Trio-Tech Fourth Quarter Net Income Improves to $0.06 from $0.04 Per Diluted Share
Trio-Tech International (NYSE MKT: TRT) reported improved financial results for Q4 and fiscal year 2024. Q4 revenue increased 7% to $9,746,000, with a 178% increase in operating income to $358,000. Net income rose to $243,000 ($0.06 per diluted share), up from $162,000 ($0.04 per diluted share) in Q4 2023. For fiscal 2024, total revenue decreased 2% to $42,312,000, but distribution and manufacturing segments saw growth. Net income for fiscal 2024 was $1,050,000 ($0.24 per diluted share), compared to $1,544,000 ($0.37 per diluted share) in 2023. The company's strategy focuses on growing manufacturing and distribution segments, with increased sales efforts and new product introductions. Cash and cash equivalents increased to $10,035,000, and shareholders' equity rose to $31,578,000 ($7.43 per outstanding share).
Trio-Tech International (NYSE MKT: TRT) ha riportato risultati finanziari migliorati per il quarto trimestre e l'anno fiscale 2024. Le entrate del quarto trimestre sono aumentate del 7% a $9,746,000, con un incremento del 178% dell'utile operativo a $358,000. Il reddito netto è salito a $243,000 ($0.06 per azione diluita), rispetto ai $162,000 ($0.04 per azione diluita) del quarto trimestre 2023. Per l'anno fiscale 2024, le entrate totali sono diminuite del 2% a $42,312,000, ma i segmenti della distribuzione e della produzione hanno registrato una crescita. Il reddito netto per l'anno fiscale 2024 è stato di $1,050,000 ($0.24 per azione diluita), rispetto ai $1,544,000 ($0.37 per azione diluita) del 2023. La strategia dell'azienda si concentra sulla crescita dei segmenti di produzione e distribuzione, con sforzi di vendita aumentati e nuove introduzioni di prodotto. Liquidità e equivalenti di liquidità sono aumentati a $10,035,000, e il patrimonio netto degli azionisti è salito a $31,578,000 ($7.43 per azione in circolazione).
Trio-Tech International (NYSE MKT: TRT) informó sobre resultados financieros mejorados para el cuarto trimestre y el año fiscal 2024. Los ingresos del cuarto trimestre aumentaron un 7% a $9,746,000, con un aumento del 178% en el ingreso operativo a $358,000. El ingreso neto subió a $243,000 ($0.06 por acción diluida), frente a los $162,000 ($0.04 por acción diluida) en el cuarto trimestre de 2023. Para el año fiscal 2024, los ingresos totales disminuyeron un 2% a $42,312,000, pero los segmentos de distribución y manufactura vieron crecimiento. El ingreso neto para el año fiscal 2024 fue de $1,050,000 ($0.24 por acción diluida), comparado con $1,544,000 ($0.37 por acción diluida) en 2023. La estrategia de la empresa se centra en el crecimiento de los segmentos de manufactura y distribución, con mayores esfuerzos de ventas y nuevas introducciones de productos. El efectivo y equivalentes de efectivo aumentaron a $10,035,000, y el capital contable de los accionistas subió a $31,578,000 ($7.43 por acción en circulación).
Trio-Tech International (NYSE MKT: TRT)은 2024 회계연도 4분기 및 연간 재무 실적이 개선되었다고 보고했습니다. 4분기 매출은 7% 증가한 $9,746,000에 달하며, 운영 소득은 178% 상승한 $358,000을 기록했습니다. 순이익은 $243,000($0.06의 희석 주당 순이익)으로, 2023년 4분기의 $162,000($0.04의 희석 주당 순이익)에서 증가했습니다. 2024 회계연도에는 총 매출이 2% 감소하여 $42,312,000이 되었고, 그러나 배급 및 제조 부문은 성장했습니다. 2024 회계연도의 순이익은 $1,050,000($0.24의 희석 주당 순이익)으로, 2023년의 $1,544,000($0.37의 희석 주당 순이익)과 비교되었습니다. 회사의 전략은 제조 및 배급 부문의 성장을 중심으로 하며, 판매 노력과 신규 제품 도입을 증가시키고 있습니다. 현금 및 현금성 자산은 $10,035,000으로 증가했으며, 주주 자본은 $31,578,000($7.43 주당)을 기록했습니다.
Trio-Tech International (NYSE MKT: TRT) a annoncé des résultats financiers améliorés pour le quatrième trimestre et l'année fiscale 2024. Les revenus du quatrième trimestre ont augmenté de 7% pour atteindre $9,746,000, avec une augmentation de 178% du résultat d'exploitation à $358,000. Le résultat net a atteint $243,000 ($0.06 par action diluée), contre $162,000 ($0.04 par action diluée) au quatrième trimestre 2023. Pour l'année fiscale 2024, les revenus totaux ont diminué de 2% à $42,312,000, mais les segments de distribution et de fabrication ont connu une croissance. Le résultat net pour l'année fiscale 2024 s'élevait à $1,050,000 ($0.24 par action diluée), contre $1,544,000 ($0.37 par action diluée) en 2023. La stratégie de l'entreprise se concentre sur la croissance des segments de fabrication et de distribution, avec des efforts de vente accrus et de nouvelles introductions de produits. La trésorerie et les équivalents de trésorerie ont augmenté à $10,035,000, et les capitaux propres des actionnaires sont passés à $31,578,000 ($7.43 par action en circulation).
Trio-Tech International (NYSE MKT: TRT) berichtete über verbesserte Finanzergebnisse für das vierte Quartal und das Geschäftsjahr 2024. Die Umsätze im vierten Quartal stiegen um 7% auf $9,746,000, mit einem Anstieg des Betriebsergebnisses um 178% auf $358,000. Der Nettogewinn stieg auf $243,000 ($0.06 pro verwässerter Aktie), gegenüber $162,000 ($0.04 pro verwässerter Aktie) im vierten Quartal 2023. Für das Geschäftsjahr 2024 sanken die Gesamteinnahmen um 2% auf $42,312,000, aber die Segmente Distribution und Fertigung verzeichneten ein Wachstum. Der Nettogewinn für das Geschäftsjahr 2024 betrug $1,050,000 ($0.24 pro verwässerter Aktie), verglichen mit $1,544,000 ($0.37 pro verwässerter Aktie) im Jahr 2023. Die Strategie des Unternehmens konzentriert sich auf das Wachstum der Fertigungs- und Vertriebssegmente, mit erhöhten Verkaufsanstrengungen und neuen Produkteinführungen. Bargeld und Zahlungsmitteläquivalente stiegen auf $10,035,000, und das Eigenkapital der Aktionäre stieg auf $31,578,000 ($7.43 pro ausstehender Aktie).
- Q4 revenue increased 7% to $9,746,000
- Q4 operating income increased 178% to $358,000
- Q4 net income rose to $243,000 ($0.06 per diluted share)
- Distribution revenue increased 32% to $8,297,000 in fiscal 2024
- Manufacturing revenue increased 16% to $16,057,000 in fiscal 2024
- Cash and cash equivalents increased to $10,035,000 from $7,583,000
- Shareholders' equity increased to $31,578,000 ($7.43 per outstanding share)
- Total revenue for fiscal 2024 decreased 2% to $42,312,000
- Testing services revenue decreased 22% to $17,933,000 in fiscal 2024
- Net income for fiscal 2024 decreased to $1,050,000 ($0.24 per diluted share) from $1,544,000 ($0.37 per diluted share)
- Backlog decreased to $14,422,000 from $17,437,000 in the previous year
Fourth Quarter Results
For the three months ended June 30, 2024 revenue increased
Gross margin increased
Net income for the fourth quarter of fiscal 2024 increased to
S.W. Yong, Chairman & CEO said, “Trio-Tech’s strategy to focus on opportunities to grow our manufacturing and distribution segments significantly contributed to our strong fourth quarter results. We continue to carefully evaluate the path forward for each of our operating segments to concentrate our resources on products and markets with the greatest growth potential. Supporting this strategy, we have increased our sales efforts and introduced new products and services in our manufacturing and distribution businesses. Additionally, we are evaluating potential acquisitions and divestitures as well as direct investments and joint development projects with key partners that can contribute to Trio-Tech’s long-term success and increase value for our shareholders.”
Fiscal 2024 Results
For the fiscal year ended June 30, 2024, distribution revenue increased
Gross margin for fiscal 2024 decreased slightly to
Operating expense increased
Net income attributable to Trio-Tech shareholders for fiscal 2024 was
Backlog at June 30, 2024 was
Balance Sheet Highlights
Cash and cash equivalents at June 30, 2024 increased to
About Trio‑Tech
Established in 1958, Trio-Tech International is located in
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 |
|||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
|||||||||||||||
AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE) |
|||||||||||||||
|
|
|
|||||||||||||
Three Months Ended |
Twelve Months Ended |
||||||||||||||
|
June 30, |
June 30, |
|||||||||||||
Revenue |
2024 |
2023 |
2024 |
2023 |
|||||||||||
Manufacturing |
$ |
3,569 |
|
$ |
2,235 |
|
$ |
16,057 |
|
$ |
13,827 |
|
|||
Testing services |
|
4,327 |
|
|
5,421 |
|
|
17,933 |
|
|
23,130 |
|
|||
Distribution |
|
1,844 |
|
|
1,415 |
|
|
8,297 |
|
|
6,270 |
|
|||
Real estate |
|
6 |
|
|
8 |
|
|
25 |
|
|
23 |
|
|||
|
|
9,746 |
|
|
9,079 |
|
|
42,312 |
|
|
43,250 |
|
|||
Cost of Sales |
|
|
|
|
|||||||||||
Cost of manufactured products sold |
|
2,571 |
|
|
1,762 |
|
|
11,823 |
|
|
10,587 |
|
|||
Cost of testing services rendered |
|
2,960 |
|
|
3,845 |
|
|
12,809 |
|
|
15,658 |
|
|||
Cost of distribution |
|
1,513 |
|
|
1,164 |
|
|
6,847 |
|
|
5,228 |
|
|||
Cost of real estate |
|
17 |
|
|
18 |
|
|
71 |
|
|
72 |
|
|||
|
|
7,061 |
|
|
6,789 |
|
|
31,550 |
|
|
31,545 |
|
|||
Gross Margin |
|
2,685 |
|
|
2,290 |
|
|
10,762 |
|
|
11,705 |
|
|||
|
|
|
|
|
|||||||||||
Operating Expense: |
|
|
|
|
|||||||||||
General and administrative |
|
2,061 |
|
|
1,931 |
|
|
8,387 |
|
|
8,403 |
|
|||
Selling |
|
205 |
|
|
144 |
|
|
844 |
|
|
670 |
|
|||
Research and development |
|
87 |
|
|
86 |
|
|
392 |
|
|
397 |
|
|||
Loss on disposal of property, plant and equipment |
|
(26 |
) |
|
-- |
|
|
46 |
|
|
7 |
|
|||
Total operating expenses |
|
2,327 |
|
|
2,161 |
|
|
9,669 |
|
|
9,477 |
|
|||
Income from Operations |
|
358 |
|
|
129 |
|
|
1,093 |
|
|
2,228 |
|
|||
Other Income |
|
|
|
|
|||||||||||
Interest expense |
|
(14 |
) |
|
(22 |
) |
|
(77 |
) |
|
(105 |
) |
|||
Other income, net |
|
134 |
|
|
155 |
|
|
500 |
|
|
106 |
|
|||
Government grant |
|
24 |
|
|
45 |
|
|
113 |
|
|
153 |
|
|||
Total other income |
|
144 |
|
|
178 |
|
|
536 |
|
|
154 |
|
|||
Income from Continuing Operations before Income Taxes |
|
502 |
|
|
307 |
|
|
1,629 |
|
|
2,382 |
|
|||
Income Tax Expense |
|
(212 |
) |
|
(148 |
) |
|
(486 |
) |
|
(622 |
) |
|||
Income from Continuing Operations before Non-controlling Interest, net of tax |
|
290 |
|
|
159 |
|
|
1,143 |
|
|
1,760 |
|
|||
(Loss) / gain from discontinued operations, net of tax |
|
(4 |
) |
|
2 |
|
|
(1 |
) |
|
(2 |
) |
|||
NET INCOME |
|
286 |
|
|
161 |
|
|
1,142 |
|
|
1,758 |
|
|||
Less: Net income / (loss) Attributable to Non-controlling Interest |
|
43 |
|
|
(1 |
) |
|
92 |
|
|
214 |
|
|||
Net income Attributable to Trio-Tech International |
$ |
243 |
|
$ |
162 |
|
$ |
1,050 |
|
$ |
1,544 |
|
|||
Net Income Attributable to Trio-Tech International: |
|
|
|
|
|||||||||||
Income from continuing operations, net of tax |
|
245 |
|
|
161 |
|
|
1,054 |
|
|
1,545 |
|
|||
(Loss) / income from discontinued operations, net of tax |
|
(2 |
) |
|
1 |
|
|
(4 |
) |
|
(1 |
) |
|||
Net Income Attributable to Trio-Tech International |
|
243 |
|
|
162 |
|
|
1,050 |
|
|
1,544 |
|
|||
Basic Earnings per Share - Continuing Operations |
$ |
0.06 |
|
$ |
0.04 |
|
$ |
0.25 |
|
$ |
0.38 |
|
|||
Basic Loss per Share - Discontinued Operations |
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
|
|||
Basic Earnings per Share |
$ |
0.06 |
|
$ |
0.04 |
|
$ |
0.25 |
|
$ |
0.38 |
|
|||
Diluted Earnings per Share - Continuing Operations |
$ |
0.06 |
|
$ |
0.04 |
|
$ |
0.24 |
|
$ |
0.37 |
|
|||
Diluted Loss per Share - Discontinued Operations |
|
-- |
|
|
-- |
|
|
-- |
|
|
-- |
|
|||
Diluted Earnings per Share |
$ |
0.06 |
|
$ |
0.04 |
|
$ |
0.24 |
|
$ |
0.37 |
|
|||
Weighted Average Shares Outstanding - Basic |
|
4,248 |
|
|
4,082 |
|
|
4,160 |
|
|
4,082 |
|
|||
Weighted Average Shares Outstanding - Diluted |
|
4,376 |
|
|
4,159 |
|
|
4,299 |
|
|
4,165 |
|
|||
TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
||||||||||||||||
AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE) |
||||||||||||||||
|
|
|||||||||||||||
|
|
|||||||||||||||
Three Months Ended |
Twelve Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
|
2024 |
2023 |
2024 |
2023 |
||||||||||||
|
|
|
|
|
||||||||||||
Comprehensive (Loss) / Income |
|
|
|
|
||||||||||||
Attributable to Trio-Tech International Common Shareholders: |
|
|
|
|
||||||||||||
|
|
|
|
|
||||||||||||
Net income |
$ |
286 |
|
$ |
161 |
|
$ |
1,142 |
|
$ |
1,758 |
|
||||
Foreign currency translation, net of tax |
|
(328 |
) |
|
(1,137 |
) |
|
(106 |
) |
|
(616 |
) |
||||
Comprehensive (Loss) / Income |
|
(42 |
) |
|
(976 |
) |
|
1,036 |
|
|
1,142 |
|
||||
Less: Comprehensive Income / (Loss) |
|
|
|
|
||||||||||||
Attributable to Non-controlling Interests |
|
35 |
|
|
(90 |
) |
|
84 |
|
|
37 |
|
||||
Comprehensive (Loss) / Income |
|
|
|
|
||||||||||||
Attributable to Trio-Tech International |
$ |
(77 |
) |
$ |
(886 |
) |
$ |
952 |
|
$ |
1,105 |
|
||||
|
|
|
|
|
||||||||||||
TRIO‑TECH INTERNATIONAL AND SUBSIDIARIES |
|||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
|||||
(IN THOUSANDS, EXCEPT NUMBER OF SHARES) |
|||||
|
|||||
|
|
|
|||
|
Jun. 30, |
Jun. 30, |
|||
2024 |
2023 |
||||
ASSETS |
(Audited) |
(Audited) |
|||
|
|
|
|||
CURRENT ASSETS: |
|
|
|||
Cash and cash equivalents |
$ |
10,035 |
$ |
7,583 |
|
Short-term deposits |
|
6,497 |
|
6,627 |
|
Trade account receivables, net |
|
10,661 |
|
9,804 |
|
Other receivables |
|
541 |
|
939 |
|
Inventories, net |
|
3,162 |
|
2,151 |
|
Prepaid expenses and other current assets |
|
536 |
|
694 |
|
Assets held for sale |
|
-- |
|
274 |
|
Financed sales receivable |
|
-- |
|
16 |
|
Restricted term deposit |
|
750 |
|
739 |
|
Total current assets |
|
32,182 |
|
28,827 |
|
NON-CURRENT ASSETS: |
|
|
|||
Deferred tax assets |
|
124 |
|
100 |
|
Investment properties, net |
|
407 |
|
474 |
|
Property, plant and equipment, net |
|
5,937 |
|
8,344 |
|
Operating lease right-of-use assets |
|
1,887 |
|
2,609 |
|
Other assets |
|
232 |
|
116 |
|
Restricted term deposits |
|
1,771 |
|
1,716 |
|
Total non-current assets |
|
10,358 |
|
13,359 |
|
TOTAL ASSETS |
$ |
42,540 |
$ |
42,186 |
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|||
|
|
|
|||
CURRENT LIABILITIES: |
|
|
|||
Accounts payable |
$ |
3,175 |
$ |
1,660 |
|
Accrued expense |
|
3,634 |
|
4,293 |
|
Contract liabilities |
|
754 |
|
1,275 |
|
Income taxes payable |
|
379 |
|
418 |
|
Current portion of bank loans payable |
|
261 |
|
475 |
|
Current portion of finance leases |
|
57 |
|
107 |
|
Current portion of operating leases |
|
1,162 |
|
1,098 |
|
Total current liabilities |
|
9,422 |
|
9,326 |
|
NON-CURRENT LIABILITIES: |
|
|
|||
Bank loans payable, net of current portion |
|
613 |
|
877 |
|
Finance leases, net of current portion |
|
34 |
|
42 |
|
Operating leases, net of current portion |
|
725 |
|
1,511 |
|
Income taxes payable, net of current portion |
|
141 |
|
255 |
|
Deferred tax liabilities |
|
-- |
|
10 |
|
Other non-current liabilities |
|
27 |
|
594 |
|
Total non-current liabilities |
|
1,540 |
|
3,289 |
|
TOTAL LIABILITIES |
$ |
10,962 |
$ |
12,615 |
|
EQUITY |
|
|
|||
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY: |
|
|
|||
Common stock, no par value, 15,000,000 shares authorized; 4,250,305 and 4,096,680 shares issued and outstanding at June 30, 2024 and June 30, 2023, respectively |
13,325 |
12,819 |
|||
Paid-in capital |
|
5,531 |
|
5,066 |
|
Accumulated retained earnings |
|
11,813 |
|
10,763 |
|
Accumulated other comprehensive income-translation adjustments |
|
660 |
|
758 |
|
Total Trio-Tech International shareholders' equity |
|
31,329 |
|
29,406 |
|
Non-controlling interest |
|
249 |
|
165 |
|
TOTAL EQUITY |
|
31,578 |
|
29,571 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
42,540 |
$ |
42,186 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240923732263/en/
Company Contact:
Siew Wai Yong
Chairman & CEO
(818) 787-7000
Investor Contact:
Berkman Associates
(310) 927-3108
robert.jacobs@jacobscon.com
Source: Trio-Tech International
FAQ
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