Trio-Tech International (AMEX:TRT) announced today that revenue for the first quarter of fiscal 2011 ended September 30, 2010 increased 84% to $13,029,000 compared to $7,093,000 for the first quarter of fiscal 2010. Net income for the quarter increased to $491,000, or $0.14 per diluted share, compared to a loss of $422,000, or $0.13 per share, in the first quarter of fiscal 2010.
Revenue from product sales increased to $9,203,000 for the first quarter of fiscal 2011 compared to $3,862,000 a year earlier, primarily the result of higher sales of the Company's proprietary semiconductor test equipment products. Revenue from testing services for the first quarter of fiscal 2011 increased to $3,474,000 compared to $2,659,000 for the first quarter of fiscal 2010.
"Our core semiconductor test equipment and services businesses continued to perform well in this year's first quarter, generating solid margins and strong cash flow. While we recently have seen reduced backlogs and shortened lead times for some of our products and services, that may affect our operating results in the second quarter compared to the first, we are bullish about our business and committed to implementing our two-pronged strategy for growth.
"First, we are continuing to build our core semiconductor test equipment and services businesses, working closely with current customers, seeking new customers and steadily upgrading our facilities, technologies and capabilities. As previously reported, we are in the process of expanding our Malaysia testing operation, including the purchase of additional plant and equipment, to improve efficiency and throughput to meet increasing orders from one of our major customers. We are also moving forward with our plan to set up a new facility for semiconductor test and burn-in services to support an existing major customer in Tianjin, China. We expect to commence operations in Tianjin towards the end of the third quarter of this fiscal year after qualification by our customer," said SW Yong, Trio-Tech's CEO.