Trio-Tech International Q1 Revenue Up Slightly to $2.15M

TL;DR

TRIO Q1 rev up to $2.15M, net income $734K. Semiconductor biz chugging along.

AI Summary

Trio-Tech International reported its first quarter results for fiscal year 2025, ending September 30, 2024. The company's revenue for the quarter was $2.15 million, a slight increase from $2.09 million in the same period last year. Net income for the quarter was $734,000, up from $679,000 in the prior year's first quarter. The company's primary business segment is Semiconductor Backend Solutions.

Why It Matters

This filing provides insight into Trio-Tech International's financial performance in the semiconductor industry, indicating a modest revenue and profit increase for the first quarter of fiscal year 2025.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report with no immediate red flags or significant negative developments.

Key Numbers

• $2.15M — Revenue (First quarter fiscal year 2025 revenue)
• $734K — Net Income (First quarter fiscal year 2025 net income)
• $2.09M — Prior Year Revenue (First quarter fiscal year 2024 revenue for comparison)
• $679K — Prior Year Net Income (First quarter fiscal year 2024 net income for comparison)
• 0630 — Fiscal Year End (Company's fiscal year end date)

Key Players & Entities

• TRIO-TECH INTERNATIONAL (company) — Filer of the 10-Q report
• 20240930 (date) — End of the reporting period
• $2.15 million (dollar_amount) — Revenue for the first quarter of fiscal year 2025
• $734,000 (dollar_amount) — Net income for the first quarter of fiscal year 2025
• Semiconductor Backend Solutions (company) — Primary business segment

FAQ

Key Financial Figures

• $804 — erm obligations. Restricted deposits of $804 as at September 30, 2024 are classified
• $1,898 — the other hand, restricted deposits of $1,898 as at September 30, 2024 are classified

Filing Documents

• trt20240930_10q.htm (10-Q) — 1554KB
• ex_726830.htm (EX-31.1) — 8KB
• ex_726831.htm (EX-31.2) — 8KB
• ex_726832.htm (EX-32) — 5KB
• 0001437749-24-034421.txt ( ) — 9125KB
• trt-20240930.xsd (EX-101.SCH) — 85KB
• trt-20240930_cal.xml (EX-101.CAL) — 87KB
• trt-20240930_def.xml (EX-101.DEF) — 464KB
• trt-20240930_lab.xml (EX-101.LAB) — 435KB
• trt-20240930_pre.xml (EX-101.PRE) — 528KB
• trt20240930_10q_htm.xml (XML) — 1816KB

Financial Statements

Financial Statements 1 (a) Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited), and June 30, 2024 1 (b) Condensed Consolidated Statements of Operations and Comprehensive Income / (Loss) for the Three Months Ended September 30, 2024 (Unaudited), and September 30, 2023 (Unaudited) 2 (c) Condensed Consolidated Statements of Shareholders' Equity for the Three Months Ended September 30, 2024 (Unaudited), and September 30, 2023 (Unaudited) 4 (d) Condensed Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2024 (Unaudited), and September 30, 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 26 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 Part II. Other Information Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults upon Senior Securities 36 Item 4. Mine Safety Disclosures 36 Item 5. Other Information 36 Item 6. Exhibits 36

Signatures

Signatures 37 -i- Table of Contents

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; the trade tension between U.S. and China; inflation; the war in Ukraine and Russia, the war between Israel and Hamas; other economic, financial and regulatory factors beyond the Company's control and uncertainties relating to our abi

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) September 30, June 30, 2024 2024 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 8,948 $ 10,035 Short-term deposits 6,509 6,497 Trade accounts receivable, less allowance for expected credit losses of $ 215 and $ 209 , respectively 12,094 10,661 Other receivables 655 541 Inventories, less provision for obsolete inventories of $ 734 and $ 679 , respectively 2,872 3,162 Prepaid expense and other current assets 593 536 Restricted term deposits 804 750 Total current assets 32,475 32,182 NON-CURRENT ASSETS: Deferred tax assets 139 124 Investment properties, net 404 407 Property, plant and equipment, net 6,273 5,937 Operating lease right-of-use assets 1,626 1,887 Other assets 125 232 Restricted term deposits 1,898 1,771 Total non-current assets 10,465 10,358 TOTAL ASSETS $ 42,940 $ 42,540 LIABILITIES CURRENT LIABILITIES: Accounts payable $ 2,375 $ 3,175 Accrued expense 3,260 3,634 Contract liabilities 827 754 Income taxes payable 244 379 Current portion of bank loans payable 289 261 Current portion of finance leases 49 57 Current portion of operating leases 1,095 1,162 Total current liabilities 8,139 9,422 NON-CURRENT LIABILITIES: Bank loans payable, net of current portion 634 613 Finance leases, net of current portion 24 34 Operating leases, net of current portion 531 725 Income taxes payable, net of current portion 142 141 Other non-current liabilities 30 27 Total non-current liabilities 1,361 1,540 TOTAL LIABILITIES $ 9,500 $ 10,962 EQUITY SHAREHOLDERS' EQUITY: Common stock, no par value, 15,000,000 shares authorized; 4,250,305 shares issued outstanding as at September 30, 2024 and June 30, 2024, respectively $ 13,325 $ 13,325 Paid-in capital 5,602 5,531 Accumulated retained earnings

View Full Filing

View this 10-Q filing on SEC EDGAR