Highway Holdings Announces Timing of Fiscal 2020 Reporting and Annual Meeting of Shareholders
July 02 2020 - 8:30AM
Business Wire
-Provides Selected Preliminary Unaudited
Results for the Fourth Quarter and Fiscal Year-
Highway Holdings Limited (Nasdaq:HIHO) today announced it
expects to report results for its fourth quarter and fiscal year
ended March 31, 2020 and to file the company’s Annual Report on
Form 20-F by no later than July 31, 2020. The Form 20-F filing
period complies with reporting deadlines of the Securities and
Exchange Commission, although it will be delayed compared with the
company’s accelerated historical reporting timeline. The company
also announced it currently expects that its annual meeting of
shareholders, which is usually held in August or September in Los
Angeles, California, will be held in early October 2020.
The filing of the Form 20-F and the date of the annual meeting
of shareholders are both later than in previous years due to the
impact of COVID-19. The global pandemic has created unique
challenges this fiscal year, particularly on the year-end audit of
the company’s operations in China and Myanmar and the related
impact of restrictions on travel to and from Hong Kong and China
imposed as a result of COVID-19.
The company today also announced selected preliminary unaudited
financial results for its fourth quarter and fiscal year ended
March 31, 2020. Notwithstanding the impact of COVID-19 on the
company’s operations during the fiscal fourth quarter, net income
for this period is expected to be between $380,000 and $580,000
compared with a net loss of $186,000 a year ago. Net income for the
fiscal year ended March 31, 2020 is expected to be between $500,000
and $700,000 compared with a net loss of $630,000 a year earlier.
Net sales for the fourth quarter and fiscal year ended March 31,
2020 are expected to be approximately $2.9 million and $12.5
million, respectively, compared with $3.8 million and $14.3
million, respectively, a year ago.
About Highway Holdings
Highway Holdings produces a wide variety of high-quality
products for blue chip original equipment manufacturers -- from
simple parts and components to sub-assemblies and finished
products. Highway Holdings’ administrative offices are in Hong
Kong, and its manufacturing facilities are in Shenzhen in the
People’s Republic of China and in Yangon in Myanmar.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200702005123/en/
Gary S. Maier (310) 471-1288
Highway (NASDAQ:HIHO)
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