Click here to close now.

Welcome!

Microsoft Cloud Authors: Aleksei Gavrilenko, Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah

News Feed Item

Trio-Tech First Quarter Revenue Increases 10.8% to $9.7 Million; Net Loss Narrows to $17,000 From $804,000

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.

About Trio-Tech

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.

Forward-Looking Statements

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
September 30,
Revenue   2012       2011  
Products $ 5,636 $ 3,116
Testing Services 3,909 3,291
Fabrication Services 172 2,345
Other   30     47  
  9,747     8,799  
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
Other   33     26  
  7,983     7,399  
 
Gross Margin 1,764 1,400
 
Operating Expenses:
General and administrative 1,824 2,098
Selling 132 144
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
Interest expense (85 ) (61 )
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 )
NET LOSS $ (41 ) $ (987 )
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:
Net loss $ (41 ) $ (987 )
Foreign currency translation, net of tax   555     (534 )
Comprehensive Loss (514 ) (1,521 )
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,
2012 2012
(unaudited)
ASSETS
 
CURRENT ASSETS:
  Cash & cash equivalents $ 2,088 $ 1,572
Short-term deposits 253 250
Trade accounts receivable, net 11,036 11,311
Other receivables 720 962
Loan receivables from property development projects 1,112 1,101
Inventories, net 1,817 2,324
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
OTHER ASSETS 832 776
RESTRICTED TERM DEPOSITS   3,527   3,445
 
TOTAL ASSETS $ 38,270 $ 38,050
 
 
LIABILITIES AND SHAREHOLDER'S EQUITY
 
CURRENT LIABILITIES:
Lines of credit $ 4,887 $ 3,605
Accounts payable 3,658 4,834
Accrued expenses 2,886 3,011
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
 
TOTAL LIABILITIES 17,228 17,494
 
COMMITMENTS AND CONTINGENCIES -- --
 
EQUITY
 
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
Paid-in capital 2,442 2,431
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
 
NON-CONTROLLING INTEREST   1,779   1,720
 
TOTAL EQUITY   21,042   20,556
 
TOTAL LIABILITIES AND EQUITY $ 38,270 $ 38,050
 

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
The 5th International DevOps Summit, co-located with 17th International Cloud Expo – being held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits, DevOps is corr...
SYS-CON Events announced today that Secure Infrastructure & Services will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Secure Infrastructure & Services (SIAS) is a managed services provider of cloud computing solutions for the IBM Power Systems market. The company helps mid-market firms built on IBM hardware platforms to deploy new levels of reliable and cost-effective computing and high availability solutions, leveraging the cloud and the benefits of Infrastructure-as-a-Service (IaaS...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
SYS-CON Events announced today that ProfitBricks, the provider of painless cloud infrastructure, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. ProfitBricks is the IaaS provider that offers a painless cloud experience for all IT users, with no learning curve. ProfitBricks boasts flexible cloud servers and networking, an integrated Data Center Designer tool for visual control over the cloud and the best price/performance value available. ProfitBricks was named one of the coolest Clo...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
The basic integration architecture, as defined by ESBs, hasn’t changed for more than a decade. Most cloud integration providers still rely on an ESB architecture and their proprietary connectors. As a result, enterprise integration projects suffer from constraints of availability and reliability of these connectors that are not re-usable across other integration vendors. However, the rapid adoption of APIs and almost ubiquitous availability of APIs amongst most SaaS and Cloud applications are rapidly redefining traditional integration approaches and their reliance on proprietary connectors. ...
SYS-CON Events announced today that Dyn, the worldwide leader in Internet Performance, will exhibit at SYS-CON's 17th International Cloud Expo®, which will take place on November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Dyn is a cloud-based Internet Performance company. Dyn helps companies monitor, control, and optimize online infrastructure for an exceptional end-user experience. Through a world-class network and unrivaled, objective intelligence into Internet conditions, Dyn ensures traffic gets delivered faster, safer, and more reliably than ever.
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
WebRTC converts the entire network into a ubiquitous communications cloud thereby connecting anytime, anywhere through any point. In his session at WebRTC Summit,, Mark Castleman, EIR at Bell Labs and Head of Future X Labs, will discuss how the transformational nature of communications is achieved through the democratizing force of WebRTC. WebRTC is doing for voice what HTML did for web content.
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.