TRIO-TECH
INTERNATIONAL
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(Exact Name of
Registrant as Specified in Its Charter
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California
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(State or Other
Jurisdiction of Incorporation)
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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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(818)
787-7000
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(Registrant’s
Telephone Number, Including Area Code)
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(Former
Name or Former Address, if Changed Since Last Report)
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TRIO-TECH
INTERNATIONAL
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|
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|
May 21,
2018
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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
BANGKOK
SUZHOU
TIANJIN
CHONGQING
|
FOR IMMEDIATE
RELEASE
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Company Contact:
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Investor Contact:
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A. Charles Wilson
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Berkman
Associates
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Chairman
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(310) 477-3118
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(818) 787-7000
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info@BerkmanAssociates.com
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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|||||||||
CONDENSED
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
|
Nine Months Ended
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||
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March 31,
|
March 31,
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Revenue
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2018
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2017
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2018
|
2017
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|
|
|
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Manufacturing
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$3,124
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$4,230
|
$11,862
|
$11,221
|
Testing Services
|
4,913
|
3,977
|
14,454
|
12,204
|
Distribution
|
2,033
|
1,581
|
5,175
|
4,360
|
Others
|
34
|
37
|
110
|
115
|
|
10,104
|
9,825
|
31,601
|
27,900
|
Costs of Sales
|
|
|
|
|
Cost of manufactured
products sold
|
2,530
|
3,345
|
9,246
|
8,762
|
Cost of testing services rendered
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3,491
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2,597
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9,881
|
8,069
|
Cost of
distribution
|
1,821
|
1,407
|
4,598
|
3,899
|
Others
|
30
|
29
|
89
|
71
|
|
7,872
|
7,378
|
23,814
|
20,801
|
|
|
|
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Gross Margin
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2,232
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2,447
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7,787
|
7,099
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Operating Expenses:
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General and administrative
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1,773
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1,659
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5,339
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5,178
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Selling
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181
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222
|
612
|
587
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Research and development
|
75
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51
|
377
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156
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(Gain) Loss
on disposal of property, plant and equipment
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(31)
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30
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(20)
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38
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Total operating expenses
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1,998
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1,962
|
6,308
|
5,959
|
|
|
|
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Income
from Operations
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234
|
485
|
1,479
|
1,140
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|
|
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Other (Expenses)
Income
|
|
|
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Interest expense
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(64)
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(43)
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(174)
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(149)
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Other income, net
|
111
|
45
|
311
|
358
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Total other income
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47
|
2
|
137
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209
|
|
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Income from Continuing Operations before Income Taxes
|
281
|
487
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1,616
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1,349
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Income Tax Expenses
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(980)
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(106)
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(1,035)
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(256)
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(Loss)
Income from Continuing Operations
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before Non-controlling
Interest, net of tax
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(699)
|
381
|
581
|
1,093
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Loss from
Discontinued Operations, net of tax
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(6)
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(1)
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(11)
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(4)
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NET (LOSS)
INCOME
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(705)
|
380
|
570
|
1,089
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Less: Net Income Attributable to Non-controlling Interest
|
34
|
30
|
61
|
126
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Net (Loss)
Income Attributable to Trio-Tech International
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(739)
|
350
|
509
|
963
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Net Amount
Attributable to Trio-Tech International common
shareholder:
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(Loss)
Income from Continuing Operations, net of tax
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(736)
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351
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520
|
970
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Loss from Discontinued Operations, net of tax
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(3)
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(1)
|
(11)
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(7)
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Net (Loss)
Income Attributable to Trio-Tech International
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$(739)
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$350
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$509
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$963
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Basic (Loss)
Earnings per Share
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$(0.21)
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$0.10
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$0.15
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$0.28
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Diluted (Loss)
Earnings per Share
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$(0.20)
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$0.10
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$0.14
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$0.27
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Weighted Average Shares Outstanding - Basic
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3,553
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3,523
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3,553
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3,523
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Weighted Average Shares Outstanding - Diluted
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3,772
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3,639
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3,778
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3,577
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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|||||||
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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|||||||
UNAUDITED (IN THOUSANDS)
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|||||||
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|||||||
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Three Months Ended
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Nine Months Ended
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||
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March 31,
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March 31,
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||
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2018
|
2017
|
2018
|
2017
|
Comprehensive
Income
Attributable to Trio-Tech
International:
|
|
|
|
|
|
|
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Net (loss)
income
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$(705)
|
$380
|
$570
|
$1,089
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Foreign Currency Translation, net of tax
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849
|
290
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1,809
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(1,087)
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Comprehensive
Income
|
144
|
670
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2,379
|
2
|
|
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Less: Comprehensive Income (Loss)
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Attributable to Non-controlling Interest
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142
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(38)
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255
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(75)
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Comprehensive Income
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Attributable to Trio-Tech International
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$2
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$708
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$2,124
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$77
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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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Mar. 31,
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Jun. 30,
|
|
2018
|
2017
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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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$5,376
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$4,772
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Short-term deposits
|
678
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787
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Trade accounts receivable, net
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8,617
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9,009
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Other receivables
|
392
|
401
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Inventories, net
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2,369
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1,756
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Prepaid expenses and other current assets
|
219
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226
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Asset held for sale
|
96
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86
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Total current assets
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17,747
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17,037
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Deferred tax assets
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453
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375
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Investment properties, net
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1,231
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1,216
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Property, plant and equipment, net
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12,881
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11,291
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Other assets
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2,315
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1,922
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Restricted term deposits
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1,761
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1,657
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Total non-current assets
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18,641
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16,461
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TOTAL ASSETS
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$36,388
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$33,498
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LIABILITIES AND SHAREHOLDERS' EQUITY
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CURRENT LIABILITIES:
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Lines of credit
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$1,311
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$2,556
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Accounts payable
|
2,099
|
3,229
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Accrued expenses
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4,648
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3,043
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Income taxes payable
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1,117
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233
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Current portion of bank loans payable
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376
|
260
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Current portion of capital leases
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260
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228
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|
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Total current liabilities
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9,811
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9,549
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Bank loans payable, net of current portion
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1,593
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1,552
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Capital leases, net of current portion
|
614
|
531
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Deferred tax liabilities
|
404
|
295
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Other non-current liabilities
|
43
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44
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Total non-current liabilities
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2,654
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2,422
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TOTAL LIABILITIES
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12,465
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11,971
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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; 3,553,055 and 3,523,055
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shares issued and outstanding at March 31, 2018 and June 30, 2017, respectively
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11,023
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10,921
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Paid-in capital
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3,246
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3,206
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Accumulated retained earnings
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4,850
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4,341
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Accumulated other comprehensive gain-translation adjustments
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3,248
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1,633
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Total Trio-Tech International shareholders' equity
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22,367
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20,101
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|
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Non-controlling interest
|
1,556
|
1,426
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TOTAL EQUITY
|
23,923
|
21,527
|
|
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TOTAL LIABILITIES AND EQUITY
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$36,388
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$33,498
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