-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Wsp3hl5/CP/lgKJ5/FbpY//8Zg7pp6kO0DhOVBduxpKlQpC8yQdR9uGqVf8mE8ng HLxqkzryBAyBlD8Ec1DNYA== 0000732026-97-000003.txt : 19970509 0000732026-97-000003.hdr.sgml : 19970509 ACCESSION NUMBER: 0000732026-97-000003 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970328 FILED AS OF DATE: 19970508 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIO TECH INTERNATIONAL CENTRAL INDEX KEY: 0000732026 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-TESTING LABORATORIES [8734] IRS NUMBER: 952086631 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-13914 FILM NUMBER: 97597858 BUSINESS ADDRESS: STREET 1: 355 PARKSIDE DR CITY: SAN FERNANDO STATE: CA ZIP: 91340 BUSINESS PHONE: 8183659200 MAIL ADDRESS: STREET 1: 355 PARKSIDE DRIVE CITY: SAN FERNANDO STATE: CA ZIP: 91340 10-Q 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Quarterly Report Under Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarter Ended March 28, 1997 Commission File Number 0-13914 TRIO-TECH INTERNATIONAL (Exact name of Registrant as specified in its Charter) California 95-2086631 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number 355 Parkside Drive, San Fernando, California 91340 (Address of principle executive offices) (Zip Code) Registrant's Telephone Number: 818-365-9200 Indicate by check mark whether the registrant (1) has filed all reports required to be filed with the Commission by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. YES X NO As of April 17, 1997, the Registrant had outstanding approximately 1,285,850 Shares of Common Stock. This document contains a total of 7 pages.
PART I. FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS TRIO-TECH INTERNATIONAL CONDENSED CONSOLIDATED BALANCE SHEETS (In Thousands) Mar. 27 Jun. 28, 1996 1996 (unaudited) ASSETS CURRENT ASSETS Cash $ 1,049 $ 2,114 Certificates of deposit 5,520 3,114 Accounts receivable - net 4,236 4,783 Notes & other receivables 177 179 Inventories 2,025 1,430 Prepaid expenses 278 140 Total current assets 13,285 11,760 PROPERTY, EQUIPMENT AND CAPITALIZED LEASES, NET 4,484 5,330 OTHER ASSETS 286 326 TOTAL ASSETS $ 18,055 $ 17,416 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Notes payable $ 162 $ 245 Accounts payable 1,553 1,813 Accrued expenses 3,583 4,032 Income taxes payable 1,817 1,598 Current portion of long-term debt and capitalized leases 151 481 Total current liabilities 7,266 8,169 LONG-TERM DEBT AND CAPITALIZED LEASES, Net of current portion 624 688 DEFERRED TAXES 760 771 MINORITY INTEREST 3,291 2,581 SHAREHOLDERS' EQUITY: Common stock; authorized, 2,500,000 shares; issued and outstanding, 1,285,850 shares at March 28, 1997, and 1,205,804 shares at June 28, 1996 stated at 5,063 4,878 Accumulated deficit (667) (1,336) Cumulative currency translation 1,718 1,665 Total shareholders' equity 6,114 5,207 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 18,055 $ 17,416
[FN] SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
TRIO-TECH INTERNATIONAL CONDENSED CONSOLIDATED STATEMENTS OF INCOME (unaudited) (In Thousands, except Earnings per Share Data) NINE MONTHS ENDED THREE MONTHS ENDED MAR. 28, MAR. 29, MAR. 28, MAR. 29, 1996 1995 1996 1995 Revenues $ 16,066 $ 16,269 $ 5,031 $ 4,947 Cost of revenues 9,782 9,869 2,968 2,785 Gross profit 6,284 6,400 2,063 2,162 Selling, general & administrative expenses 4,305 4,148 1,527 1,387 Income from operations 1,979 2,252 536 775 Other income (expense): Interest expense (92) (113) (30) (37) Other income (expense) 492 306 177 (143) Total 400 193 147 (180) Income before income taxes and minority interest 2,379 2,445 683 595 Income taxes 900 947 228 204 Income before minority interest 1,479 1,498 455 391 Minority interest (810) (977) (157) (188) Net income $ 669 $ 521 $ 298 $ 203 Earnings per share: Primary $ 0.52 $ 0.41 $ 0.23 $ 0.16 Fully diluted $ 0.51 $ 0.41 $ 0.23 $ 0.16 Weighted average number of shares outstanding: Primary 1,294 1,267 1,310 1,269 Fully diluted 1,301 1,277 1,321 1,269
[FN] SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
TRIO-TECH INTERNATIONAL CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (In Thousands) NINE MONTHS ENDED Mar. 28, Mar. 29, 1997 1996 Cash flows from operating activities: Net income $ 669 $ 521 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,030 1,149 Loss on disposal of property and equipment 54 Effect of exchange rate changes on Operating assets 8 (196) Increase (decrease) in cash from changes in assets and liabilities: Accounts receivable, net 547 473 Notes and other receivables 2 16 Inventories (595) (449) Prepaid expenses & other current assets (138) (33) Other assets 10 20 Accounts payable and accrued expenses (490) 1,282 Deferred taxes (11) (6) Net cash provided by operating activities 1,086 2,777 Cash flows from investing activities: Certificates of deposit (2,406) (2,674) Capital expenditures, net (513) (603) Minority interest 651 1,114 Net cash used in investing activities (2,268) (2163) Cash flows from financing activities: Payments on notes payable and lines of credit (227) (215) Borrowings under notes payable 104 0 Proceeds from long-term borrowings (133) 340 Payments for long-term debt (210) (94) Issuance of common stock 185 56 Net cash (used in) provided by financing activities (281) 80 Effect of exchange rate changes on cash 398 (326) Net (decrease) increase in cash (1,065) 375 Cash, beginning of the period 2,114 674 Cash , end of the period $ 1,049 $ 1,049 Supplemental disclosure of cash flow information Cash paid during the period for: Interest $ 93 $ 112 Income taxes $ 667 $ 153
[FN] SEE NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS. TRIO-TECH INTERNATIONAL NOTES TO CONSOLIDATED FINANCIAL STATEMENTS NOTE 1. Basis of Presentation The interim financial statements as of March 28, 1997, and for the nine-month period ending March 28, 1997, are unaudited. In the opinion of management, the unaudited financial statements include all adjustments necessary, consisting of normal recurring accruals, for a fair presentation of such information. Certain reclassifications of prior year amounts have been made to conform to the current year financial statement presentation. The consolidated results of operations for the nine-month periods ending March 28, 1997 and March 29, 1997, are not necessarily indicative of the results expected for a full year. NOTE 2. Inventories The composition of inventories is as follows (in thousands): Mar. 28, June 28, 1997 1996 (unaudited) Raw materials $ 764 $ 640 Work in process 607 294 Finished goods 654 496 $ 2,025 $ 1,430 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 1. Liquidity and Capital Resources The Company's working capital improved $ 2,428,000 during the first three quarters. This is due to increases in cash and cash equivalents, inventories and decreases in accounts payable and accrued expenses. The Company's subsidiary, TTI Pte, has a secured credit agreement with Standard Chartered Bank which provides for a total line of credit of $ 655,000. There were no borrowings under this line as of March 28, 1997. The interest rate on borrowings is at the bank's prime rate plus 2%. Borrowings under this agreement are collateralized by substantially all of TTI Pte's assets. The Company's subsidiary, TTBk, has a secured line of credit with a bank which provides for a total line of credit of $78,000. Borrowings under the line amounted to $ 2,000 as of March 28, 1997. Interest is at the bank's prime rate (13.25% atMarch 28, 1997) plus 4.75%. The Company's subsidiary, EETC, has a credit agreement with a bank which provides a term loan of $555,000. Borrowings under this agreement amounted to $356,000 as of March 28, 1997. Interest is at the bank's prime rate (5.75% at March 28, 1997) plus 3%. The Company has a revolving line of credit of $150,000 from a bank bearing interest at 1.5% above the bank's reference rate (9.75% at March, 28 1997). Borrowings under the line amounted to $120,000 as of March 28, 1997. 2. Material Changes in Financial Condition There were no material changes in the financial condition of the Company as of March 28, 1997. 3. Material Changes in Results of Operations There were no material changes in the results of operations of the Company during the nine-month period ending March 28, 1997. SIGNATURES Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. TRIO-TECH INTERNATIONAL Registrant By A. Charles Wilson Chairman Dated: May 8, 1997
TRIO-TECH INTERNATIONAL EXHIBIT 11.1 STATEMENT REGARDING COMPUTATION OF PER SHARE EARNINGS (unaudited) (In Thousands, except Earnings per Share Data) NINE MONTHS ENDED THREE MONTHS ENDED MAR. 28, MAR. 29, MAR. 28, MAR. 29, 1997 1996 1997 1996 Net income $ 669 $ 521 $ 298 $ 203 Primary earnings per share: Weighted average number of common shares outstanding 1,228 1,186 1,256 1,191 Dilutive effect of stock options after application of treasury stock method 66 81 54 78 Number of shares used to compute primary earnings per share 1,294 1,267 1,310 1,269 Primary earnings per share $ 0.52 $ 0.41 $ 0.23 $ 0.16 Fully diluted earnings per share: Weighted average number of common shares outstanding 1,294 1,186 1,256 1,191 Dilutive effect of stock options after application of treasury stock method 73 91 65 78 Number of shares used to compute fully diluted earnings per share 1,301 1,277 1,321 1,269 Fully diluted earnings per share $ 0.51 $ 0.41 $ 0.23 $ 0.16
EX-27 2
5 0000732026 TRIO-TECH INTERNATIONAL 1000 9-MOS JUN-27-1997 MAR-28-1997 1049 5520 4413 0 2025 13285 16647 12163 18055 7266 0 5063 0 0 0 18055 16066 16066 9782 9782 6699 0 92 1569 900 669 0 0 0 669 .52 .51
-----END PRIVACY-ENHANCED MESSAGE-----