1-14523
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95-2086631
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(Commission File
Number)
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(IRS Employer
Identification No.)
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16139 Wyandotte Street, Van Nuys,
California
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91406
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(Address of
Principal Executive Offices)
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(Zip
Code)
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Date:
November 15, 2016
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TRIO-TECH
INTERNATIONAL
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By:
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/s/ VICTOR H.M. TING |
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Name: |
Victor H.M.
Ting,
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Title: |
Vice
President and
Chief
Financial Officer
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LOS
ANGELES
SINGAPORE
KUALA
LUMPUR
SUZHOU
TIANJIN
CHONGQING
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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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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
September 30,
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Revenue
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2016
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2015
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Products
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$3,671
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$3,140
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Testing services
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4,157
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3,783
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Distribution
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1,104
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975
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Other
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39
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32
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8,971
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7,930
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Cost of Sales
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Cost of products sold
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2,795
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2,109
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Cost of testing services rendered
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2,814
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2,758
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Distribution
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991
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853
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Other
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13
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32
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6,613
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5,752
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Gross Margin
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2,358
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2,178
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Operating Expenses:
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General and administrative
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1,743
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1,662
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Selling
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185
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171
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Research and development
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53
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46
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Total operating expenses
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1,981
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1,879
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Income
from Operations
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377
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299
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Other Income
(Expenses)
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Interest expense
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(58)
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(53)
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Other income, net
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110
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208
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Total other income
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52
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155
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Income from Continuing Operations before Income Taxes
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429
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454
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Income Tax (Expense)
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(83)
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(67)
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Income
from Continuing Operations
before Non-controlling Interest, net of tax
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346
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387
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Loss
(income)
from discontinued operations, net of tax
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1
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(10)
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NET INCOME
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347
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377
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Less: Net income attributable to the non-controlling interest
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44
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118
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Net Income attributable to Trio-Tech International
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$303
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$259
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Net Income (Loss) Attributable to Trio-Tech International:
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Income from continuing operations, net of tax
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303
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264
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(Loss)
from discontinued operations, net of tax
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--
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(5)
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Net Income Attributable to Trio-Tech International
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$303
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$259
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Earnings per share
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Basic
earnings per share
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$0.09
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$0.08
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Diluted
earnings per share
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$0.08
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$0.08
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Weighted Average Shares Outstanding - Basic
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3,513
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3,513
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Weighted Average Shares Outstanding - Diluted
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3,579
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3,521
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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
September 30,
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Comprehensive Income (Loss)
Attributable to Trio-Tech International:
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2016
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2015
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Net income
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$347
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$377
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Foreign currency translation, net of tax
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(283)
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(1,425)
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Comprehensive (Loss)
Income
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64
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(1,048)
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Less: Comprehensive
(Loss)
attributable to non-controlling interests
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(21)
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(252)
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Comprehensive Income
(Loss) Attributable to Trio-Tech International
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$85
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$(796)
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
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Sep.
30,
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June 30,
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2016
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2016
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ASSETS
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(unaudited)
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CURRENT ASSETS:
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Cash and cash equivalents
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$4,216
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$3,807
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Short-term deposits
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702
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295
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Trade accounts receivable, net
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8,109
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8,826
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Other receivables
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354
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596
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Inventories, net
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1,179
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1,460
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Prepaid expenses and other current assets
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313
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264
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Assets held for sale
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89
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92
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Total current assets
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14,962
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15,340
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Deferred tax assets
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401
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401
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Investment properties, net
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1,309
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1,340
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Property, plant and equipment, net
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11,032
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11,283
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Other assets
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1,786
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1,788
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Restricted term deposits
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2,041
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2,067
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Total non-current assets
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16,569
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16,879
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TOTAL ASSETS
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$31,531
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$32,219
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LIABILITIES AND SHAREHOLDER'S EQUITY
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CURRENT LIABILITIES:
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Lines of credit
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$1,531
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$2,491
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Accounts payable
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3,311
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2,921
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Accrued expenses
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2,681
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2,642
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Income taxes payable
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202
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230
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Current portion of bank loans payable
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295
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342
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Current portion of capital leases
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226
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235
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Total current liabilities
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8,246
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8,861
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Bank loans payable, net of current portion
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1,623
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1,725
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Capital leases, net of current portion
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437
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503
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Deferred tax liabilities
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246
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216
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Other non-current liabilities
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43
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43
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Total non-current liabilities
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2,349
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2,487
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TOTAL LIABILITIES
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10,595
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11,348
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COMMITMENTS AND CONTINGENCIES
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--
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--
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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 shares
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issued and outstanding at September
30, 2016 and June 30, 2016, respectively
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10,882
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10,882
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Paid-in capital
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3,189
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3,188
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Accumulated retained earnings
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3,328
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3,025
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Accumulated other comprehensive gain-translation adjustments
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1,944
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2,162
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Total Trio-Tech International shareholders' equity
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19,343
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19,257
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Non-controlling interest
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1,593
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1,614
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TOTAL EQUITY
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20,936
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20,871
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TOTAL LIABILITIES AND EQUITY
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$31,531
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$32,219
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