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Trio-Tech First Quarter Revenue Increases 10.8% To $9.7 Million; Net Loss Narrows To $17,000 From $804,000

Stocks in this article: TRT

Trio-Tech International (NYSE MKT:TRT) today announced financial results for the first quarter of fiscal 2013, highlighted by higher revenue and a sharply reduced net loss compared to the first quarter of fiscal 2012.

For the three months ended September 30, 2012, revenue increased 10.8% to $9,747,000 compared to revenue of $8,799,000 for the first quarter of the prior fiscal year. The net loss attributable to Trio-Tech common shareholders for the first quarter of fiscal 2013 narrowed to $17,000, or $0.01 per share. This compares to a net loss for the first quarter of fiscal 2012 of $804,000, or $0.24 per share.

"Our first quarter results continue the trend of improved performance in our core semiconductor test equipment manufacturing and testing services businesses that began in the third quarter of fiscal 2012. While these businesses can be volatile and difficult to predict, we are confident we will be able to address any challenges in our testing and manufacturing operations during fiscal 2013. The company also is benefiting from our close attention to costs, as evidenced by the sharp reduction in operating expenses in the first quarter," said SW Yong, Trio-Tech's CEO.

Revenue from product sales increased to $5,636,000 for this year's first quarter compared to $3,116,000 for the first quarter of fiscal 2012. Revenue from testing services increased to $3,909,000 for the first quarter of fiscal 2012 compared to $3,291,000 for the prior fiscal year. Revenue in the real estate segment decreased to $30,000 for the first quarter of fiscal 2013 compared to $47,000 for the first quarter of fiscal 2012.

Revenue from the Company's oil and gas equipment fabrication business decreased to $172,000 for the first quarter of fiscal 2013 compared to $2,345,000 for the same period last year. During October 2012, the subsidiary served notice to terminate the lease on the fabrication yard in Batam, Indonesia.

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