0001654954-20-010372.txt : 20200924 0001654954-20-010372.hdr.sgml : 20200924 20200924063819 ACCESSION NUMBER: 0001654954-20-010372 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20200924 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200924 DATE AS OF CHANGE: 20200924 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRIO-TECH INTERNATIONAL CENTRAL INDEX KEY: 0000732026 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 952086631 STATE OF INCORPORATION: CA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14523 FILM NUMBER: 201193486 BUSINESS ADDRESS: STREET 1: 16139 WYANDOTTE ST. CITY: VAN NUYS STATE: CA ZIP: 91406 BUSINESS PHONE: 818-787-7000 MAIL ADDRESS: STREET 1: 16139 WYANDOTTE ST. CITY: VAN NUYS STATE: CA ZIP: 91406 FORMER COMPANY: FORMER CONFORMED NAME: TRIO TECH INTERNATIONAL DATE OF NAME CHANGE: 19920703 8-K 1 trt8k.htm CURRENT REPORT trt8k
 

 
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): September 24, 2020
 
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.)
 
Block 1008 Toa Payoh North, Unit 03-09 Singapore
(Address of Principal Executive Offices) 

 
318996
(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 September 23, 2020, Trio-Tech International issued a press release announcing its financial results for the fiscal year ended June 30, 2020. 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 September 23, 2020

 
 
 
 
 
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:                       
September 24, 2020

 
 


TRIO-TECH INTERNATIONAL

By: /s/ VICTOR H.M. TING
                                                             
Name: Victor H.M. Ting,
Title: Vice President and
Chief Financial Officer
 
 

 
 
 
 
EXHIBIT INDEX
 
Exhibit Number                       Description
 
        99.1                                 Press Release of Trio-Tech International dated September 23, 2020
   
 
 
 
EX-99.1 2 ex99-1.htm EXHIBIT 99.1 ex99-1
 
 
LOS ANGELES
SINGAPORE
KUALA LUMPUR
BANGKOK
SUZHOU
TIANJIN
CHONGQING
 
 FOR IMMEDIATE RELEASE
 
 
Company Contact:             Investor Contact:
 A. Charles Wilson              Berkman Associates
 Chairman                            (310) 927-3108
 (818) 787-7000                   info@BerkmanAssociates.com
  
Trio-Tech Reports Fourth Quarter and Fiscal 2020 Results
  
Van Nuys, CA – September 23, 2020 – Trio-Tech International (NYSE MKT: TRT) today announced financial results for the fourth quarter and fiscal year ended June 30, 2020.
 
Fourth Quarter Results
 
Revenue for the fourth quarter of fiscal 2020 decreased 32% to $7,179,000 compared to $10,625,000 for the fourth quarter of fiscal 2019, primarily due to the global Covid-19 pandemic which affected demand for Trio-Tech’s semiconductor manufacturing products and testing services. Manufacturing revenue decreased 43% to $2,724,000 compared to $4,803,000 in the same quarter last year, testing services revenue decreased 28% to $2,822,000 compared to $3,941,000, and distribution revenue decreased 13% to $1,620,000 compared to $1,864,000 in the same quarter last year.
 
The pandemic contributed to a decline in revenue, which, coupled with a change in product mix, reduced gross margin to $1,323,000 for the fourth quarter of fiscal 2020 from $2,468,000 for last year’s fourth quarter. As a percentage of revenue, gross margin declined to 18% compared to 23% of revenue for the same quarter last fiscal year.
 
The decline in sales, triggered primarily by the effect of the pandemic, resulted in a fourth quarter loss from operations of $541,000, compared to income from operations of $321,000 in the same quarter last fiscal year.
 
Net income for the fourth quarter of fiscal 2020 was $197,000, or $0.05 per diluted share, compared to net income of $449,000, or $0.12 per diluted share, in the same quarter last year. Net income for the fourth quarter of fiscal 2020 benefitted from $455,000 in other income which is included in financial assistance received from local government in Singapore, Malaysia and China to mitigate the negative impact of the Covid-19 pandemic.
 
Shareholders' equity at June 30, 2020 increased to $25,146,000, or $6.84 per outstanding share, compared to $24,861,000, or $6.77 per outstanding share, at June 30, 2019. There were 3,673,055 common shares outstanding at June 30, 2020.
 
CEO Comments
 
S.W. Yong, Trio-Tech's CEO, said, “There is no doubt that Trio-Tech was hit hard in the past few months by the Covid-19 pandemic. Under these difficult circumstances we are proud to report that Trio-Tech remained profitable for the fiscal year and fourth quarter, posting profits from sales of properties held for sale in our Malaysia operation. Additionally, backlog at the close of fiscal 2020 was $9,340,000, a solid figure which compares favorably to our backlog of $10,149,000 at the end of fiscal 2019. While the continuing pandemic presents obstacles to the Company’s short-term outlook, we are taking significant steps to trim operations, cutting operating and overhead expenses to deal with the financial effects of the pandemic.
 
(more)
 
 
16139 Wyandotte Street, Van Nuys, CA 91406, USA ● TEL: (818) 787-7000 ● FAX (818) 787-9130
 
Trio-Tech Reports Fourth Quarter and Twelve Months Results
September 23, 2020
Page Two
 
 
Fiscal 2020 Results
 
For the fiscal year ended June 30, 2020, revenue decreased 12% to $34,465,000 compared to $39,198,000 in fiscal 2019, primarily related to the effects of the Covid-19 pandemic. Manufacturing revenue decreased 22% to $11,605,000 compared to $14,889,000 and testing services revenue decreased 11% to $14,840,000 compared to $16,760,000 for fiscal 2019. Distribution revenue increased 7% to $7,958,000 compared to $7,451,000 for fiscal 2019.
 
Fiscal 2020 gross margin decreased to $7,266,000, or 21% of revenue, compared to $9,001,000, or 23% of revenue for fiscal 2019.
 
The revenue decline, primarily brought about by the pandemic contributed to an operating loss for fiscal 2020 of $859,000, compared to income from operations of $794,000 for fiscal 2019.
 
Net income for fiscal 2020 was $966,000, or $0.26 per diluted share, compared to net income of $1,545,000, or $0.41 per diluted share, for fiscal 2019.
 
Net income for fiscal 2020 benefited from other income of $2,054,000, which included a pre-tax gain of $1,172,000 from the sale of real estate properties and an additional $718,000 in governmental grants to mitigate the negative impacts on our businesses from the pandemic. In fiscal 2019, other income amounting to $615,000 included a pre-tax gain of $685,000 from the sale of properties.
 
About Trio-Tech
 
Established in 1958, Trio-Tech International is located in Van Nuys, California, with its Principal Executive Office and regional headquarter 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 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; 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
 
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
 
AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
 
 
 
 
 
 
 
   
   Three Months Ended
 
 Twelve Months Ended 
   
   June 30,
 
   June 30, 
Revenue
 
2020
 
 
2019
 
 
2020
 
 
2019
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Manufacturing
 $2,724 
 $4,803 
 $11,605 
 $14,889 
Testing services
  2,822 
  3,941 
  14,840 
  16,760 
Distribution
  1,620 
  1,864 
  7,958 
  7,451 
Real estate
  13 
  17 
  62 
  98 
 
  7,179 
  10,625 
  34,465 
  39,198 
Cost of Sales
    
    
    
    
Cost of manufactured products sold
  2,138 
  3,587 
  8,927 
  11,393 
Cost of testing services rendered
  2,307 
  2,851 
  11,353 
  12,202 
Cost of distribution
  1,393 
  1,674 
  6,847 
  6,505 
Cost of real estate
  18 
  45 
  72 
  97 
 
  5,856 
  8,157 
  27,199 
  30,197 
Gross Margin
  1,323 
  2,468 
  7,266 
  9,001 
 
    
    
    
    
Operating Expenses:
    
    
    
    
General and administrative
  1,657 
  1,826 
  6,976 
  7,049 
Selling
  132 
  246 
  679 
  826 
Research and development
  75 
  75 
  355 
  345 
Impairment loss on long-lived assets
  -- 
  -- 
  139 
  -- 
Gain on disposal of property, plant and equipment
  -- 
  -- 
  (24)
  (13)
Total operating expenses
  1,864 
  2,147 
  8,125 
  8,207 
(Loss) Income from Operations
  (541)
  321 
  (859)
  794 
 
    
    
    
    
Other (Expenses) Income
    
    
    
    
Interest expense
  (44)
  (69)
  (230)
  (319)
Other income, net
  522 
  29 
  1,112 
  249 
Gain on sale of properties
  -- 
  -- 
  1,172 
  685 
Total other Income (Expenses)
  478 
  (40)
  2,054 
  615 
 
    
    
    
    
(Loss) Income from Continuing Operations before Income Taxes
  (63)
  281 
  1,195 
  1,409 
Income Tax Benefit
  124 
  201 
  12 
  42 
Income from Continuing Operations before Non-controlling Interest, net of tax
  61 
  482 
  1,207 
  1,451 
Gain (Loss) from discontinued operations, net of tax
  18 
  (1)
  (3)
  (3)
NET INCOME
  79 
  481 
  1,204 
  1,448 
Less: Net income (loss) attributable to the non-controlling interest
  (118)
  32 
  238 
  (97)
Net Income attributable to Trio-Tech International
  197 
  449 
  966 
  1,545 
 
    
    
    
    
Net Income Attributable to Trio-Tech International:
    
    
    
    
Income from continuing operations, net of tax
  187 
  451 
  967 
  1,548 
Gain (Loss) from discontinued operations, net of tax
  10 
  (2)
  (1)
  (3)
Net Income Attributable to Trio-Tech International
  197 
  449 
  966 
  1,545 
 
    
    
    
    
Basic Earnings per Share - Continuing Operations
 $0.05 
 $0.12 
 $0.26 
 $0.42 
Basic Loss per Share - Discontinued Operations
  -- 
  -- 
  -- 
  -- 
     Basic Earnings per Share
 $0.05 
 $0.12 
 $0.26 
 $0.42 
 
    
    
    
    
Diluted Earnings per Share – Continuing Operations
 $0.05 
 $0.12 
 $0.26 
 $0.41 
Diluted Loss per Share – Discontinued Operations
  -- 
  -- 
  -- 
  -- 
     Diluted Earnings per Share
 $0.05 
 $0.12 
 $0.26 
 $0.41 
 
    
    
    
    
Weighted Average Shares Outstanding - Basic
  3,673 
  3,673 
  3,673 
  3,673 
Weighted Average Shares Outstanding - Diluted
  3,688 
  3,681 
  3,722 
  3,762 
 
 
 
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
AUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
 
 
   
   Three Months Ended
 
 Twelve Months Ended 
   
   June 30,
 
   June 30, 

 
2020
 
 
2019
 
 
2020
 
 
2019
 
Comprehensive Income
 
 
 
 
 
 
 
 
 
 
 
 
   Attributable to Trio-Tech International
 
 
 
 
 
 
 
 
 
 
 
 
     Common Shareholders:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 $79 
 $481 
 $1,204 
 $1,448 
Foreign currency translation, net of tax
  309 
  (231)
  (742)
  (420)
Comprehensive Income
  388 
  250 
  462 
  1,028 
Less: Comprehensive (Loss) Income
    
    
    
    
attributable to non-controlling interests
  (156)
  (11)
  220 
  (202)
 
    
    
    
    
Comprehensive Income
    
    
    
    
   Attributable to Trio-Tech International
 $544 
 $261 
 $242 
 $1,230 
 
 
 
 
 
 
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES)
 
 

 
June 30,
 
 
 
2020
 
 
2019
 
ASSETS
 
(Audited)
 
 
 
 
 
 
 
 
CURRENT ASSETS:
 
 
 
 
 
 
    Cash and cash equivalents
 $4,150 
 $4,863 
    Short-term deposits
  6,697 
  4,144 
    Short-term advances
  141 
  -- 
    Trade accounts receivable, net
  5,951 
  7,113 
    Other receivables
  998 
  817 
    Inventories, net
  1,922 
  2,427 
    Prepaid expenses and other current assets
  341 
  287 
    Assets held for sale
  -- 
  89 
 
    
    
          Total current assets
  20,200 
  19,740 
 
    
    
Deferred tax assets
  247 
  390 
Investment properties, net
  690 
  782 
Property, plant and equipment, net
  10,310 
  12,159 
Operating lease right-of-use assets
  944 
  -- 
Other assets
  1,609 
  1,750 
Restricted term deposits
  1,660 
  1,706 
 
    
    
         Total non-current assets
  15,460 
  16,787 
 
    
    
TOTAL ASSETS
 $35,660 
 $36,527 
 
    
    
LIABILITIES AND SHAREHOLDERS’ EQUITY
    
    
 
    
    
CURRENT LIABILITIES:
    
    
    Lines of credit
 $172 
 $187 
    Accounts payable
  2,590 
  3,272 
    Accrued expenses
  3,005 
  3,486 
    Income taxes payable
  344 
  417 
    Current portion of bank loans payable
  370 
  488 
    Current portion of finance leases
  231 
  283 
    Current portion of operating leases
  477 
  -- 
    Current portion of PPP loan
  54 
  -- 
 
    
    
        Total current liabilities
  7,243 
  8,133 
 
    
    
    Bank loans payable, net of current portion
  1,836 
  2,292 
    Finance leases, net of current portion 
  435 
  442 
    Operating leases, net of current portion
  467 
  -- 
    Deferred tax liabilities
  -- 
  327 
    Income taxes payable
  430 
  439 
    PPP loan, net of current portion
  67 
  -- 
    Other non-current liabilities
  36 
  33 
 
    
    
        Total non-current liabilities
  3,271 
  3,533 
 
    
    
TOTAL LIABILITIES
  10,514 
  11,666 
 
    
    
 
    
    
EQUITY
    
    
 
    
    
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:
    
    
    Common stock, no par value, 15,000,000 shares authorized; 3,673,055
    
    
        shares issued and outstanding at June 30, 2020 and June 30, 2019, respectively
  11,424 
  11,424 
    Paid-in capital
  3,363 
  3,305 
    Accumulated retained earnings
  8,036 
  7,070 
    Accumulated other comprehensive gain-translation adjustments
  1,143 
  1,867 
 
    
    
          Total Trio-Tech International shareholders' equity
  23,966 
  23,666 
 
    
    
Non-controlling interest
  1,180 
  1,195 
 
    
    
TOTAL EQUITY
  25,146 
  24,861 
 
    
    
TOTAL LIABILITIES AND EQUITY
 $35,660 
 $36,527 
 
    
    
 
 
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