Trio-Tech Third Quarter Revenue Nearly Triples To $10.8 Million
Overall gross margin increased to $2,051,000, or 19% of revenue, for this year's third quarter compared to $809,000, or 22% of revenue, for the third quarter of fiscal 2009, and $960,000, or 16% of revenue for the second quarter of 2010. "The gains in testing segment revenue and gross margin contributed significantly to the increase in overall gross margin. This increase was partially offset by low margins in our solar and fabrication businesses, as we compete to gain share in these new markets. This was the anticipated short-term consequence of our strategy to grow our company for the long term. We expect the profitability of our new businesses to improve over time," Yong said.
"Increased volume in our core semiconductor testing equipment and services businesses is a welcome development, and we are encouraged by the positive trends we see in the electronics industry worldwide. At the same time, our strategy to add new sources of revenue is beginning to generate the incremental growth we anticipated. We believe that PT SHI Indonesia is well positioned to benefit from growth in the Indonesian oil and gas industry and that TT Solar gives us a meaningful toe-hold in the emerging green energy business in Singapore," Yong said.
For the nine months ended March 31, 2010, revenue increased 54% to $24,054,000 compared to $15,667,000 for the first nine months of fiscal 2009. The net loss from continuing operations for this year's first nine months was $1,231,000, or $0.38 per share. This compares to a net loss from continuing operations for the first nine months of fiscal 2009 of $843,000, or $0.27 per share.
At March 31, 2010, Trio-Tech reported cash and cash equivalents, restricted term deposits and short-term deposits of $8,939,000 ($2.77 per outstanding share), working capital of $7,198,000, and shareholders' equity of $19,168,000 ($5.94 per outstanding share). At June 30, 2009, cash and cash equivalents, restricted term deposits and short-term deposits were $11,468,000 ($3.55 per outstanding share), working capital was $9,302,000, and shareholders' equity was $19,864,000 ($6.16 per outstanding share).
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