Trio-Tech Fiscal 2017 First Quarter Revenue Up 13.1%, Operating Income Up 26.1%, Net Income Up 17.0% Versus Fiscal 2016 First Quarter

Trio-Tech International (NYSE MKT: TRT) today announced financial results for the first quarter of fiscal 2017:

¿ Revenue increased 13.1% compared to the first quarter of fiscal 2016.

¿ Operating income increased 26.1% compared to the first quarter of fiscal 2016.

¿ Net income attributable to Trio-Tech common shareholders increased 17.0% compared to the first quarter of fiscal 2016.

¿ Cash and cash equivalents increased to $1.20 per share at September 30, 2016 compared to $1.08 per share at June 30, 2016.

CEO Comments

S.W. Yong, Trio-Tech's CEO, said, "Revenue increased for all of Trio-Tech's businesses in the first quarter of fiscal 2017 compared to the first quarter of fiscal 2016, highlighted by double-digit increases in our manufacturing and distribution segments and near 10% growth in our semiconductor testing services segment. This growth was driven primarily by increased demand from major customers in Asia, which is an encouraging sign for the future."

Yong noted that the mix of business towards a relatively lower margin distribution revenue, and higher costs of certain products included in manufacturing revenue, were responsible for a slight decrease in gross margin for this year's first quarter, to 26.3% compared to 27.5% for the first quarter of fiscal 2016. "Nevertheless, operating income, a critical metric we use to monitor the Company's financial performance, increased 26.1% compared to last year's first quarter, and net income increased 17.0%, as operating expenses remained under tight control," he added.

"The new fiscal year is off to a good start, as our increasingly efficient operations allowed us to translate solid revenue growth into an even larger increase in profit. Business conditions were favorable in the first quarter, and we are guardedly optimistic as we review the outlook for the year as a whole. We remain focused on delivering quality products and services to all of our customers," Yong concluded.

If you liked this article you might like

Monday's Small-Cap Winners & Losers

Monday's Small-Cap Winners & Losers

Wednesday's Small-Cap Winners & Losers

Wednesday's Small-Cap Winners & Losers

Friday's Small-Cap Winners & Losers

Friday's Small-Cap Winners & Losers

Thursday's Small-Cap Winners & Losers

Thursday's Small-Cap Winners & Losers