8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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): September 25, 2003

TRIO-TECH INTERNATIONAL

(Exact Name of Registrant as Specified in its Charter)

California
(State or Other Jurisdiction of Incorporation)

1-14523
(Commission File Number) 95-2086631
(IRS Employer Identification No.)

14731 Califa Street
Van Nuys, California
(Address of Principal Executive Offices) 91411
(Zip Code)

(818) 787-7000
(Registrant’s Telephone Number, Including Area Code)

(Former Name or Former Address, if Changed Since Last Report.)

Item 7. Financial Statements and Exhibits

(c) Exhibits

99.1 Press release

Item 12. Results of Operations and Financial Conditions

The information in this Current Report is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document filed with the Commission.

On September 25, 2003, Trio-Tech International issued a press release announcing its financial results for the fiscal year ended June 30, 2003. A copy of the press release is attached as Exhibit 99.1.

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.

	TRIO-TECH INTERNATIONAL (Registrant)
	/s/ DALE C. CHEESMAN
	Dale C. Cheesman, Corporate Secretary/Controller
Date: September 29, 2003

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release

EX-99.1 3 a93388exv99w1.htm EXHIBIT 99.1

LOS ANGELES
SINGAPORE
DUBLIN
PENANG
KUALA LUMPUR
BANGKOK

FOR IMMEDIATE RELEASE Company Contact:
Dale Cheesman
Corporate Secretary
(818) 787-7000 Investor Contact:
Berkman Associates
(310) 277-5162
info@BerkmanAssociates.com

Trio-Tech Reports Fiscal 2003 Results

     Van Nuys, CA, — September 25, 2003 — Trio-Tech International (AMEX:TRT) today announced financial results for the fiscal year ended June 30, 2003.

     For fiscal 2003, total revenue increased 8.3% to $21,246,000 from $19,617,000 for fiscal 2002. Gross margin for fiscal 2003 improved to 23.5% from 18.8% for fiscal 2002. Operating income (before non-cash items) increased to $186,000 for fiscal 2003 compared to an operating loss (before non-cash items) of $1,981,000 for fiscal 2002. The net loss for fiscal 2003 was $81,000, or $0.03 per share, after a non-cash impairment charge on assets of $358,000 and a loss on disposal of assets of $115,000. This compares to a net loss for fiscal 2002 of $3,547,000, or $1.21 per share, after goodwill, intangibles and asset impairment charges of $1,631,000 and a gain on disposal of assets of $33,000.

     At June 30, 2003, shareholders’ equity was $8,590,000, or approximately $2.93 per share, which included cash and short-term deposits $5,803,000.

Additional Performance Measures

     Net cash provided from operating activities was $1,253,000 for fiscal 2003 compared to a deficit of $(1,717,000) for fiscal 2002.

     Testing services backlog increased to $5,138,000 at June 30, 2003 from $1,739,000 at March 31, 2003. At June 30, 2002, testing services backlog was $6,615,000.

     “As evidenced by the substantial increase in testing services backlog in the fourth quarter compared to the third quarter, we are beginning to see encouraging signs of incipient recovery in the semiconductor industry after the prolonged global slump that affected our customers’ and Trio-Tech’s performance again in fiscal 2003. Activity has increased at our semiconductor testing and burn-in facilities in the Far East among both established and new accounts, which we believe validates our decision to invest in our testing technology and capacity despite the downturn. Inquiries also are rising for the first time in a long time regarding certain of our manufactured products. We are optimistic about Trio-Tech’s opportunity for renewed growth in the new fiscal year,” said Charles Wilson, Chairman.

     President and Chief Executive Officer S.W. Yong said, “We expect that the actions we took in fiscal 2003 will enhance efficiency and further reduce labor and facilities costs in the current fiscal year. With our lean cost structure and increasingly efficient operations, we believe that Trio-Tech is well-positioned to benefit as our industry recovers.”

(more)

14731 Califa Street, Van Nuys, CA 91411, USA • TEL: (818) 787-7000 • FAX (818) 789-9130

Trio-Tech Reports Fiscal 2003 Results
September 25, 2003
Page Two

Segment Review

     Net sales for Trio-Tech’s testing services segment increased to $9,505,000 for fiscal 2003 from $8,942,000 for fiscal 2002. Operating income in the testing segment increased 18% to $803,000 for fiscal 2003 from $680,000 a year earlier. Manufacturing segment revenue declined to $4,674,000 for fiscal 2003 from $5,022,000 for the prior year. The operating loss in the manufacturing segment decreased to $802,000 for fiscal 2003 compared to an operating loss of $4,013,000 a year earlier. Distribution segment revenue increased to $7,067,000 for fiscal 2003 from $5,653,000 a year earlier. The distribution segment reported an operating loss of $212,000 for fiscal 2003 compared to an operating loss of $69,000 for the prior year.

About Trio-Tech

     Founded in 1958, Trio-Tech International provides third-party semiconductor testing and burn-in services primarily through its laboratories in Southeast Asia. Headquartered in Van Nuys, California, the Company also designs, manufactures and markets equipment and systems used in the testing and production of semiconductors and distributes semiconductor processing and testing equipment manufactured by others. For further information or to request quotations for any of Trio-Tech’s complete line of semiconductor test equipment, please visit the Company’s Web site at www.triotech.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. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: the effectiveness of the cost reduction initiatives undertaken by the Company, changes in demand for the Company’s products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, excess or shortage of production capacity, and other risks discussed from time to time in the Company’s Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.

(tables attached)

#3399

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
(IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)

			Twelve Months Ended						Three Months Ended
			June 30,						June 30,
			2003			2002			2003			2002
			(audited)						(unaudited)
NET SALES			$	21,246		$	19,617		$	4,719		$	5,012
COST OF SALES				16,245			15,926			3,867			4,565
GROSS PROFIT				5,001			3,691			852			447
OPERATING EXPENSES:
	General and administrative			3,992			4,141			800			907
	Selling			702			1,200			47			312
	Research and development			121			331			32			72
	Impairment loss			358			1,631			358			1,008
	(Gain) loss on disposal of property, plant and equipment			115			(33	)		3			4
		Total		5,288			7,270			1,240			2,303
INCOME (LOSS) FROM OPERATIONS				(287	)		(3,579	)		(388	)		(1,856	)
OTHER INCOME (EXPENSE)
	Interest (expense)			(185	)		(207	)		(40	)		(48	)
	Other income (expense)			347			306			106			(83	)
		Total		162			99			66			(131	)
INCOME (LOSS) BEFORE INCOME
TAXES AND MINORITY INTEREST				(125	)		(3,480	)		(322	)		(1,987	)
INCOME TAXES (BENEFIT)				94			53			23			(15	)
INCOME (LOSS) BEFORE MINORITY INTEREST				(219	)		(3,533	)		(345	)		(1,972	)
MINORITY INTEREST				138			(14	)		89			(71	)
NET (LOSS) INCOME				(81	)		(3,547	)		(256	)		(2,043	)
OTHER COMPREHENSIVE INCOME (LOSS):
	Unrealized gain on investment			21			24			45			24
	Foreign currency translation adjustment			18			262			84			252
COMPREHENSIVE (LOSS) INCOME			$	(42	)	$	(3,261	)	$	(127	)	$	(1,767	)
EARNINGS (LOSS) PER SHARE, Basic and Diluted			$	(0.03	)	$	(1.21	)	$	(0.09	)	$	(0.70	)
WEIGHTED AVERAGE NUMBER OF COMMON & COMMON SHARES OUTSTANDING, Basic and Diluted				2,928			2,928			2,928			2,928

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (AUDITED)
(IN THOUSANDS)

			June 30,
ASSETS
			2003		2002
CURRENT ASSETS:
	Cash		$	1,495	$	1,007
	Short-term deposits			4,308		6,027
	Short term investments			485		554
	Trade accounts receivable, net			3,643		4,148
	Other receivables			373		527
	Inventories			1,049		1,014
	Prepaid expenses and other current assets			140		128
		Total current assets		11,493		13,405
PROPERTY AND EQUIPMENT, Net				5,210		5,593
OTHER ASSETS, Net				8		77
TOTAL ASSETS			$	16,711	$	19,075
LIABILITIES & SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
	Lines of credit		$	300	$	1,227
	Accounts payable			1,080		1,717
	Accrued expenses			2,096		2,315
	Income taxes payable			56		106
	Current portion of notes payable and capitalized leases			934		1,121
		Total current liabilities		4,466		6,486
LONG-TERM DEBT AND CAPITALIZED LEASES, net of current portion				836		986
DEFERRED INCOME TAXES				711		669
MINORITY INTEREST				2,108		2,316
SHAREHOLDERS’ EQUITY				8,590		8,618
TOTAL LIABILITIES & SHAREHOLDERS’ EQUITY			$	16,711	$	19,075

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EX-99.1

exv99w1