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Trio-Tech Reports Fiscal 2011 Third Quarter Results

Stocks in this article: TRT

Trio-Tech International (AMEX:TRT) today announced financial results for the third quarter and first nine months of fiscal 2011.

Third Quarter Results

For the three months ended March 31, 2011, revenue decreased to $5,829,000 compared to $10,771,000 for the third quarter of fiscal 2010. This decrease was primarily the result of lower sales of the Company's proprietary semiconductor test equipment products to a major customer, partially offset by higher testing services revenue attributable to this and other customers.

The net loss for the third quarter of fiscal 2011 was $462,000, or $0.14 per share, which included a loss from operations of $609,000. This compares to net income for the third quarter of fiscal 2010 of $19,000, or $0.01 per diluted share, which included income from operations of $206,000.

Revenue from product sales decreased to $2,650,000 for the third quarter of fiscal 2011 compared to $7,627,000 for the third quarter of the prior year. Revenue from testing services increased to $2,992,000 for the third quarter of fiscal 2011 compared to $2,854,000 for the third quarter of fiscal 2010. Revenue for the Company's oil and gas equipment fabrication venture was $138,000 for this year's third quarter compared to $101,000 for the third quarter of fiscal 2010. Revenue from the Company's real estate segment was $49,000 for this year's third quarter and $189,000 for the third quarter of fiscal 2010.

Gross margin for the third quarter of fiscal 2011 improved to 24.2% compared to 19.0% for the third quarter of fiscal 2010, reflecting the mix of business. General and administrative expenses increased to $1,997,000 for this year's third quarter compared to $1,657,000 for the third quarter of fiscal 2010, reflecting higher payroll expenses attributed to the launch of operations at Trio-Tech's new testing facility in Tianjin, China, and restoration of salary in Singapore operations, which is dependent on demand and supply in the labor market, with effect from first quarter of fiscal 2011.

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