Trio-Tech International Files 10-Q for Q3 2024

TL;DR

Trio-Tech International has submitted its 10-Q filing for the third quarter of fiscal year 2024, detailing financial performance and operational aspects.

AI Summary

TRIO-TECH INTERNATIONAL (TRT) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Trio-Tech International reported its Q3 2024 results on May 13, 2024. The filing covers the period ending March 31, 2024. The company's fiscal year ends on June 30. The filing includes details on accounts receivable and sales revenue related to specific customers (A, B, C). Information on stock options and director plans is also present.

Why It Matters

For investors and stakeholders tracking TRIO-TECH INTERNATIONAL, this filing contains several important signals. This 10-Q provides a quarterly update on Trio-Tech International's financial health and operational activities, crucial for investors assessing short-term performance. The detailed customer-specific revenue and receivable data highlights potential concentration risks and revenue streams, important for understanding business stability.

Risk Assessment

Risk Level: medium — TRIO-TECH INTERNATIONAL shows moderate risk based on this filing. The filing indicates potential customer concentration risk, with specific customers A, B, and C being significant for both accounts receivable and sales revenue, suggesting a reliance on a few key clients.

Analyst Insight

Investors should analyze the trends in revenue and accounts receivable for customers A, B, and C to assess the company's reliance on these key relationships and potential risks.

Key Numbers

• 2024-03-31 — Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 0630 — Fiscal Year End (Fiscal year end)
• 3559 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• TRIO-TECH INTERNATIONAL (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-13 (date) — Filed as of date
• CA (location) — State of incorporation
• 16139 WYANDOTTE ST. (address) — Business address street 1
• VAN NUYS (location) — Business address city
• 91406 (postal_code) — Business address zip
• 818-787-7000 (phone_number) — Business phone

FAQ

Risk Factors

• Customer Concentration Risk [medium — financial]: The company's financial performance may be significantly impacted by a small number of customers, as evidenced by the detailed reporting of accounts receivable and sales revenue attributed to specific customers (A, B, and C).

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC) that provides a continuing disclosure by public companies. (This filing provides the latest quarterly financial and operational information for Trio-Tech International.)

Key Financial Figures

• $754 — erm obligations. Restricted deposits of $754 as at March 31, 2024 are classified as
• $1,760 — the other hand, restricted deposits of $1,760 as at March 31, 2024 are classified as

Filing Documents

• trt20240331_10q.htm (10-Q) — 2040KB
• ex_664438.htm (EX-31.1) — 7KB
• ex_664439.htm (EX-31.2) — 7KB
• ex_664440.htm (EX-32) — 4KB
• 0001437749-24-016136.txt ( ) — 10843KB
• trt-20240331.xsd (EX-101.SCH) — 95KB
• trt-20240331_cal.xml (EX-101.CAL) — 88KB
• trt-20240331_def.xml (EX-101.DEF) — 520KB
• trt-20240331_lab.xml (EX-101.LAB) — 477KB
• trt-20240331_pre.xml (EX-101.PRE) — 590KB
• trt20240331_10q_htm.xml (XML) — 2296KB

Financial Statements

Financial Statements 1 (a) Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited), and June 30, 2023 2 (b) Condensed Consolidated Statements of Operations and Comprehensive Income / (Loss) for the Three and Nine Months Ended March 31, 2024 (Unaudited), and March 31, 2023 (Unaudited) 3 (c) Condensed Consolidated Statements of Shareholders' Equity for the Three and Nine Months Ended March 31, 2024 (Unaudited), and March 31, 2023 (Unaudited) 4 (d) Condensed Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2024 (Unaudited), and March 31, 2023 (Unaudited) 5 (e) Notes to Condensed Consolidated Financial Statements (Unaudited) 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 Item 4.

Controls and Procedures

Controls and Procedures 40 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 41 Item 1A.

Risk Factors

Risk Factors Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 41 Item 3. Defaults upon Senior Securities Item 4. Mine Safety Disclosures 41 Item 5. Other Information Item 6. Exhibits 41

Signatures

Signatures 42 -i-

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS The discussions of Trio-Tech International's (the "Company") business and activities set forth in this Quarterly Report on Form 10-Q (this "Quarterly Report") and in other past and future reports and announcements by the Company may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and assumptions regarding future activities and results of operations of the Company. In light of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, the following factors, among others, could cause actual results to differ materially from those reflected in any forward-looking statements made by or on behalf of the Company: market acceptance of Company products and services; changing business conditions or technologies and volatility in the semiconductor industry, which could affect demand for the Company's products and services; the impact of competition; problems with technology; product development schedules; delivery schedules; changes in military or commercial testing specifications which could affect the market for the Company's products and services; difficulties in profitably integrating acquired businesses, if any, into the Company; or the divestiture in the future of one or more business segments; risks associated with conducting business internationally and especially in Asia, including currency fluctuations and devaluation, currency restrictions, local laws and restrictions and possible social, political and economic instability; changes in U.S. and global financial and equity markets, including market disruptions and significant interest rate fluctuations; ongoing public health issues related to the COVID-19 pandemic both nationally and internationally; the trade tension between U.S. and China; inflation; the war in Ukraine and Russia, the war between Israel and Hamas; other economic,

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TRIO-TECH INTERNATIONAL AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (IN THOUSANDS, EXCEPT NUMBER OF SHARES) March 31, 2024 June 30, 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 10,716 $ 7,583 Short-term deposits 6,309 6,627 Trade accounts receivable, less allowance for expected credit losses of $ 214 and $ 217 , respectively 10,083 9,804 Other receivables 1,089 939 Inventories, less provision for obsolete inventories of $ 669 and $ 648 , respectively 2,742 2,151 Prepaid expense and other current assets 577 694 Assets held for sale - 274 Financed sales receivable - 16 Restricted term deposits 754 739 Total current assets 32,270 28,827 NON-CURRENT ASSETS: Deferred tax assets 117 100 Investment properties, net 433 474 Property, plant and equipment, net 6,081 8,344 Operating lease right-of-use assets 2,277 2,609 Other assets 149 116 Restricted term deposits 1,760 1,716 Total non-current assets 10,817 13,359 TOTAL ASSETS $ 43,087 $ 42,186 LIABILITIES CURRENT LIABILITIES: Accounts payable $ 2,406 $ 1,660 Accrued expense 3,904 4,291 Contract liabilities 1,499 1,277 Income taxes payable 328 418 Current portion of bank loans payable 308 475 Current portion of finance leases 56 107 Current portion of operating leases 1,295 1,098 Total current liabilities 9,796 9,326 NON-CURRENT LIABILITIES: Bank loans payable, net of current portion 676 877 Finance leases, net of current portion 10 42 Operating leases, net of current portion 982 1,511 Income taxes payable, net of current portion 141 255 Deferred tax liabilities 3 10 Other non-current liabilities 27 594 Total non-current liabilities 1,839 3,289 TOTAL LIABILITIES $ 11,635 $ 12,615 EQUITY TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY: Common stock, no par value, 1

View Full Filing

View this 10-Q filing on SEC EDGAR