Under the header "First Quarter Results," first graph, last sentence should read: "This compares to net income for the first quarter of fiscal 2011 of $491,000, or $0.14 per diluted share" (sted $0.15 per diluted share).
The corrected release reads:
TRIO-TECH REPORTS FIRST QUARTER RESULTS
Trio-Tech International (AMEX:TRT) today announced unaudited financial results for the first quarter of fiscal 2012.
First Quarter Results
For the three months ended September 30, 2011, revenue decreased 32.5% to $8,799,000 compared to $13,029,000 in the first quarter last year. The decline in revenue was primarily the result of lower sales of the Company's proprietary semiconductor test equipment products to a major customer, partially offset by higher revenue in the Company's fabrication services segment. The net loss attributable to Trio-Tech International common shareholders for the first quarter of fiscal 2012 was $804,000, or $0.24 per diluted share. This compares to net income for the first quarter of fiscal 2011 of $491,000, or $0.14 per diluted share.
Revenue from product sales decreased to $3,116,000 for the first quarter of fiscal 2012 compared to $9,203,000 for the first quarter of fiscal 2011. Revenue from testing services decreased to $3,291,000 for this year's first quarter compared to $3,474,000 for the same period last year. Revenue from the Company's oil and gas equipment fabrication business increased to $2,345,000 for the first quarter of fiscal 2012 compared to $165,000 for the first quarter of fiscal 2011. Revenue from the Company's real estate segment was $47,000 for the first quarter of fiscal 2012 compared to $187,000 for the first quarter of fiscal 2011.
Gross margin as a percentage of revenue for the first quarter of fiscal 2012 decreased to 15.9% compared to 21.1% for the first quarter of fiscal 2011, primarily reflecting a volume-driven decrease in gross margin in the Company's testing segment to 20.0% for the first quarter of fiscal 2012 compared to 39.3% for the first quarter of fiscal 2011. This was partially offset by an increase in gross margin in the fabrication services segment to 9.1% for the first quarter of fiscal 2012 compared to negative 30.3% for the first quarter of fiscal 2011. Also, gross margin in the products segment increased to 16.3% for the first quarter of fiscal 2012 compared to 14.1% for the first quarter of fiscal 2011, as the cost of production in the Company's Singapore facilities decreased more than the decrease in revenue.
General and administrative expenses increased to $2,098,000 for the first quarter of fiscal 2012 compared to $1,830,000 for the first quarter of fiscal 2011, partially reflecting losses from changes in the exchange rate between the Singapore and U.S. dollar, an increase in expenses at the Tianjin, China and Indonesia operations and offset by lower expenses in Malaysia, Singapore and Chongqing, China operations.
The loss from operations for the first quarter of fiscal 2012 was $921,000. This compares to income from operations of $753,000 for the first quarter of fiscal 2011.
Balance Sheet Highlights
As of September 30, 2011, Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $6,350,000 ($1.91 per outstanding share), working capital of $6,190,000 and shareholders' equity was $23,498,000 ($7.07 per outstanding share). At June 30, 2011, Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $6,872,000 ($2.07 per outstanding share), working capital of $7,256,000 and shareholders' equity was $24,977,000 ($7.52 per outstanding share).
"We are working hard to bring our costs into line with the current pace of business, even as we seek to expand our operations with existing customers and attract new customers in all of our operating segments. We continue to believe that our strategy to supplement our core semiconductor test equipment and services business with new opportunities, including our new oil and gas fabrication business in Indonesia and our real estate initiatives in China, is the best way for Trio-Tech to deliver sustained, profitable growth for the long run. Our indications are that this strategy will bear fruit in the coming quarters," said SW Yong, Trio-Tech's CEO.
Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group pursuing aggressive interest in semiconductor test and manufacturing, oil and gas equipment fabrication, solar products and real estate. Further information about Trio-Tech's semiconductor products and services can be obtained from the Company's Web site at www.triotech.com, www.universalfareast.com, www.shi-international.com and www.ttsolar.com.
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 Southeast 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; and other economic, financial and regulatory factors beyond the Company's control. Other than statements of historical fact, all statements made in this Quarterly Report 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.
|TRIO-TECH INTERNATIONAL AND SUBSIDIARIES|
|CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME|
|UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)|
|Three Months Ended|
|Costs of Sales|
|Cost of products sold||2,607||7,908|
|Cost of testing services rendered||2,634||2,109|
|Cost of fabrication services rendered||2,132||215|
|General and administrative||2,098||1,830|
|Research and development||75||29|
|Loss on disposal of property, plant and equipment||4||7|
|Total operating expenses||2,321||1,994|
|Loss income from Operations||(921||)||753|
|Other (Expenses) Income|
|Other income (expense)||44||(40||)|
|Total other expenses||(17||)||(100||)|
|(Loss) Income from Continuing Operations before Income Taxes||(938||)||653|
|Income Tax (Expense) Benefit||(37||)||4|
|(Loss) income from Continuing Operations before Non-controlling Interest, net of tax||(975||)||657|
|Equity in loss of unconsolidated joint venture, net of tax||(11||)||--|
|LOSS FROM DISCONTINUED OPERATIONS, net of tax||(1||)||(2||)|
|NET (LOSS) INCOME||$||(987||)||$||655|
|Less: Net (loss) income attributable to the non-controlling interest||(183||)||164|
|Net (Loss) Income attributable to Trio-Tech International||(804||)||491|
|Net (Loss) Income Attributable to Trio-Tech International Common Shareholders:|
|(Loss) income from continuing operations, net of tax||(803||)||493|
|Loss from discontinued operations, net of tax||(1||)||(2||)|
|Net (Loss) Income||$||(804||)||$||491|
|Comprehensive (Loss) Income:|
|Net (Loss) Income||$||(987||)||$||655|
|Foreign currency translation, net of tax||(534||)||909|
|Comprehensive (Loss) Income||(1,521||)||1,564|
|Less: Comprehensive (loss) income attributable to non-controlling Interest||(218||)||169|
|Comprehensive (Loss) Income Attributable to Trio-Tech International||(1,303||)||1,395|
|Basic (loss) earnings per share from continuing operations||$||(0.24||)||$||0.15|
|Basic loss per share from discontinued operations||--||--|
|Basic (Loss) Earnings per Share||$||(0.24||)||$||0.15|
|Diluted (loss) earnings per share from continuing operations||$||(0.24||)||$||0.14|
|Diluted loss per share from discontinued operations||--||--|
|Diluted (Loss) Earnings per Share||$||(0.24||)||$||0.14|
|Weighted Average Shares Outstanding - Basic||3,288||3,227|
|Weighted Average Shares Outstanding - Diluted||3,288||3,478|
|TRIO-TECH INTERNATIONAL AND SUBSIDIARIES|
|CONSOLIDATED BALANCE SHEETS|
|(IN THOUSANDS, EXCEPT NUMBER OF SHARES)|
|Sep. 30,||June 30,|
|Cash & cash equivalents||$||2,779||$||3,111|
|Trade accounts receivable, net||6,902||6,812|
|Loan receivables from property development projects||1,094||1,083|
|Prepaid expenses and other current assets||365||348|
|Assets held for sale||130||137|
|Total current assets||15,179||14,429|
|INVESTMENT IN UNCONSOLIDATED JOINT VENTURE||760||764|
|INVESTMENT PROPERTY IN CHINA, Net||1,233||1,238|
|PROPERTY, PLANT AND EQUIPMENT, Net||14,201||14,951|
|RESTRICTED TERM DEPOSITS||3,370||3,562|
|LIABILITIES AND SHAREHOLDER'S EQUITY|
|Lines of credit||$||1,832||$||1,333|
|Income taxes payable||482||492|
|Current portion of bank loans payable||132||147|
|Current portion of capital leases||143||148|
|Total current liabilities||8,989||7,173|
|BANK LOANS PAYABLE, net of current portion||2,595||2,768|
|CAPITAL LEASES, net of current portion||220||271|
|DEFERRED TAX LIABILITIES||623||677|
|OTHER NON-CURRENT LIABILITIES||496||490|
|COMMITMENTS AND CONTINGENCIES||--||--|
|TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:|
|Common stock, no par value, 15,000,000 shares authorized; 3,321,555|
|shares issued and outstanding at September 30, 2011 and June 30, 2011||10,531||10,531|
|Accumulated retained earnings||4,987||5,791|
|Accumulated other comprehensive gain-translation adjustments||2,960||3,459|
|Total Trio-Tech International shareholders' equity||20,747||22,008|
|TOTAL LIABILITIES AND EQUITY||$||36,421||$||36,356|
A. Charles Wilson
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