|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
California
|
95-2086631
|
(State
or other jurisdiction of incorporation
or organization)
|
(I.R.S.
Employer Identification
Number)
|
16139
Wyandotte Street
|
|
Van
Nuys, California
|
91406
|
(Address
of principle executive offices)
|
(Zip
Code)
|
Page
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2
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3
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4
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5
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17
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29
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30
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31
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31
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31
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31
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31
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31
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31
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32
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September
30,
|
June
30,
|
||||||
2008
|
2008
|
||||||
ASSETS
|
(Unaudited)
|
||||||
CURRENT
ASSETS:
|
|||||||
Cash
|
$
|
4,664
|
$
|
6,600
|
|||
Short-term
deposits
|
8,362
|
7,746
|
|||||
Trade
accounts receivable, less allowance for doubtful accounts
of $47 and $51
|
4,833
|
5,702
|
|||||
Other
receivables
|
697
|
796
|
|||||
Inventories,
less provision for obsolete inventory of $685 and
$880
|
1,879
|
2,449
|
|||||
Prepaid
expenses and other current assets
|
195
|
138
|
|||||
Total
current assets
|
20,630
|
23,431
|
|||||
INVESTMENT
IN CHINA (Note 9)
|
2,291
|
2,267
|
|||||
PROPERTY,
PLANT AND EQUIPMENT, Net
|
7,938
|
8,136
|
|||||
OTHER
INTANGIBLE ASSETS, Net
|
80
|
112
|
|||||
OTHER
ASSETS
|
735
|
813
|
|||||
TOTAL
ASSETS
|
$
|
31,674
|
$
|
34,759
|
|||
LIABILITIES
AND SHAREHOLDERS' EQUITY
|
|||||||
CURRENT
LIABILITIES:
|
|||||||
Accounts
payable
|
$
|
1,261
|
$
|
2,586
|
|||
Accrued
expenses
|
2,796
|
3,036
|
|||||
Income
taxes payable
|
450
|
397
|
|||||
Current
portion of bank loans payable
|
2,516
|
1,403
|
|||||
Current
portion of capital leases
|
75
|
106
|
|||||
Total
current liabilities
|
7,098
|
7,528
|
|||||
BANK
LOANS PAYABLE, net of current portion
|
-
|
1,620
|
|||||
CAPITAL
LEASES, net of current portion
|
125
|
143
|
|||||
DEFERRED
TAX LIABILITIES
|
550
|
510
|
|||||
OTHER LIABILITIES |
9
|
9
|
|||||
TOTAL
LIABILITIES
|
$
|
7,782
|
$
|
9,810
|
|||
MINORITY
INTEREST
|
2,899
|
2,808
|
|||||
SHAREHOLDERS'
EQUITY:
|
|||||||
Common
stock; no par value, 15,000,000 shares authorized; 3,227,430 and
3,226,430 shares issued and outstanding as at September 30, 2008, and at
June 30, 2008, respectively
|
10,365
|
10,362
|
|||||
Paid-in
capital
|
1,166
|
928
|
|||||
Accumulated
retained earnings
|
8,106
|
8,825
|
|||||
Accumulated
other comprehensive loss-translation adjustments
|
1,356
|
2,026
|
|||||
Total
shareholders' equity
|
20,993
|
22,141
|
|||||
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
|
31,674
|
$
|
34,759
|
Three
Months Ended
|
||||||||
September
30,
|
September
30,,
|
|||||||
2008
|
2007
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Revenues
|
||||||||
Products
|
$ | 3,132 | $ | 6,507 | ||||
Services
|
3,098 | 5,543 | ||||||
6,230 | 12,050 | |||||||
Costs
of Sales
|
||||||||
Cost
of products sold
|
2,667 | 5,529 | ||||||
Cost
of services rendered
|
2,261 | 3,479 | ||||||
4,928 | 9,008 | |||||||
Gross
Margin
|
1,302 | 3,042 | ||||||
Operating
Expenses / (Gains) :
|
||||||||
General
and administrative
|
2,015 | 1,645 | ||||||
Selling
|
123 | 124 | ||||||
Research
and development
|
10 | 19 | ||||||
Gain
on disposal of property, plant and equipment
|
(159 | ) | - | |||||
Total
operating expenses
|
1,989 | 1,788 | ||||||
(Loss)
Income from Operations
|
(687 | ) | 1,254 | |||||
Other
Income (Expenses)
|
||||||||
Interest
expense
|
(58 | ) | (85 | ) | ||||
Other
income (expenses)
|
215 | (50 | ) | |||||
Total
other income (expenses)
|
157 | (135 | ) | |||||
(Loss)
Income Before Income Taxes
|
(530 | ) | 1,119 | |||||
Income
Tax Provision
|
98 | 172 | ||||||
(Loss)
Income Before Minority Interest
|
(628 | ) | 947 | |||||
Minority
interest
|
91 | 196 | ||||||
Net
(Loss)Income Attributed to Common Shares
|
$ | (719 | ) | $ | 751 | |||
(LOSS)
EARNINGS PER SHARE:
|
||||||||
Basic
(loss) earnings per share
|
$ | (0.22 | ) | $ | 0.23 | |||
Diluted
(loss) earnings per share
|
$ | (0.22 | ) | $ | 0.23 | |||
Weighted
Average Shares Outstanding
|
||||||||
Basic
|
3,227 | 3,226 | ||||||
Diluted
|
3,227 | 3,237 | ||||||
Comprehensive
Income (Loss):
|
||||||||
Net
(loss) income
|
$ | (719 | ) | $ | 751 | |||
Foreign
currency translation adjustment
|
(670 | ) | 216 | |||||
Comprehensive
(Loss) Income
|
$ | (1,389 | ) | $ | 967 |
Three
Months Ended
|
||||||||
September
30,
|
September
30,
|
|||||||
2008
|
2007
|
|||||||
(unaudited)
|
(unaudited)
|
|||||||
Cash
Flow from Operating Activities
|
||||||||
Net
income (loss)
|
$ | (719 | ) | $ | 751 | |||
Adjustments
to reconcile net income to net cash flow provided by (used in) operating
activities
|
||||||||
Depreciation
and amortization
|
546 | 805 | ||||||
Bad
debt expense, net
|
8 | 1 | ||||||
Inventory
provision
|
195 | 15 | ||||||
Interest
income on short-term deposits
|
(51 | ) | (53 | ) | ||||
Gain
on sale of equipment
|
(159 | ) | - | |||||
Stock
compensation
|
238 | - | ||||||
Deferred
tax provision
|
40 | 8 | ||||||
Minority
interest
|
91 | 200 | ||||||
Changes
in operating assets and liabilities, net of acquisition
effects
|
||||||||
Accounts
receivables
|
861 | (2,584 | ) | |||||
Other
receivables
|
99 | (255 | ) | |||||
Other
assets
|
78 | 18 | ||||||
Inventories
|
375 | (236 | ) | |||||
Prepaid
expenses and other current assets
|
(57 | ) | (84 | ) | ||||
Accounts
payable and accrued liabilities
|
(1,565 | ) | 843 | |||||
Income
tax payable
|
53 | 189 | ||||||
Net
cash provided by (used in) operating activities
|
33 | (382 | ) | |||||
Cash
Flow from Investing Activities
|
||||||||
Proceeds
from short-term deposit matured
|
464 | 10,369 | ||||||
Investments
in short-term deposits
|
(1,034 | ) | (11,432 | ) | ||||
Additions
to property, plant and equipment
|
(659 | ) | (545 | ) | ||||
Proceeds
from sale of equipment
|
161 | - | ||||||
Investment
in Chongqing, China
|
- | (1,331 | ) | |||||
Net
cash used in investing activities
|
(1,068 | ) | (2,939 | ) | ||||
Cash
Flow from Financing Activities
|
||||||||
Net
borrowings on lines of credits
|
- | 209 | ||||||
Repayment
of bank loans and capital leases
|
(551 | ) | (417 | ) | ||||
Proceeds
from long-term bank loans and capital leases
|
- | 3,610 | ||||||
Proceeds
from exercising stock options
|
3 | - | ||||||
Net
cash (used in) provided by financing activities
|
(548 | ) | 3,402 | |||||
Effect
of Changes in Exchange Rate
|
(353 | ) | 123 | |||||
NET
(DECREASE) INCREASE IN CASH
|
(1,936 | ) | 204 | |||||
CASH
AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
6,600 | 7,135 | ||||||
CASH
AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 4,664 | $ | 7,339 | ||||
Supplementary
Information of Cash Flows
|
||||||||
Cash
paid during the period for:
|
||||||||
Interest
|
$ | 60 | $ | 34 | ||||
Income
taxes
|
$ | - | $ | 3 | ||||
Non-Cash
Transactions
|
||||||||
Assets
held for sale
|
$ | - | (210 | ) | ||||
Carrying
value of property reclassified from property, plant and
equipment
|
$ | - | 210 | |||||
Ownership
|
Location
|
|
Express
Test Corporation (dormant)
|
100%
|
Van
Nuys, California
|
Trio-Tech
Reliability Services (dormant)
|
100%
|
Van
Nuys, California
|
KTS
Incorporated, dba Universal Systems
|
100%
|
Van
Nuys, California
|
European
Electronic Test Centre (Operation ceased on November 1,
2005)
|
100%
|
Dublin,
Ireland
|
Trio-Tech
International Pte. Ltd.
|
100%
|
Singapore
|
Universal
(Far East) Pte. Ltd.
|
100%
|
Singapore
|
Trio-Tech
Thailand
|
100%
|
Bangkok,
Thailand
|
Trio-Tech
Bangkok
|
100%
|
Bangkok,
Thailand
|
Trio-Tech
Malaysia
|
55%
|
Penang
and Selangor, Malaysia
|
Trio-Tech
Kuala Lumpur – 100% owned by Trio-Tech Malaysia
|
55%
|
Selangor,
Malaysia
|
Prestal
Enterprise Sdn. Bhd.
|
76%
|
Selangor,
Malaysia
|
Trio-Tech
(Suzhou) Co., Ltd.
|
100%
|
Suzhou,
China
|
Trio-Tech
(Shanghai) Co., Ltd.
|
100%
|
Shanghai,
China
|
Trio-Tech
(Chongqing) Co., Ltd.
|
100%
|
Chongqing,
China
|
Sept.
30, 2008
|
June
30, 2008
|
|||||||
(Unaudited)
|
||||||||
Raw
materials
|
$ | 1,122 | $ | 1,297 | ||||
Work
in progress
|
1,257 | 1,797 | ||||||
Finished
goods
|
185 | 235 | ||||||
Less:
provision for obsolete inventory
|
(685 | ) | (880 | ) | ||||
$ | 1,879 | $ | 2,449 |
Three
Months Ended
|
Year
Ended
|
|||||||
September
30, 2008
|
June
30, 2008
|
|||||||
Expected
volatility
|
107.18 | % | 110.91-117.70 | % | ||||
Risk-free
interest rate
|
2.48 | % | 2.90 | % | ||||
Expected
life (years)
|
2.00 | 2.00 |
Options
|
Weighted-
Average Exercise Price
|
Weighted
- Average Remaining Contractual Term (Years)
|
Aggregate
Intrinsic Value
|
|||||||||||||
|
|
|||||||||||||||
Outstanding
at July 1, 2008
|
44,000 | $ | 9.57 | 4.43 | - | |||||||||||
Granted
|
50,000 | $ | 4.81 | 4.78 | - | |||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited
or expired
|
(2,000 | ) | $ | 7.19 | ||||||||||||
Outstanding
at September 30, 2008
|
92,000 | $ | 7.03 | 4.50 | - | |||||||||||
Exercisable
at September 30, 2008
|
23,000 | $ | 7.03 | 4.50 | - |
Options
|
Weighted-Average Grant-Date Fair Value | |||||||
Non-vested
at July 1, 2008
|
33,000 | $ | 5.55 | |||||
Granted
|
50,000 | $ | 2.71 | |||||
Vested
|
(12,500 | ) | $ | 2.71 | ||||
Forfeited
|
(1,500 | ) | $ | 4.13 | ||||
Non-vested
at September 30, 2008
|
69,000 | $ | 4.04 |
Weighted-
Average Exercise
|
Weighted
- Average Remaining Contractual
|
Aggregate
Intrinsic
|
||||||||||||||
Options
|
Price
|
Term (Years)
|
Value
|
|||||||||||||
|
|
|||||||||||||||
Outstanding
at July 1, 2008
|
60,000 | $ | 9.57 | 4.43 | ||||||||||||
Granted
|
60,000 | $ | 4.81 | 4.78 | ||||||||||||
Exercised
|
- | - | ||||||||||||||
Forfeited
or expired
|
- | - | ||||||||||||||
Outstanding
at September 30, 2008
|
120,000 | $ | 7.19 | 4.48 | - | |||||||||||
Exercisable at
September 30, 2008
|
120,000 | $ | 7.19 | 4.48 | - |
Weighted-
Average Exercise
|
Weighted
- Average Remaining Contractual
|
Aggregate
Intrinsic
|
||||||||||||||
Options
|
Price
|
Term (Years)
|
Value
|
|||||||||||||
|
|
|||||||||||||||
Outstanding
at July 1, 2008
|
12,550 | $ | 3.03 | |||||||||||||
Granted
|
- | - | ||||||||||||||
Exercised
|
(1,000 | ) | $ | 2.66 | ||||||||||||
Forfeited
or expired
|
(8,800 | ) | $ | 2.66 | ||||||||||||
Outstanding
at September 30, 2008
|
2,750 | $ | 4.40 | 0.75 | - | |||||||||||
Exercisable
at September 30, 2008
|
2,750 | $ | 4.40 | 0.75 | - |
Three
Months Ended
|
||||||||
Sep.
30,
|
Sep.
30,
|
|||||||
2008
|
2007
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Net
(loss) income attributed to common shares
|
$ | (719 | ) | $ | 751 | |||
Basic
(loss) earnings per share
|
$ | (0.22 | ) | $ | 0.23 | |||
Diluted
(loss) earnings per share
|
$ | (0.22 | ) | $ | 0.23 | |||
Weighted
average number of common shares outstanding - basic
|
3,227 | 3,226 | ||||||
Dilutive
effect of stock options
|
- | 11 | ||||||
Number
of shares used to compute earnings per share - diluted
|
3,227 | 3,237 |
Sept.
30, 2008
|
||||||||
(Unaudited)
|
June
30, 2008
|
|||||||
Beginning
|
$ | 51 | $ | 42 | ||||
Additions
charged to expenses
|
8 | 24 | ||||||
Recovered
|
(12 | ) | (15 | ) | ||||
Actual
write-offs
|
- | - | ||||||
Ending
|
$ | 47 | $ | 51 |
Sept.
30, 2008
|
|
|||||||
(Unaudited)
|
June
30, 2008
|
|||||||
Beginning
|
$ | 113 | $ | 211 | ||||
Additions
charged to cost and expenses
|
1 | - | ||||||
Reversal
|
(23 | ) | (80 | ) | ||||
Actual
usage
|
(7 | ) | (18 | ) | ||||
Ending
|
$ | 84 | $ | 113 |
Investment Date |
Investment
Amount
|
Investment
Amount
|
|||||||
(RMB)
|
(US
Dollars)
|
||||||||
Investment
in property with JiaSheng
|
08/28/07
|
10,000 | 1,473 | ||||||
Investment
in property with JiaSheng
|
12/17/07
|
5,000 | 737 | ||||||
Purchase
on investment property
|
01/04/08
|
5,554 | 818 | ||||||
Return
on investment in property with JiaSheng
|
06/26/08
|
(5,000 | ) | (737 | ) | ||||
Total
investment in China
|
RMB
15,554
|
$ | 2,291 |
10.
|
BUSINESS
SEGMENTS
|
The
Company operates principally in three industry segments; the testing
service industry (which performs structural and electronic tests of
semiconductor devices), the designing and manufacturing of equipment
(which equipment tests the structural integrity of integrated circuits and
other products) and the distribution of various products from other
manufacturers in Singapore and Southeast Asia. The following
net sales were based on customer location rather than subsidiary
location.
|
The
allocation of the cost of equipment, the current year investment in new
equipment and depreciation expense have been made on the basis of the
primary purpose for which the equipment was
acquired.
|
All
inter-segment sales were sales from the manufacturing segment to the
testing and distribution segments. Total inter-segment sales were $11 and
$59 for the three months ended September 30, 2008 and 2007, respectively.
Corporate assets mainly consisted of cash and prepaid expenses. Corporate
expenses mainly consisted of salaries, insurance, professional expenses
and directors' fees.
|
|
|
The
following segment information is unaudited:
|
Business
Segment Information:
|
|||||||||||||||||||||
Quarter
|
Operating
|
Depr.
|
|||||||||||||||||||
Ended
|
Net
|
(Loss)
|
Total
|
and
|
Capital
|
||||||||||||||||
Sept.
30,
|
Sales
|
Income
|
Assets
|
Amort.
|
Expenditures
|
||||||||||||||||
Manufacturing
|
2008
|
$ | 3,046 | $ | (444 | ) | $ | 1,987 | $ | 60 | $ | 84 | |||||||||
2007
|
6,396 | 326 | 3,949 | 40 | 33 | ||||||||||||||||
Testing
Services
|
2008
|
3,098 | (222 | ) | 29,593 | 485 | 575 | ||||||||||||||
2007
|
5,543 | 1,018 | 33,147 | 748 | 510 | ||||||||||||||||
Distribution
|
2008
|
86 | 31 | 44 | 1 | - | |||||||||||||||
2007
|
111 | (22 | ) | 798 | 17 | - | |||||||||||||||
Corporate
and
|
2008
|
- | (52 | ) | 50 | - | - | ||||||||||||||
Unallocated
|
2007
|
- | (68 | ) | 531 | - | 2 | ||||||||||||||
Total
Company
|
2008
|
$ | 6,230 | $ | (687 | ) | $ | 31,674 | $ | 546 | $ | 659 | |||||||||
2007
|
$ | 12,050 | $ | 1,254 | $ | 38,425 | $ | 805 | $ | 545 |
Geographic
Area Information:
|
|||||||||||||||||||||||||||||||||
Elimin-
|
|||||||||||||||||||||||||||||||||
Quarter
|
ations
|
||||||||||||||||||||||||||||||||
Ended
|
United
|
Other
|
and
|
Total
|
|||||||||||||||||||||||||||||
Sept.
30,
|
States
|
China
|
Countries
|
Singapore
|
Thailand
|
Malaysia
|
Other
|
Company
|
|||||||||||||||||||||||||
Net
Sales to
|
2008
|
$ | 2,332 | $ | 290 | $ | 379 | $ | 1,301 | $ | 129 | $ | 1,810 | $ | (11 | ) | $ | 6,230 | |||||||||||||||
Customers
|
2007
|
1,460 | 219 | 388 | 5,572 | 514 | 3,956 | (59 | ) | 12,050 | |||||||||||||||||||||||
Operating
|
2008
|
(242 | ) | (29 | ) | (41 | ) | (130 | ) | (13 | ) | (179 | ) | (53 | ) | (687 | ) | ||||||||||||||||
Income
(loss)
|
2007
|
123 | 26 | 41 | 592 | 62 | 478 | (68 | ) | 1,254 | |||||||||||||||||||||||
Long-lived
|
2008
|
6 | 842 | - | 1,540 | 666 | 5,004 | (40 | ) | 8,018 | |||||||||||||||||||||||
Assets
|
2007
|
7 | 845 | - | 2,618 | 831 | 3,060 | (40 | ) | 7,321 |
|
IITEM 2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE
AMOUNTS)
|
●
|
Total
revenue decreased 48.3% to $6,230 for the first quarter of fiscal 2009,
compared with revenue of $12,050 for the first quarter of fiscal
2008.
|
●
|
Manufacturing
segment revenue decreased by $3,350, or 52.4%, to $3,046, compared to
$6,396 for the first quarter of fiscal
2008.
|
●
|
Testing
segment revenue decreased by $2,445, or 44.1%, to $3,098, compared to
$5,543 for the first quarter of fiscal
2008.
|
●
|
Distribution
segment revenue decreased by $25, or 22.5% to $86, compared to $111 for
the first quarter of fiscal 2008.
|
●
|
Loss
from operations increased by $1,941, or 154.8%, to $687 compared with an
income of $1,254 for the first quarter of fiscal
2008.
|
●
|
Gross
profit margins decreased by 4.3% to 20.9% from 25.2% for the first quarter
of fiscal 2008.
|
●
|
Selling
expenses as a percentage of revenue increased by 1.0% from 1.0% of revenue
for the first quarter of fiscal 2008 to 2.0% of revenue for the first
quarter of fiscal 2009.
|
●
|
General
and administrative expenses as a percentage of revenue increased by 18.6%
from 13.7% of revenue for the first quarter of fiscal 2008 to 32.3% or
revenue for the first quarter of fiscal
2009.
|
●
|
Net
loss increased by $1,470, or 195.7% to $719, compared to a net income of
$751 for the first quarter of fiscal
2008.
|
●
|
Net
cash flow provided by operating activities increased by $415, or 108.6% to
$33, compared to a cash outflow of $382 for the first quarter of fiscal
2008.
|
Three
Months Ended September 30,
|
||||||
2008
|
2007
|
|||||
Net
Sales:
|
||||||
Manufacturing
|
48.9
|
%
|
53.1
|
%
|
||
Testing
|
49.7
|
46.0
|
||||
Distribution
|
1.4
|
0.9
|
||||
Total
|
100.0
|
%
|
100.0
|
%
|
Three
Months Ended September 30,
|
||||||||
2008
|
2007
|
|||||||
Net
Sales
|
100.0 | % | 100.0 | % | ||||
Cost
of sales
|
79.1 | % | 74.8 | % | ||||
Gross
Margin
|
20.9 | % | 25.2 | % | ||||
Operating
Expenses
|
||||||||
General
and administrative
|
32.3 | % | 13.7 | % | ||||
Selling
|
2.0 | % | 1.0 | % | ||||
Research
and development
|
0.2 | % | 0.1 | % | ||||
Gain
on disposal of PP&E
|
(2.6) | % | - | |||||
Total
operating expenses
|
31.9 | % | 14.8 | % | ||||
Income
/ (Loss) from Operations
|
(11.0) | % | 10.4 | % |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
General
and administrative
|
$ | 2,015 | $ | 1,645 | ||||
Selling
|
$ | 123 | $ | 124 | ||||
Research
and development
|
$ | 10 | $ | 19 | ||||
Gain
on disposal of PP&E
|
$ | (159 | ) | $ | - | |||
Total
|
$ | 1,989 | $ | 1,788 |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
Interest
expense
|
$ | (58 | ) | $ | (85 | ) |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
Other
(expenses) income
|
$ | 215 | $ | (50 | ) |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
Revenue
|
$ | 3,046 | $ | 6,396 | ||||
Gross
margin
|
14.4 | % | 14.9 | % | ||||
Income
(Loss) from operations
|
$ | (444 | ) | $ | 326 |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
Revenue
|
$ | 3,098 | $ | 5,543 | ||||
Gross
margin
|
27.0 | % | 37.2 | % | ||||
Income
from operations
|
$ | (222 | ) | $ | 1,018 |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
Revenue
|
$ | 86 | $ | 111 | ||||
Gross
margin
|
31.4 | % | 26.1 | % | ||||
Income
(Loss) from operations
|
$ | 31 | $ | (22 | ) |
Three
Months Ended September 30,
|
||||||||
(In
Thousands, unaudited)
|
2008
|
2007
|
||||||
Income
(Loss) from operations
|
$ | (52 | ) | $ | (68 | ) |
Financial
Condition
|
|
|
10.1
|
Sales and purchase agreement on office and commercial units in
Chongqing
|
10.2
|
Tenant lease agreement for the office and commercial units in
Chongqing
|
31.1
|
Rule 13a-14(a) Certification of Principal Executive Officer of Registrant |
31.2
|
Rule 13a-14(a) Certification of Principal Financial Officer of Registrant |
32
|
Section 1350 Certification.
|