1-14523
(Commission File Number)
16139 Wyandotte Street, Van Nuys, California
(Address of Principal Executive Offices)
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95-2086631
(IRS Employer Identification No.)
91406
(Zip Code)
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FOR IMMEDIATE RELEASE
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Company Contact:
A. Charles Wilson
Chairman
(818) 787-7000
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Investor Contact:
Berkman Associates
(310) 477-3118
info@BerkmanAssociates.com
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●
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Revenue increased to $8,543,000, a 6.3% gain compared to the same period last fiscal year.
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Operating income increased to $472,000 compared to $21,000 in the same period last fiscal year.
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Net income attributable to Trio-Tech International increased 26.8% to $199,000 compared to $157,000 in the same period last fiscal year.
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
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UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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2015
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2014
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2015
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2014
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Revenue
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Products
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$ | 4,362 | $ | 3,394 | $ | 11,574 | $ | 13,495 | ||||||||
Testing services
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4,138 | 4,599 | 13,829 | 13,244 | ||||||||||||
Others
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43 | 46 | 130 | 136 | ||||||||||||
8,543 | 8,039 | 25,533 | 26,875 | |||||||||||||
Cost of Sales
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Cost of products sold
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3,435 | 2,895 | 9,711 | 11,305 | ||||||||||||
Cost of testing services rendered
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2,586 | 3,142 | 8,991 | 9,420 | ||||||||||||
Other
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34 | 35 | 103 | 105 | ||||||||||||
6,055 | 6,072 | 18,805 | 20,830 | |||||||||||||
Gross Margin
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2,488 | 1,967 | 6,728 | 6,045 | ||||||||||||
Operating Expenses:
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General and administrative
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1,737 | 1,757 | 5,175 | 5,429 | ||||||||||||
Selling
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235 | 140 | 531 | 553 | ||||||||||||
Research and development
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44 | 49 | 138 | 150 | ||||||||||||
Impairment loss
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-- | -- | 70 | -- | ||||||||||||
Loss on disposal of property, plant and equipment
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-- | -- | 28 | 11 | ||||||||||||
Total operating expenses
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2,016 | 1,946 | 5,942 | 6,143 | ||||||||||||
Income (loss) from Operations
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472 | 21 | 786 | (98 | ) | |||||||||||
Other Expenses (Income)
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Interest expense
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(52 | ) | (62 | ) | (174 | ) | (196 | ) | ||||||||
Other income, net
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3 | 77 | 57 | 36 | ||||||||||||
Total other (expense) income
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(49 | ) | 15 | (117 | ) | (160 | ) | |||||||||
Income (loss) from Continuing Operations before Income Taxes
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423 | 36 | 669 | (258 | ) | |||||||||||
Income Tax (Expense) Benefit
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(170 | ) | 184 | (256 | ) | 266 | ||||||||||
Income from Continuing Operations before Non-controlling Interest, net of tax
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253 | 220 | 413 | 8 | ||||||||||||
(Loss) Income from discontinued operations, net of tax
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(13 | ) | 34 | 7 | (38 | ) | ||||||||||
NET INCOME (LOSS)
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$ | 240 | $ | 254 | $ | 420 | $ | (30 | ) | |||||||
Less: Net income attributable to the non-controlling interest
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41 | 97 | 251 | 195 | ||||||||||||
Net Income (loss) attributable to Trio-Tech International
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199 | 157 | 169 | (225 | ) | |||||||||||
Net Income (Loss) Attributable to Trio-Tech International:
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Income (loss) from continuing operations, net of tax
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207 | 138 | 166 | (204 | ) | |||||||||||
(Loss) Income from discontinued operations, net of tax
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(8 | ) | 19 | 3 | (21 | ) | ||||||||||
Net Income (Loss) Attributable to Trio-Tech International
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$ | 199 | $ | 157 | $ | 169 | $ | (225 | ) | |||||||
Basic and diluted earnings (loss) per share
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From continuing operations
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$ | 0.06 | $ | 0.04 | $ | 0.05 | $ | (0.06 | ) | |||||||
From discontinued operations
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-- | 0.01 | -- | -- | ||||||||||||
Basic and diluted Earnings (Loss) per Share
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$ | 0.06 | $ | 0.05 | $ | 0.05 | $ | (0.06 | ) | |||||||
Weighted Average Shares Outstanding - Basic
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3,513 | 3,513 | 3,513 | 3,513 | ||||||||||||
Weighted Average Shares Outstanding - Diluted
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3,529 | 3,582 | 3,554 | 3,513 |
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
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UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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Comprehensive Income (Loss) Attributable to Trio-Tech International
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Net income (loss)
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$ | 240 | $ | 254 | $ | 420 | $ | (30 | ) | |||||||
Foreign currency translation, net of tax
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(353 | ) | (249 | ) | (767 | ) | (394 | ) | ||||||||
Comprehensive (Loss) Income
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(113 | ) | 5 | (347 | ) | (424 | ) | |||||||||
Less: Comprehensive (loss) income
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attributable to non-controlling interests
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(39 | ) | 88 | 110 | 82 | |||||||||||
Comprehensive Loss Attributable to Trio-Tech International
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(74 | ) | (83 | ) | (457 | ) | (506 | ) |
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
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(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
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March 31,
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June 30,
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|||||||
2015
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2014
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ASSETS
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CURRENT ASSETS:
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Cash and cash equivalents
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$ | 2,373 | $ | 2,938 | ||||
Short-term deposits
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104 | 102 | ||||||
Trade accounts receivable, net
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8,361 | 8,625 | ||||||
Other receivables
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284 | 311 | ||||||
Inventories, net
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1,410 | 1,106 | ||||||
Prepaid expenses and other current assets
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302 | 205 | ||||||
Total current assets
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12,834 | 13,287 | ||||||
Deferred tax assets
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360 | 388 | ||||||
Investment properties, net
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1,669 | 1,765 | ||||||
Property, plant and equipment, net
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12,208 | 13,541 | ||||||
Loans receivable from property development projects
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-- | 805 | ||||||
Other assets
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2,029 | 1,263 | ||||||
Restricted term deposits
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2,610 | 3,541 | ||||||
Total non-current assets
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18,876 | 21,303 | ||||||
TOTAL ASSETS
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$ | 31,710 | $ | 34,590 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Lines of credit
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$ | 1,819 | $ | 3,767 | ||||
Accounts payable
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2,387 | 3,162 | ||||||
Accrued expenses
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3,765 | 3,046 | ||||||
Income taxes payable
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241 | 214 | ||||||
Current portion of bank loans payable
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169 | 448 | ||||||
Current portion of capital leases
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146 | 81 | ||||||
Total current liabilities
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8,527 | 10,718 | ||||||
Bank loans payable, net of current portion
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2,118 | 2,598 | ||||||
Capital leases, net of current portion
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274 | 200 | ||||||
Deferred tax liabilities
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164 | 202 | ||||||
Other non-current liabilities
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39 | 39 | ||||||
Total non-current liabilities
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2,595 | 3,039 | ||||||
TOTAL LIABILITIES
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11,122 | 13,757 | ||||||
COMMITMENTS AND CONTINGENCIES
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EQUITY
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TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:
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Common stock, no par value, 15,000,000 shares authorized; 3,513,055
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shares issued and outstanding at March 31, 2015, and June 30, 2014
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10,882 | 10,882 | ||||||
Paid-in capital
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3,078 | 2,972 | ||||||
Accumulated retained earnings
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1,891 | 1,725 | ||||||
Accumulated other comprehensive gain-translation adjustments
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2,896 | 3,522 | ||||||
Total Trio-Tech International shareholders' equity
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18,747 | 19,101 | ||||||
NON-CONTROLLING INTERESTS
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1,841 | 1,732 | ||||||
TOTAL EQUITY
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20,588 | 20,833 | ||||||
TOTAL LIABILITIES AND EQUITY
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$ | 31,710 | $ | 34,590 |
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