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Trio-Tech Reports Fiscal 2011 Second Quarter Results

Stocks in this article: TRT

Trio-Tech International (AMEX:TRT) announced today that revenue for the second quarter of fiscal 2011 ended December 31, 2010 increased 54% to $9,549,000 compared to $6,190,000 for the second quarter of fiscal 2010.

Net income for the second quarter of fiscal 2011 increased to $187,000, or $0.05 per diluted share, which included income from operations of $371,000. In comparison, for the second quarter of fiscal 2010 the Company reported a net loss of $369,000, or $0.11 per share, which included a loss from operations of $567,000.

Revenue from product sales increased to $5,491,000 for the second quarter of fiscal 2011 compared to $3,139,000 for the second quarter of last year, primarily the result of higher sales of the Company's proprietary semiconductor test equipment products. Revenue from testing services increased to $3,193,000 for the second quarter of fiscal 2011 compared to $2,591,000 for the second quarter of fiscal 2010. Revenue from the Company's real estate segment increased to $772,000 for the second quarter of fiscal 2011 from $260,000 a year ago. Revenue for the Company's oil and gas equipment fabrication venture was $93,000 for this year's second quarter as compared to $200,000 for the second quarter of fiscal 2010.

"We are making steady progress in the implementation of our two-pronged strategy for growth. Our core semiconductor test equipment and services businesses posted another strong quarter, and our financial results also benefited substantially from developments at one of our new business initiatives, real estate, that are a key element of our long-term growth plan," said SW Yong, Trio-Tech's CEO.

During the second quarter, Trio-Tech completed the expansion of its Malaysia testing operation, including the purchase of additional plant and equipment, to expand our production capacity in anticipation of capturing increased order volume from a major customer.

For the six months ended December 31, 2010, revenue increased to $22,578,000 compared to $13,283,000 for the first six months of fiscal 2010. Net income for this year's first six months was $678,000, or $0.20 per diluted share. This compares to a net loss for the first six months of fiscal 2010 of $791,000, or $0.25 per share.

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