|
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
California
|
95-2086631
|
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
|
incorporation or organization)
|
Identification Number)
|
|
16139 Wyandotte Street
|
||
Van Nuys, California
|
91406
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large Accelerated Filer
|
o
|
Accelerated Filer
|
o
|
|
Non-Accelerated Filer
|
o
|
Smaller Reporting Company
|
x
|
Page
|
||
|
2
|
|
3
|
||
4
|
||
5
|
||
6
|
||
22
|
||
34
|
||
34
|
||
35
|
||
35
|
||
35
|
||
35
|
||
35
|
||
35
|
||
35
|
||
36
|
||
Exhibits |
Sept. 30,
2011
|
June 30,
2011
|
|||||
ASSETS
|
(Unaudited)
|
|||||
CURRENT ASSETS:
|
||||||
Cash & cash equivalent
|
$
|
2,779
|
$
|
3,111
|
||
Short-term deposits
|
201
|
199
|
||||
Trade accounts receivable, less allowance for doubtful accounts of $47 and $69
|
6,902
|
6,812
|
||||
Other receivables
|
1,408
|
309
|
||||
Loan receivables from property development projects
|
1,094
|
1,083
|
||||
Inventories, less provision for obsolete inventory of $866 and $937
|
2,300
|
2,430
|
||||
Prepaid expenses and other current assets
|
365
|
348
|
||||
Assets held for sale
|
130
|
137
|
||||
Total current assets
|
15,179
|
14,429
|
||||
INVESTMENT IN UNCONSOLIDATED JOINT VENTURE
|
760
|
764
|
||||
INVESTMENT PROPERTY IN CHINA, Net
|
1,233
|
1,238
|
||||
PROPERTY, PLANT AND EQUIPMENT, Net
|
14,201
|
14,951
|
||||
OTHER ASSETS
|
1,678
|
1,412
|
||||
RESTRICTED TERM DEPOSITS
|
3,370
|
3,562
|
||||
TOTAL ASSETS
|
$
|
36,421
|
$
|
36,356
|
||
LIABILITIES
|
||||||
CURRENT LIABILITIES:
|
||||||
Lines of credit
|
$
|
1,832
|
$
|
1,333
|
||
Accounts payable
|
2,522
|
1,874
|
||||
Accrued expenses
|
3,878
|
3,179
|
||||
Income taxes payable
|
482
|
492
|
||||
Current portion of bank loans payable
|
132
|
147
|
||||
Current portion of capital leases
|
143
|
148
|
||||
Total current liabilities
|
8,989
|
7,173
|
||||
BANK LOANS PAYABLE, net of current portion
|
2,595
|
2,768
|
||||
CAPITAL LEASES, net of current portion
|
220
|
271
|
||||
DEFERRED TAX LIABILITIES
|
623
|
677
|
||||
OTHER NON-CURRENT LIABILITIES
|
496
|
490
|
||||
TOTAL LIABILITIES
|
$
|
12,923
|
$
|
11,379
|
||
COMMITMENT AND CONTINGENCIES
|
--
|
--
|
||||
EQUITY
|
||||||
TRIO-TECH INTERNATIONAL’S SHAREHOLDERS' EQUITY:
|
||||||
Common stock, no par value, 15,000,000 shares authorized; 3, 321,555 shares issued and outstanding as at September 30, 2011, and June 30, 2011
|
$
|
10,531
|
$
|
10,531
|
||
Paid-in capital
|
2,269
|
2,227
|
||||
Accumulated retained earnings
|
4,987
|
5,791
|
||||
Accumulated other comprehensive gain-translation adjustments
|
2,960
|
3,459
|
||||
Total Trio-Tech International shareholders' equity
|
20,747
|
22,008
|
||||
NON-CONTROLLING INTEREST
|
2,751
|
2,969
|
||||
TOTAL EQUITY
|
$
|
23,498
|
$
|
24,977
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
36,421
|
$
|
36,356
|
Three Months Ended
|
||||||||
Sept. 30,
|
Sept. 30,
|
|||||||
2011
|
2010
|
|||||||
Revenue
|
||||||||
Products
|
$
|
3,116
|
$
|
9,203
|
||||
Testing Services
|
3,291
|
3,474
|
||||||
Fabrication Services
|
2,345
|
165
|
||||||
Others
|
47
|
187
|
||||||
8,799
|
13,029
|
|||||||
Cost of Sales
|
||||||||
Cost of products sold
|
2,607
|
7,908
|
||||||
Cost of testing services rendered
|
2,634
|
2,109
|
||||||
Cost of fabrication services rendered
|
2,132
|
215
|
||||||
Others
|
26
|
50
|
||||||
7,399
|
10,282
|
|||||||
Gross Margin
|
1,400
|
2,747
|
||||||
Operating Expenses
|
||||||||
General and administrative
|
2,098
|
1,830
|
||||||
Selling
|
144
|
128
|
||||||
Research and development
|
75
|
29
|
||||||
Loss on disposal of property, plant and equipment
|
4
|
7
|
||||||
Total operating expenses
|
2,321
|
1,994
|
||||||
(Loss) / Income from Operations
|
(921)
|
753
|
||||||
Other (Expenses) / Income
|
||||||||
Interest expenses
|
(61)
|
(60)
|
||||||
Other income / (expenses), net
|
44
|
(40)
|
||||||
Total other expenses
|
(17)
|
(100)
|
||||||
(Loss) / Income from Continuing Operations before Income Taxes
|
(938)
|
653
|
||||||
Income Tax (Expenses) / Benefit
|
(37)
|
4
|
||||||
(Loss) / Income from Continuing Operations before Non-Controlling Interest, net of tax
|
(975)
|
657
|
||||||
Other Operating Activities
|
||||||||
Equity in loss of unconsolidated joint venture, net of tax
|
(11)
|
- | ||||||
Discontinued Operations (Note 17)
|
||||||||
Loss from discontinued operations, net of tax
|
(1)
|
(2)
|
||||||
NET (LOSS) / INCOME
|
(987)
|
655
|
||||||
Less: Net (Loss) / income attributable to the non-controlling interest
|
(183)
|
164
|
||||||
Net (Loss) / Income Attributable to Trio-Tech International Common Shareholders
|
$
|
(804)
|
$
|
491
|
||||
Amounts Attributable to Trio-Tech International
Common Shareholders:
|
||||||||
(Loss) / income from continuing operations, net of tax
|
(803)
|
493
|
||||||
Loss from discontinued operations, net of tax
|
(1)
|
(2)
|
||||||
Net (Loss) / Income Attributable to Trio-Tech International Common Shareholders
|
$
|
(804)
|
$
|
491
|
||||
Comprehensive (Loss) / Income Attributable to Trio-Tech International Common Shareholders:
|
||||||||
Net (loss) / income
|
(987)
|
655
|
||||||
Foreign currency translation, net of tax
|
(534)
|
909
|
||||||
Comprehensive (Loss) / Income
|
(1,521)
|
1,564
|
||||||
Less: Comprehensive (loss) / income attributable to the non-controlling interest
|
(218)
|
169
|
||||||
Comprehensive (Loss) / Income Attributable to Trio-Tech International Common Shareholders
|
$
|
(1,303)
|
$
|
1,395
|
||||
Basic (Loss) / Earnings per Share:
|
||||||||
Basic (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$
|
(0.24)
|
$
|
0.15
|
||||
Basic (loss) / earnings per share from discontinued operations attributable to Trio-Tech International
|
$
|
(0.00)
|
$
|
(0.00)
|
||||
Basic (Loss) / Earnings per Share from Net (Loss) / Income Attributable to Trio-Tech International
|
$
|
(0.24)
|
$
|
0.15
|
||||
Diluted (Loss) / Earnings per Share:
|
||||||||
Diluted (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$
|
(0.24)
|
$
|
0.14
|
||||
Diluted loss per share from discontinued operations attributable to Trio-Tech International
|
$
|
(0.00)
|
$
|
(0.00)
|
||||
Diluted (Loss) / Earnings per Share from Net Loss
|
||||||||
(Loss) / Income Attributable to Trio-Tech International
|
$
|
(0.24)
|
$
|
0.14
|
||||
Weighted average number of common shares outstanding
|
||||||||
Basic
|
3,288
|
3,227
|
||||||
Dilutive effect of stock options
|
-
|
251
|
||||||
Number of shares used to compute earnings per share - diluted
|
3,288
|
3,478
|
Common
Stock
|
Additional Paid-in
Capital
|
Accumulated Retained
Earnings
|
Accumulated Other Comprehensive
Income
|
Non- Controlling
Interest
|
||||||||||||||||||||||||
Shares
|
Amount
|
Total
|
||||||||||||||||||||||||||
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|||||||||||||||||
Balance at June 30, 2010
|
3,227
|
10,365
|
$
|
1,597
|
6,486
|
1,818
|
2,809
|
23,075
|
||||||||||||||||||||
Cash received from stock options exercised
|
95
|
166
|
166
|
|||||||||||||||||||||||||
Stock option expenses
|
630
|
630
|
||||||||||||||||||||||||||
Net (loss) / income
|
(688)
|
353
|
(335)
|
|||||||||||||||||||||||||
Translation adjustment
|
1,641
|
(193
|
)
|
1,448
|
||||||||||||||||||||||||
Dividend
|
(7)
|
(7)
|
||||||||||||||||||||||||||
Balance at June 30, 2011
|
3,322
|
10,531
|
2,227
|
5,791
|
3,459
|
2,969
|
24,977
|
|||||||||||||||||||||
Stock option expenses
|
42
|
42
|
||||||||||||||||||||||||||
Net loss
|
(804)
|
(183)
|
(987)
|
|||||||||||||||||||||||||
Translation adjustment
|
(499)
|
(35)
|
(534)
|
|||||||||||||||||||||||||
Balance at Sept. 30, 2011
|
3,322
|
10,531
|
2,269
|
4,987
|
2,960
|
2,751
|
23,498
|
Three Months Ended
|
||||||||
Sept. 30,
|
Sept. 30,
|
|||||||
2011
|
2010
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Cash Flow from Operating Activities
|
||||||||
Net (loss) / income
|
$
|
(987)
|
$
|
655
|
||||
Adjustments to reconcile net (loss) / income to net cash flow used in operating activities
|
||||||||
Depreciation and amortization
|
686
|
652
|
||||||
Bad debt (recovery) / expense, net
|
(22)
|
39
|
||||||
Inventory provision / (recovery)
|
5
|
(45)
|
||||||
Warranty expense, net
|
12
|
-
|
||||||
Accrued interest expense, net of interest income
|
54
|
51
|
||||||
Loss on sale of property-continued operations
|
4
|
7
|
||||||
Loss in equity of unconsolidated joint venture
|
11
|
-
|
||||||
Stock compensation
|
42
|
19
|
||||||
Deferred tax provision
|
(18)
|
(55)
|
||||||
Changes in operating assets and liabilities, net of acquisition effects
|
||||||||
Accounts receivables
|
(237)
|
(1,757)
|
||||||
Other receivables
|
(1,099)
|
(5)
|
||||||
Other assets
|
(308)
|
(226)
|
||||||
Inventories
|
15
|
(242)
|
||||||
Prepaid expenses and other current assets
|
(28)
|
(187)
|
||||||
Accounts payable and accrued liabilities
|
1,369
|
(989)
|
||||||
Income tax payable
|
3
|
68
|
||||||
Net cash used in operating activities
|
(498)
|
(2,015)
|
||||||
Cash Flow from Investing Activities
|
||||||||
Proceeds from unrestricted and restricted term deposits, net
|
3
|
2,384
|
||||||
Additions to property, plant and equipment
|
(463)
|
(611)
|
||||||
Proceeds from disposal of property, plant and equipment
|
-
|
28
|
||||||
Net cash (used) / provided by investing activities
|
(460)
|
1,801
|
||||||
Cash Flow from Financing Activities
|
||||||||
Borrowings on lines of credit, net
|
617
|
1,079
|
||||||
Repayment of bank loans and capital leases
|
(115)
|
(318)
|
||||||
Proceeds from long-term bank loans
|
-
|
286
|
||||||
Proceeds from stock options exercised
|
-
|
4
|
||||||
Net cash provided by financing activities
|
502
|
1,051
|
||||||
Effect of Changes in Exchange Rate
|
124
|
257
|
||||||
NET (DECREASE) / INCREASE IN CASH
|
(332)
|
1,094
|
||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
3,111
|
3,244
|
||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
2,779
|
$
|
4,338
|
||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
55
|
$
|
50
|
||||
Income taxes
|
$
|
32
|
$
|
4
|
||||
Non-Cash Transactions
|
||||||||
Capital lease of property, plant and equipment
|
$
|
-
|
$
|
286
|
Ownership
|
Location
|
|||||
Express Test Corporation (Dormant)
|
100
|
%
|
Van Nuys, California
|
|||
Trio-Tech Reliability Services (Dormant)
|
100
|
%
|
Van Nuys, California
|
|||
KTS Incorporated, dba Universal Systems (Dormant)
|
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 International (Thailand) Co. Ltd.*
|
100
|
%
|
Bangkok, Thailand
|
|||
Trio-Tech (Bangkok) Co. Ltd.
(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)
|
100
|
%
|
Bangkok, Thailand
|
|||
Trio-Tech (Malaysia) Sdn. Bhd.
(55% owned by Trio-Tech International Pte. Ltd.)
|
55
|
%
|
Penang and Selangor, Malaysia
|
|||
Trio-Tech (Kuala Lumpur) Sdn. Bhd.
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)
|
55
|
%
|
Selangor, Malaysia
|
|||
Prestal Enterprise Sdn. Bhd.
(76% owned by Trio-Tech International Pte. Ltd.)
|
76
|
%
|
Selangor, Malaysia
|
|||
Trio-Tech (Suzhou) Co. Ltd. *
|
100
|
%
|
Suzhou, China
|
|||
Trio-Tech (Shanghai) Co. Ltd. *
(Operation ceased on January 1, 2010)
|
100
|
%
|
Shanghai, China
|
|||
Trio-Tech (Chongqing) Co. Ltd. *
|
100
|
%
|
Chongqing, China
|
|||
SHI International Pte. Ltd.
(55% owned by Trio-Tech International Pte. Ltd.)
|
55
|
%
|
Singapore
|
|||
PT SHI Indonesia
(100% owned by SHI International Pte. Ltd)
|
55
|
%
|
Batam, Indonesia
|
|||
Trio-Tech (Tianjin) Co. Ltd. *
|
100
|
%
|
Tianjin, China
|
Sept. 30,
|
||||||||
2011
|
June 30,
|
|||||||
(Unaudited)
|
2011
|
|||||||
Raw materials
|
$
|
1,409
|
$
|
1,303
|
||||
Work in progress
|
1,661
|
1,392
|
||||||
Finished goods
|
243
|
213
|
||||||
Less: provision for obsolete inventory
|
(866
|
)
|
(937
|
)
|
||||
Currency translation effect
|
(147
|
)
|
459
|
|||||
$
|
2,300
|
$
|
2,430
|
Sept. 30,
|
||||||||
2011
|
June 30,
|
|||||||
(Unaudited)
|
2011
|
|||||||
Beginning
|
$
|
937
|
$
|
907
|
||||
Additions charged to expenses
|
5
|
52
|
||||||
Usage - disposition
|
(40
|
)
|
(110
|
)
|
||||
Currency translation effect
|
(36
|
)
|
88
|
|||||
Ending
|
$
|
866
|
$
|
937
|
Options
|
Weighted- Average
ExercisePrice
|
Weighted - Average Remaining
ContractualTerm (Years)
|
Aggregate
IntrinsicValue
|
|||||||||||||
Outstanding at July 1, 2011
|
291,875
|
$
|
4.10
|
3.07
|
$
|
178
|
||||||||||
Granted
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited or expired
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding at September 30, 2011
|
291,875
|
$
|
4.10
|
2.81
|
$
|
178
|
||||||||||
Exercisable at September 30, 2011
|
169,875
|
$
|
4.65
|
2.28
|
$
|
103
|
Weighted-Average Grant-Date
|
||||||||
Options
|
Fair Value
|
|||||||
Non-vested at July 1, 2011
|
132,250
|
$
|
5.29
|
|||||
Granted
|
-
|
-
|
||||||
Vested
|
(10,250)
|
2.56
|
||||||
Forfeited
|
-
|
-
|
||||||
Non-vested at September 30, 2011
|
122,000
|
$
|
5.52
|
Options
|
Weighted- Average
ExercisePrice
|
Weighted - Average Remaining
ContractualTerm (Years)
|
Aggregate
IntrinsicValue
|
|||||||||||||
Outstanding at July 1, 2011
|
335,000
|
$
|
4.86
|
3.16
|
$
|
102
|
||||||||||
Granted
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited or expired
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding at September 30, 2011
|
335,000
|
$
|
4.86
|
2.90
|
$
|
102
|
||||||||||
Exercisable at September 30, 2011
|
335,000
|
$
|
4.86
|
2.90
|
$
|
102
|
Three Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
(Loss) / income attributable to Trio-Tech International common shareholders from continuing operations, net of tax
|
$ | (803 | ) | $ | 493 | |||
Loss attributable to Trio-Tech International common shareholders from discontinued operations, net of tax
|
$ | (1 | ) | $ | (2 | ) | ||
Net (loss) / income attributable to Trio-Tech International common shareholders
|
$ | (804 | ) | $ | 491 | |||
Basic (loss) / income per share
|
||||||||
Basic (loss) / income per share from continuing operations attributable to Trio-Tech International
|
$ | (0.24 | ) | $ | 0.15 | |||
Basic loss per share from discontinued operation attributable to Trio-Tech International
|
- | - | ||||||
Basic (loss) / earnings per share from net (loss) / income attributable to Trio-Tech International
|
$ | (0.24 | ) | $ | 0.15 | |||
Diluted (loss) / earnings per share
|
||||||||
Diluted (loss) / earnings per share from continuing operations attributable to Trio-Tech International
|
$ | (0.24 | ) | $ | 0.14 | |||
Diluted loss per share from discontinued operation attributable to Trio-Tech International
|
- | - | ||||||
Diluted (loss) / earnings per share from net (loss) / income attributable to Trio-Tech International
|
$ | (0.24 | ) | $ | 0.14 | |||
Weighted average number of common shares outstanding — basic
|
3,288 | 3,227 | ||||||
Dilutive effect of stock options
|
- | 251 | ||||||
Number of shares used to compute earnings per share — diluted
|
3,288 | 3,478 |
Sept. 30,
|
||||||||
2011
|
June 30,
|
|||||||
(Unaudited)
|
2011
|
|||||||
Beginning
|
$
|
69
|
$
|
91
|
||||
Additions charged to expenses
|
6
|
78
|
||||||
Recovered
|
(28
|
)
|
(107
|
)
|
||||
Currency translation effect
|
-
|
7
|
||||||
Ending
|
$
|
47
|
$
|
69
|
Sept. 31,
|
||||||||
2011
|
June 30,
|
|||||||
(Unaudited)
|
2011
|
|||||||
Beginning
|
$
|
29
|
$
|
113
|
||||
Additions charged to cost and expenses
|
12
|
51
|
||||||
Recovered
|
-
|
(74
|
)
|
|||||
Actual usage
|
(10
|
)
|
(70
|
)
|
||||
Currency translation effect
|
(1
|
)
|
9
|
|||||
EndingE Ending
|
$
|
30
|
$
|
29
|
Investment Date
|
Investment Amount
(RMB) |
Investment Amount
(U.S. Dollars)
|
|||||||
Investment in developments - JiaSheng
|
08/27/2007
|
10,000 | 1,564 | ||||||
Investment in developments - JiaSheng
|
12/17/2007
|
5,000 | 782 | ||||||
Return of investment in developments - JiaSheng
|
06/26/2008
|
(5,000 | ) | (782 | ) | ||||
Return of investment in developments - JiaSheng
|
10/23/2008
|
(1,988 | ) | (311 | ) | ||||
Return of investment in developments - JiaSheng
|
11/20/2009
|
(1,988 | ) | (311 | ) | ||||
Return of investment in developments - JiaSheng
|
11/03/2010
|
(2,651 | ) | (415 | ) | ||||
Return of investment in developments - JiaSheng
|
11/08/2010
|
(723 | ) | (113 | ) | ||||
Return of investment in developments - JiaSheng
|
11/09/2010
|
(301 | ) | (47 | ) | ||||
Return of investment in developments - JiaSheng
|
11/10/2010
|
(1,807 | ) | (283 | ) | ||||
Return of investment in developments - JiaSheng
|
11/12/2010
|
(542 | ) | (84 | ) | ||||
Total: Investment in property developments
– Jia Sheng (project B-48 Phase 1)
|
- | - |
Investment Date
|
Investment
Amount
(RMB) |
Investment Amount
(U.S. Dollars) |
|||||||
Purchase of rental property – MaoYe
|
01/04/2008
|
5,554
|
868
|
||||||
Purchase of rental property – JiaSheng
|
10/23/2008
|
7,042
|
1,101
|
||||||
Additional cost of rental property - JiaSheng
|
12/01/2009
|
209
|
33
|
||||||
Investment rental property disposed - JiaSheng
|
02/05/2010
|
(579
|
)
|
(90
|
)
|
||||
Purchase of rental property – Jiang Huai
|
01/06/2010
|
3,600
|
563
|
||||||
Investment rental property disposed - JiaSheng
|
03/04/2011
|
(6,672
|
)
|
(1,044
|
)
|
||||
Gross investment in rental property
|
9,154
|
1,431
|
|||||||
Accumulated depreciation on rental property
|
09/30/2011
|
(1,266
|
)
|
(198
|
)
|
||||
Net investment in property – China
|
7,888
|
1,233
|
Loan Date
|
Loan Amount
(RMB) |
Loan Amount
(U.S. Dollars) |
|||||||
Investment in JiaSheng (Project B-48 Phase 2)
|
11/1/2010
|
5,000
|
782
|
||||||
Investment in Jiang Huai (Project - Yu Jin Jiang An )
|
11/1/2010
|
2,000
|
312
|
||||||
Net loan receivable from property development projects
|
7,000
|
1,094
|
Business Segment Information:
|
|||||||||||||||||||||
|
|
|
|
||||||||||||||||||
Three Months
Ended |
Net
Sales |
Operating
Income |
Total
Assets |
Depr. and
Amort. |
Capital
Expenditures |
||||||||||||||||
Manufacturing
|
2011
|
$
|
2,798
|
$
|
(315
|
)
|
$
|
8,004
|
$
|
57
|
$
|
4
|
|||||||||
2010
|
8,974
|
153
|
4,715
|
60
|
3
|
||||||||||||||||
Testing Services
|
2011
|
3,291
|
(342
|
)
|
20,718
|
562
|
453
|
||||||||||||||
2010
|
3,474
|
442
|
31,596
|
465
|
603
|
||||||||||||||||
Distribution
|
2011
|
318
|
21
|
282
|
1
|
-
|
|||||||||||||||
2010
|
229
|
31
|
438
|
-
|
-
|
||||||||||||||||
Real Estate
|
2011
|
47
|
(6
|
)
|
4,735
|
19
|
-
|
||||||||||||||
2010
|
187
|
89
|
4,141
|
31
|
-
|
||||||||||||||||
Fabrication
|
2011
|
2,345
|
(187
|
)
|
2,596
|
47
|
6
|
||||||||||||||
Services
|
2010
|
165
|
(187
|
)
|
934
|
96
|
5
|
||||||||||||||
Corporate &
|
2011
|
-
|
(92
|
)
|
86
|
-
|
-
|
||||||||||||||
Unallocated
|
2010
|
-
|
225
|
1,842
|
-
|
-
|
|||||||||||||||
Total Company
|
2011
|
$
|
8,799
|
$
|
(921
|
)
|
$
|
36,421
|
$
|
686
|
$
|
463
|
|||||||||
2010
|
$
|
13,029
|
$
|
753
|
$
|
43,666
|
$
|
652
|
$
|
611
|
Sept. 30, 2011
|
June 30, 2011
|
|||||||
Non-controlling interest
|
(Unaudited)
|
|||||||
Beginning balance
|
$
|
2,969
|
$
|
2,809
|
||||
Net income / (loss)
|
(183
|
)
|
353
|
|||||
Translation adjustment
|
(35
|
)
|
(193
|
)
|
||||
Ending balance
|
$
|
2,751
|
$
|
2,969
|
|
Basis of Fair Value Measurements
|
|||||||||||||||
As of
September 30, 2011
|
Quoted Prices in Active Markets for Identical Assets
Level 1
|
Significant Other Observable Inputs
Level 2
|
Significant Unobservable Inputs
Level 3
|
|||||||||||||
Assets
|
||||||||||||||||
Short-term deposits
|
$
|
201
|
$
|
201
|
$
|
-
|
$
|
-
|
||||||||
Restricted term deposits
|
$
|
3,370
|
$
|
3,370
|
$
|
-
|
$
|
-
|
||||||||
Total assets
|
$
|
36,421
|
$
|
36,421
|
$
|
-
|
$
|
-
|
||||||||
Percentage of total assets
|
9.8
|
%
|
9.8
|
%
|
-
|
-
|
||||||||||
September 30, 2011
|
June 30, 2011
|
|||||||
(Unaudited)
|
||||||||
Note payable denominated in Malaysian ringgit to a commercial bank for infrastructure investment, maturing in August 2024, bearing interest at the bank’s prime rate (6.05% less 1.5% at September 30 and June 30, 2011) per annum, with monthly payments of principal plus interest through August 2024, collateralized by the acquired building.
|
2,727
|
2,915
|
||||||
Current portion
|
(132
|
)
|
(147
|
)
|
||||
Long term portion of bank loans payable
|
$
|
2,595
|
$
|
2,768
|
2012
|
$
|
132
|
||
2013
|
140
|
|||
2014
|
147
|
|||
2015
|
154
|
|||
2016
|
162
|
|||
Thereafter
|
1,992
|
|||
Total obligations and commitments
|
$
|
2,727
|
Three Months Ended
|
||||||||
Sept. 30,
|
Sept. 30,
|
|||||||
2011
|
2010
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
REVENUE
|
$
|
-
|
$
|
-
|
||||
COST OF SALES
|
-
|
-
|
||||||
GROSS LOSS
|
-
|
-
|
||||||
OPERATING EXPENSES
|
||||||||
General and administrative
|
1
|
2
|
||||||
Total
|
1
|
2
|
||||||
LOSS FROM DISCONTINUED OPERATION
|
(1
|
)
|
(2)
|
)))
|
||||
OTHER INCOME
|
(1
|
)
|
(2)
|
|||||
LOSS FROM DISCONTINUED OPERATIONS
|
$
|
(1
|
)
|
$
|
(2)
|
●
|
Manufacturing segment revenue decreased by $6,176, or 68.8%, to $2,798 for the first quarter of fiscal 2012, compared to $8,974 for the same period in fiscal 2011.
|
●
|
Testing segment revenue decreased by $183, or 5.3%, to $3,291 for the first quarter of fiscal 2012, compared to $3,474 for the same period in fiscal 2011.
|
●
|
Distribution segment revenue increased by $89, or 38.9%, to $318 for the first quarter of fiscal 2012, compared to $229 for the same period in fiscal 2011.
|
●
|
Real estate segment revenue decreased by $140, or 74.9%, to $47 for the first quarter of fiscal 2012, compared to $187 for the same period in fiscal 2011.
|
●
|
Fabrication Services segment revenue increased by $2,180 to $2,345 for the first quarter of fiscal 2012, compared to $165 for the same period in fiscal 2011.
|
●
|
The overall gross profit margins decreased by 5.2% to 15.9% for the first quarter of fiscal 2012, from 21.1% for the same period in fiscal 2011.
|
●
|
General and administrative expenses increased by $268, or 14.6 %, to $2,098 for the first quarter of fiscal 2012, from $1,830 for the same period in fiscal 2011.
|
●
|
Research and development expenses increased by $46, or 158.6%, to $75 for the first quarter of fiscal 2012, compared to $29 for the same period in fiscal 2011.
|
●
|
Loss from operations increased by $1,674, or 222.3%, to $921 for the first quarter of fiscal 2012, compared to an income of $753 for the same period in fiscal 2011.
|
●
|
Net loss attributed to Trio-Tech International common shareholders increased by $1,295 to $804 for the first quarter of 2012 as compared to an income of $491 for the same period in fiscal 2011.
|
Revenue Components
|
|||||||||||||
Three Months Ended
September 30,
|
Three Months Ended
September 30,
|
||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||
Revenue:
|
%
|
%
|
|||||||||||
Manufacturing
|
31.8%
|
68.8%
|
$
|
2,798
|
$
|
8,974
|
|||||||
Testing Services
|
37.4%
|
26.7%
|
3,291
|
3,474
|
|||||||||
Distribution
|
3.6%
|
1.8%
|
318
|
229
|
|||||||||
Real Estate
|
0.5%
|
1.4%
|
47
|
187
|
|||||||||
Fabrication Services
|
26.7%
|
1.3%
|
2,345
|
165
|
|||||||||
Total
|
100.0%
|
100.0%
|
$
|
8,799
|
$
|
13,029
|
Three Months Ended September 30,
|
||||||||
2011
|
2010
|
|||||||
Revenue
|
100.0
|
%
|
100.0
|
%
|
||||
Cost of sales
|
84.1
|
78.9
|
||||||
Gross Margin
|
15.9
|
%
|
21.1
|
%
|
||||
Operating expenses:
|
||||||||
General and administrative
|
23.8
|
%
|
14.0
|
%
|
||||
Selling
|
1.6
|
1.0
|
||||||
Research and development
|
0.9
|
0.2
|
||||||
Loss on disposal of Property, plant and equipment
|
0.1
|
0.1
|
||||||
Total operating expenses
|
26.4
|
%
|
15.3
|
%
|
||||
(Loss) / Income from Operations
|
(10.5
|
)%
|
5.8
|
%
|
Three Months Ended September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
General and administrative
|
$
|
2,098
|
$
|
1,830
|
||||
Selling
|
144
|
128
|
||||||
Research and development
|
75
|
29
|
||||||
Loss on disposal of PP&E
|
4
|
7
|
||||||
Total
|
$
|
2,321
|
$
|
1,994
|
Three Months Ended September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Interest expenses
|
$
|
61
|
$
|
60
|
Three Months Ended September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Other income/(expenses), net
|
$
|
44
|
$
|
(40)
|
Three Months Ended
September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Revenue
|
$
|
2,798
|
$
|
8,974
|
||||
Gross margin
|
16.6
|
%
|
13.9
|
%
|
||||
(Loss)/ Income from operations
|
$
|
(315
|
)
|
$
|
153
|
Three Months Ended
September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Revenue
|
$
|
3,291
|
$
|
3,474
|
||||
Gross margin
|
20.0
|
%
|
39.3
|
%
|
||||
(Loss)/Income from operations
|
$
|
(342
|
)
|
$
|
442
|
Three Months Ended
September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Revenue
|
$ | 318 | $ | 229 | ||||
Gross margin
|
13.8 | % | 23.1 | % | ||||
Income from operations
|
$ | 21 | $ | 31 |
Three Months Ended
September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Revenue
|
$
|
47
|
$
|
187
|
||||
Gross margin
|
44.7
|
%
|
73.3
|
%
|
||||
(Loss)/Income from operations
|
$
|
(6
|
)
|
$
|
89
|
Three Months Ended September 30,
|
||||||||
(Unaudited)
|
2011
|
2010
|
||||||
Revenue
|
$
|
2,345
|
$
|
165
|
||||
Gross margin
|
9.1
|
%
|
(30.3
|
)%
|
||||
Loss from operations
|
$
|
(187
|
)
|
$
|
(187
|
)
|
Three Months Ended September 30,
|
|||||||
(Unaudited)
|
2011
|
2010
|
|||||
(Loss) / income from operations
|
$
|
(92
|
)
|
$
|
225
|
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
|
|
32.1
|
Section 1350 Certification
|
|
101.XML
|
XBRL Instance Document*
|
|
101.XSD
|
XBRL Taxonomy Extension Schema Document*
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
* As provided in Rule 406T of Regulation S-T, this information shall not be deemed “filed” for purposes of Section 11 and 12 of the Securities Act of 1933 and Section 18 of the Securities Exchange Act of 1934 or otherwise subject to liability under those sections, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
|
TRIO-TECH INTERNATIONAL
|
||
By:
|
/s/ Victor H.M. Ting
VICTOR H.M. TING
Vice President and Chief Financial Officer
(Principal Financial Officer)
Dated: November 14, 2011
|