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Trio-Tech International (NYSE MKT:TRT) today announced financial results for the fourth quarter and fiscal 2013, highlighted by:
A profitable fourth quarter versus a year-earlier loss
A sharply narrower loss from continuing operations for fiscal 2013 versus prior year
Improved gross margin for the 2013 fourth quarter and year versus 2012
Lower operating expenses for the 2013 fourth quarter and year versus 2012
Increased cash flow from operations for fiscal 2013
Shareholders' equity increased to $6.20 per share
Fourth Quarter Results
For the three months ended June 30, 2013, revenue decreased 22.9% to $8,516,000, compared to $11,043,000 for the fourth quarter of fiscal 2012, primarily the result of lower product shipments during the quarter only partially offset by higher testing services volume. However, gross margin improved to 20.2% of revenue, compared to 17% of revenue for the prior year, and operating expenses decreased 18.2%. As a result, operating profit from continuing operations for the fourth quarter of fiscal 2013 improved to $97,000, compared to an operating loss from continuing operations for the fourth quarter of fiscal 2012 of $104,000.
Net income attributable to Trio-Tech common shareholders for the fourth quarter of fiscal 2013 was $46,000, or $0.01 per diluted share, after a net loss from the discontinued fabrication services business of $114,000, or $0.03 per share. For the fourth quarter of fiscal 2012, the net loss attributable to Trio-Tech common shareholders was $578,000, or $0.17 per share, after a net loss from the discontinued fabrication business of $446,000, or $0.13 per share. As previously announced, Trio-Tech terminated its fabrication facilities lease in December, 2012.
Fiscal Year Results
For the twelve months ended June 30, 2013, revenue increased 2.2% to $31,770,000, compared to $31,100,000 for fiscal 2012, driven by a 16.3% increase in testing services revenue which more than offset a 7.9% decrease in revenue from product sales. Gross margin improved to 20% of revenue for fiscal 2013, compared to 16.5% of revenue for the prior fiscal year, and operating expenses decreased 9.7%. The pre-tax loss from continuing operations for fiscal 2013 narrowed to $628,000, compared to $2,579,000 for fiscal 2012.