Trio-Tech International (NYSE MKT: TRT) today announced financial results for the first quarter of fiscal 2023.

Revenue for the three months ended September 30, 2022 increased 17% to $11,939,000 compared to $10,171,000 for the three months ended September 30, 2021, highlighted by a 38% increase in testing services revenue.

Overall gross margin increased 14%, but declined to 30% of revenue compared to 31% of revenue in the same quarter last year, primarily related to lower margin product mix at testing services and manufacturing operations.

Net income for the first quarter of fiscal 2023 was $882,000, or $0.21 per diluted share, compared to net income of $917,000, or $0.23 per diluted share, for the first quarter last year.

Shareholders' equity at September 30, 2022 decreased to $27,818,000, or $6.82 per outstanding share, compared to $28,002,000, or $6.88 per outstanding share at June 30, 2022. There were approximately 4,077,000 and 4,072,000 common shares outstanding at September 30, 2022 and June 30, 2022, respectively.

CEO Comments

S.W. Yong, Trio-Tech's CEO, said, “Remarkable revenue growth in our testing services business was the key to another successful quarter for our company, and our manufacturing segment delivered modest revenue growth as well. With encouraging backlog and a strong balance sheet, including cash and short-term deposits of $12,257,000, or about $3.00 per outstanding share, we remain cautiously optimistic about Trio-Tech’s financial performance for fiscal 2023.”

About Trio‑Tech

Established in 1958, Trio-Tech International is located in Van Nuys, California, with its Principal Executive Office and regional headquarters in Singapore. Trio-Tech International is a diversified business group with interests in semiconductor testing services, manufacturing and distribution of semiconductor testing equipment, and real estate. Our subsidiary locations include Tianjin, Suzhou, Chongqing and Jiangsu in China, as well as Kuala Lumpur Malaysia and Bangkok Thailand. Further information about Trio-Tech's semiconductor products and services can be obtained from the Company's Web site at www.triotech.com and www.universalfareast.com.

Forward Looking Statements

This press release contains statements that are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company. In light of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward looking statements made by or on behalf of the Company: market acceptance of Company products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company's products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company's products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; risks associated with conducting business internationally and especially in Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; public health issues related to the COVID-19 pandemic; geopolitical conflicts, including the war in Ukraine; trade tension between U.S. and China and other economic, financial and regulatory factors beyond the Company's control. Other than statements of historical fact, all statements made in this release are forward looking, including, but not limited to, statements regarding industry prospects, future results of operations or financial position, and statements of our intent, belief and current expectations about our strategic direction, prospective and future financial results and condition. In some cases, you can identify forward looking statements by the use of terminology such as "may," "will," "expects," "plans," "anticipates," "estimates," "potential," "believes," "can impact," "continue," or the negative thereof or other comparable terminology. Forward looking statements involve risks and uncertainties that are inherently difficult to predict, which could cause actual outcomes and results to differ materially from our expectations, forecasts and assumptions. Many of these risks and uncertainties are beyond the Company's control. Reference is made to the discussion of risk factors detailed in the Company's filings with the Securities and Exchange Commission including its reports on Form 10-K and 10-Q. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made.

TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

 

 

 

 

 

 

Three Months Ended

 

 

September 30,

Revenue

2022

 

2021

 

Manufacturing

$

3,585

 

 

$

3,562

 

 

Testing services

 

6,364

 

 

 

4,600

 

 

Distribution

 

1,982

 

 

 

1,998

 

 

Real estate

 

8

 

 

 

11

 

 

 

 

 

11,939

 

 

 

10,171

 

Cost of Sales

 

 

 

 

Cost of manufactured products sold

 

2,525

 

 

 

2,434

 

 

Cost of testing services rendered

 

4,126

 

 

 

2,883

 

 

Cost of distribution

 

1,648

 

 

 

1,656

 

 

Cost of real estate

 

18

 

 

 

19

 

 

 

 

 

8,317

 

 

 

6,992

 

Gross Margin

 

3,622

 

 

 

3,179

 

 

 

 

 

 

 

Operating Expense:

 

 

 

 

General and administrative

 

2,305

 

 

 

1,980

 

 

Selling

 

173

 

 

 

147

 

 

Research and development

 

73

 

 

 

82

 

 

Gain on disposal of property, plant and equipment

 

4

 

 

 

--

 

 

 

Total operating expense

 

2,555

 

 

 

2,209

 

Income from Operations

 

1,067

 

 

 

970

 

Other Income / (Expense)

 

 

 

 

Interest expense

 

(44

)

 

 

(28

)

 

Other income, net

 

179

 

 

 

161

 

 

 

Total other income

 

135

 

 

 

133

 

Income from Continuing Operations before Income Taxes

 

1,202

 

 

 

1,103

 

Income Tax Expense

 

(225

)

 

 

(180

)

Income from Continuing Operations before Non-controlling Interest, net of tax

 

977

 

 

 

923

 

Income from Discontinued Operations, net of tax

 

1

 

 

 

5

 

NET INCOME

 

978

 

 

 

928

 

Less: Net Income Attributable to the Non-controlling Interest

 

96

 

 

 

11

 

Net Income Attributable to Trio-Tech International

 

882

 

 

 

917

 

Net Income Attributable to Trio-Tech International:

 

 

 

 

Income from continuing operations, net of tax

 

882

 

 

 

914

 

 

Income from discontinued operations, net of tax

 

--

 

 

 

3

 

 

Net Income Attributable to Trio-Tech International

$

882

 

 

$

917

 

Earnings per share

 

 

 

 

Basic earnings per share

$

0.22

 

 

$

0.23

 

 

Diluted earnings per share

$

0.21

 

 

$

0.23

 

Weighted Average Shares Outstanding - Basic

 

4,077

 

 

 

3,913

 

Weighted Average Shares Outstanding - Diluted

4,158

4,007 

 

TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

 

Three Months Ended

September 30,

 

 

2022

 

 

 

2021

 

Comprehensive Income Attributable to Trio-Tech International:

 

 

 

Net Income

$

978

 

 

$

928

 

Foreign Currency Translation, net of tax

 

(1,213

)

 

 

(289

)

Comprehensive (Loss) / Income

 

(235

)

 

 

639

 

Less: Comprehensive Income Attributable to Non-controlling Interests

 

79

 

 

 

4

 

Comprehensive (Loss) / Income Attributable to Trio-Tech International

$

(314

)

 

$

635

 

TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT NUMBER OF SHARES)

 

 

 

 

 

 

Sep. 30,

 

June 30,

2022

 

2022

ASSETS

(Unaudited)

 

(Audited)

CURRENT ASSETS:

 

 

 

Cash and cash equivalents

$

9,428

 

$

7,698

Short-term deposits

 

2,829

 

 

5,420

Trade account receivables, net

 

12,491

 

 

11,592

Other receivables

 

942

 

 

998

Inventories, net

 

3,548

 

 

2,258

Prepaid expenses and other current assets

 

631

 

 

1,215

Financed sales receivable

 

20

 

 

21

Total current assets

 

29,889

 

 

29,202

Deferred tax assets

 

173

 

 

169

Investment properties, net

 

533

 

 

585

Property, plant and equipment, net

 

8,687

 

 

8,481

Operating lease right-of-use assets

 

2,759

 

 

3,152

Other assets

 

121

 

 

137

Financed sales receivable

 

11

 

 

17

Restricted term deposits

 

1,632

 

 

1,678

Total non-current assets

 

13,916

 

 

14,219

TOTAL ASSETS

$

43,805

 

$

43,421

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

CURRENT LIABILITIES:

 

 

 

Lines of credit

$

482

 

$

929

Accounts payable

 

3,469

 

 

2,401

Accrued expense

 

6,179

 

 

6,004

Income taxes payable

 

968

 

 

787

Current portion of bank loans payable

 

491

 

 

472

Current portion of finance leases

 

104

 

 

118

Current portion of operating leases

 

1,130

 

 

1,218

Total current liabilities

 

12,823

 

 

11,929

Bank loans payable, net of current portion

 

1,251

 

 

1,272

Finance leases, net of current portion

 

91

 

 

119

Operating leases, net of current portion

 

1,629

 

 

1,934

Income taxes payable

 

137

 

 

137

Deferred tax liabilities

 

30

 

 

--

Other non-current liabilities

 

26

 

 

28

Total non-current liabilities

 

3,164

 

 

3,490

TOTAL LIABILITIES

 

15,987

 

 

15,419

 

 

 

 

EQUITY

 

 

 

TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:

 

 

 

Common stock, no par value, 15,000,000 shares authorized; 4,076,680 and 4,071,680

 

 

 

shares issued and outstanding at September 30, 2022 and June 30, 2022, respectively

 

12,769

 

 

12,750

Paid-in capital

 

4,740

 

 

4,708

Accumulated retained earnings

 

10,101

 

 

9,219

Accumulated other comprehensive gain-translation adjustments

 

1

 

 

1,197

Total Trio-Tech International shareholders' equity

 

27,611

 

 

27,874

Non-controlling interest

 

207

 

 

128

TOTAL EQUITY

 

27,818

 

 

28,002

TOTAL LIABILITIES AND EQUITY

$

43,805

 

$

43,421

 

Company Contact: A. Charles Wilson Chairman (818) 787-7000

Investor Contact: Berkman Associates (310) 927-3108 robert.jacobs@jacobscon.com

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