but will automatically be extended thereafter for successive one-year periods subject to annual pricing adjustments. Additional terms were not disclosed.
Highway Holdings said it will establish a new 50,000-square foot factory at its existing facility dedicated exclusively to original equipment manufacturing of light fixtures for OSRAM. It has budgeted $500,000 for factory set-up costs, including the purchase of machinery and other necessary equipment for the new operation, which will have an initial annual production capacity, if fully utilized, for approximately $12 million of business volume.
``The awarding of this OEM contract offers Highway Holdings an opportunity for significant revenue and earnings growth in an entirely new business segment. Our relationship with OSRAM and its subsidiaries over the past ten years has been mutually beneficial, with Highway Holdings supplying metal casings for electronic ballasts and various other components. This was an important factor in being selected by OSRAM for the light fixture manufacturing venture. We believe this OEM contract is a significant milestone in the company`s development and future growth potential,`` said Roland Kohl, chairman and chief executive officer.
Headquartered in Munich, OSRAM, a subsidiary of Siemens AG, is one of the largest lighting manufacturers in the world.
Friday January 2, 7:30 am ET
Establishes New Factory Dedicated Exclusively to OEM Light Fixture Manufacturing for OSRAM
HONG KONG, Jan. 2, 2004 (PRIMEZONE) -- Highway Holdings Limited (NasdaqSC:HIHO - News) today announced it has received an initial original equipment manufacturing order from OSRAM GmbH, a subsidiary of Siemens AG (NYSE:SI - News), valued at approximately $3.7 million. The company said this initial contract represents an entirely new business line and the beginning of a long-term commitment to produce finished products in an original equipment manufacturing capacity.
Production by Highway Holdings of the lighting fixtures under this agreement is expected to commence in March/April 2004. The agreement`s initial term expires at the end of 2004, but will automatically be extended thereafter for successive one-year periods subject to annual pricing adjustments. Additional terms were not disclosed.
Highway Holdings said it will establish a new 50,000-square foot factory at its existing facility dedicated exclusively to original equipment manufacturing of light fixtures for OSRAM. It has budgeted $500,000 for factory set-up costs, including the purchase of machinery and other necessary equipment for the new operation, which will have an initial annual production capacity, if fully utilized, for approximately $12 million of business volume.
``The awarding of this OEM contract offers Highway Holdings an opportunity for significant revenue and earnings growth in an entirely new business segment. Our relationship with OSRAM and its subsidiaries over the past ten years has been mutually beneficial, with Highway Holdings supplying metal casings for electronic ballasts and various other components. This was an important factor in being selected by OSRAM for the light fixture manufacturing venture. We believe this OEM contract is a significant milestone in the company`s development and future growth potential,`` said Roland Kohl, chairman and chief executive officer.
Headquartered in Munich, OSRAM, a subsidiary of Siemens AG, is one of the largest lighting manufacturers in the world.
Hi Ho, Hi Ho, it`s off to work we go...
Highway Holdings Limited Reports Strong Fiscal Year-End Results
Wednesday June 23, 7:30 am ET
Fourth Quarter Sales Highest in Company`s History
HONG KONG, June 23, 2004 (PRIMEZONE) -- Highway Holdings Limited (NasdaqSC:HIHO - News) today announced financial results for its fiscal periods ended March 31, 2004, reflecting a significant increase in sales and net income for both the fiscal fourth quarter and year.
For the fourth quarter of fiscal 2004, net income increased more than three-fold to $408,000, or $0.12 per diluted share, from $134,000, or $0.05 per diluted share, a year ago. Net sales for the 2004 fiscal fourth quarter climbed 24.6 percent to $6.7 million from $5.4 million in fiscal 2003.
For the full fiscal year, net income more than doubled to $982,000, or $0.30 per diluted share, compared with net income of $485,000, or $0.17 per diluted share, last year. Net sales for the same period increased 24.5 percent to $25.4 million from $20.4 million a year earlier.
``Results for fiscal 2004 reflect the second consecutive year of sales and earnings growth and the eighth consecutive growth quarter, with the fourth quarter representing the highest sales in the company`s history -- a period that historically has been impacted by a two-week holiday for the Chinese New Year,`` said Roland Kohl, chairman and chief executive officer of Highway Holdings.
Kohl attributed the company`s solid performance to a strategic shift in early 2003, which leverages Highway Holdings` vertically integrated technology capabilities to design, manufacture and assemble complete components for global customers, rather than simply offering services for metal stamped parts.
Kohl also attributed the company`s strength and momentum to being more aggressive in terms of its overall marketing activities. In addition, the company continues to capitalize on its well known and highly respected Kienzle trademark, with further benefits expected moving forward from a reorganization in fiscal 2004 of its German marketing operation, Kienzle Uhrenfabriken GmbH.
Gross profit for the fourth quarter increased 71.2 percent to $1.6 million from $952,000 last year. Gross profit as a percentage of sales for the fourth quarter of fiscal 2004 was 24.3 percent compared with 17.7 percent in the fiscal 2003 fourth quarter, reflecting product mix, an increase in the company`s more profitable metal business and higher production efficiencies derived from larger production orders.
Gross profit for the March 31, 2004, twelve-month period climbed 31.2 percent to $5.1 million from $3.9 million a year ago. Gross profit as a percentage of sales for the twelve months was 20.1 percent compared with 19.1 percent last year.
Kohl noted that sales derived from the company`s metal manufacturing division for fiscal 2004 increased by 26.5 percent. As a result, sales from metal manufacturing represented 58.3 percent of total sales, compared with 57.4 percent a year ago. Kohl attributed the division`s growth to the ongoing benefits of its new strategy and an overall improved business environment.
Sales for the company`s camera division, which manufactures 35mm cameras and single-use cameras, grew approximately 22 percent for fiscal 2004. Camera sales represented 23.6 percent of total sales, compared with 24.1 percent a year ago.
Sales of watches and clocks increased 21.4 percent, or $808,000, for fiscal 2004 over a year earlier. Nonetheless, Kohl said the sales performance did not meet the company`s expectations. He attributed this to the weak marketing performance of Kienzle AG and Kienzle GmbH, the company`s marketing office in Germany, which was recently reorganized.
Selling, general and administrative expenses for fiscal 2004 increased by $496,000, or 13.3 percent, but decreased slightly as a percentage of total net sales to 16.6 percent from 18.3 percent in fiscal 2004 due to the greater increase in net sales in fiscal 2004. The increase in selling, general and administrative expenses reflects higher insurance costs, increased marketing activities, an increase in professional fees (due in part to the additional compliance procedures imposed by the U.S. Sarbanes-Oxley Act of 2002 and related regulations), and increased transportation costs.
The combination of increased sales, improved gross margins as a percentage of sales and controlled selling, general and administrative expenses resulted in Highway Holdings generating operating income of $875,000 compared with $159,000 a year ago. Kohl said the company`s balance sheet remains strong. At March 31, 2004, the company had working capital of $8.8 million, compared with $7.7 million at March 31, 2003. Total Shareholders` equity improved to $12.8 million from $11.9 million last year. The company`s current ratio was 2.61:1 at March 31, 2004, with essentially no long-term debt.
http://biz.yahoo.com/pz/040623/59630.html
Revenues (Units in Thousands of U.S. Dollars $)
Quarter 2002 2003 2004
Q1 5,303 4,544 5,953
Q2 5,242 5,092 6,234
Q3 4,246 5,349 6,457
Q4 4,641 5,385 6,712
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003 2004
Q1 0.06 0.03 0.05
Q2 0.01 0.03 0.06
Q3 -0.14 0.06 0.07
Q4 -0.01 0.05 0.12
Wednesday June 23, 7:30 am ET
Fourth Quarter Sales Highest in Company`s History
HONG KONG, June 23, 2004 (PRIMEZONE) -- Highway Holdings Limited (NasdaqSC:HIHO - News) today announced financial results for its fiscal periods ended March 31, 2004, reflecting a significant increase in sales and net income for both the fiscal fourth quarter and year.
For the fourth quarter of fiscal 2004, net income increased more than three-fold to $408,000, or $0.12 per diluted share, from $134,000, or $0.05 per diluted share, a year ago. Net sales for the 2004 fiscal fourth quarter climbed 24.6 percent to $6.7 million from $5.4 million in fiscal 2003.
For the full fiscal year, net income more than doubled to $982,000, or $0.30 per diluted share, compared with net income of $485,000, or $0.17 per diluted share, last year. Net sales for the same period increased 24.5 percent to $25.4 million from $20.4 million a year earlier.
``Results for fiscal 2004 reflect the second consecutive year of sales and earnings growth and the eighth consecutive growth quarter, with the fourth quarter representing the highest sales in the company`s history -- a period that historically has been impacted by a two-week holiday for the Chinese New Year,`` said Roland Kohl, chairman and chief executive officer of Highway Holdings.
Kohl attributed the company`s solid performance to a strategic shift in early 2003, which leverages Highway Holdings` vertically integrated technology capabilities to design, manufacture and assemble complete components for global customers, rather than simply offering services for metal stamped parts.
Kohl also attributed the company`s strength and momentum to being more aggressive in terms of its overall marketing activities. In addition, the company continues to capitalize on its well known and highly respected Kienzle trademark, with further benefits expected moving forward from a reorganization in fiscal 2004 of its German marketing operation, Kienzle Uhrenfabriken GmbH.
Gross profit for the fourth quarter increased 71.2 percent to $1.6 million from $952,000 last year. Gross profit as a percentage of sales for the fourth quarter of fiscal 2004 was 24.3 percent compared with 17.7 percent in the fiscal 2003 fourth quarter, reflecting product mix, an increase in the company`s more profitable metal business and higher production efficiencies derived from larger production orders.
Gross profit for the March 31, 2004, twelve-month period climbed 31.2 percent to $5.1 million from $3.9 million a year ago. Gross profit as a percentage of sales for the twelve months was 20.1 percent compared with 19.1 percent last year.
Kohl noted that sales derived from the company`s metal manufacturing division for fiscal 2004 increased by 26.5 percent. As a result, sales from metal manufacturing represented 58.3 percent of total sales, compared with 57.4 percent a year ago. Kohl attributed the division`s growth to the ongoing benefits of its new strategy and an overall improved business environment.
Sales for the company`s camera division, which manufactures 35mm cameras and single-use cameras, grew approximately 22 percent for fiscal 2004. Camera sales represented 23.6 percent of total sales, compared with 24.1 percent a year ago.
Sales of watches and clocks increased 21.4 percent, or $808,000, for fiscal 2004 over a year earlier. Nonetheless, Kohl said the sales performance did not meet the company`s expectations. He attributed this to the weak marketing performance of Kienzle AG and Kienzle GmbH, the company`s marketing office in Germany, which was recently reorganized.
Selling, general and administrative expenses for fiscal 2004 increased by $496,000, or 13.3 percent, but decreased slightly as a percentage of total net sales to 16.6 percent from 18.3 percent in fiscal 2004 due to the greater increase in net sales in fiscal 2004. The increase in selling, general and administrative expenses reflects higher insurance costs, increased marketing activities, an increase in professional fees (due in part to the additional compliance procedures imposed by the U.S. Sarbanes-Oxley Act of 2002 and related regulations), and increased transportation costs.
The combination of increased sales, improved gross margins as a percentage of sales and controlled selling, general and administrative expenses resulted in Highway Holdings generating operating income of $875,000 compared with $159,000 a year ago. Kohl said the company`s balance sheet remains strong. At March 31, 2004, the company had working capital of $8.8 million, compared with $7.7 million at March 31, 2003. Total Shareholders` equity improved to $12.8 million from $11.9 million last year. The company`s current ratio was 2.61:1 at March 31, 2004, with essentially no long-term debt.
http://biz.yahoo.com/pz/040623/59630.html
Revenues (Units in Thousands of U.S. Dollars $)
Quarter 2002 2003 2004
Q1 5,303 4,544 5,953
Q2 5,242 5,092 6,234
Q3 4,246 5,349 6,457
Q4 4,641 5,385 6,712
Earnings Per Share (Units in U.S. Dollars $)
Quarter 2002 2003 2004
Q1 0.06 0.03 0.05
Q2 0.01 0.03 0.06
Q3 -0.14 0.06 0.07
Q4 -0.01 0.05 0.12
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