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Hitek Global Inc. Announces First Half of Fiscal Year 2024 Financial Results

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XIAMEN, China, Oct. 28, 2024 /PRNewswire/ — Hitek Global Inc. (Nasdaq: HKIT) (the “Company”), a China-based information technology consulting and solutions service provider, today announced its unaudited financial results for the six months ended June 30, 2024.

Ms. Xiaoyang Huang, Chief Executive Officer and Director of Hitek Global Inc., commented, “We are pleased to report a solid performance for the first half of fiscal year 2024, as we continue to adapt to an evolving market environment. Despite facing challenges, particularly due to the implementation of Golden Tax Phase IV, which introduced new complexities for enterprises in managing their taxes, we have remained resilient. One of the key highlights of our financial performance is the increase in our gross profit margin, which rose to 52.0% for the six months ended June 30, 2024, compared to 50.9% in the same period last year. This improvement reflects our successful shift toward higher-margin revenue streams, especially in software sales, which continue to grow as we cater to larger clients. As we move forward, we are also actively expanding into new business modules to strengthen our market position. We are exploring strategic acquisitions and partnerships, particularly in the technical services, which we believe will offer immense growth potential. These moves are aligned with our long-term vision. By leveraging our expertise and seizing these emerging opportunities, we are confident in our ability to drive sustainable growth and deliver greater value to our shareholders.”

First Half 2024 Financial Highlights

Revenue was $1.83 million for the six months ended June 30, 2024 compared to $2.95 million for the same period of last year.Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year.Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024 compared to $0.05 for the same period of last year.

First Half 2024 Financial Results

Revenue

Total revenues were $1.83 million for the six months ended June 30, 2024, compared to $2.95 million for the same period of last year.

Revenue generated from hardware sales was $0.75 million for the six months ended June 30, 2024, compared to $1.31 million for the same period of last year. The hardware sales decrease was mainly due to the decrease in our customers’ demands affected by the sluggish economic environment.Revenue generated from CIS software sales was $0.82 million for the six months ended June 30, 2024, increased by 6.1% from $0.78 million for the same period of last year. CIS software sales increased mainly due to the increase in software sales to large customers.Revenue generated from tax devices and services was $0.26 million for the six months ended June 30, 2024, compared to $0.86 million for the same period of last year. Tax devices and service sales decreased due to new policies that Xiamen tax authorities implemented the use of electronic invoices system to replace the prior tax control system.

Gross Profit and Gross Margin

Gross profit was $0.95 million for the six months ended June 30, 2024 compared to $1.5 million for the same period of last year.

Gross profit margin as a percentage of revenue increased to 52.0% for the six months ended June 30, 2024 from 50.9% for the same period of last year. This was mainly due to the increase of software sales, which has a relatively high gross profit margin compared with other revenue streams.

Operating Expenses

Operating expenses were $0.99 million for the six months ended June 30, 2024, decreased by 8.0% from $1.08 million for the same period of last year.

Selling expenses were $9,844 for the six months ended June 30, 2024, increased by 2,928.9% from $325 for the same period of last year. Selling expenses were 0.5% of total revenues for the six months ended June 30, 2024 and 0.01% of total revenues in the comparable period of 2023. The increase results from marketing activities to attract new purchases from new and existing customers.General and administrative expenses were $1.32 million for the six months ended June 30, 2024, increased by 32.7% from $0.99 million for the same period of last year. The increase was mainly due to the increase in consulting fees for financing.

Operating loss was $0.37 million for the six months ended June 30, 2024 compared to operating income of $0.51 million for the comparable period of 2023. The decrease in operating income in 2024 was primarily due to the decrease in revenue and increase of general and administrative expenses.

Other Income

Other income was $0.66 million and $0.44 million for the six months ended June 30, 2024 and 2023, respectively. The increase was primarily due to the increase in interest income from loan receivables and increase of net investment income.

Net Income

As a result of the factors described above, net income was $0.12 million for the six months ended June 30, 2024, compared to $0.62 million for the comparable period of 2023.

Basic and Diluted Earnings per Share

Basic and diluted earnings per share was $0.01 for the six months ended June 30, 2024, compared to $0.05 for the same period of last year.

Balance Sheet

As of June 30, 2024, the Company had cash of $7.22 million, compared to $9.31 million as of December 31, 2023.

Cash Flow

Net cash provided by operating activities was $0.75 million for the six months ended June 30, 2024, compared to $0.20 million for the same period of last year.

Net cash used in investing activities was $11.03 million for the six months ended June 30, 2024, compared to $11.00 million for the same period of last year.

Net cash provided by financing activities was $8.20 million for the six months ended June 30, 2024, compared to $15.14 million for the same period of last year.

About Hitek Global Inc.

Hitek Global Inc., headquartered in Xiamen, China, is an information technology (“IT”) consulting and solutions service provider in China. The Company has two lines of business: 1) services to small and medium businesses, which consists of Anti-Counterfeiting Tax Control System (“ACTCS”) tax devices, ACTCS services, and IT services, and 2) services to large businesses, which consists of hardware sales and software sales. The Company’s vision is to become a one-stop consulting destination for holistic IT and other business consulting services in China. For more information, visit the Company’s website at http://ir.xmhitek.com/.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For investor and media inquiries please contact:

Hitek Global Inc.
Investor Relations Department
Email: ir@xmhitek.com

View original content:https://www.prnewswire.com/news-releases/hitek-global-inc-announces-first-half-of-fiscal-year-2024-financial-results-302288405.html

SOURCE HITEK GLOBAL INC

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City of Redmond to Streamline Capital Program Management Using Aurigo Masterworks

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AUSTIN, Texas, Nov. 5, 2024 /PRNewswire/ — Aurigo Software, the leading provider of capital planning and construction management software for infrastructure and private owners, announced it has entered into a multiyear contract with the City of Redmond, Washington, to modernize its Capital Improvement Program. Aurigo’s flagship product suite, Masterworks, will help the agency prioritize project investments and create long-range capital plans while providing real-time reports and forecasts throughout the program’s phases. The system will also manage all aspects of project delivery, including construction administration, document management, and tracking program performance.

The City of Redmond is located less than 20 miles east of downtown Seattle. Known for its lush green landscapes and as a hub for technology, Redmond is home to several major corporations, including Microsoft’s headquarters, which significantly contribute to its economic profile. Today, the City has around 75,000 residents and 95,000 jobs, and by 2030, it is expected to have 78,000 residents and 119,000 jobs. Redmond also prides itself on providing extensive recreational activities, as it is surrounded by forests and trails, making it well-known for hiking, biking, horseback riding, and birdwatching.

“We are excited to partner with the City of Redmond and provide a modern, intuitive, integrated solution to meet its capital planning and project delivery goals,” said Balaji Sreenivasan, CEO and founder of Aurigo Software. “As Redmond continues to flourish as a technology hub, Masterworks will enable the City to keep pace with its growth by optimizing resources and ensuring efficient project execution. We are committed to supporting Redmond in delivering infrastructure improvements that meet the needs of its expanding community.”

Aurigo Masterworks will enable the agency to gather proposed projects, prioritize them, and estimate costs accurately. The platform’s what-if analysis will help identify the best project combinations based on available funding and strategic priorities. Once projects are underway, the system will help monitor schedules, resource availability, and contract status to ensure timely and on-budget completion.

This initiative will also establish standardized processes to reinforce best practices for the City, including streamlining workflows, integrating with existing systems, and enabling role-based access and permissions. Enterprise-wide dashboards and reports will provide agency executives with the right data to aid decision making. These processes will be fully auditable and will ensure complete transparency, delivering a consistent approach to capital program management.

Redmond joins King County and the city of Seattle, both Washington-based Aurigo partners, along with several other agencies across North America (including the cities of Portland and Las Vegas and regional agencies in Colorado, Florida, and Ontario, Canada) using Masterworks to digitize their capital programs. The company has seen an increase in demand from the public sector as agencies are looking to adopt modern cloud-based solutions to boost productivity and achieve cost savings.

About Aurigo Software

Aurigo builds software that helps build the world. Aurigo provides modern, cloud-based solutions for capital infrastructure and private owners to help plan with confidence, build with quality, and maintain their assets efficiently. With more than $300 billion of capital programs under management, Aurigo’s solutions are trusted by over 300 customers in transportation, water and utilities, healthcare, higher education, and government on over 40,000 projects across North America. Aurigo helps capital program executives make better decisions based on proprietary artificial intelligence and machine learning technology. Aurigo is a privately held U.S. corporation headquartered in Austin, Texas, with global offices in Canada and India. Learn more at www.aurigo.com

View original content:https://www.prnewswire.com/news-releases/city-of-redmond-to-streamline-capital-program-management-using-aurigo-masterworks-302296256.html

SOURCE Aurigo Software Technologies, Inc.

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European Chips Skills Academy Unveils Comprehensive Skills Strategy to Boost Competitiveness of Semiconductor Ecosystem

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BRUSSELS, Nov. 5, 2024 /PRNewswire/ — The European Chips Skills Academy (ECSA), an EU-funded initiative coordinated by SEMI, today announced the publication of the Skills Strategy report by DECISION Etudes & Conseil that outlines the strategic approaches required to tackle Europe’s growing talent shortage in the semiconductor sector. The report provides critical insights into the industry’s workforce demand and supply, while outlining methods to address the talent gap by 2030.

With increasing demand for chips and the investments from the EU Chips Act beginning to gain traction, the semiconductor industry is expected to experience substantial growth in the coming years. The report shows a projected employment annual growth rate of 5% by 2030, with more than 271,000 job openings expected over the forecast period. However, the current pipeline of graduates is not growing at a sufficient rate to match this growth. The report predicts a shortage of over 75,000 technical jobs across key areas such as hardware and software engineering, technicians, and data specialists.

Despite Europe producing over 1.1 million STEM graduates in 2022 and 320,000 in semiconductor related fields of study, only 6% of European STEM graduates are expected to enter the semiconductor industry. With many of these graduates opting for engineering careers in unrelated domains or positions beyond traditional engineering sectors, it is essential for Europe to respond to solve the talent gap.

ECSA’s Skills Strategy recommends both short- and long-term solutions. In the short-term, Europe should optimize the existing labor supply by improving EU-wide mobility, simplifying visa processes for non-EU workers, and reskilling current employees to meet evolving needs.

“Strategic communications campaigns will be pivotal in driving long-term growth in student interest in semiconductor-related disciplines,” said Laith Altimime, President of SEMI Europe. “The influx of STEM graduates into the sector is heavily shaped by the industry’s ability to project a compelling image, further enhancing its attractiveness as a desirable and innovative field for emerging talent.”

“Collaboration between education and industry needs to be strengthened to meet the long-term demand of the industry,” said Raphaël Beaujeu, Senior Consultant at DECISION Etudes & Conseil. “Aligning the academic curricula with the needs of the sector will ensure a sustainable pipeline of skilled workers that can drive innovation and productivity in Europe.”

Initiatives such as ECSA are well positioned to help address the talent gap by offering relevant training with input from industry. The wide network of companies involved with the ECSA aid in promoting STEM careers and ensuring a diverse workforce.

With the semiconductor industry at the core of global digital transformation, Europe’s ability to close the skills gap in its ecosystem will be crucial in maintaining competitiveness on the global stage.

About SEMI
SEMI® is the global industry association connecting over 3,000 member companies and 1.5 million professionals worldwide across the semiconductor and electronics design and manufacturing supply chain. We accelerate member collaboration on solutions to top industry challenges through Advocacy, Workforce Development, Sustainability, Supply Chain Management, and other programs. Our SEMICON® expositions and events, technology communities, standards, and market intelligence help advance our members’ business growth and innovations in design, devices, equipment, materials, services, and software, enabling smarter, faster, more secure electronics. Visit www.semi.org, contact a regional office, and connect with SEMI on LinkedIn and X to learn more.

About ECSA
The European Chips Skills Academy is an innovative alliance of 18 partners across Europe, working together to bridge the skills gap in the semiconductor sector. Through the development of decentralized education programs and fostering collaboration between industry and academia, ECSA aims to cultivate the next generation of semiconductor professionals essential for Europe’s technological leadership.

Contact Information:
Kartikey Srivastava / SEMI Europe
Phone: +49 151 1436 6324
Email: ksrivastava@semi.org     

Samer Bahou / SEMI Corporate
Phone: +1 408 943 7870
Email: sbahou@semi.org  

SOURCE SEMI

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Could use a vacation right now: Elsa Pataky and Chris Hemsworth Partner with Experience Abu Dhabi

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ABU DHABI, UAE, Nov. 5, 2024 /CNW/ — Hollywood couple Elsa Pataky and Chris Hemsworth have collaborated with Experience Abu Dhabi, sharing all the city has to offer blending rich culture, adventure, and peaceful escapes, with incredible weather and endless experiences for every kind of traveller to enjoy at their own pace.

 

The two-year partnership was announced with a campaign film that features the duo on set, dreaming of a much-needed holiday. Using a mix of comedy and action, the film sees the couple agree that they could use an escape and imagine the blissful moments they could be experiencing in a destination that has it all…Abu Dhabi.

Elsa commented on putting family first: “When it comes to family holidays, Abu Dhabi has it all. Whether it is for us as a couple or a family, every day here is a new adventure, there is something for each one of us to enjoy and discover. My kids have fallen in love with Abu Dhabi, as it gives them a playground for all the things they want to do. Whether it’s theme parks with exciting roller coasters, dune bashing and horse riding in the desert to catching the best wave, Abu Dhabi has it all and is now our must-do holiday spot.”

Chris reflected on creating memories: “We’re thrilled to partner with Experience Abu Dhabi. Abu Dhabi’s got everything we love all in one place. The adventures have left us with amazing memories that will last a lifetime—you can tell how special it was since the kids didn’t want to leave. We’ve loved everything about the culture, the people and the experiences. It’s a place where we can unwind, and relax, with the feeling of being at home. We’ve travelled the world, but Abu Dhabi has captured our hearts. We’re already planning for our next trip!”

As heard in the film, the message “Could Use A Vacation Right Now” resonates with the world. So many of us are drowning in deadlines, work commitments, and a never-ending to-do list—dreaming of that next great holiday. In Abu Dhabi, you can swap your daily routine for the perfect escape, from inspiring cultural experiences to galloping across desert dunes, riding waves at Surf Abu Dhabi and reconnecting with loved ones under a stunning sunset on a white-sand beach.

The campaign film showcases how Abu Dhabi inspires every family to find their own pace—a destination brimming with new adventures and countless opportunities to create lasting memories. From kayaking around Louvre Abu Dhabi to thrilling rollercoasters, all wrapped in the warmth of Emirati hospitality, the couple had the perfect family getaway. They savoured traditional Emirati cuisine before sunset strolls on the beach, feeling welcomed and at ease.

H.E. Nouf Mohamed Al-Boushelaibi, Executive Director of Strategic Marketing & Communications at DCT Abu Dhabi, said: “We’re incredibly passionate about sharing Abu Dhabi with the world and are proud to have Elsa and Chris partnering with us. Their dynamic energy and love for discovery highlights everything Abu Dhabi has to offer from inspiring cultural experiences to adventures, creating meaningful and lasting memories, all at their own pace.”

Get inspired by Chris and Elsa’s dream-come-true adventure in Abu Dhabi and watch the new film here.

About Experience Abu Dhabi:
Experience Abu Dhabi is the destination brand of the Department of Culture and Tourism – Abu Dhabi. 

DCT Abu Dhabi drives the sustainable growth of Abu Dhabi’s culture and tourism sectors and its creative industries, fuelling economic progress and helping to achieve Abu Dhabi’s wider global ambitions. 

By working in partnership with the organisations that define the emirate’s position as a leading international destination, DCT Abu Dhabi strives to unite the ecosystem around a shared vision of the emirate’s potential, coordinate effort and investment, deliver innovative solutions, and use the best tools, policies and systems to support the culture and tourism industries.

DCT Abu Dhabi’s vision is defined by the emirate’s people, heritage and landscape. We work to enhance Abu Dhabi’s status as a place of authenticity, innovation, and unparalleled experiences, represented by its living traditions of hospitality, pioneering initiatives and creative thought.

For more information about the Department of Culture and Tourism – Abu Dhabi and the destination, please visit: dct.gov.ae and visitabudhabi.ae

Video – https://www.youtube.com/watch?v=LQEYVigHGZQ
Photo – https://mma.prnewswire.com/media/2549319/Elsa_Pataky.jpg
Photo – https://mma.prnewswire.com/media/2549316/Chris_Hemsworth.jpg
Photo – https://mma.prnewswire.com/media/2549317/Elsa_Pataky_Chris_Hemsworth_Desert.jpg
Photo – https://mma.prnewswire.com/media/2549318/Elsa_Pataky_Chris_Hemsworth_dining.jpg
Logo – https://mma.prnewswire.com/media/2239093/4629993/Experience_Abu_Dhabi_Logo.jpg

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SOURCE Experience Abu Dhabi

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