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Trio-Tech Reports Second Quarter Results

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

Second Quarter Results

For the three months ended December 31, 2011, revenue decreased 30.7% to $6,619,000 compared to $9,549,000 for the second 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, lower semiconductor testing volume and lower property investment income in the Company's real estate segment. This was partly offset by higher revenue in the Company's fabrication services segment. The net loss attributable to Trio-Tech International common shareholders for the second quarter of fiscal 2012 was $1,203,000, or $0.36 per share. This compares to net income for the second quarter of fiscal 2011 of $187,000, or $0.05 per diluted share.

Revenue from product sales decreased to $3,301,000 for the second quarter of fiscal 2012 compared to $5,491,000 for the second quarter of fiscal 2011, primarily the result of lower sales of the Company's proprietary semiconductor test equipment products to a major customer. Reflecting reduced testing volume, revenue from testing services decreased to $2,815,000 for this year's second quarter compared to $3,193,000 for the same period last year. Revenue from the Company's oil and gas equipment fabrication business increased to $455,000 for the second quarter of fiscal 2012 compared to $93,000 for the second quarter of fiscal 2011, as the Company completed work on two new contracts secured in fiscal 2011. Revenue from the Company's real estate segment was $48,000 for the second quarter of fiscal 2012 compared to $772,000 in the same period last year, as an investment return was received and recorded as revenue upon completion of a 3-year property development contract at the end of the fiscal 2011 second quarter.

Gross margin as a percentage of revenue for the second quarter of fiscal 2012 decreased to 11.4% compared to 30.2% for the second quarter of fiscal 2011, primarily due to a decrease in gross margin in the Company's volume-driven testing segment to 8.8% from 44.7% of revenue in the second quarter of fiscal 2011 and a decline in gross margin in the real estate segment to 45.8% compared to 89.9% in the second quarter of fiscal 2011. This was partially offset by an increase in gross margin in the products segment to 16.9% for the second quarter of fiscal 2012 compared to 15.6% for the second quarter of fiscal 2011, as the cost of production in the Company's Singapore facilities decreased more than the decrease in revenue, and by a narrowing of the negative gross margin in the fabrication business to negative 16.0% for the second quarter of fiscal 2012 compared to negative 102.2% for the second quarter of fiscal 2011.

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