|By Business Wire||
|November 19, 2012 11:43 AM EST||
Trio-Tech International (NYSE MKT:TRT) today announced financial results for the first quarter of fiscal 2013, highlighted by higher revenue and a sharply reduced net loss compared to the first quarter of fiscal 2012.
For the three months ended September 30, 2012, revenue increased 10.8% to $9,747,000 compared to revenue of $8,799,000 for the first quarter of the prior fiscal year. The net loss attributable to Trio-Tech common shareholders for the first quarter of fiscal 2013 narrowed to $17,000, or $0.01 per share. This compares to a net loss for the first quarter of fiscal 2012 of $804,000, or $0.24 per share.
"Our first quarter results continue the trend of improved performance in our core semiconductor test equipment manufacturing and testing services businesses that began in the third quarter of fiscal 2012. While these businesses can be volatile and difficult to predict, we are confident we will be able to address any challenges in our testing and manufacturing operations during fiscal 2013. The company also is benefiting from our close attention to costs, as evidenced by the sharp reduction in operating expenses in the first quarter," said SW Yong, Trio-Tech's CEO.
Revenue from product sales increased to $5,636,000 for this year's first quarter compared to $3,116,000 for the first quarter of fiscal 2012. Revenue from testing services increased to $3,909,000 for the first quarter of fiscal 2012 compared to $3,291,000 for the prior fiscal year. Revenue in the real estate segment decreased to $30,000 for the first quarter of fiscal 2013 compared to $47,000 for the first quarter of fiscal 2012.
Revenue from the Company's oil and gas equipment fabrication business decreased to $172,000 for the first quarter of fiscal 2013 compared to $2,345,000 for the same period last year. During October 2012, the subsidiary served notice to terminate the lease on the fabrication yard in Batam, Indonesia.
Overall gross margin as a percentage of revenue for the first quarter of fiscal 2013 increased to 18.1% compared to 15.9% for the first quarter of fiscal 2012. Product segment gross margin decreased to 10.8% compared to 16.3% for the first quarter of fiscal 2012. Gross margin in the real estate segment decreased to negative 10.0% compared to 44.7% for the first quarter of fiscal 2012. Gross margin in fabrication services was negative 43.6% for the first quarter of fiscal 2013 compared to 9.1% for the first quarter of fiscal 2012.
General and administrative expenses decreased 13.1% to $1,824,000 for the first quarter of fiscal 2013 compared to $2,098,000 for the first quarter of fiscal 2012. Total operating expenses decreased 12.7% to $2,026,000 compared to $2,321,000 last year.
The loss from operations for the first quarter of fiscal 2013 was $262,000 compared to a loss from operations of $921,000 for the first quarter of fiscal 2012.
Balance Sheet Highlights
As of September 30, 2012, Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $5,868,000, working capital of $4,782,000, short-term lines of credit and short-term and long-term loans payable of $8,940,000, and shareholders' equity of $21,042,000, or $6.40 per outstanding share.
In comparison, at June 30, 2012 Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $5,267,000, working capital of $5,196,000, short-term lines of credit and short-term and long-term loans payable of $7,744,000, and shareholders' equity of $20,556,000, or $6.25 per outstanding share.
Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group with interests in semiconductor testing services, manufacturing and distribution of semiconductor testing equipment, oil and gas equipment fabrication and real estate. Further information about Trio-Tech's semiconductor products and services can be obtained from the Company's Web site at www.triotech.com, www.universalfareast.com, www.shi-international.com and www.ttsolar.com.
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company. In light of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward-looking statements made by or on behalf of the Company: market acceptance of Company products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company's products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company's products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and especially in Southeast Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; and other economic, financial and regulatory factors beyond the Company's control. Other than statements of historical fact, all statements made in this Quarterly Report are forward-looking, including, but not limited to, statements regarding industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future financial results and condition. In some cases, you can identify forward-looking statements by the use of terminology such as "may," "will," "expects," "plans," "anticipates," "estimates," "potential," "believes," "can impact," "continue," or the negative thereof or other comparable terminology. Forward-looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions.
|TRIO-TECH INTERNATIONAL AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME|
|UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)|
|Three Months Ended|
|Costs of Sales|
|Cost of products sold||5,026||2,607|
|Cost of testing services rendered||2,677||2,634|
|Cost of fabrication services rendered||247||2,132|
|General and administrative||1,824||2,098|
|Research and development||73||75|
|Gain (Loss) on disposal of property, plant and equipment||(3||)||4|
|Total operating expenses||2,026||2,321|
|Loss income from Operations||(262||)||(921||)|
|Other (Expenses) Income|
|Other income, net||182||44|
|Total other (expenses) income||97||(17||)|
|Loss from Continuing Operations before Income Taxes||(165||)||(938||)|
|Income Tax Benefit (Expense)||124||(37||)|
|Loss from Continuing Operations before Non-controlling Interest, net of tax||(41||)||(975||)|
|Equity in loss of unconsolidated joint venture, net of tax||--||(11||)|
|LOSS FROM DISCONTINUED OPERATIONS, net of tax||--||(1||)|
|Less: Net (loss) income attributable to the non-controlling interest||24||(183||)|
|Net Loss attributable to Trio-Tech International||(17||)||(804||)|
|Net Loss Attributable to Trio-Tech International:|
|Loss from continuing operations, net of tax||(17||)||(803||)|
|Loss from discontinued operations, net of tax||--||(1||)|
|Net Loss Attributable to Trio-Tech International||$||(17||)||$||(804||)|
|Comprehensive Loss Attributable to Trio-Tech International:|
|Foreign currency translation, net of tax||555||(534||)|
|Less: Comprehensive income (loss) attributable to non-controlling Interest||98||(218||)|
|Comprehensive Income (Loss) Attributable to Trio-Tech International||416||(1,303||)|
|Basic and Diluted loss per share from continuing operations||$||(0.01||)||$||(0.24||)|
|Basic and Diluted loss per share from discontinued operations||--||--|
|Basic and Diluted Loss per Share||$||(0.01||)||$||(0.24||)|
|Weighted Average Shares Outstanding - Basic and Diluted||3,288||3,288|
|TRIO-TECH INTERNATIONAL AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|(IN THOUSANDS, EXCEPT NUMBER OF SHARES)|
|Sep. 30,||June 30,|
|Cash & cash equivalents||$||2,088||$||1,572|
|Trade accounts receivable, net||11,036||11,311|
|Loan receivables from property development projects||1,112||1,101|
|Prepaid expenses and other current assets||480||406|
|Assets held for sale||135||130|
|Total current assets||17,641||18,056|
|INVESTMENT IN UNCONSOLIDATED JOINT VENTURE||773||765|
|INVESTMENT PROPERTY IN CHINA, Net||1,807||1,815|
|PROPERTY, PLANT AND EQUIPMENT, Net||13,690||13,193|
|RESTRICTED TERM DEPOSITS||3,527||3,445|
|LIABILITIES AND SHAREHOLDER'S EQUITY|
|Lines of credit||$||4,887||$||3,605|
|Income taxes payable||468||469|
|Current portion of bank loans payable||784||766|
|Current portion of capital leases||176||175|
|Total current liabilities||12,859||12,860|
|BANK LOANS PAYABLE, net of current portion||3,269||3,373|
|CAPITAL LEASES, net of current portion||192||221|
|DEFERRED TAX LIABILITIES||363||497|
|OTHER NON-CURRENT LIABILITIES||545||543|
|COMMITMENTS AND CONTINGENCIES||--||--|
|TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:|
|Common stock, no par value, 15,000,000 shares|
|authorized; 3,321,555 shares issued and outstanding at|
|September 30, 2012, and June 30, 2012, respectively||10,531||10,531|
|Accumulated retained earnings||2,670||2,687|
|Accumulated other comprehensive gain-translation adjustments||3,620||3,187|
|Total Trio-Tech International shareholders' equity||19,263||18,836|
|TOTAL LIABILITIES AND EQUITY||$||38,270||$||38,050|
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 13, 2016 11:15 PM EST Reads: 433
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
Feb. 13, 2016 11:15 PM EST Reads: 314
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 13, 2016 08:00 PM EST Reads: 149
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 13, 2016 02:00 PM EST Reads: 259
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 13, 2016 01:30 PM EST Reads: 291
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 13, 2016 01:30 PM EST Reads: 148
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 13, 2016 12:45 PM EST Reads: 476
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Feb. 13, 2016 12:00 PM EST
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 13, 2016 12:00 PM EST Reads: 474
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 13, 2016 12:00 PM EST Reads: 454
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 13, 2016 11:45 AM EST Reads: 278
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 13, 2016 11:30 AM EST Reads: 159
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 13, 2016 11:30 AM EST
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Feb. 13, 2016 11:00 AM EST
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 13, 2016 11:00 AM EST Reads: 155
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 13, 2016 11:00 AM EST
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 13, 2016 10:00 AM EST Reads: 105
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 13, 2016 09:45 AM EST Reads: 234
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 13, 2016 05:00 AM EST
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 13, 2016 04:45 AM EST Reads: 475