Trio-Tech Fiscal 2018 First Quarter Net Income Doubles to $0.16 Per Share On 22.0% Revenue Gain Versus 2017 First Quarter

VAN NUYS, Calif. --  Trio-Tech International (NYSE MKT: TRT) today announced financial results for the first quarter of fiscal 2018:

 

● Revenue increased 22.0% compared to the first quarter of fiscal 2017.

● Operating income increased 45.1% compared to the first quarter of fiscal 2017.

● Net income attributable to TRT increased 89.8% compared to the first quarter of fiscal 2017.

● Earnings per share doubled to $0.16 compared to $0.08 for the first quarter of fiscal 2017.

 

CEO Comments

S.W. Yong, Trio-Tech's CEO, said, "Trio-Tech's excellent first quarter financial results speak for themselves: Revenue increased sharply in each of our business segments, driving commensurate gains in operating income, net income and earnings per share versus the first quarter of last fiscal year. Our Singapore and Tianjin, China operations were especially strong, and business conditions there currently appear likely to remain favorable. This was our strongest quarterly financial performance in quite some time, a tribute to the hard work and dedication of Trio-Tech's entire team, and we are optimistic regarding the remainder of the year."

Fiscal 2018 First Quarter Results

 

For the first fiscal quarter ended September 30, 2017, revenue increased to $10,945,000 compared to revenue of $8,971,000 for the same quarter last year. Manufacturing revenue increased 29.8% to $4,765,000 for this year's first quarter compared to $3,671,000 for the first quarter a year ago. Semiconductor testing services revenue increased 10.8% to $4,605,000 for the first quarter of fiscal 2018, compared to $4,157,000 a year earlier. Distribution revenue increased 39.1% to $1,536,000 for this year's first quarter from $1,104,000 for the first quarter of fiscal 2017.

 

Gross margin for the first quarter of fiscal 2018 increased 17.0% to $2,760,000 compared to $2,358,000 in the same quarter last year. A change in product mix at both manufacturing and testing services reduced gross margin to 25.2% of revenue, compared to 26.3% of revenue for the first quarter last year.

 

Operating expenses for the first quarter of fiscal 2018 increased to $2,213,000, but declined to 20.2% of revenue from $1,981,000, or 22.1% of revenue, a year earlier. The decline in operating expenses, as a percent of revenue, contributed to a 45.1% increase in income from operations to $547,000 from $377,000 for the first quarter of fiscal 2017.

 

Net income attributable to Trio-Tech common shareholders for the first quarter of fiscal 2018 increased 89.8% to $575,000, or $0.16 per diluted share, compared to $303,000, or $0.08 per diluted share in the same quarter last year.

 

Shareholders' equity at September 30, 2017 was $22,554,000, or $6.38 per outstanding share, compared to $21,527,000, or $6.11 per outstanding share, at June 30, 2017. There were approximately 3,533,055 common shares outstanding at September 30, 2017.

 

About Trio-Tech

 

Established in 1958 and headquartered in Van Nuys, California, Trio-Tech International is a diversified business group with interests in semiconductor testing services, manufacturing and distribution of semiconductor testing equipment, and real estate. Further information about Trio-Tech's semiconductor products and services can be obtained from the Company's Web site at www.triotech.com,www.universalfareast.com, and www.ttsolar.com.