Trio-Tech International

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

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 November 7, 2003, Trio-Tech International issued a press release announcing its financial results for the first quarter ended September 30, 2003. A copy of the press release is attached as Exhibit 99.1 and is incorporated by reference into this Item 12.

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.

Van Nuys, CA, — November 7, 2003 — Trio-Tech International (AMEX:TRT) today announced financial results for the first quarter of fiscal 2004.

For the three months ended September 30, 2003, total revenue declined to $3,850,000 from $5,915,000 in the same fiscal quarter last year, primarily due to lower revenue in the company’s manufacturing and distribution segments. The net loss for this year’s first quarter was $265,000, or $0.09 per share. This compares to net income of $56,000, or $0.02 per share, for the same quarter last year.

Net cash provided by operating activities was $434,000 for the first quarter of fiscal 2004 compared to $918,000 in the first quarter of fiscal 2003.

Net sales for Trio-Tech’s testing services segment decreased to $2,284,000 for the fiscal 2004 first quarter from $2,564,000 in the same quarter of fiscal 2003, and operating income was $82,000 versus $287,000 a year earlier. Manufacturing segment revenue declined to $906,000 for the first quarter from $1,745,000 in the first quarter last year. The first quarter operating loss in the manufacturing segment was $281,000 compared to an operating loss of $130,000 in the same quarter a year earlier. Distribution segment revenue decreased to $660,000 for the first quarter of fiscal 2004 from $1,606,000 in the first quarter last year. The distribution segment reported a first quarter operating loss of $38,000 compared to an operating loss of $17,000 for the first quarter of fiscal 2003.

Testing services backlog increased to $4,051,000 at September 30, 2003 from $3,652,000 at September 30, 2002. Backlog in the manufacturing segment also recently increased.

President and Chief Executive Officer S.W. Yong said that the 80% expansion of Trio-Tech’s semiconductor testing facility in Bangkok is expected to be completed this month to meet increased demand in this market. He noted that the Company is now beginning to receive manufacturing orders from mainland China.

“Once the relocation of the manufacturing operations of the Universal Systems wet bench subsidiary from San Jose to Singapore is completed, we expect to achieve significant reductions in production

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

expenses and to improve manufacturing efficiencies. Wet bench equipment production is scheduled to commence in Singapore in the third fiscal quarter,” Yong said.

“Although testing services revenue declined slightly in the first quarter, this business produced an operating profit. Testing services activity has continued to improve in recent weeks, and the manufacturing segment’s recent backlog gains should lead to improved results as well,” Yong said.

Trio-Tech Reports Fiscal 2004 First Quarter Results
November 7, 2003
Page Two

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.

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.

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS


			Three Months Ended
			September 30,

			2003			2002

NET SALES			$	3,850		$	5,915
COST OF SALES				2,925			4,171

GROSS PROFIT				925			1,744
OPERATING EXPENSES:
	General and administrative			983			1,283
	Selling			205			260
	Research and development			32			27
	Loss on disposal of property, plant and equipment			4			112

		Total		1,224			1,682

(LOSS) INCOME FROM OPERATIONS				(299	)		62
OTHER INCOME (EXPENSE)
	Interest expense			(35	)		(51	)
	Other income			138			115

		Total		103			64

(LOSS) INCOME BEFORE INCOME TAXES AND MINORITY INTEREST				(196	)		126
INCOME TAXES				15			68

(LOSS) INCOME BEFORE MINORITY INTEREST				(211	)		58
MINORITY INTEREST				(54	)		(2	)

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON SHARES				(265	)		56

OTHER COMPREHENSIVE INCOME (LOSS):
	Unrealized (loss) gain on investment			(45	)		11
	Foreign currency translation adjustment			131			(114	)

COMPREHENSIVE LOSS			$	(179	)	$	(47	)

(LOSS) EARNINGS PER SHARE, Basic and Diluted			$	(0.09	)	$	0.02

WEIGHTED AVERAGE NUMBER OF COMMON AND POTENTIAL COMMON SHARES OUTSTANDING, Basic and Diluted				2,928			2,928

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands except share amounts)


				Sep. 30,			Jun. 30,
ASSETS				2003			2003

				(Unaudited)
CURRENT ASSETS:
	Cash			$	927		$	1,495
	Short term deposits				4,591			4,308
	Investments in marketable securities				3			485
	Trade accounts receivable, net				3,108			3,643
	Other receivables				376			373
	Inventories, net				1,056			1,049
	Prepaid expenses and other current assets				222			140

		Total current assets			10,283			11,493
PROPERTY, PLANT AND EQUIPMENT, Net					5,532			5,210
OTHER ASSETS, Net					8			8

TOTAL ASSETS				$	15,823		$	16,711

LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
	Lines of credit			$	145		$	300
	Accounts payable				1,032			1,080
	Accrued expenses				2,150			2,096
	Income taxes payable				67			56
	Current portion of notes payable				312			632
	Current portion of capitalized leases				265			302

			Total current liabilities		3,971			4,466

NOTES PAYABLE, net of current portion					212			492
CAPITALIZED LEASES, net of current portion					345			344
DEFERRED INCOME TAXES					722			711

TOTAL LIABILITIES					5,250			6,013

COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST					2,162			2,108
SHAREHOLDERS’ EQUITY:
	Common stock; no par value, authorized, 15,000,000 shares; issued and outstanding 2,927,542 shares at September 30, 2003 and June 30, 2003, respectively				9,423			9,423
	Additional paid-in capital				284			284
	Accumulated deficit				(1,004	)		(739	)
	Accumulated other comprehensive income-marketable securities				—			45
	Accumulated other comprehensive loss-foreign currency				(292	)		(423	)

			Total shareholders’ equity		8,411			8,590

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				$	15,823		$	16,711

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

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


				TRIO -TECH INTERNATIONAL (Registrant)

				/s/ DALE C. CHEESMAN

				Dale C. Cheesman,
				Corporate Secretary/Controller

Date: November 11, 2003


Exhibit Number		Description

99.1		Press release


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


		LOS ANGELES SINGAPORE DUBLIN PENANG KUALA LUMPUR BANGKOK