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Trio-Tech International (AMEX:TRT) today announced financial results for the fourth quarter and fiscal 2011.
Fiscal 2011 Results
For the twelve months ended June 30, 2011, revenue decreased 3.8% to $35,535,000 for fiscal 2011 compared to $36,928,000 for fiscal 2010, primarily the result of lower sales of the Company's proprietary semiconductor test equipment products to a major customer, partially offset by higher testing, real estate and fabrication services revenue. The net loss attributable to Trio Tech International common shareholders for fiscal 2011 was $688,000, or $0.21 per share. This compares to a net loss of $373,000, or $0.12 per share, for fiscal 2010.
Revenue from product sales decreased to $20,447,000 for fiscal 2011 compared to $23,493,000 for fiscal 2010. Revenue from testing services increased to $13,126,000 for fiscal 2011 compared to $11,852,000 for fiscal 2010. Revenue for the Company's oil and gas equipment fabrication venture increased to $900,000 for fiscal 2011 compared to $883,000 for fiscal 2010. Revenue from the Company's real estate segment was $1,062,000 for fiscal 2011 compared to $700,000 for fiscal 2010.
Gross margin for fiscal 2011 improved to 23.4% compared to 19.0% for fiscal 2010, reflecting a volume-driven increase in gross margin in the Company's testing segment of 36.5% for fiscal 2011 compared to 27.6% for fiscal 2010. In addition, gross margin in the Company's fabrication services segment improved to negative 26.9% for fiscal 2011 compared to negative 89.7% for fiscal 2010.
General and administrative expenses increased to $8,219,000 for fiscal 2011 compared to $6,379,000 for fiscal 2010. This increase included an increase in non-cash stock option expense of $479,000 from fiscal 2011 compared to fiscal 2010, which was due to the issuance of stock options for employees and directors during fiscal 2011, an increase in payroll related expenses of $250,000 in fiscal 2011 due to restoration of paycuts in the Singapore operations, $275,000 of incremental general and administration expenses associated with the initiation of operations at the Company's new testing services operation in Tianjin, China in the third quarter of fiscal 2011, and an increase in general and administrative expenses of $273,000 versus fiscal 2010 in the Company's Malaysia operations due to higher volume.