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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
 
FORM 8-K
 
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
 
Date of report (Date of earliest event reported): May 15, 2023
 
TRIO-TECH INTERNATIONAL
(Exact Name of Registrant as Specified in Its Charter)
 
California
(State or Other Jurisdiction of Incorporation)
 
1-14523 95-2086631
(Commission File Number) (IRS Employer Identification No.)
   
Block 1008 Toa Payoh North, Unit 03-09 Singapore 318996
(Address of Principal Executive Offices) (Zip Code)
 
(65) 6265 3300
(Registrant’s Telephone Number, Including Area Code)
 
 
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
 
 
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading
Symbol(s)
Name of each exchange on which registered
     
Common Stock, no par value
TRT
NYSE American
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b2 of the Securities Exchange Act of 1934 (17 CFR 240.12b2) Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
 






 
Item 2.02 Results of Operations and Financial Conditions
 
On May 15, 2023, Trio-Tech International issued a press release announcing its financial results for the fiscal quarter ended March 31, 2023. A copy of the press release is attached as Exhibit 99.1.
 
 
The information in this Current Report, including the exhibit hereto, is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report, including the exhibit hereto, shall not be incorporated by reference into any filings under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
 
 
Item 9.01 Financial Statements and Exhibits
 
(d) Exhibits
 
 
99.1 Press Release of Trio-Tech International dated May 15, 2023
104  Cover Page Interactive Data File (embedded within the Inline XBRL document)
 






 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date:   May 15, 2023
 
  TRIO-TECH INTERNATIONAL  
       
       
       
       
  By: /s/ SRINIVASAN ANITHA  
  Name: Srinivasan Anitha  
  Title: Chief Financial Officer  
 






 
EXIBIT INDEX
 
Exhibit Number Description
   
99.1 Press Release of Trio-Tech International dated May 15, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
EX-99.1 2 ex_520765.htm EXHIBIT 99.1 ex_520765.htm

Exhibit 99.1

 

a01.jpg

LOS ANGELES

SINGAPORE

KUALA LUMPUR

BANGKOK

SUZHOU

TIANJIN

CHONGQING

JIANGSU

 

FOR IMMEDIATE RELEASE

Company Contact:

A. Charles Wilson

Chairman

(818) 787-7000

Investor Contact:

Berkman Associates

(310) 927-3108

robert.jacobs@jacobscon.com

 

 

Trio-Tech Reports Third Quarter Results and

Announces Initial Contract for Its Dynamic HTOL

Electric Vehicle Power Module Test System

 

 

Van Nuys, CA – May 15, 2023 – Trio-Tech International (NYSE MKT: TRT) today announced financial results for the third quarter and first nine months of fiscal 2023, and announced its initial contract for its Dynamic HTOL Electric Vehicle Power Module Test System

 

Third Quarter Results

 

Revenue for the third fiscal quarter declined 12% to $9,842,000, compared to $11,138,000 in the same quarter of fiscal 2022. Testing services revenue increased 29% to $5,697,000 from $4,417,000 a year ago, while manufacturing revenue decreased 4% to $2,963,000, from $3,097,000 and distribution revenue declined 67% to $1,179,000 compared to $3,620,000 in the same quarter last year.

 

Overall gross margin was $2,458,000 compared to $2,474,000 a year ago, and improved to 25% of revenue compared to 22% last year. The increase in gross margin reflects improved operations at testing services segment, partially offset by lower gross margin in the manufacturing and distribution segments.

 

Total operating expenses declined to $2,495,000 from $2,604,000 in the same quarter last year, leading to $57,000 in operating income versus an operating loss of $34,000 a year earlier.

 

The net loss attributable to Trio-Tech International Common Shareholders for the three months ended March 31, 2023 was $7,000, or $0.00 per share after non-cash stock compensation expenses of $283,000. This compares to a net loss of $167,000, or $0.04 per share, which included non-cash stock compensation expenses of $433,000, for the third quarter of fiscal 2022.

 

Trio-Tech Launches Dynamic HTOL Test System for Electric Vehicles

 

S.W. Yong, Trio-Tech's CEO, said, "Continued strength in our testing services business and effective control over operating costs enabled Trio-Tech to deliver improved third quarter gross margin and generate free cash flow despite the decrease in revenue in a very challenging environment in our industry.

 

“We are encouraged by improving demand trends for electronic products in automotive applications. A key reason for our optimism is the development and launch, in the current fiscal year, of our new Dynamic High Temperature Operating Life Test (HTOL) System for Silicon Carbide (SiC) / Gallium Nitride (GaN) Power Modules used in the electric vehicle market. Designed to comply with AQG 324 automotive guidelines, Trio-Tech’s Dynamic HTOL System won an initial $1,000,000 order from a lead customer with which we are working closely to achieve their test requirements and validation of our systems. We expect to deliver these systems within the next two quarters and are also actively engaging several new potential customers for similar applications. In light of the strong global growth projections for the GaN & SiC power semiconductor market, we believe this new test system has the potential to significantly contribute to Trio-Tech’s long-term growth and profitability.”

 

 

(more)

 

16139 Wyandotte Street, Van Nuys, CA 91406,  USA  ●  TEL:  (818) 787-7000  ●  FAX  (818) 787-9130







 

Trio-Tech Reports Third Quarter Results

May 15, 2023

Page Two

 

 

 

Nine Months Results

 

For the first nine months of fiscal 2023, revenue increased 6% to $34,171,000 compared to $32,231,000 for the first nine months of fiscal 2022, reflecting a 27% increase in testing services revenue to $17,709,000 from $13,983,000, a 14% increase in manufacturing revenue to $11,592,000 from $10,187,000 and a 40% decline in distribution revenue to $4,855,000 from $8,038,000 in the same period last year.

 

Gross margin for the first nine months of fiscal 2023 increased to $9,415,000, or 28% of revenue, from $8,543,000, or 27% of revenue, for the same period last year.

 

Operating expenses increased to $7,316,000 compared to $7,047,000, but declined to 21% of revenue, compared to 22% of revenue in the same period of fiscal 2022.

 

Net income attributable to Trio-Tech International Common Shareholders for the first nine months of fiscal 2023 was $1,382,000, or $0.33 per diluted share, compared to $1,605,000, or $0.38 per diluted share, for the first nine months of fiscal 2022.

 

Shareholders’ equity at March 31, 2023 was $30,476,000, or $7.48 per outstanding share, compared to $28,002,000, or $6.88 per outstanding share, at June 30, 2022. There were approximately 4,076,680 common shares outstanding at March 31,2023.

 

 

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; 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 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.

 

 

(tables attached)

 







 

TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)

 

 

   

Three Months Ended

   

Nine Months Ended

 
   

March 31,

   

March 31,

 

Revenue

 

2023

   

2022

   

2023

   

2022

 

Manufacturing

  $ 2,963     $ 3,097     $ 11,592     $ 10,187  

Testing Services

    5,697       4,417       17,709       13,983  

Distribution

    1,179       3,620       4,855       8,038  

Real Estate

    3       4       15       23  
      9,842       11,138       34,171       32,231  

Cost of Sales

                               

Cost of manufactured products sold

    2,451       2,530       8,825       7,838  

Cost of testing services rendered

    3,940       3,169       11,813       9,141  

Cost of distribution

    975       2,945       4,064       6,651  

Cost of real estate

    18       20       54       58  
      7,384       8,664       24,756       23,688  
                                 

Gross Margin

    2,458       2,474       9,415       8,543  
                                 

Operating Expenses:

                               

General and administrative

    2,248       2,378       6,472       6,305  

Selling

    160       146       526       449  

Research and development

    87       80       311       293  

Loss on disposal of property, plant and equipment

    --       --       7       --  

Total operating expenses

    2,495       2,604       7,316       7,047  
                                 

(Loss) Income from Operations

    (37 )     (130 )     2,099       1,496  
                                 

Other Income (Expenses)

                               

Interest expenses

    (29 )     (31 )     (83 )     (87 )

Other income, net

    123       127       59       669  
                                 

Total other income (expenses)

    94       96       (24 )     582  
                                 

Income (Loss) from Continuing Operations before Income Taxes

    57       (34 )     2,075       2,078  

Income Tax Expenses

    (8 )     (170 )     (474 )     (503 )

Income (Loss) from Continuing Operations

                               

before Non-controlling Interest, net of tax

    49       (204 )     1,601       1,575  

Income (loss) from Discontinued Operations, net of tax

    5       --       (4 )     5  
                                 

NET INCOME (LOSS)

    54       (204 )     1,597       1,580  
                                 

Less: Net income (loss) Attributable to Non-controlling Interest

    61       (37 )     215       (25 )

Net (Loss) Income Attributable to Trio-Tech International

    (7 )     (167 )     1,382       1,605  

Net Income Attributable to Trio-Tech International:

                               

(Loss) Income from Continuing Operations, net of tax

    (10 )     (167 )     1,384       1,603  

Income (loss) from Discontinued Operations, net of tax

    3       --       (2 )     2  

Net (Loss) Income Attributable to Trio-Tech International

  $ (7 )   $ (167 )   $ 1,382     $ 1,605  

Basic (Loss) Earnings per Share

  $ (0.00 )   $ (0.04 )   $ 0.34     $ 0.40  

Diluted (Loss) Earnings per Share

  $ (0.00 )   $ (0.04 )   $ 0.33     $ 0.38  
                                 

Weighted Average Shares Outstanding - Basic

    4,075       3,949       4,075       3,949  

Weighted Average Shares Outstanding - Diluted

    4,159       4,221       4,161       4,140  

 

 







 

TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

UNAUDITED (IN THOUSANDS)

 

 

   

Three Months Ended

   

Nine Months Ended

 
   

March 31,

   

March 31,

 
   

2023

   

2022

   

2023

   

2022

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

Net income (loss)

  $ 54     $ (204 )   $ 1,597     $ 1,580  
                                 

Foreign Currency Translation, net of tax

    166       16       521       (22 )
                                 

Comprehensive Income (Loss)

    220       (188 )     2,118       1,558  
                                 

Less: Comprehensive (Loss) Income Attributable to Non-controlling Interest

    (85 )     (46 )     127       (40 )
                                 

Comprehensive Income (Loss) Attributable to Trio-Tech International

  $ 305     $ (142 )   $ 1,991     $ 1,598  

 

 







 

TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(IN THOUSANDS, EXCEPT NUMBER OF SHARES)

 

 

   

Mar. 31,

   

Jun. 30,

 
   

2023

   

2022

 

 

 

(Unaudited)

   

(Audited)

 
ASSETS                

CURRENT ASSETS:

               

Cash and cash equivalents

  $ 8,430     $ 7,698  

Short-term deposits

    5,703       5,420  

Trade account receivables, net

    11,004       11,592  

Other receivables

    757       998  

Inventories, net

    2,324       2,258  

Prepaid expenses and other current assets

    731       1,215  

Financed sales receivable

    22       21  

Restricted term deposit

    755       --  

Total current assets

    29,726       29,202  

NON-CURRENT ASSETS:

               

Deferred tax assets

    91       169  

Investment properties, net

    517       585  

Property, plant and equipment, net

    9,987       8,481  

Operating lease right-of-use assets

    3,059       3,152  

Other assets

    232       137  

Financed sales receivable

    --       17  

Restricted term deposits

    1,762       1,678  

Total non-current assets

    15,648       14,219  

TOTAL ASSETS

  $ 45,374     $ 43,421  
                 

LIABILITIES AND SHAREHOLDERS’ EQUITY

               

CURRENT LIABILITIES:

               

Lines of credit

  $ 107     $ 929  

Accounts payable

    1,835       2,401  

Accrued expense

    6,570       6,004  

Income taxes payable

    390       787  

Current portion of bank loans payable

    513       472  

Current portion of finance leases

    103       118  

Current portion of operating leases

    1,361       1,218  

Total current liabilities

    10,879       11,929  

NON-CURRENT LIABILITIES:

               

Bank loans payable, net of current portion

    1,054       1,272  

Finance leases, net of current portion

    43       119  

Operating leases, net of current portion

    1,698       1,934  

Income taxes payable, net of current portion

    255       137  

Deferred tax liabilities

    17       --  

Other non-current liabilities

    952       28  

Total non-current liabilities

    4,019       3,490  

TOTAL LIABILITIES

  $ 14,898     $ 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 March 31, 2023 and June 30, 2022, respectively

    12,769       12,750  

Paid-in capital

    5,045       4,708  

Accumulated retained earnings

    10,601       9,219  

Accumulated other comprehensive gain-translation adjustments

    1,806       1,197  

Total Trio-Tech International shareholders' equity

    30,221       27,874  

Non-controlling interest

    255       128  

TOTAL EQUITY

    30,476       28,002  

TOTAL LIABILITIES AND EQUITY

  $ 45,374     $ 43,421