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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TRIO-TECH
INTERNATIONAL
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November 15,
2018
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By:
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/s/
Victor
H.M. Ting
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Victor H.M.
Ting
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Vice
President and Chief
Financial Officer
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LOS
ANGELES
SINGAPORE
KUALA
LUMPUR
INDONESIA
BANGKOK
SUZHOU
TIANJIN
CHONGQING
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FOR IMMEDIATE RELEASE
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Company
Contact:
Investor Contact:
A.
Charles
Wilson
Berkman Associates
Chairman
(310) 477-3118
(818)
787-7000
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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|||||
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Three Months Ended
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September 30
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Revenue
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2018
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2017
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Manufacturing
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$3,637
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$4,765
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Testing services
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4,437
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4,605
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Distribution
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1,944
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1,536
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Others
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27
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39
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10,045
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10,945
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Cost of Sales
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Cost of products sold
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2,857
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3,649
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Cost of testing services rendered
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3,383
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3,139
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Distribution
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1,686
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1,368
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Others
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18
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29
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7,944
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8,185
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Gross Margin
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2,101
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2,760
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Operating Expenses:
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General and administrative
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1,759
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1,839
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Selling
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147
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179
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Research and development
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72
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184
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Loss
on
disposal of property, plant and equipment
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--
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11
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Total operating expenses
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1,978
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2,213
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Income from Operations
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123
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547
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Other Income (Expenses)
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Interest expenses
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(78)
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(58)
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Other income, net
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43
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158
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Total other (Expenses)
income
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(35)
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100
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Income from Continuing Operations before Income Taxes
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88
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647
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Income Tax Expense
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(74)
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(42)
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Income from Continuing Operations before Non-controlling Interest, net of tax
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14
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605
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(Loss) from discontinued operations, net of tax
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(8)
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(3)
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NET INCOME
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6
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602
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Less: Net income attributable to the non-controlling interest
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(59)
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27
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Net Income attributable to Trio-Tech International
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$65
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$575
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Net Income Attributable to Trio-Tech International:
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Income from continuing operations, net of tax
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69
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576
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Loss from discontinued operations, net of tax
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(4)
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(1)
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Net Income Attributable to Trio-Tech International
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$65
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$575
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Earnings per share
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Basic earnings per share
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$0.02
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$0.16
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Diluted earnings per share
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$0.02
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$0.16
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Weighted Average Shares Outstanding - Basic
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3,608
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3,533
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Weighted Average Shares Outstanding - Diluted
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3,732
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3,673
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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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September 30,
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2018
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2017
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Comprehensive Income Attributable to Trio-Tech International:
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Net income
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$6
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$602
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Foreign currency translation, net of tax
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(539)
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375
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Comprehensive (Loss)
Income
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(533)
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977
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Less: comprehensive (loss)
income attributable to non-controlling interests
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(135)
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27
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comprehensive (loss)
Income Attributable to Trio-Tech International
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$(398)
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$950
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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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||||
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Sep. 30,
2018
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June 30,
2018
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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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$7,101
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$6,539
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Short-term deposits
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1,011
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653
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Trade accounts receivable, net
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8,121
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7,747
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Other receivables
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889
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881
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Inventories, net
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2,386
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2,930
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Prepaid expenses and other current assets
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330
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208
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Assets held for sale
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486
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91
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Total current assets
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20,324
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19,049
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Deferred tax assets
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406
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400
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Investment properties, net
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693
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1,146
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Property, plant and equipment, net
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12,267
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11,935
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Other assets
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1,664
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2,249
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Restricted term deposits
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1,685
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1,695
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Total non-current assets
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16,715
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17,425
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TOTAL ASSETS
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$37,039
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$36,474
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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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$2,133
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$2,043
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Accounts payable
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2,939
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3,704
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Accrued expenses
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3,571
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3,172
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Income taxes payable
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255
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285
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Current portion of bank loans payable
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478
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367
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Current portion of capital leases
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248
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250
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Total current liabilities
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9,624
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9,821
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Bank loans payable, net of current portion
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2,647
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1,437
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Capital leases, net of current portion
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450
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524
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Deferred tax liabilities
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359
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327
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Income
taxes payable
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756
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828
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Other non-current liabilities
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36
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36
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Total non-current liabilities
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4,248
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3,152
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TOTAL LIABILITIES
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$13,872
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$12,973
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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;
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3,608,055 and
3,553,055 issued and outstanding at
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September
30, 2018 and June 30, 2018,
respectively
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$11,222
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$11,023
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Paid-in capital
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3,251
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3,249
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Accumulated retained earnings
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5,590
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5,525
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Accumulated other comprehensive gain-translation adjustments
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1,719
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2,182
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Total Trio-Tech International shareholders' equity
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21,782
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21,979
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Non-controlling interest
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1,385
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1,522
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TOTAL EQUITY
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$23,167
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$23,501
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TOTAL LIABILITIES AND EQUITY
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$37,039
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$36,474
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