Trio-Tech Reports Second Quarter Net Income of $0.20 Per Share Versus $0.06 on 33% Increase in Revenue
Fiscal 2022 Second Quarter Results
Revenue for the three months ended
Overall gross margin for the second quarter increased to
Net income for the second quarter of fiscal 2022 increased
Shareholders' equity at
CEO Comments
Yong added, “We have successfully established our joint-venture company and installed the first burn-in system at the new facilities of
Fiscal 2022 First Half Results
For the first six months of fiscal 2022, revenue increased
Overall gross margin for the first six months of fiscal 2022 increased to
Net income for the first half of fiscal 2022 increased
About Trio‑Tech
Established in 1958,
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
TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
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UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE) |
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Three Months Ended |
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Six Months Ended |
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|
|
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Revenue |
2021 |
|
2020 |
|
2021 |
|
2020 |
||||
Manufacturing |
|
|
|
|
|
|
|
|
|
|
|
Testing services |
4,966 |
|
|
3,560 |
|
|
9,566 |
|
|
6,514 |
|
Distribution |
2,420 |
|
|
1,065 |
|
|
4,418 |
|
|
2,323 |
|
Real estate |
8 |
|
|
7 |
|
|
19 |
|
|
11 |
|
|
10,922 |
|
|
8,201 |
|
|
21,093 |
|
|
15,042 |
|
Cost of Sales |
|
|
|
|
|
|
|
||||
Cost of manufactured products sold |
2,874 |
|
|
2,770 |
|
|
5,308 |
|
|
4,707 |
|
Cost of testing services rendered |
3,089 |
|
|
2,678 |
|
|
5,972 |
|
|
5,000 |
|
Cost of distribution |
2,050 |
|
|
861 |
|
|
3,706 |
|
|
1,908 |
|
Cost of real estate |
19 |
|
|
22 |
|
|
38 |
|
|
39 |
|
|
8,032 |
|
|
6,331 |
|
|
15,024 |
|
|
11,654 |
|
Gross Margin |
2,890 |
|
|
1,870 |
|
|
6,069 |
|
|
3,388 |
|
Operating Expenses: |
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|
|
|
|
|
|
||||
General and administrative |
1,947 |
|
|
1,662 |
|
|
3,927 |
|
|
3,322 |
|
Selling |
156 |
|
|
122 |
|
|
303 |
|
|
233 |
|
Research and development |
131 |
|
|
123 |
|
|
213 |
|
|
198 |
|
Gain on disposal of property, plant and equipment |
-- |
|
|
-- |
|
|
-- |
|
|
(1 |
) |
Total operating expenses |
2,234 |
|
|
1,907 |
|
|
4,443 |
|
|
3,752 |
|
|
|
|
|
|
|
|
|
||||
Income (Loss) from Operations |
656 |
|
|
(37 |
) |
|
1,626 |
|
|
(364 |
) |
|
|
|
|
|
|
|
|
||||
Other Income (Expenses) |
|
|
|
|
|
|
|
||||
Interest expenses |
(28 |
) |
|
(34 |
) |
|
(56 |
) |
|
(71 |
) |
Other income, net |
381 |
|
|
143 |
|
|
542 |
|
|
354 |
|
Total other income |
353 |
|
|
109 |
|
|
486 |
|
|
283 |
|
|
|
|
|
|
|
|
|
||||
Income (loss) from Continuing Operations before Income Taxes |
1,009 |
|
|
72 |
|
|
2,112 |
|
|
(81 |
) |
Income Tax Expenses |
(153 |
) |
|
-- |
|
|
(333 |
) |
|
(7 |
) |
Income (loss) from Continuing Operations |
|
|
|
|
|
|
|
||||
before Non-controlling Interest, Net of Tax |
856 |
|
|
72 |
|
|
1,779 |
|
|
(88 |
) |
(Loss) Income from Discontinued Operations, Net of Tax |
-- |
|
|
(21 |
) |
|
5 |
|
|
(27 |
) |
NET INCOME (LOSS) |
856 |
|
|
51 |
|
|
1,784 |
|
|
(115 |
) |
Less: Income (Loss) Attributable to Non-controlling Interest |
1 |
|
|
(184 |
) |
|
12 |
|
|
(342 |
) |
|
|
|
|
|
|
|
|
||||
Net Income Attributable to |
855 |
|
|
235 |
|
|
1,772 |
|
|
227 |
|
Net Income Attributable to |
|
|
|
|
|
|
|
||||
Income from Continuing Operations, Net of Tax |
856 |
|
|
246 |
|
|
1,770 |
|
|
241 |
|
(Loss) Income from Discontinued Operations, Net of Tax |
(1 |
) |
|
(11 |
) |
|
2 |
|
|
(14 |
) |
Net Income attributable to |
|
|
|
|
|
|
|
|
|
|
|
Basic Earnings per Share |
|
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Weighted Average Shares Outstanding - Basic |
3,923 |
|
|
3,710 |
|
|
3,923 |
|
|
3,710 |
|
Weighted Average Shares Outstanding - Diluted |
4,242 |
|
|
3,800 |
|
4,129 |
|
|
3,793 |
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TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
|||||||||
UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE) |
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|
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|
Three Months Ended |
|
Six Months Ended |
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|
|
|
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2021 |
|
2020 |
|
2021 |
|
2020 |
|||
Comprehensive Income Attributable to Trio-Tech International Common Shareholders: |
|
|
|
|
|
|
|
||
Net income (loss) |
|
|
|
|
|
|
|
|
) |
Foreign Currency Translation, Net of Tax |
251 |
|
943 |
|
(38 |
) |
|
1,583 |
|
Comprehensive Income |
1,107 |
|
994 |
|
1,746 |
|
|
1,468 |
|
Less: Comprehensive income (loss) Attributable To Non-controlling Interest |
2 |
|
(197) |
|
6 |
|
|
(319 |
) |
Comprehensive Income Attributable to Trio-Tech International Common Shareholders |
|
|
|
|
|
|
|
|
|
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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|
|
|
|
|
|
|
|
2021 |
|
2021 |
|
ASSETS |
(unaudited) |
|
|
CURRENT ASSETS: |
|
|
|
Cash and cash equivalents |
|
|
|
Short-term deposits |
4,997 |
|
6,651 |
Trade accounts receivable, net |
9,839 |
|
8,293 |
Other receivables |
2,387 |
|
662 |
Inventories, net |
2,572 |
|
2,080 |
Prepaid expenses and other current assets |
511 |
|
418 |
Financed Sales Receivable |
21 |
|
19 |
Total current assets |
27,853 |
|
23,959 |
|
|
|
|
Deferred tax assets |
169 |
|
217 |
Investment properties, net |
653 |
|
681 |
Property, plant and equipment, net |
9,267 |
|
9,531 |
Operating lease right-of-use assets |
2,699 |
|
1,876 |
Other assets |
147 |
|
262 |
Restricted term deposits |
1,735 |
|
1,741 |
Financed Sales Receivable |
29 |
|
39 |
Total non-current assets |
14,699 |
|
14,347 |
TOTAL ASSETS |
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
CURRENT LIABILITIES: |
|
|
|
Lines of credit |
|
|
|
Accounts payable |
3,961 |
|
3,702 |
Accrued expenses |
4,744 |
|
3,363 |
Income taxes payable |
351 |
|
314 |
Current portion of bank loans payable |
445 |
|
439 |
Current portion of finance leases |
163 |
|
197 |
Current portion of operating leases |
845 |
|
672 |
Total current liabilities |
10,986 |
|
8,759 |
Bank loans payable, net of current portion |
1,386 |
|
1,621 |
Finance leases, net of current portion |
178 |
|
253 |
Operating leases, net of current portion |
1,857 |
|
1,204 |
Income taxes payable |
281 |
|
385 |
Deferred tax liabilities |
15 |
|
-- |
Other non-current liabilities |
29 |
|
31 |
Total non-current liabilities |
3,746 |
|
3,494 |
TOTAL LIABILITIES |
14,732 |
|
12,253 |
|
|
|
|
EQUITY |
|
|
|
|
|
|
|
Common stock, no par value, 15,000,000 shares authorized; 3,939,180 and 3,913,055 |
|
|
|
shares issued and outstanding at |
12,178 |
|
12,178 |
Paid-in capital |
4,373 |
|
4,233 |
Accumulated retained earnings |
8,596 |
|
6,824 |
Accumulated other comprehensive gain-translation adjustments |
2,367 |
|
2,399 |
|
27,514 |
|
25,634 |
Non-controlling interest |
306 |
|
419 |
TOTAL EQUITY |
27,820 |
|
26,053 |
TOTAL LIABILITIES AND EQUITY |
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220211005461/en/
Company Contact:
Chairman
(818) 787-7000
Investor Contact:
(310) 927-3108
robert.jacobs@jacobscon.com
Source: