Trio-Tech Reports First Quarter Fiscal 2019 Results
VAN NUYS, Calif.--(BUSINESS WIRE)--Nov 13, 2018--Trio-Tech International (NYSE MKT: TRT) today announced financial results for the first quarter of fiscal 2019.
For the three months ended September 30, 2018, revenue decreased 8% to $10,045,000 compared to revenue of $10,945,000 for the first quarter of fiscal 2018. Manufacturing revenue decreased to $3,637,000 from $4,765,000 last year, primarily due to lower orders from customers in Suzhou, China and Singapore. Semiconductor testing services revenue decreased to $4,437,000 compared to $4,605,000 last year, primarily reflecting lower orders from customers in Tianjin, China. Distribution revenue increased to $1,944,000 for this year’s first quarter from $1,536,000 for the first quarter last year, driven by increased orders from customers in Singapore.
Gross margin for this year’s first quarter declined to $2,101,000, or 21% of revenue, compared to $2,760,000, or 25% of revenue, a year earlier.
Operating expenses for the first quarter of fiscal 2019 decreased 11% to $1,978,000, compared to $2,213,000, for the first quarter of fiscal 2018.
Net income attributable to Trio-Tech common shareholders for the first quarter of fiscal 2019 was $65,000, or $0.02 per diluted share. This compares to net income attributable to Trio-Tech shareholders for the first quarter of fiscal 2018 of $575,000, or $0.16 per diluted share.
Shareholders’ equity at September 30, 2018 was $23,167,000, or $6.42 per outstanding share, compared to $23,501,000, or $6.61 per outstanding share, at June 30, 2018. There were approximately 3,608,055 common shares outstanding at September 30, 2018, compared to 3,553,055 common shares outstanding at June 30, 2018.
S.W. Yong, Trio-Tech’s CEO, said, “Our first quarter results were affected by lower revenue in our manufacturing and testing operations, as well as an unfavorable manufacturing product mix. These factors offset higher revenue and margins in our distribution segment. This year’s first quarter results are not indicative of our expectations for Trio-Tech’s financial performance for the remainder of the fiscal year. We are optimistic regarding our opportunities for improved results, and we are working diligently with our current and prospective customers to achieve our goals for growth and profitability.”
Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group with interests in semiconductor testing services, manufacturing and distribution of semiconductor testing equipment, 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, and www.ttsolar.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; 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.
View source version on businesswire.com:https://www.businesswire.com/news/home/20181113005486/en/
CONTACT: Company Contact:
A. Charles Wilson
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: TECHNOLOGY HARDWARE SEMICONDUCTOR MANUFACTURING OTHER MANUFACTURING
SOURCE: Trio-Tech International
Copyright Business Wire 2018.
PUB: 11/13/2018 08:30 AM/DISC: 11/13/2018 08:30 AM