CORRECTING and REPLACING Trio-Tech Fiscal 2004 Third Quarter Net Income Increases to $0.06 Per Share From $0.01 Per Share; Backlog Increases to $6.9 Million From $2.8 Million.Business Editors CORRECTION CORRECTION,punishment. Chastisement by one having authority of a person who has committed some offence, for the purpose of bringing him to legal subjection. 2. It is chiefly exercised in a parental manner, by parents, or those who are placed in loco parentis. ...by Trio-Tech International VAN NUYS, Calif.--(BUSINESS WIRE)--May 7, 2004 In BW5068 issued May 7, 2004: Please replace the release with the following corrected version due to multiple revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. . The corrected release reads: TRIO-TECH FISCAL 2004 THIRD QUARTER NET INCOME INCREASES TO $0.06 PER SHARE FROM $0.01 PER SHARE; BACKLOG Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. INCREASES TO $6.9 MILLION FROM $2.8 MILLION Trio-Tech International (AMEX AMEX See: American Stock Exchange :TRT TRT Transportation Research Thesaurus TRT Tribunal Regional do Trabalho (Brazil) TRT Türkiye Radyo Televizyon Kurumu TRT Tinnitus Retraining Therapy TRT Testosterone Replacement Therapy TRT Thai Rak Thai Party ) today announced higher net income and backlog for the third quarter of fiscal 2004 compared to the same period last year. Third Quarter Results Although total revenue for this year's third quarter was $5,042,000 compared to $5,561,000 for the same period a year ago, net income for the third quarter ended March 31, 2004 increased to $168,000, or $0.06 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, from $28,000, or $0.01 per diluted share, for the third quarter of fiscal 2003. The decline in revenue was mainly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the Distribution segment whose revenue has decreased by 63% from the third quarter ended March 31, 2003, due to fewer shipments of low margin front-end front-end adj. 1. Of or relating to the initial phase of a project: a front-end investment. 2. Of or relating to the forward parts of a vehicle: a front-end alignment. products in the quarter. Gross margin for the third quarter improved to 24% from 18% for the same period last year, reflecting a shift in the mix of business in favor of upon the side of; favorable to; for the advantage of. See also: favor higher-margin revenue from the Company's manufacturing segment. Total backlog at March 31, 2004 more than doubled to $6,898,000 from $2,822,000 at March 31, 2003, reflecting an increase in backlog in the Company's semiconductor testing service segment to $4,440,000 from $1,740,000 as of the same date last year and an increase in manufacturing segment backlog to $1,859,000 from $640,000 as of the same date last year. Short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. deposits increased to $5,388,000 at March 31, 2004 from $4,308,000 at June June: see month. 30, 2003, and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. rose to $8,922,000 from $8,590,000. "We are increasingly optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about the outlook for Trio-Tech," said President and Chief Executive Officer S.W. Yong
“Yung” redirects here. For other uses, see Yung (disambiguation). . "The increase in our testing service backlog is especially encouraging. We have worked hard over the past few years to increase efficiency, technology, and capacity in our testing service business, and our efforts now appear to be yielding exciting opportunities for our company. The improvement in the performance of our manufacturing segment is another encouraging sign for the future." On March 29, 2004, Trio-Tech Malaysia Malaysia (məlā`zhə), independent federation (2005 est. pop. 23,953,000), 128,430 sq mi (332,633 sq km), Southeast Asia. The official capital and by far the largest city is Kuala Lumpur; Putrajaya is the adminstrative capital. , in which Trio-Tech owns a 55% interest, entered into an agreement to acquire the Burn-In 1. (hardware) burn-in - screen saver. 2. (hardware, testing) burn-in - burn-in period. Services Division of competitor TS Matrix Bhd, a Malaysian company, for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $1,000,000. "This acquisition will strengthen Trio-Tech Malaysia's market position and expand its customer base, and give us the opportunity to improve the Division's efficiency and increase revenue," said Yong. The acquisition is subject to certain conditions, including completion of satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. , and is expected to close by the end of June. Third Quarter Segment Information -- Net revenue for Trio-Tech's testing services segment was $2,244,000 for the third quarter 2004 versus $2,327,000 for the same period a year ago. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $68,000 for the third quarter compared to $228,000 for last year's third quarter. -- Manufacturing segment revenue increased to $1,938,000 in the third quarter 2004 from $902,000 for the third quarter last year. Operating income was $52,000 in the third quarter 2004 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. of $264,000 for the same period a year earlier. -- Distribution segment revenue decreased to $860,000 in third quarter 2004 from $2,332,000 for the third quarter last year. The operating loss was $17,000 in the third quarter of 2004 compared to an operating loss of $6,000 for the third quarter of fiscal 2003. Nine Month Results For the nine months ended March 31, 2004, revenue was $13,948,000 compared to $16,527,000 for the same period last year. Net income for this year's first nine months was $121,000, or $0.04 per diluted share. This compares to net income of $175,000, or $0.06 per diluted share, a year earlier. Net cash provided by operating activities was $1,102,000 for the first nine months of fiscal 2004 compared to $156,000 for the first nine months of fiscal 2003. About Trio-Tech Founded in 1958, Trio-Tech International provides third-party semiconductor testing and burn-in services primarily through its laboratories in Southeast Asia Southeast Asia, region of Asia (1990 est. pop. 442,500,000), c.1,740,000 sq mi (4,506,600 sq km), bounded roughly by the Indian subcontinent on the west, China on the north, and the Pacific Ocean on the east. . Headquartered in Van Nuys, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , the Company also designs, manufactures and markets equipment and systems used in the testing and production of semiconductors, and distributes semiconductor processing and testing equipment manufactured by others. For further information or to request quotations for any of Trio-Tech's complete line of semiconductor test equipment, please visit the Company's Web site at www.triotech.com. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and the following: the effectiveness of the cost reduction initiatives undertaken by the Company, changes in demand for the Company's products, product mix, the timing of customer orders and deliveries, the impact of competitive products and pricing, excess or shortage of production capacity, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. , and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made, and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release.
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive
Income
(In Thousands, Except per Share Amounts)(Unaudited)
Nine Months Three Months
Ended Ended
March 31, March 31,
2004 2003 2004 2003
NET SALES $13,948 $16,527 $5,042 $5,561
COST OF SALES 10,402 12,378 3,843 4,535
GROSS PROFIT 3,546 4,149 1,199 1,026
OPERATING EXPENSES:
General and administrative 2,915 3,192 962 822
Selling 552 655 135 182
Research and development 88 89 29 34
(Gain) loss on disposal of
property, plant and equipment (58) 112 (62) --
Total 3,497 4,048 1,064 1,038
INCOME (LOSS) FROM OPERATIONS 49 101 135 (12)
OTHER INCOME (EXPENSE)
Interest expense (95) (145) (29) (48)
Other income 263 241 67 76
Total 168 96 38 28
INCOME BEFORE INCOME TAXES
AND MINORITY INTEREST 217 197 173 16
INCOME TAXES 40 71 7 21
INCOME (LOSS) BEFORE MINORITY
INTEREST 177 126 166 (5)
MINORITY INTEREST (56) 49 2 33
NET INCOME ATTRIBUTABLE TO COMMON
SHARES 121 175 168 28
OTHER COMPREHENSIVE INCOME (LOSS):
Unrealized loss on investment (45) (24) -- --
Foreign currency translation
adjustment 242 (66) 19 (58)
COMPREHENSIVE INCOME (LOSS) $ 318 $ 85 $ 187 $ (30)
EARNINGS PER SHARE:
Basic $ 0.04 $ 0.06 $ 0.06 $ 0.01
Diluted $ 0.04 $ 0.06 $ 0.06 $ 0.01
WEIGHTED AVERAGE NUMBER OF COMMON
AND POTENTIAL COMMON SHARES
OUTSTANDING
Basic 2,931 2,928 2,933 2,928
Diluted 2,984 2,928 3,036 2,928
TRIO-TECH INTERNATIONAL AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In Thousands, Except Share Amounts)(Unaudited)
March 31, June 30,
ASSETS 2004 2003
CURRENT ASSETS:
Cash $ 1,166 $ 1,495
Short term deposits 5,388 4,308
Investments in marketable securities -- 485
Trade accounts receivable, net 3,698 3,643
Other receivables 450 373
Inventories, net 1,087 1,049
Prepaid expenses and other current assets 165 140
Total current assets 11,954 11,493
PROPERTY, PLANT AND EQUIPMENT, Net 5,310 5,210
OTHER ASSETS, Net -- 8
TOTAL ASSETS $ 17,264 $ 16,711
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Lines of credit $ 148 $ 300
Accounts payable 1,466 1,080
Accrued expenses 2,130 2,096
Income taxes payable 8 56
Current portion of notes payable 578 632
Current portion of capitalized leases 235 302
Total current liabilities 4,565 4,466
NOTES PAYABLE, net of current portion 680 492
CAPITALIZED LEASES, net of current portion 245 344
DEFERRED INCOME TAXES 738 711
TOTAL LIABILITIES 6,228 6,013
COMMITMENTS AND CONTINGENCIES
MINORITY INTEREST 2,114 2,108
SHAREHOLDERS' EQUITY:
Common stock; no par value, authorized
15,000,000 shares; issued and outstanding
2,932,542 shares at Mar. 31, 2004 and
2,927,542 shares at June 30, 2003 9,437 9,423
Additional paid-in capital 284 284
Retained earnings (accumulated deficit) (618) (739)
Accumulated other comprehensive income-
marketable securities -- 45
Accumulated other comprehensive loss-
translation adjustment (181) (423)
Total shareholders' equity 8,922 8,590
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 17,264 $ 16,711
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