1-14523
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95-2086631
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(Commission File
Number)
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(IRS Employer
Identification No.)
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Block 1008 Toa Payoh North, Unit 03-09 Singapore
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318996
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(Address of
Principal Executive Offices)
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(Zip
Code)
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, no
par value
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TRT
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NYSE
American
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TRIO-TECH
INTERNATIONAL
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Date:
May 22, 2020
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By:
/s/ VICTOR H.M.
TING
Name:
Victor H.M. Ting
Title:
Vice President and
Chief
Financial Officer
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Exhibit Number
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Description
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Press Release of
Trio-Tech International dated May 21, 2020
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LOS
ANGELES
SINGAPORE
KUALA
LUMPUR
BANGKOK
SUZHOU
TIANJIN
CHONGQING
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FOR IMMEDIATE RELEASE
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Company
Contact:
Investor Contact:
A. Charles
Wilson
Berkman Associates
Chairman
(310) 927-3108
(818)
787-7000
info@BerkmanAssociates.com
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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|||||||||
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
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|||||||||
UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
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|||||||||
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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Revenue
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2020
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2019
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2020
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2019
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Manufacturing
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$2,519
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$3,097
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$8,881
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$10,086
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Testing Services
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3,741
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3,989
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12,018
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12,819
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Distribution
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2,225
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1,727
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6,338
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5,587
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Real
Estate
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16
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25
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49
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81
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8,501
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8,838
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27,286
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28,573
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Costs of Sales
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Cost of manufactured
products sold
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1,851
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2,303
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6,789
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7,806
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Cost of testing services rendered
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2,937
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2,862
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9,046
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9,351
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Cost of
distribution
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1,909
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1,483
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5,454
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4,831
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Cost of real
estate
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18
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16
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54
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52
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6,715
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6,664
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21,343
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22,040
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Gross Margin
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1,786
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2,174
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5,943
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6,533
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Operating Expenses:
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General and administrative
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1,754
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1,742
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5,319
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5,223
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Selling
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181
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246
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547
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580
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Research and development
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79
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76
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280
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270
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Impairment loss on
long-lived assets
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139
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--
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139
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--
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Gain
on disposal of property, plant and equipment
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--
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(13)
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(24)
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(13)
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Total operating expenses
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2,153
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2,051
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6,261
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6,060
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(Loss) income
from Operations
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(367)
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123
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(318)
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473
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Other Income
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Interest expense
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(63)
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(74)
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(186)
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(250)
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Gain on sale of
assets held for sale
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--
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685
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1,172
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685
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Other income,
net
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440
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128
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590
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220
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Total other income
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377
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739
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1,576
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655
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Income from Continuing Operations before Income Taxes
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10
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862
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1,258
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1,128
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Income Tax Benefit
(Expenses)
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8
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(209)
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(112)
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(159)
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income
from Continuing Operations
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before Non-controlling
Interest, net of tax
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18
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653
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1,146
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969
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(Loss) income from
Discontinued Operations, net of tax
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(21)
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2
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(21)
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(2)
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NET (LOSS)
INCOME
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(3)
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655
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1,125
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967
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Less: Net (loss)
income Attributable to Non-controlling Interest
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(73)
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(28)
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356
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(129)
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Net Income Attributable to Trio-Tech International
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70
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683
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769
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1,096
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Net Income Attributable to Trio-Tech International:
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Income from Continuing Operations, net of tax
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81
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682
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780
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1,097
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(Loss)
Income from Discontinued Operations, net of tax
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(11)
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1
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(11)
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(1)
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Net Income Attributable to Trio-Tech International
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$70
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$683
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$769
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$1,096
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Basic Earnings per
Share
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$0.02
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$0.19
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$0.21
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$0.30
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Diluted Earnings
per Share
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$0.02
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$0.19
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$0.21
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$0.29
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Weighted Average Shares Outstanding - Basic
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3,673
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3,673
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3,673
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3,673
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Weighted Average Shares Outstanding - Diluted
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3,759
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3,685
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3,734
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3,746
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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|||||||
CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
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|||||||
UNAUDITED (IN THOUSANDS)
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|||||||
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|||||||
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Three Months Ended
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Nine Months Ended
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March 31,
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March 31,
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2020
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2019
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2020
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2019
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Comprehensive (Loss)
Income Attributable to Trio-Tech
International:
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Net (loss)
income
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$(3)
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$655
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$1,125
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$967
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Foreign Currency Translation, net of tax
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(1,013)
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401
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(1,051)
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(189)
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Comprehensive (Loss)
Income
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(1,016)
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1,056
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74
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778
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Less: Comprehensive (Loss)
Income
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Attributable to Non-controlling Interest
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(64)
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1
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376
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(191)
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Comprehensive (Loss)
Income
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Attributable to Trio-Tech International
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$(952)
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$1,055
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$(302)
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$969
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TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
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||||
CONDENSED
CONSOLIDATED BALANCE SHEETS
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||||
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
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Mar.
31,
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Jun. 30,
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2020
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2019
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ASSETS
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(unaudited)
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CURRENT ASSETS:
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Cash and cash equivalents
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$4,370
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$4,863
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Short-term deposits
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6,309
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4,144
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Trade accounts receivable, net
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6,397
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7,113
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Other receivables
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1,065
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817
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Inventories, net
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2,226
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2,427
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Prepaid expenses and other current assets
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267
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287
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Assets held for sale
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--
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89
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Total current assets
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20,634
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19,740
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Deferred tax assets
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565
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390
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Investment properties, net
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705
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782
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Property, plant and equipment, net
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10,597
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12,159
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Operating
lease right-of-use assets
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1,073
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--
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Other assets
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1,595
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1,750
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Restricted term deposits
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1,627
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1,706
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Total non-current assets
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16,162
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16,787
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TOTAL ASSETS
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$36,796
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$36,527
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LIABILITIES AND SHAREHOLDERS’ EQUITY
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CURRENT LIABILITIES:
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Lines of credit
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$398
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$187
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Accounts payable
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3,129
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3,272
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Accrued expenses
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3,065
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3,486
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Income taxes payable
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396
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417
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Current portion of bank loans payable
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378
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488
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Current portion of finance leases
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246
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283
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Current
portion of operating leases
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541
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--
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Total current liabilities
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8,153
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8,133
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Bank loans payable, net of current portion
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1,919
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2,292
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Finance leases, net of current portion
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486
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442
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Operating
leases, net of current portion
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532
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--
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Deferred tax liabilities
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375
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327
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Income
taxes payable
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430
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439
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Other non-current liabilities
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34
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33
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Total non-current liabilities
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3,776
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3,533
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TOTAL LIABILITIES
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11,929
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11,666
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EQUITY
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TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:
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Common stock, no par value, 15,000,000 shares authorized; 3,673,055
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issued and outstanding
at March 31, 2020 and June 30, 2019,
respectively
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11,424
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11,424
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Paid-in capital
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3,357
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3,305
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Accumulated retained earnings
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7,839
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7,070
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Accumulated other comprehensive gain-translation adjustments
|
796
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1,867
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Total Trio-Tech International shareholders' equity
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23,416
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23,666
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Non-controlling interest
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1,451
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1,195
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TOTAL EQUITY
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24,867
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24,861
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TOTAL LIABILITIES AND EQUITY
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$36,796
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$36,527
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