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Trio-Tech Reports First Quarter Results

Under the header "First Quarter Results," first graph, last sentence should read: "This compares to net income for the first quarter of fiscal 2011 of $491,000, or $0.14 per diluted share" (sted $0.15 per diluted share).

The corrected release reads:

TRIO-TECH REPORTS FIRST QUARTER RESULTS

Trio-Tech International (AMEX:TRT) today announced unaudited financial results for the first quarter of fiscal 2012.

First Quarter Results

For the three months ended September 30, 2011, revenue decreased 32.5% to $8,799,000 compared to $13,029,000 in the first quarter last year. The decline in revenue was primarily the result of lower sales of the Company's proprietary semiconductor test equipment products to a major customer, partially offset by higher revenue in the Company's fabrication services segment. The net loss attributable to Trio-Tech International common shareholders for the first quarter of fiscal 2012 was $804,000, or $0.24 per diluted share. This compares to net income for the first quarter of fiscal 2011 of $491,000, or $0.14 per diluted share.

Revenue from product sales decreased to $3,116,000 for the first quarter of fiscal 2012 compared to $9,203,000 for the first quarter of fiscal 2011. Revenue from testing services decreased to $3,291,000 for this year's first quarter compared to $3,474,000 for the same period last year. Revenue from the Company's oil and gas equipment fabrication business increased to $2,345,000 for the first quarter of fiscal 2012 compared to $165,000 for the first quarter of fiscal 2011. Revenue from the Company's real estate segment was $47,000 for the first quarter of fiscal 2012 compared to $187,000 for the first quarter of fiscal 2011.

Gross margin as a percentage of revenue for the first quarter of fiscal 2012 decreased to 15.9% compared to 21.1% for the first quarter of fiscal 2011, primarily reflecting a volume-driven decrease in gross margin in the Company's testing segment to 20.0% for the first quarter of fiscal 2012 compared to 39.3% for the first quarter of fiscal 2011. This was partially offset by an increase in gross margin in the fabrication services segment to 9.1% for the first quarter of fiscal 2012 compared to negative 30.3% for the first quarter of fiscal 2011. Also, gross margin in the products segment increased to 16.3% for the first quarter of fiscal 2012 compared to 14.1% for the first quarter of fiscal 2011, as the cost of production in the Company's Singapore facilities decreased more than the decrease in revenue.

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