Trio-Tech International (NYSE MKT:TRT)
today announced audited financial results for the fourth quarter and fiscal 2012 ended June 30, 2012.
For fiscal 2012, Trio-Tech reported revenue of $34,211,000, a decrease of 3.7% compared to revenue of $35,535,000 for fiscal 2011. The net loss attributable to Trio-Tech common shareholders for fiscal 2012 was $3,104,000, or $0.94 per share. This compares to a net loss for fiscal 2011 of $688,000, or $0.21 per diluted share.
For the fourth quarter of fiscal 2012, revenue increased 58.1% to $11,271,000 compared to $7,128,000 for the fourth quarter of fiscal 2011. The net loss attributable to Trio-Tech common shareholders for the fourth quarter of fiscal 2012 narrowed 33% to $579,000, or $0.18 per share, compared to a net loss of $904,000, or $0.27 per share, for the fourth quarter of fiscal 2011.
"Trio-Tech had some notable successes in fiscal 2012 as well as a few disappointments. A reduction in business at our Malaysian facility affected testing services operating margins.
"In addition, the performance of our oil and gas equipment fabrication business did not meet our expectations for revenue or profitability. We are taking a hard look at this business, with a view to eliminating operating losses as rapidly as possible. We recently communicated the notice of termination of the lease on the fabrication yard in Batam Indonesia. Going forward, fabrication projects will be subcontracted to other local service providers," said SW Yong, Trio-Tech's CEO.
"The annual results also mask an encouraging improvement in the pace of activity in our core semiconductor test equipment manufacturing and testing services businesses beginning in the third quarter of fiscal 2012. These more robust conditions continued in the fourth quarter and backlogs in both segments increased. As we enter the new fiscal year, we are looking forward for a better outlook for our testing and manufacturing operations," Yong said.