POMPANO BEACH, Fla., Aug. 3, 2006 (PRIMEZONE) -- StockMarketNewsAlert.com issues trade alert for Highway Holdings Limited (Nasdaq:HIHO). According to M. D'Alonzo at First Equity Group Inc., recent news flow from the company has been very positive. "The company announced reported results for its first fiscal quarter ended June 30, 2006 -- reflecting the initial benefits of its divesture of non-core businesses completed in fiscal 2006."
Net income for the fiscal 2007 first quarter increased 5.6 percent to $570,000, or $0.16 per diluted share, from $540,000, or $0.16 per diluted share, last year -- which included a one-time $940,000 net gain related to the sale of a portion of the company's rights to its Kienzle trademark. Net sales for the 2007 fiscal first quarter increased 11.1 percent to $7.3 million from $6.6 million a year earlier.
"Our strategic divestiture initiatives over the past year have established a solid foundation for growth and profitability within the OEM sector. Results for the first fiscal quarter are particularly encouraging given the company's $400,000 loss a year ago before the one-time gain noted above and an 11 percent sales increase this quarter, despite the approximate $1.0 million loss of sales due to divestiture of the clock and camera businesses. We fully expect to now capitalize on the opportunities available to the company without the distractions and costs associated with non-core operations that impacted the company in recent years," said Roland Kohl, chairman and chief executive officer of Highway Holdings.
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. It also manufactures finished products, such as LED Lights, radio chimes and other electronic products. Highway Holdings is headquartered in Hong Kong and operates three manufacturing facilities in the People's Republic of China.
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