Trio-Tech International (NYSE MKT: TRT) today announced
financial results for the third quarter and first nine months of
fiscal 2023, and announced its initial contract for its Dynamic
HTOL Electric Vehicle Power Module Test System
Third Quarter Results
Revenue for the third fiscal quarter declined 12% to $9,842,000,
compared to $11,138,000 in the same quarter of fiscal 2022. Testing
services revenue increased 29% to $5,697,000 from $4,417,000 a year
ago, while manufacturing revenue decreased 4% to $2,963,000, from
$3,097,000 and distribution revenue declined 67% to $1,179,000
compared to $3,620,000 in the same quarter last year.
Overall gross margin was $2,458,000 compared to $2,474,000 a
year ago, and improved to 25% of revenue compared to 22% last year.
The increase in gross margin reflects improved operations at
testing services segment, partially offset by lower gross margin in
the manufacturing and distribution segments.
Total operating expenses declined to $2,495,000 from $2,604,000
in the same quarter last year, leading to $57,000 in operating
income versus an operating loss of $34,000 a year earlier.
The net loss attributable to Trio-Tech International Common
Shareholders for the three months ended March 31, 2023 was $7,000,
or $0.00 per share after non-cash stock compensation expenses of
$283,000. This compares to a net loss of $167,000, or $0.04 per
share, which included non-cash stock compensation expenses of
$433,000, for the third quarter of fiscal 2022.
Trio-Tech Launches Dynamic HTOL Test System for Electric
Vehicles
S.W. Yong, Trio-Tech's CEO, said, "Continued strength in our
testing services business and effective control over operating
costs enabled Trio-Tech to deliver improved third quarter gross
margin and generate free cash flow despite the decrease in revenue
in a very challenging environment in our industry.
“We are encouraged by improving demand trends for electronic
products in automotive applications. A key reason for our optimism
is the development and launch, in the current fiscal year, of our
new Dynamic High Temperature Operating Life Test (HTOL) System for
Silicon Carbide (SiC) / Gallium Nitride (GaN) Power Modules used in
the electric vehicle market. Designed to comply with AQG 324
automotive guidelines, Trio-Tech’s Dynamic HTOL System won an
initial $1,000,000 order from a lead customer with which we are
working closely to achieve their test requirements and validation
of our systems. We expect to deliver these systems within the next
two quarters and are also actively engaging several new potential
customers for similar applications. In light of the strong global
growth projections for the GaN & SiC power semiconductor
market, we believe this new test system has the potential to
significantly contribute to Trio-Tech’s long-term growth and
profitability.”
Nine Months Results
For the first nine months of fiscal 2023, revenue increased 6%
to $34,171,000 compared to $32,231,000 for the first nine months of
fiscal 2022, reflecting a 27% increase in testing services revenue
to $17,709,000 from $13,983,000, a 14% increase in manufacturing
revenue to $11,592,000 from $10,187,000 and a 40% decline in
distribution revenue to $4,855,000 from $8,038,000 in the same
period last year.
Gross margin for the first nine months of fiscal 2023 increased
to $9,415,000, or 28% of revenue, from $8,543,000, or 27% of
revenue, for the same period last year.
Operating expenses increased to $7,316,000 compared to
$7,047,000, but declined to 21% of revenue, compared to 22% of
revenue in the same period of fiscal 2022.
Net income attributable to Trio-Tech International Common
Shareholders for the first nine months of fiscal 2023 was
$1,382,000, or $0.33 per diluted share, compared to $1,605,000, or
$0.38 per diluted share, for the first nine months of fiscal
2022.
Shareholders’ equity at March 31, 2023 was $30,476,000, or $7.48
per outstanding share, compared to $28,002,000, or $6.88 per
outstanding share, at June 30, 2022. There were approximately
4,076,680 common shares outstanding at March 31,2023.
About Trio‑Tech
Established in 1958, Trio-Tech International is located in Van
Nuys, California, with its Principal Executive Office and regional
headquarters in Singapore. Trio-Tech International is a diversified
business group with interests in semiconductor testing services,
manufacturing and distribution of semiconductor testing equipment,
and real estate. Our subsidiary locations include Tianjin, Suzhou,
Chongqing and Jiangsu in China, as well as Kuala Lumpur Malaysia
and Bangkok Thailand. Further information about Trio-Tech’s
semiconductor products and services can be obtained from the
Company’s Web site at www.triotech.com and
www.universalfareast.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 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; public health issues
related to the COVID-19 pandemic; trade tension between U.S. and
China 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
CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
UNAUDITED (IN THOUSANDS, EXCEPT
EARNINGS PER SHARE)
Three Months Ended
Nine Months Ended
March 31,
March 31,
Revenue
2023
2022
2023
2022
Manufacturing
$
2,963
$
3,097
$
11,592
$
10,187
Testing Services
5,697
4,417
17,709
13,983
Distribution
1,179
3,620
4,855
8,038
Real Estate
3
4
15
23
9,842
11,138
34,171
32,231
Cost of Sales
Cost of manufactured products sold
2,451
2,530
8,825
7,838
Cost of testing services rendered
3,940
3,169
11,813
9,141
Cost of distribution
975
2,945
4,064
6,651
Cost of real estate
18
20
54
58
7,384
8,664
24,756
23,688
Gross Margin
2,458
2,474
9,415
8,543
Operating Expenses:
General and administrative
2,248
2,378
6,472
6,305
Selling
160
146
526
449
Research and development
87
80
311
293
Loss on disposal of property, plant and
equipment
--
--
7
--
Total operating expenses
2,495
2,604
7,316
7,047
(Loss) Income from Operations
(37
)
(130
)
2,099
1,496
Other Income (Expenses)
Interest expenses
(29
)
(31
)
(83
)
(87
)
Other income, net
123
127
59
669
Total other income (expenses)
94
96
(24
)
582
Income (Loss) from Continuing Operations
before Income Taxes
57
(34
)
2,075
2,078
Income Tax Expenses
(8
)
(170
)
(474
)
(503
)
Income (Loss) from Continuing Operations
before Non-controlling Interest, net of tax
49
(204
)
1,601
1,575
Income (loss) from Discontinued
Operations, net of tax
5
--
(4
)
5
NET INCOME (LOSS)
54
(204
)
1,597
1,580
Less: Net income (loss) Attributable to
Non-controlling Interest
61
(37
)
215
(25
)
Net (Loss) Income Attributable to
Trio-Tech International
(7
)
(167
)
1,382
1,605
Net Income Attributable to Trio-Tech
International:
(Loss) Income from Continuing Operations,
net of tax
(10
)
(167
)
1,384
1,603
Income (loss) from Discontinued
Operations, net of tax
3
--
(2
)
2
Net (Loss) Income Attributable to
Trio-Tech International
$
(7
)
$
(167
)
$
1,382
$
1,605
Basic (Loss) Earnings per Share
$
(0.00
)
$
(0.04
)
$
0.34
$
0.40
Diluted (Loss) Earnings per Share
$
(0.00
)
$
(0.04
)
$
0.33
$
0.38
Weighted Average Shares Outstanding -
Basic
4,075
3,949
4,075
3,949
Weighted Average Shares Outstanding -
Diluted
4,159
4,221
4,161
4,140
TRIO‑TECH INTERNATIONAL AND
SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS
OF COMPREHENSIVE INCOME (LOSS)
UNAUDITED (IN THOUSANDS)
Three Months Ended
Nine Months Ended
March 31,
March 31,
2023
2022
2023
2022
Comprehensive Income (Loss) Attributable
to Trio-Tech International:
Net income (loss)
$
54
$
(204
)
$
1,597
$
1,580
Foreign Currency Translation, net of
tax
166
16
521
(22
)
Comprehensive Income (Loss)
220
(188
)
2,118
1,558
Less: Comprehensive (Loss) Income
Attributable to Non-controlling Interest
(85
)
(46
)
127
(40
)
Comprehensive Income (Loss) Attributable
to Trio-Tech International
$
305
$
(142
)
$
1,991
$
1,598
TRIO‑TECH INTERNATIONAL AND
SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE
SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF
SHARES)
Mar. 31,
Jun. 30,
2023
2022
ASSETS
(Unaudited)
(Audited)
CURRENT ASSETS:
Cash and cash equivalents
$
8,430
$
7,698
Short-term deposits
5,703
5,420
Trade account receivables, net
11,004
11,592
Other receivables
757
998
Inventories, net
2,324
2,258
Prepaid expenses and other current
assets
731
1,215
Financed sales receivable
22
21
Restricted term deposit
755
--
Total current assets
29,726
29,202
NON-CURRENT ASSETS:
Deferred tax assets
91
169
Investment properties, net
517
585
Property, plant and equipment, net
9,987
8,481
Operating lease right-of-use assets
3,059
3,152
Other assets
232
137
Financed sales receivable
--
17
Restricted term deposits
1,762
1,678
Total non-current assets
15,648
14,219
TOTAL ASSETS
$
45,374
$
43,421
LIABILITIES AND SHAREHOLDERS’
EQUITY
CURRENT LIABILITIES:
Lines of credit
$
107
$
929
Accounts payable
1,835
2,401
Accrued expense
6,570
6,004
Income taxes payable
390
787
Current portion of bank loans payable
513
472
Current portion of finance leases
103
118
Current portion of operating leases
1,361
1,218
Total current liabilities
10,879
11,929
NON-CURRENT LIABILITIES:
Bank loans payable, net of current
portion
1,054
1,272
Finance leases, net of current portion
43
119
Operating leases, net of current
portion
1,698
1,934
Income taxes payable, net of current
portion
255
137
Deferred tax liabilities
17
--
Other non-current liabilities
952
28
Total non-current liabilities
4,019
3,490
TOTAL LIABILITIES
$
14,898
$
15,419
EQUITY
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS'
EQUITY:
Common stock, no par value, 15,000,000
shares authorized; 4,076,680 and 4,071,680 shares issued and
outstanding at March 31, 2023 and June 30, 2022, respectively
12,769
12,750
Paid-in capital
5,045
4,708
Accumulated retained earnings
10,601
9,219
Accumulated other comprehensive
gain-translation adjustments
1,806
1,197
Total Trio-Tech International
shareholders' equity
30,221
27,874
Non-controlling interest
255
128
TOTAL EQUITY
30,476
28,002
TOTAL LIABILITIES AND EQUITY
$
45,374
$
43,421
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005320/en/
Company Contact: A. Charles Wilson Chairman (818)
787-7000
Investor Contact: Berkman Associates (310) 927-3108
robert.jacobs@jacobscon.com
Trio Tech (AMEX:TRT)
過去 株価チャート
から 10 2024 まで 11 2024
Trio Tech (AMEX:TRT)
過去 株価チャート
から 11 2023 まで 11 2024
