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Trio-Tech Third Quarter Revenue Nearly Triples To $10.8 Million

About Trio-Tech

Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group pursuing aggressive interest in semiconductor test and manufacturing, oil and gas equipment fabrication, solar products and real estate. Further information about Trio-Tech's semiconductor products and services can be obtained from the Company's Web site at www.triotech.com, www.universalfareast.com, www.shi-international.com and www.ttsolar.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.

TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
UNAUDITED (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
 
  Three Months Ended   Nine Months Ended
March 31, March 31,
Revenue 2010   2009 2010   2009
Products $ 7,627 $ 1,722 $ 14,628 $ 7,688
Services 2,854 1,842 8,104 7,635
Fabrication Services 101 -- 805 --
Others   189     87     517     344  
  10,771     3,651     24,054     15,667  
Cost of Sales
Cost of products sold 6,475 1,316 12,546 6,213
Cost of services rendered 1,945 1,493 5,718 5,654
Cost of fabrication services rendered 254 -- 1,447 --
Others   46     33     117     52  
  8,720     2,842     19,828     11,919  
Gross Margin 2,051 809 4,226 3,748

Operating Expenses / (Gains) :

General and administrative 1,657 1,094 4,661 4,385
Selling 183 73 410 279
Research and development 9 10 29 30
Impairment loss -- 95 -- 319
(Gain) / loss on disposal of property, plant and equipment   (4 )   16     (5 )   (138 )
Total operating expenses   1,845     1,288     5,095     4,875  
(Loss) / Income from Operations 206 (479 ) (869 ) (1,127 )
Other Income / (Expenses)
Interest expense (49 ) (25 ) (123 ) (129 )
Other income   24     128     159     478  
Total other income (expenses) (25 ) 103 36 349
(Loss) / Income from Continuing Operations before Income Taxes 181 (376 ) (833 ) (778 )
Income Tax Expenses (Benefits)   78     (139 )   50     (103 )
(Loss) / Income From Continuing Operations before non controlling interest 103 (237 ) (883 ) (675 )
(LOSS) / INCOME FROM DISCONTINUED OPERATION   14     (24 )   (32 )   (464 )
 
NET (LOSS) INCOME $ 117   $ (261 ) $ (915 ) $ (1,139 )
 
Comprehensive Income (loss):
Net (Loss) Income $ 117 $ (261 ) $ (915 ) $ (1,139 )
Other comprehensive loss, net of tax:
Foreign currency translation adjustment   (827 )   (710 )   (489 )   (1,338 )
Total other comprehensive income / (loss), net of tax   (827 )   (710 )   (489 )   (1,338 )
Comprehensive (loss) income (710 ) (971 ) (1,404 ) (2,527 )
Comprehensive (loss) income attributable to non-controlling interest   (794 )   (263 )   (581 )   4  
Comprehensive (loss) income attributable to Trio-Tech International $ 84   $ (708 ) $ (823 ) $ (2,531 )
 
Loss per share from Continuing operations - Basic and Diluted $ (0.04 ) $ (0.04 ) $ (0.38 ) $ (0.27 )
Loss per share from Discontinued operation - Basic and Diluted   0.00     (0.01 )   (0.01 )   (0.14 )
Loss per share - Basic and Diluted

$

(0.04

)

$ (0.05 ) $ (0.39 ) $ (0.41 )
 
Weighted Average Shares Outstanding - Basic and Diluted   3,227     3,227     3,227     3,227  
 
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT NUMBER OF SHARES) (UNAUDITED)
 
   
March 31, June 30,
2010 2009
ASSETS
 
CURRENT ASSETS:
Cash & cash equivalent $ 3,611 $ 6,037
Short-term deposits 1,748 1,994
Trade accounts receivable, net 9,324 3,981
Other receivables 568 279
Inventories, net 1,481 1,184
Prepaid expenses and other current assets   259   167
Total current assets 16,991 13,642
 
INVESTMENT PROPERTY IN CHINA, Net 3,042 2,935
PROPERTY, PLANT AND EQUIPMENT, Net 11,543 6,607
GOODWILL 431 --
OTHER ASSETS 700 1,326
RESTRICTED TERM DEPOSITS   3,580   3,437
TOTAL ASSETS $ 36,287 $ 27,947
 

LIABILITIES AND SHAREHOLDERS' EQUITY

 
CURRENT LIABILITIES:
Line of credit $ 1,213 $ --
Accounts payable 5,139 1,025
Accrued expenses 2,349 1,769
Income taxes payable 206 202
Current portion of bank loans payable 809 1,266
Current portion of capital leases   77   78
Total current liabilities

9,793

4,340
 
BANK LOANS PAYABLE, net of current portion 2,592 237
CAPITAL LEASES, net of current portion -- 52
DEFERRED TAX LIABILITIES 588 526
OTHER NON-CURRENT LIABILITIES   647   10
TOTAL LIABILITIES 13,620 5,165
 
EQUITY
 
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:

Common stock; no par value, 15,000,000 shares authorized; 3,227,430 shares issued and outstanding at March 31, 2010, and June 30, 2009, respectively

10,365 10,365
Paid-in capital 1,573 1,446
Accumulated retained earnings 5,596 6,859
Accumulated other comprehensive loss-translation adjustments   1,634   1,194
Total Trio-Tech International shareholders' equity   19,168   19,864
NONCONTROLLING INTEREST   3,499   2,918
TOTAL EQUITY   22,667   22,782
TOTAL LIABILITIES AND EQUITY $ 36,287 $ 27,947




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