1-14523 | 95-2086631 | |
(Commission File Number) | (IRS Employer Identification No.) | |
16139 Wyandotte Street, Van Nuys, California | 91406 | |
(Address of Principal Executive Offices) | (Zip Code) |
TRIO-TECH INTERNATIONAL | ||
By: /s/ VICTOR H.M. TING
Name: Victor H.M. Ting,
Title: Vice President and
Chief Financial Officer
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Exhibit Number | Description | |
99.1
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Press Release of Trio-Tech International dated September 28, 2015 |
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LOS ANGELES
SINGAPORE
KUALA LUMPUR
BANGKOK
SUZHOU
TIANJIN
CHONGQING
|
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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Fourth quarter net income increased to $0.10 per share compared to $0.07 per share for the fourth quarter of fiscal 2014.
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Fiscal 2015 net income increased to $0.15 per share compared to $0.01 per share for fiscal 2014.
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Fourth quarter operating income increased to $421,000 compared to $96,000 for the fourth quarter of fiscal 2014.
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Fiscal 2015 operating income increased to $1,207,000 compared to an operating loss of $2,000 for fiscal 2014.
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Cash and cash equivalents increased to $3,711,000 at June 30, 2015 compared to $2,938,000 at the close of fiscal 2014.
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
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AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
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||||||||||||||||
Three Months Ended
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Twelve Months Ended
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|||||||||||||||
June 30,
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June 30
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|||||||||||||||
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2015
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2014
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2015
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2014
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||||||||||||
Revenue | ||||||||||||||||
Products
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$ | 4,165 | $ | 4,573 | $ | 15,739 | $ | 18,068 | ||||||||
Testing services
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4,191 | 4,773 | 18,020 | 18,017 | ||||||||||||
Others
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43 | 41 | 173 | 177 | ||||||||||||
8,399 | 9,387 | 33,932 | 36,262 | |||||||||||||
Cost of Sales
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Cost of products sold
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3,100 | 3,918 | 12,811 | 15,223 | ||||||||||||
Cost of testing services rendered
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3,068 | 3,181 | 12,059 | 12,601 | ||||||||||||
Other
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34 | 34 | 137 | 139 | ||||||||||||
6,202 | 7,133 | 25,007 | 27,963 | |||||||||||||
Gross Margin
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2,197 | 2,254 | 8,925 | 8,299 | ||||||||||||
Operating Expenses:
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General and administrative
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1,673 | 1,934 | 6,848 | 7,363 | ||||||||||||
Selling
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186 | 179 | 717 | 732 | ||||||||||||
Research and development
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44 | 46 | 182 | 196 | ||||||||||||
Impairment loss
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-- | -- | 70 | -- | ||||||||||||
(Gain) Loss on disposal of property, plant and equipment
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(127 | ) | (1 | ) | (99 | ) | 10 | |||||||||
Total operating expenses
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1,776 | 2,158 | 7,718 | 8,301 | ||||||||||||
Income (loss) from Operations
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421 | 96 | 1,207 | (2 | ) | |||||||||||
Other Income (Expense)
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Interest expense
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(71 | ) | (67 | ) | (245 | ) | (263 | ) | ||||||||
Other income, net
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307 | 127 | 363 | 163 | ||||||||||||
Total other income (expense)
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236 | 60 | 118 | (100 | ) | |||||||||||
Income (loss) from Continuing Operations before Income Taxes
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657 | 156 | 1,325 | (102 | ) | |||||||||||
Income Tax (Expense) Benefit
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(251 | ) | 78 | (507 | ) | 344 | ||||||||||
Income from Continuing Operations
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before Non-controlling Interest, net of tax
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406 | 234 | 818 | 242 | ||||||||||||
Loss (income) from discontinued operations, net of tax
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(1 | ) | (3 | ) | 6 | (41 | ) | |||||||||
NET INCOME
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405 | 231 | 824 | 201 | ||||||||||||
Less: Net income attributable to the non-controlling interest
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52 | 51 | 303 | 144 | ||||||||||||
Net Income attributable to Trio-Tech International
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$ | 353 | $ | 282 | $ | 521 | $ | 57 | ||||||||
Net Income (Loss) Attributable to Trio-Tech International:
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Income from continuing operations, net of tax
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352 | 285 | 517 | 81 | ||||||||||||
Income (loss) from discontinued operations, net of tax
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1 | (3 | ) | 4 | (24 | ) | ||||||||||
Net Income Attributable to Trio-Tech International
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$ | 353 | $ | 282 | $ | 521 | $ | 57 | ||||||||
Basic and diluted earnings (loss) per share
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From continuing operations
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$ | 0.10 | $ | 0.08 | $ | 0.15 | $ | 0.02 | ||||||||
From discontinued operations
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0.00 | (0.01 | ) | -- | (0.01 | ) | ||||||||||
Basic and diluted Earnings per Share
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$ | 0.10 | $ | 0.07 | $ | 0.15 | $ | 0.01 | ||||||||
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 | 3,549 | 3,529 | 3,549 |
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
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AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
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Three Months Ended
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Twelve Months Ended
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|||||||||||||||
June 30,
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June 30,
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|||||||||||||||
2015
|
2014
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2015
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2014
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Comprehensive Income (Loss)
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Attributable to Trio-Tech International:
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Net income (loss)
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$ | 405 | $ | 231 | $ | 824 | $ | 201 | ||||||||
Foreign currency translation, net of tax
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(282 | ) | 166 | (1,050 | ) | (228 | ) | |||||||||
Comprehensive Income (Loss)
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123 | 397 | (226 | ) | (27 | ) | ||||||||||
Less: Comprehensive (loss) income
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attributable to non-controlling interests
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(105 | ) | 8 | 4 | 74 | |||||||||||
Comprehensive Income (Loss)
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Attributable to Trio-Tech International
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$ | 228 | $ | 405 | $ | (230 | ) | $ | (101 | ) | ||||||
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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June 30,
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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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$ | 3,711 | $ | 2,938 | ||||
Short-term deposits
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101 | 102 | ||||||
Trade accounts receivable, net
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7,875 | 8,625 | ||||||
Other receivables
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389 | 311 | ||||||
Inventories, net
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1,141 | 1,106 | ||||||
Prepaid expenses and other current assets
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244 | 205 | ||||||
Assets held for sale
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98 | -- | ||||||
Total current assets
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13,559 | 13,287 | ||||||
Deferred tax assets
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453 | 388 | ||||||
Investment properties, net
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1,540 | 1,765 | ||||||
Property, plant and equipment, net
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12,522 | 13,541 | ||||||
Loans receivable from property development projects
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-- | 805 | ||||||
Other assets
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1,823 | 1,263 | ||||||
Restricted term deposits
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2,140 | 3,541 | ||||||
Total non-current assets
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18,478 | 21,303 | ||||||
TOTAL ASSETS
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$ | 32,037 | $ | 34,590 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Lines of credit
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$ | 1,578 | $ | 3,767 | ||||
Accounts payable
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2,770 | 3,162 | ||||||
Accrued expenses
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3,084 | 3,046 | ||||||
Income taxes payable
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296 | 214 | ||||||
Current portion of bank loans payable
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346 | 448 | ||||||
Current portion of capital leases
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197 | 81 | ||||||
Total current liabilities
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8,271 | 10,718 | ||||||
Bank loans payable, net of current portion
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2,198 | 2,598 | ||||||
Capital leases, net of current portion
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475 | 200 | ||||||
Deferred tax liabilities
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333 | 202 | ||||||
Other non-current liabilities
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38 | 39 | ||||||
Total non-current liabilities
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3,044 | 3,039 | ||||||
TOTAL LIABILITIES
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11,315 | 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 June 30, 2015, and June 30, 2014
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10,882 | 10,882 | ||||||
Paid-in capital
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3,087 | 2,972 | ||||||
Accumulated retained earnings
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2,246 | 1,725 | ||||||
Accumulated other comprehensive gain-translation adjustments
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2,771 | 3,522 | ||||||
Total Trio-Tech International shareholders' equity
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18,986 | 19,101 | ||||||
NON-CONTROLLING INTERESTS
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1,736 | 1,732 | ||||||
TOTAL EQUITY
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20,722 | 20,833 | ||||||
TOTAL LIABILITIES AND EQUITY
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$ | 32,037 | $ | 34,590 |