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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Trio Tech International | AMEX:TRT | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.10 | -1.57% | 6.25 | 6.50 | 6.16 | 6.16 | 6,810 | 21:00:07 |
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)
|
Name of each exchange
|
||
Title of each class
|
On which registered
|
|
Common Stock, no par value
|
The NYSE MKT
|
Page
|
||
Part I
|
||
1
|
||
Item 1A | Risk factors | 5 |
Item 1B | Unresolved staff comments | 5 |
6
|
||
6
|
||
6
|
||
Part II
|
||
7
|
||
7
|
||
8
|
||
25
|
||
25
|
||
25
|
||
25
|
||
Item 9B | Other information | 25 |
Part III
|
||
25
|
||
25
|
||
25
|
||
25
|
||
25
|
||
Part IV
|
||
26
|
||
26
|
||
26
|
||
27
|
||
F-1 | ||
F-2 | ||
F-3 | ||
F-5 | ||
F-6 | ||
|
||
Notes to Consolidated Financial Statements | F-7 |
2011
|
SHI International Pte. Ltd. achieved ISO 9001:2008 certification.
Universal (Far East) Pte. Ltd. Singapore re-certified to ISO 9001:2008 standards.
Trio-Tech (Tianjin) Co., Ltd. certified for ISO/TS 16949:2009 standards.
|
2012
|
Trio-Tech (Tianjin) Co., Ltd. acquired TS16949 certification.
|
2013
|
Trio-Tech International Pte. Ltd., Singapore, Trio-Tech (Malaysia) Sdn. Bhd., Trio-Tech (Suzhou) Co., Ltd.
Trio-Tech (Bangkok) Co., Ltd. and Trio-Tech (Tianjin) Co., Ltd. re-certified to ISO 9001:2008 standards.
Trio-Tech International Pte. Ltd., Singapore, re-certified to ISO 14001:2004 standards.
Trio-Tech Malaysia (Malaysia) Sdn. Bhd. achieved ISO/TS16949 LOC certification.
Trio-Tech Tianjin Co., Ltd. re-certified to ISO/TS16949 LOC certification.
Trio-Tech International Pte. Ltd., Singapore, re-certified to biz SAFE Level 3 Workplace Safety and Health standards.
|
2014
|
Trio-Tech International Pte. Ltd., Singapore, re-certified to ISO 17025:2005 standards.
Universal (Far East) Pte. Ltd. Singapore re-certified to ISO 9001:2008 standards.
|
2015 |
Trio-Tech (Tianjin) Co., Ltd., re-certified to ISO 9001:2008 standards.
Trio-Tech International Pte. Ltd., Singapore, Trio-Tech (Malaysia) Sdn. Bhd. and Trio-Tech (Bangkok) Co., Ltd. re-certified to ISO 9001:2008 standards. (Aug 2015)
Trio-Tech International Pte. Ltd., Singapore, re-certified to ISO 14001:2004 standards. (Aug 2015)
|
2016 |
Trio-Tech (Tianjin) Co., Ltd., re-certified to ISO 14001:2004 standards. (July 2016)
Trio-Tech (Tianjin) Co., Ltd., re-certified to OHSAS 18001:2007 standards. (July 2016)
|
● |
Primary markets
– Capturing additional market share within our primary markets by offering superior products and services to address the needs of our major customers.
|
● |
Growing markets
– Expanding our geographic reach in areas of the world with significant growth potential.
|
● |
New markets
– Developing new products and technologies that serve wholly new markets.
|
● | Complementary strategic relationships – Through complementary acquisitions or similar arrangements, we believe we can expand our markets and strengthen our competitive position. As part of our growth strategy, the Company continues to selectively assess opportunities to develop strategic relationships, including acquisitions, investments and joint development projects with key partners and other businesses. |
The following table sets forth the Company's backlog at the dates indicated:
|
For the Year Ended June 30,
|
|||||||
2016
|
2015 | |||||||
Manufacturing backlog
|
$ | 3,657 | $ | 3,323 | ||||
Testing services backlog
|
818 | 721 | ||||||
Distribution backlog
|
1,292 | 1,021 | ||||||
Real estate backlog*
|
537 | 103 | ||||||
$ | 6,304 | $ | 5,168 | |||||
Owned (O)
|
||||||
Approx.
|
or Leased (L)
|
|||||
Sq. Ft.
|
& Expiration
|
|||||
Location
|
Segment
|
Occupied
|
Date
|
|||
16139 Wyandotte Street, Van Nuys,
|
Corporate
|
5,200
|
(L) Mar. 2017
|
|||
CA 91406, United States of America
|
Testing Services/ Manufacturing
|
|||||
1004, Toa Payoh North, Singapore
|
||||||
Unit No. HEX 07-01/07,
|
Testing Services
|
6,864
|
(L) Sept. 2017
|
|||
Unit No. HEX 07-01/07, (ancillary site)
|
Testing Services
|
2,605
|
(L) Sept. 2017
|
|||
Unit No. HEX 03-01/02/03,
|
Testing Services /Manufacturing
|
2,959
|
(L) Sept. 2017
|
|||
Unit No. HEX 01-08/15,
|
Testing Services /Manufacturing
|
6,864
|
(L) Jan. 2017*1
|
|||
Unit No. HEX 01-08/15, (ancillary site)
|
Testing Services /Manufacturing
|
351
|
(L) Jan. 2017*1
|
|||
Unit No. HEX 01-16/17,
|
Logistics Store
|
1,983
|
(L) Jan. 2017*1
|
|||
1008, Toa Payoh North, Singapore
|
||||||
Unit No. HEX 03-09/17,
|
Manufacturing
|
6,099
|
(L) Jan. 2017*1
|
|||
Unit No. HEX 03-09/17, (ancillary site)
|
Manufacturing
|
70
|
(L) Jan. 2017*1
|
|||
Unit No. HEX 01-09/10/11,
|
Manufacturing
|
2,202
|
(L) Nov. 2017
|
|||
Unit No. HEX 01-15/16,
|
Manufacturing
|
1,400
|
(L) Sept. 2017
|
|||
Unit No. HEX 01-08,
|
Manufacturing
|
603
|
(L) Jun. 2017
|
|||
Unit No. HEX 01-12/14,
|
Manufacturing
|
1,664
|
(L) Jul. 2019
|
|||
Plot 1A, Phase 1
|
Manufacturing
|
42,013
|
(O)
|
|||
Bayan Lepas Free Trade Zone
|
||||||
11900 Penang
|
|
|||||
Lot No. 11A, Jalan SS8/2,
|
Testing Services
|
78,706
|
(O)
|
|||
Sungai Way Free Industrial Zone,
|
||||||
47300 Petaling Jaya,
|
||||||
Selangor Darul Ehsan, Malaysia
|
|
|||||
327, Chalongkrung Road,
|
Testing Services
|
34,433
|
(O)
|
|||
Lamplathew, Lat Krabang,
|
||||||
Bangkok 10520, Thailand
|
|
|||||
No. 5, Xing Han Street, Block A
|
Testing Services
|
6,200
|
(L) Jan. 2017
|
|||
#04-15/16, Suzhou Industrial Park
|
||||||
China 215021
|
||||||
27-05, Huang Jin Fu Pan.
|
Real Estate
|
969
|
(L) Aug. 2017
|
|||
No. 26 Huang Jin Qiao Street
|
||||||
Hechuan District Chongqing China 401520
|
||||||
B7-2, Xiqing Economic Development
|
Testing Services
|
53,550
|
(L) Apr. 2021
|
|||
Area International Industrial Park
|
||||||
Tianjin City, China 300385
|
||||||
No. B-11-03, Jalan Persiaran Multimedia
|
Manufacturing
|
470
|
(L) Mar. 2017
|
|||
I-City Seksyen 7
|
||||||
40000 Shah Alam, Selangor
|
*1 Leases for these premises are expected to be extended upon expiry.
|
High
|
Low
|
|||||||
Fiscal year ended June 30, 2015
|
||||||||
Quarter ended September 30, 2014
|
$ | 5.34 | $ | 3.20 | ||||
Quarter ended December 31, 2014
|
$ | 3.87 | $ | 2.91 | ||||
Quarter ended March 31, 2015
|
$ | 3.33 | $ | 2.62 | ||||
Quarter ended June 30, 2015
|
$ | 3.30 | $ | 2.65 | ||||
Fiscal year ended June 30, 2016
|
||||||||
Quarter ended September 30, 2015
|
$ | 3.20 | $ | 2.26 | ||||
Quarter ended December 31, 2015
|
$ | 3.25 | $ | 2.42 | ||||
Quarter ended March 31, 2016
|
$ | 3.34 | $ | 2.40 | ||||
Quarter ended June 30, 2016
|
$ | 4.00 | $ | 3.00 |
a)
|
Long term loan receivable RMB 5,000, or approximately $814, as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250;
|
b)
|
Commercial units measuring 668 square meters, as mentioned above; and
|
c)
|
RMB 5,900 for the part of the unrecognized cash consideration of RMB 8,000 relating to the disposal of the joint venture.
|
●
|
Total revenue increased by $522, or 1.5%, to $34,454 in fiscal year 2016 compared to $33,932 in fiscal year 2015.
|
●
|
Manufacturing segment revenue increased by $1,637, or 12.7%, to $14,510 in fiscal year 2016 compared to $12,873 in fiscal year 2015.
|
●
|
Testing services segment revenue was $15,280 in fiscal year 2016, a decrease of $2,740, or 15.2%, compared to $18,020 in fiscal year 2015.
|
●
|
Distribution segment revenue was $4,542 in fiscal year 2016, an increase of $1,676, or 58.5%, compared to $2,866 in fiscal year 2015.
|
●
|
Real estate segment revenue decreased by $51, or 29.5%, to $122 in fiscal year 2016 compared to $173 in fiscal year 2015.
|
●
|
Gross profit margins decreased by 0.8% to 25.5% in fiscal year 2016 compared to 26.3% in fiscal year 2015.
|
●
|
General and administrative expenses decreased by $399, or 5.8%, to $6,449 in fiscal year 2016 compared to $6,848 in fiscal year 2015.
|
●
|
Selling expenses decreased by $41, or 5.7%, to $676 in fiscal year 2016 compared to $717 in fiscal year 2015.
|
●
|
Research and development expenses increased by $18, or 9.9%, to $200 in fiscal year 2016 from $182 in fiscal year 2015.
|
●
|
Impairment loss decreased by $70 to nil in fiscal year 2016 compared to $70 in fiscal year 2015.
|
●
|
Gain on disposal of property, plant and equipment decreased by $83 to $16 in fiscal year 2016 as compared to $99 in fiscal year 2015.
|
●
|
Income from operations was $1,460 in fiscal year 2016, an improvement of $253, as compared to $1,207 in fiscal year 2015.
|
●
|
Income from continuing operations before income taxes was $1,302 in fiscal year 2016, a decrease of $23, as compared to $1,325 in fiscal year 2015.
|
●
|
Loss from discontinued operations before income tax was $4 in fiscal year 2016, a change of $10, as compared to an income of $6 in fiscal year 2015.
|
●
|
Other income decreased by $317 to $46 in fiscal year 2016 compared to $363 in fiscal year 2015.
|
●
|
Tax expense for fiscal year 2016 was $237 compared to $507 in fiscal year 2015.
|
●
|
Total assets increased by $182, or 0.6%, to $32,219 as of June 30, 2016 compared to $32,037 as of June 30, 2015.
|
●
|
Working capital increased by $1,191, or 22.5 %, to $6,479 as of June 30, 2016 compared to $5,288 as of June 30, 201
5.
|
●
|
Net income attributable to Trio-Tech International for the fiscal year 2016 was $779 compared to $521 in fiscal year 2015.
|
●
|
Net income attributable to non-controlling interest for the fiscal year 2016 was $282 compared to $303 in fiscal year 2015.
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
100.0
|
%
|
100.0
|
%
|
||||
Cost of sales
|
74.5
|
73.7
|
||||||
Gross Margin
|
25.5
|
%
|
26.3
|
%
|
||||
Operating expenses:
|
||||||||
General and administrative
|
18.7
|
%
|
20.2
|
%
|
||||
Selling
|
2.0
|
2.1
|
||||||
Research and development
|
0.6
|
0.5
|
||||||
Impairment loss
|
0.0
|
0.2
|
||||||
(Gain) / loss on disposal of property, plant and equipment
|
0.0
|
(0.3
|
)
|
|||||
Total operating expenses
|
21.3
|
%
|
22.7
|
%
|
||||
Income from Operations
|
4.2
|
%
|
3.6
|
%
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Manufacturing
|
42.1
|
%
|
37.9
|
%
|
||||
Testing
|
44.3
|
53.1
|
||||||
Distribution
|
13.2
|
8.5
|
||||||
Real Estate
|
0.4
|
0.5
|
||||||
Total
|
100.0
|
%
|
100.0
|
%
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
General and administrative
|
$
|
6,449
|
$
|
6,848
|
||||
Selling
|
676
|
717
|
||||||
Research and development
|
200
|
182
|
||||||
Impairment loss
|
-
|
70
|
||||||
Gain on disposal of property, plant and equipment
|
(16
|
)
|
(99
|
)
|
||||
Total
|
$
|
7,309
|
$
|
7,718
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Interest expenses
|
$
|
204
|
$
|
245
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Investment income deemed interest income
|
$
|
-
|
68
|
|||||
Interest income
|
18
|
8
|
||||||
Other rental income
|
97
|
127
|
||||||
Exchange gain / (loss)
|
(371
|
)
|
84
|
|||||
Allowance for doubtful deemed interest receivables
|
-
|
(68
|
)
|
|||||
Other miscellaneous income
|
302
|
144
|
||||||
Total
|
$
|
46
|
$
|
363
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
$
|
14,510
|
$
|
12,873
|
||||
Gross margin
|
24.1
|
%
|
19.8
|
%
|
||||
Income / (loss) from operations
|
$
|
260
|
$
|
(426
|
)
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
$
|
15,280
|
$
|
18,020
|
||||
Gross margin
|
30.7
|
%
|
33.1
|
%
|
||||
Income from operations
|
$
|
1,010
|
$
|
1,955
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
$
|
4,542
|
$
|
2,866
|
||||
Gross margin
|
12.7
|
%
|
13.0
|
%
|
||||
Income from operations
|
$
|
224
|
$
|
23
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
$
|
122
|
$
|
173
|
||||
Gross margin
|
-0.8
|
%
|
20.8
|
%
|
||||
Loss from operations
|
$
|
(100
|
)
|
$
|
(129
|
)
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Income / (loss) from operations
|
$
|
66
|
$
|
(216
|
)
|
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
|||||||||||
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
|||||||||||
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.6% to 5.5%
|
- | $ | 5,745 | $ | 3,856 | |||||||||
Trio-Tech (Malaysia) Sdn. Bhd. | Lines of Credit | Ranging from 6.3% to 6.7% | - | $ | 783 | $ | 783 | |||||||||
Trio-Tech (Tianjin) Co., Ltd. | Lines of Credit | Ranging from 4.9% to 6.3% | - | $ | 1,204 | $ | 602 |
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
|||||||||||
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
|||||||||||
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.9% to 5.6%
|
- | $ | 7,422 | $ | 6,161 | |||||||||
Trio-Tech (Malaysia) Sdn. Bhd. | Lines of Credit | Ranging from 6.3% to 6.7% | - | $ | 396 | $ | 79 | |||||||||
Trio-Tech (Tianjin) Co., Ltd. | Lines of Credit | Ranging from 4.9% to 6.3% | - | $ | 1,289 | $ | 1,289 |
1.
|
Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
2.
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorization of management and directors of the Company; and
|
3.
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, and use or disposition of the Company’s assets that could have a material effect on the financial statements.
|
The following financial statements, including notes thereto and the independent auditors' report with respect thereto, are filed as part of this Annual Report on Form 10-K, starting on page F-1 hereof:
|
Number | Description | |
3.1 | Articles of Incorporation, as currently in effect. [Incorporated by reference to Exhibit 3.1 to the Registrant’s Annual Report on Form 10-K for June 30, 1988.] | |
3.2 | Bylaws, as currently in effect. [Incorporated by reference to Exhibit 3.2 to the Registrant’s Annual Report on Form 10-K for June 30, 1988.] | |
10.1 | Amendment to 2007 Employee Stock Option Plan [Incorporated by reference to Exhibit A to the Registrant’s Proxy Statement for its Annual Meeting held December 14, 2010.]** | |
10.2 | Amendment to 2007 Directors Equity Incentive Plan [Incorporated by reference to Exhibit B to the Registrant’s Proxy Statement for its Annual Meeting held December 14, 2010.]** | |
10.3 | Amendment to 2007 Directors Equity Incentive Plan [Incorporated by reference to Appendix A to the Registrant’s Proxy Statement for its Annual Meeting held December 9, 2013.]** | |
21.1 | Subsidiaries of the Registrant (100% owned by the Registrant except as otherwise stated) | |
Express Test Corporation (Dormant), a California Corporation | ||
Trio-Tech Reliability Services (Dormant), a California Corporation | ||
KTS Incorporated, dba Universal Systems (Dormant), a California Corporation | ||
European Electronic Test Center. Ltd., a Cayman Islands Corporation (Operation ceased on November 1, 2005) | ||
Trio-Tech International Pte. Ltd., a Singapore Corporation | ||
Universal (Far East) Pte. Ltd., a Singapore Corporation | ||
Trio-Tech International (Thailand) Co., Ltd., a Thailand Corporation | ||
Trio-Tech (Bangkok) Co., Ltd., a Thailand Corporation | ||
Trio-Tech (Malaysia) Sdn Bhd., a Malaysia Corporation (55% owned by the subsidiary of Registrant) | ||
Trio-Tech (Kuala Lumpur) Sdn Bhd., a Malaysia Corporation (100% owned by Trio-Tech Malaysia) | ||
Prestal Enterprise Sdn. Bhd., a Malaysia Corporation (76% owned by the Registrant) | ||
Trio-Tech (Suzhou) Co., Ltd., a China Corporation | ||
Trio-Tech (Shanghai) Co., Ltd., a China Corporation | ||
Trio-Tech (Chongqing) Co. Ltd., (100% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation) | ||
SHI International Pte. Ltd, a Singapore Corporation (55% owned Trio-Tech International Pte. Ltd., a Singapore Corporation) | ||
PT SHI Indonesia, an Indonesia Corporation (100% owned by SHI International Pte. Ltd., a Singapore Corporation) | ||
Trio-Tech (Tianjin) Co., Ltd., a China Corporation (100% owned by Trio-Tech International Pte. Ltd., a Singapore Corporation) | ||
23.1 | Consent of Independent Registered Public Accounting Firm* | |
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 | Section 1350 Certification. * | |
101.INS* | XBRL Instance Document | |
101.SCH* | XBRL Taxonomy Extension Schema | |
101.CAL* | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF* | XBRL Taxonomy Extension Definition Linkbase | |
101.LAB* | XBRL Taxonomy Extension Label Linkbase | |
101.PRE* | XBRL Taxonomy Extension Presentation Linkbase |
TRIO-TECH INTERNATIONAL | |
By:
/s/
Victor H.M. Ting
VICTOR H.M. TING
Vice President and
Chief Financial Officer
Date: September 26, 2016
|
/s/A. Charles Wilson
A. Charles Wilson, Director
Chairman of the Board
September 26, 2016
|
|
/s/
S.W.Yong
S. W. Yong, Director
President, Chief Executive Officer
(Principal Executive Officer)
September 26, 2016
|
|
/s/
Victor H
. M. Ting
Victor H.M. Ting, Director
Vice President, Chief Financial Officer
(Principal Financial Officer)
September 26, 2016
|
|
/s/
Jason
T. Adelman
Jason T. Adelman, Director
September 26, 2016
|
|
/s/
Richard
M. Horowitz
Richard M. Horowitz, Director
September 26, 2016
|
For the Year Ended
|
||||||||
June 30,
|
June 30,
|
|||||||
2016
|
2015
|
|||||||
Revenue
|
||||||||
Products
|
$
|
14,510
|
$
|
12,873
|
||||
Testing services
|
15,280
|
18,020
|
||||||
Distribution
|
4,542
|
2,866
|
||||||
Others
|
122
|
173
|
||||||
34,454
|
33,932
|
|||||||
Cost of Sales
|
||||||||
Cost of products sold
|
11,008
|
10,318
|
||||||
Cost of testing services rendered
|
10,587
|
12,059
|
||||||
Cost of distribution
|
3,967
|
2,493
|
||||||
Others
|
123
|
137
|
||||||
25,685
|
25,007
|
|||||||
Gross Margin
|
8,769
|
8,925
|
||||||
Operating Expenses:
|
||||||||
General and administrative
|
6,449
|
6,848
|
||||||
Selling
|
676
|
717
|
||||||
Research and development
|
200
|
182
|
||||||
Impairment loss
|
-
|
70
|
||||||
Gain on disposal of property, plant and equipment
|
(16
|
)
|
(99
|
)
|
||||
Total operating expenses
|
7,309
|
7,718
|
||||||
Income from Operations
|
1,460
|
1,207
|
||||||
Other Income / (Expenses)
|
||||||||
Interest expenses
|
(204
|
)
|
(245
|
)
|
||||
Other income, net
|
46
|
363
|
||||||
Total other (expenses) / income
|
(158
|
)
|
118
|
|||||
Income from Continuing Operations before Income Taxes
|
1,302
|
1,325
|
||||||
Income Tax Expenses
|
(237
|
)
|
(507
|
)
|
||||
Income from continuing operations before non-controlling interests, net of tax
|
1,065
|
818
|
||||||
Discontinued Operations (Note 24)
|
||||||||
Income / (loss) from discontinued operations, net of tax
|
(4
|
)
|
6
|
|||||
NET INCOME
|
1,061
|
824
|
||||||
Less: net income attributable to non-controlling interests
|
282
|
303
|
||||||
Net Income Attributable to Trio-Tech International Common Shareholders
|
$
|
779
|
$
|
521
|
||||
Amounts Attributable to Trio-Tech International Common Shareholders:
|
||||||||
Income from continuing operations, net of tax
|
788
|
517
|
||||||
Income / (loss) from discontinued operations, net of tax
|
(9
|
)
|
4
|
|||||
Net Income Attributable to Trio-Tech International Common Shareholders
|
$
|
779
|
$
|
521
|
||||
Basic and Diluted Earnings per Share:
|
||||||||
Basic and diluted earnings per share from continuing operations attributable to Trio-Tech International
|
$
|
0.22
|
$
|
0.15
|
||||
Basic and diluted loss per share from discontinued operations attributable to Trio-Tech International
|
$
|
-
|
$
|
-
|
||||
Basic and Diluted Earnings per Share from Net Income
|
$
|
0.22
|
$
|
0.15
|
||||
Attributable to Trio-Tech International
|
||||||||
Weighted average number of common shares outstanding
|
||||||||
Basic
|
3,513
|
3,513
|
||||||
Dilutive effect of stock options
|
22
|
16
|
||||||
Number of shares used to compute earnings per share diluted
|
3,535
|
3,529
|
For the Year Ended
|
||||||||
June 30, | June 30, | |||||||
2016 | 2015 | |||||||
Comprehensive Income / (Loss) Attributable to Trio-Tech International Common Shareholders:
|
||||||||
Net income
|
1,061
|
824
|
||||||
Foreign currency translation, net of tax
|
(832
|
)
|
(1,050
|
)
|
||||
Comprehensive Income / (Loss)
|
229
|
(226
|
)
|
|||||
Less: comprehensive income / (loss) attributable to the non-controlling interests
|
59
|
4
|
||||||
Comprehensive Income / (Loss) Attributable to Trio-Tech International Common Shareholders
|
$
|
170
|
$
|
(230
|
)
|
Common
Stock
|
Additional Paid-in
|
Accumulated Retained
|
Accumulated Other
Comprehensive
|
Non- Controlling
|
||||||||||||||||||||||||
No. of Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Interests
|
Total
|
||||||||||||||||||||||
$ | $ | $ | $ | $ | $ | |||||||||||||||||||||||
Balance at June 30, 2014
|
3,513 | 10,882 | 2,972 | 1,725 | 3,522 | 1,732 | 20,833 | |||||||||||||||||||||
Stock option expenses
|
- | - | 106 | - | - | - | 106 | |||||||||||||||||||||
Net income
|
- | - | - | 521 | - | 303 | 824 | |||||||||||||||||||||
Translation adjustment
|
- | - | - | - | (751 | ) | (299 | ) | (1,050 | ) | ||||||||||||||||||
Contribution to capital – payable forgiveness
|
- | - | 9 | - | - | - | 9 | |||||||||||||||||||||
Balance at June 30, 2015
|
3,513 | 10,882 | 3,087 | 2,246 | 2,771 | 1,736 | 20,722 | |||||||||||||||||||||
Stock option expenses
|
- | - | 101 | - | - | - | 101 | |||||||||||||||||||||
Net income
|
- | - | - | 779 | - | 282 | 1,061 | |||||||||||||||||||||
Dividend declared by subsidiary
|
(181 | ) | (181 | ) | ||||||||||||||||||||||||
Translation adjustment
|
- | - | - | - | (609 | ) | (223 | ) | (832 | ) | ||||||||||||||||||
Balance at June 30, 2016
|
3,513 | 10,882 | 3,188 | 3,025 | 2,162 | 1,614 | 20,871 |
Year Ended
|
|||||||||
June 30,
|
June 30,
|
||||||||
2016
|
2015
|
||||||||
Cash Flow from Operating Activities
|
|||||||||
Net income
|
$
|
1,061
|
$
|
824
|
|||||
Adjustments to reconcile net income to net cash flow provided by operating activities
|
|||||||||
Depreciation and amortization
|
1,838
|
2,240
|
|||||||
Bad debt expenses, net
|
(27
|
)
|
(28
|
)
|
|||||
Inventory recovery
|
(64
|
)
|
(36
|
)
|
|||||
Warranty (recovery) / expense, net
|
(25
|
)
|
49
|
||||||
Accrued interest expense, net accrued interest income
|
193
|
73
|
|||||||
Impairment loss
|
-
|
70
|
|||||||
Contribution to capital – payable forgiveness
|
-
|
9
|
|||||||
Gain on sale of property, plant & equipment
|
(16
|
)
|
(99
|
)
|
|||||
Stock compensation
|
101
|
106
|
|||||||
Deferred tax (benefit) / provision
|
(72
|
)
|
89
|
||||||
Changes in operating assets and liabilities
|
|||||||||
Accounts receivables
|
(924
|
)
|
875
|
||||||
Other receivables
|
(207
|
)
|
(74
|
)
|
|||||
Other assets
|
(342
|
)
|
158
|
||||||
Inventories
|
(255
|
)
|
(47
|
)
|
|||||
Prepaid expenses and other current assets
|
(20
|
)
|
(50
|
)
|
|||||
Accounts payable and accrued liabilities
|
(165
|
)
|
(151
|
)
|
|||||
Income tax payable
|
(66
|
)
|
83
|
||||||
Other non-current liabilities
|
4
|
(1
|
)
|
||||||
Net Cash Provided by Operating Activities
|
1,014
|
4,090
|
|||||||
Cash Flow from Investing Activities
|
|||||||||
Proceeds from maturing of unrestricted and restricted term deposits, net
|
63
|
1,165
|
|||||||
Additions to property, plant and equipment
|
|
(1,657
|
)
|
(2,694
|
)
|
||||
Investments in restricted and un-restricted deposits
|
(201
|
)
|
(1
|
)
|
|||||
Proceeds from disposal of property, plant and equipment
|
215
|
438
|
|||||||
Net Cash Used in Investing Activities
|
(1,580
|
)
|
(1,092
|
)
|
|||||
Cash Flow from Financing Activities
|
|||||||||
Repayment on lines of credit
|
(8,014
|
) |
(14,828
|
)
|
|||||
Dividends paid on non-controlling interest
|
(181
|
)
|
(6
|
)
|
|||||
Repayment of bank loans and capital leases
|
(703
|
)
|
(721
|
)
|
|||||
Proceeds from long-term bank loans
|
9,133
|
13,868
|
|||||||
Net Cash Generated from / (Used in) Financing Activities
|
235
|
(1,687
|
)
|
||||||
Effect of Changes in Exchange Rate
|
427
|
(538
|
)
|
||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS
|
96
|
773
|
|||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
|
3,711
|
2,938
|
|||||||
CASH AND CASH EQUIVALENTS, END OF YEAR
|
$
|
3,807
|
$
|
3,711
|
|||||
Supplementary Information of Cash Flows
|
|||||||||
Cash paid during the period for:
|
|||||||||
Interest
|
$
|
204
|
$
|
247
|
|||||
Income taxes
|
$
|
241
|
$
|
31
|
|||||
Non-Cash Transactions
|
|||||||||
Capital lease of property, plant and equipment
|
$
|
279
|
$
|
566
|
1.
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES.
|
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 (Dormant)
|
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.
|
100%
|
Bangkok, Thailand
|
|||
(49% owned by Trio-Tech International Pte. Ltd. and 51% owned by Trio-Tech International (Thailand) Co. Ltd.)
|
|||||
Trio-Tech (Malaysia) Sdn. Bhd.
(55% owned by Trio-Tech International Pte. Ltd.)
|
55%
|
Penang and Selangor, Malaysia
|
|||
Trio-Tech (Kuala Lumpur) Sdn. Bhd.
|
55%
|
Selangor, Malaysia
|
|||
(100% owned by Trio-Tech Malaysia Sdn. Bhd.)
|
|||||
Prestal Enterprise Sdn. Bhd.
|
76%
|
Selangor, Malaysia
|
|||
(76% owned by Trio-Tech International Pte. Ltd.)
|
|||||
Trio-Tech (Suzhou) Co., Ltd. *
|
100%
|
Suzhou, China
|
|||
Trio-Tech (Shanghai) Co., Ltd. * (Dormant)
|
100%
|
Shanghai, China
|
|||
Trio-Tech (Chongqing) Co. Ltd. *
|
100%
|
Chongqing, China
|
|||
SHI International Pte. Ltd. (Dormant)
(55% owned by Trio-Tech International Pte. Ltd)
|
55%
|
Singapore
|
|||
PT SHI Indonesia (Dormant)
(100% owned by SHI International Pte. Ltd.)
|
55%
|
Batam, Indonesia
|
|||
Trio-Tech (Tianjin) Co., Ltd. *
|
100%
|
Tianjin, China
|
●
|
Level 1—Valuations based on quoted prices in active markets for identical assets or liabilities that we have the ability to access. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these products does not entail a significant degree of judgment. Financial assets utilizing Level 1 inputs include U.S. treasuries, most money market funds, marketable equity securities and our employee deferred compensation plan;
|
●
|
Level 2—Valuations based on quoted prices in markets that are not active or for which all significant inputs are observable, directly or indirectly. Financial assets and liabilities utilizing Level 2 inputs include foreign currency forward exchange contracts, most commercial paper and corporate notes and bonds; and
|
●
|
Level 3—Valuations based on inputs that are unobservable and significant to the overall fair value measurement. Financial assets utilizing Level 3 inputs primarily include auction rate securities. We use an income approach valuation model to estimate the exit price of the auction rate securities, which is derived as the weighted-average present value of expected cash flows over various periods of illiquidity, using a risk adjusted discount rate that is based on the credit risk and liquidity risk of the securities.
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Short-term deposits
|
$ | 295 | $ | 101 | ||||
Restricted term deposits
|
2,067 | 2,140 | ||||||
Total
|
$ | 2,362 | $ | 2,241 |
For the Year Ended June 30,
|
|||||||||
2016
|
2015
|
||||||||
Beginning
|
$ | 313 | $ | 438 | |||||
Additions charged to expenses
|
21 | 84 | |||||||
Recovered / (write-off)
|
(48 | ) | (180 | ) | |||||
Currency translation effect
|
(16 | ) | (29 | ) | |||||
Ending
|
$ | 270 | $ | 313 |
Loan Expiry
|
Loan Amount
|
Loan Amount
|
|||||||
Date
|
(RMB)
|
(U.S. Dollars)
|
|||||||
Short-term loan receivables
|
|||||||||
JiangHuai (Project - Yu Jin Jiang An)
|
May 31, 2013
|
2,000
|
325
|
||||||
Less: allowance for doubtful receivables
|
(2,000
|
)
|
(325
|
)
|
|||||
Net loan receivable from property development projects
|
-
|
-
|
|||||||
Long-term loan receivables
|
|||||||||
Jun Zhou Zhi Ye
|
Oct 31, 2016
|
5,000
|
814
|
||||||
Less: transfer – down-payment for purchase of investment property
|
(5,000
|
)
|
(814
|
)
|
|||||
Net loan receivable from property development projects
|
-
|
-
|
Loan Expiry
|
Loan Amount
|
Loan Amount
|
|||||||
Date
|
(RMB)
|
(U.S. Dollars)
|
|||||||
Short-term loan receivables
|
|||||||||
Investment in JiangHuai (Project - Yu Jin Jiang An)
|
May 31, 2013
|
2,000
|
325
|
||||||
Less: allowance for doubtful receivables
|
(2,000
|
)
|
(325
|
)
|
|||||
Net loan receivable from property development projects
|
-
|
-
|
|||||||
Long-term loan receivables
|
|||||||||
Jun Zhou Zhi Ye
|
Oct 31, 2016
|
5,000
|
814
|
||||||
Less: transfer – down-payment for purchase of investment property
|
(5,000
|
)
|
(814
|
)
|
|||||
Net loan receivable from property development projects
|
-
|
-
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Raw materials
|
$
|
967
|
$
|
1,038
|
||||
Work in progress
|
909
|
611
|
||||||
Finished goods
|
279
|
348
|
||||||
Less: provision for obsolete inventory
|
(697
|
)
|
(764
|
)
|
||||
Currency translation effect
|
2
|
(92
|
)
|
|||||
$
|
1,460
|
$
|
1,141
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Beginning
|
$ | 764 | $ | 844 | ||||
Additions charged to expenses
|
22 | 67 | ||||||
Usage - disposition
|
(86 | ) | (103 | ) | ||||
Currency translation effect
|
(3 | ) | (44 | ) | ||||
Ending
|
$ | 697 | $ | 764 |
a)
|
Long term loan receivable RMB 5,000, or approximately $814, as disclosed in Note 5, plus the interest receivable on long term loan receivable of RMB 1,250;
|
b)
c)
|
Commercial units measuring 668 square meters, as mentioned above; and
RMB 5,900 for the part of the unrecognized cash consideration of RMB 8,000 relating to the disposal of the joint venture.
|
Investment Date
|
Investment
Amount
(RMB)
|
Investment
Amount
(U.S.Dollars)
|
|||||||
Purchase of Property I – MaoYe
|
Jan 04, 2008
|
5,554 | 894 | ||||||
Purchase of Property II – JiangHuai
|
Jan 06, 2010
|
3,600 | 580 | ||||||
Purchase of Property III – FuLi
|
Apr 08, 2010
|
4,025 | 648 | ||||||
Currency translation
|
- | (139 | ) | ||||||
Gross investment in rental properties
|
13,179 | 1,983 | |||||||
Accumulated depreciation on rental properties
|
June 30, 2016
|
(4,278 | ) | (643 | ) | ||||
Net investment in properties – China
|
8,901 | 1,340 |
Investment Date |
Investment Amount
(RMB)
|
Investment Amount(U.S.Dollars) | |||||||
Purchase of Property I – MaoYe
|
Jan 04, 2008
|
5,554 | 894 | ||||||
Purchase of Property II – JiangHuai
|
Jan 06, 2010
|
3,600 | 580 | ||||||
Purchase of Property III – FuLi
|
Apr 08, 2010
|
4,025 | 648 | ||||||
Currency translation
|
- | 1 | |||||||
Gross investment in rental properties
|
13,179 | 2,123 | |||||||
Accumulated depreciation on rental properties
|
June 30, 2015
|
(3,619 | ) | (583 | ) | ||||
Net investment in properties – China
|
9,560 | 1,540 |
Investment Date |
Investment
Amount
(RM)
|
Investment Amount
(U.S. Dollars)
|
|||||||
Reclassification of Penang Property I
|
Dec 31, 2012
|
681
|
181
|
||||||
Gross investment in rental property
|
681
|
181
|
|||||||
Accumulated depreciation on rental property
|
June 30, 2015
|
(310
|
)
|
(83
|
)
|
||||
Reclassified as “Assets held for sale”
|
June 30, 2015
|
(371
|
)
|
(98
|
)
|
||||
Net investment in rental property - Malaysia
|
-
|
-
|
Investment Date |
Investment
Amount
(RM)
|
Investment Amount
(U.S. Dollars)
|
|||||||
Reclassification of Penang Property I
|
Dec 31, 2012
|
681
|
181
|
||||||
Gross investment in rental property
|
681
|
181
|
|||||||
Accumulated depreciation on rental property
|
June 30, 2014
|
(310
|
)
|
(83
|
)
|
||||
Reclassified as “Assets held for sale”
|
June 30, 2015
|
(371
|
)
|
(98
|
)
|
||||
Net investment in rental property - Malaysia
|
-
|
-
|
Estimated Useful Life
in Years
|
For the Year Ended June 30, | |||||||||||
2016 | 2015 | |||||||||||
Building and improvements
|
3-20 | $ | 5,002 | $ | 4,980 | |||||||
Leasehold improvements
|
3-27 | 5,591 | 5,692 | |||||||||
Machinery and equipment
|
3-7 | 24,106 | 23,679 | |||||||||
Furniture and fixtures
|
3-5 | 823 | 873 | |||||||||
Equipment under capital leases
|
3-5 | 1,171 | 672 | |||||||||
Property, plant and equipment, gross
|
$ | 36,693 | $ | 35,896 | ||||||||
Less: accumulated depreciation
|
(22,828 | ) | (21,740 | ) | ||||||||
Accumulated amortization on equipment under capital leases
|
(633 | ) | (458 | ) | ||||||||
Total accumulated depreciation
|
$ | (23,461 | ) | $ | (22,198 | ) | ||||||
Property, plant and equipment before currency translation effect, net
|
13,232 | 13,698 | ||||||||||
Currency translation effect
|
(1,949 | ) | (1,176 | ) | ||||||||
Property, plant and equipment, net
|
$ | 11,283 | $ | 12,522 |
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Down payment for purchase of investment properties
|
$ | 1,536 | $ | 1,645 | ||||
Down payment for purchase of property, plant and equipment
|
115 | 31 | ||||||
Deposits for rental and utilities
|
137 | 147 | ||||||
Total
|
$ | 1,788 | $ | 1,823 |
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
|||||||||||
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
|||||||||||
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.6% to 5.5%
|
- | $ | 5,745 | $ | 3,856 | |||||||||
Trio-Tech (Malaysia) Sdn. Bhd. | Lines of Credit |
Ranging from 6.3% to 6.7%
|
- | 783 | 783 | |||||||||||
Trio-Tech (Tianjin) Co., Ltd. | Lines of Credit |
Ranging from 4.9% to 6.3%
|
- | 1,204 | 602 |
Entity with
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
|||||||||||
Facility
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
|||||||||||
Trio-Tech International Pte. Ltd., Singapore
|
Lines of Credit
|
Ranging from 1.9% to 5.6%
|
- | $ | 7,422 | $ | 6,161 | |||||||||
Trio-Tech (Malaysia) Sdn. Bhd. | Lines of Credit |
Ranging from 6.3% to 6.7%
|
- | $ | 396 | $ | 79 | |||||||||
Trio-Tech (Tianjin) Co., Ltd. | Lines of Credit |
Ranging from 4.9% to 6.3%
|
- | $ | 1,289 | $ | 1,289 |
For the Year Ended June 30, | ||||||||
2016 | 2015 | |||||||
Payroll and related costs
|
1,311 | 1,513 | ||||||
Commissions
|
47 | 52 | ||||||
Customer deposits
|
91 | 41 | ||||||
Legal and audit
|
297 | 244 | ||||||
Sales tax
|
110 | 131 | ||||||
Utilities
|
115 | 129 | ||||||
Warranty
|
78 | 109 | ||||||
Accrued purchase of materials and property, plant and equipment
|
50 | 430 | ||||||
Provision for re-instatement
|
308 | 422 | ||||||
Other accrued expenses
|
331 | 243 | ||||||
Currency translation effect
|
(96 | ) | (230 | ) | ||||
Total
|
$ | 2,642 | $ | 3,084 |
For the Year Ended June 30, | ||||||||
2016 | 2015 | |||||||
Beginning
|
$
|
103
|
$
|
60
|
||||
Additions charged to cost and expenses
|
80
|
114
|
||||||
Utilization / reversal
|
(105
|
)
|
(65
|
)
|
||||
Currency translation effect
|
(2
|
)
|
(6
|
)
|
||||
Ending
|
$
|
76
|
$
|
103
|
2017
|
$
|
342
|
||
2018
|
204
|
|||
2019
|
|
|
215
|
|
2020
|
226
|
|||
2021
|
239
|
|||
Thereafter
|
841
|
|||
Total obligations and commitments
|
$
|
2,067
|
2016
|
$
|
346
|
||
2017
|
322
|
|||
2018
|
|
|
183
|
|
2019
|
193
|
|||
2020
|
203
|
|||
Thereafter
|
1,297
|
|||
Total obligations and commitments
|
$
|
2,544
|
For the Year Ending June 30,
|
Capital Leases
|
Operating Leases
|
Sub-lease
Rental (Income)
|
Net
Operating Leases
|
||||||||||||
2017
|
$ | 235 | $ | 598 | $ | (24 | ) | $ | 574 | |||||||
2018
|
212 | 269 | (24 | ) | 245 | |||||||||||
2019
|
156 | 204 | (24 | ) | 180 | |||||||||||
Thereafter
|
135 | 229 | - | 229 | ||||||||||||
Total future minimum lease payments
|
$ | 738 | $ | 1,300 | $ | (72 | ) | $ | 1,228 | |||||||
Less: amount representing interest
|
- | |||||||||||||||
Present value of net minimum lease payments
|
738 | |||||||||||||||
Less: current portion of capital lease obligations
|
235 | |||||||||||||||
Long-term obligations under capital leases
|
503 |
For the Year Ending June 30,
|
Capital Leases
|
Operating Leases
|
Sub-lease
Rental (Income)
|
Net
Operating Leases
|
||||||||||||
2016
|
$ | 197 | $ | 803 | $ | (128 | ) | $ | 675 | |||||||
2017
|
199 | 671 | (41 | ) | 630 | |||||||||||
2018
|
169 | 279 | (24 | ) | 255 | |||||||||||
Thereafter
|
107 | 2,060 | - | 2,060 | ||||||||||||
Total future minimum lease payments
|
$ | 672 | $ | 3,813 | $ | (193 | ) | $ | 3,620 | |||||||
Less: amount representing interest
|
- | |||||||||||||||
Present value of net minimum lease payments
|
672 | |||||||||||||||
Less: current portion of capital lease obligations
|
197 | |||||||||||||||
Long-term obligations under capital leases
|
475 |
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Revenue
|
||||||||
- Customer A
|
60.6
|
%
|
63.4
|
%
|
||||
Trade Accounts Receivable
|
||||||||
- Customer A
|
66.9
|
%
|
60.5
|
%
|
Business Segment Information:
|
|||||||||||||||||||||
Year
|
Operating
|
Depr.
|
|||||||||||||||||||
Ended
|
Net
|
Income
|
Total
|
and
|
Capital
|
||||||||||||||||
June 30,
|
Revenue
|
(Loss)
|
Assets
|
Amort.
|
Expenditures
|
||||||||||||||||
Manufacturing
|
2016
|
$
|
14,510
|
$
|
260
|
$
|
7,944
|
$
|
202
|
$
|
79
|
||||||||||
2015
|
$
|
12,873
|
$
|
(426
|
)
|
$
|
5,515
|
$
|
151
|
$
|
512
|
||||||||||
Testing Services
|
2016
|
15,280
|
1,010
|
19,849
|
1,531
|
1,574
|
|||||||||||||||
2015
|
18,020
|
1,955
|
21,906
|
1,981
|
2,175
|
||||||||||||||||
Distribution
|
2016
|
4,542
|
224
|
662
|
2
|
4
|
|||||||||||||||
2015
|
2,866
|
23
|
854
|
-
|
6
|
||||||||||||||||
Real Estate
|
2016
|
122
|
(100
|
)
|
3,306
|
103
|
-
|
||||||||||||||
2015
|
173
|
(129
|
)
|
3,635
|
108
|
1
|
|||||||||||||||
Fabrication
|
2016
|
-
|
-
|
30
|
-
|
-
|
|||||||||||||||
Services*
|
2015
|
-
|
-
|
30
|
-
|
-
|
|||||||||||||||
Corporate &
|
2016
|
-
|
66
|
428
|
-
|
-
|
|||||||||||||||
Unallocated
|
2015
|
-
|
(216
|
)
|
97
|
-
|
-
|
||||||||||||||
Total Company
|
2016
|
$
|
34,454
|
$
|
1,460
|
$
|
32,219
|
$
|
1,838
|
$
|
1,657
|
||||||||||
2015
|
$
|
33,932
|
$
|
1,207
|
$
|
32,037
|
$
|
2,240
|
$
|
2,694
|
2017
|
$
|
174
|
||
2018
|
149
|
|||
2019
|
|
|
116
|
|
2020
|
84
|
|||
2021
|
7
|
|||
$
|
530
|
2016
|
$
|
188
|
||
2017
|
165
|
|||
2018
|
|
|
146
|
|
2019
|
6
|
|||
2020
|
-
|
|||
$
|
505
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Investment income deemed interest income
|
$
|
-
|
68
|
|||||
Interest income
|
18
|
8
|
||||||
Other rental income
|
97
|
127
|
||||||
Exchange gain / (loss)
|
(371
|
)
|
84
|
|||||
Allowance for doubtful deemed interest receivables
|
-
|
(68
|
)
|
|||||
Other miscellaneous income
|
302
|
144
|
||||||
Total
|
$
|
46
|
$
|
363
|
For the Year Ended June 30, | ||||||||
2016 | 2015 | |||||||
Current:
|
||||||||
Federal
|
$
|
-
|
$
|
-
|
||||
State
|
2
|
2
|
||||||
Foreign
|
300
|
439
|
||||||
$
|
302
|
$
|
441
|
|||||
Deferred:
|
||||||||
Federal
|
$
|
-
|
$
|
-
|
||||
State
|
-
|
-
|
||||||
Foreign
|
(65
|
)
|
66
|
|||||
(65
|
)
|
66
|
||||||
Total provisions
|
$
|
237
|
$
|
507
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Statutory federal tax rate
|
(34.00
|
)%
|
(34.00
|
)%
|
||||
State taxes, net of federal benefit
|
(6.00
|
)
|
(6.00
|
)
|
||||
Foreign tax related to profits making subsidiaries
|
19.45
|
4.69
|
||||||
NOL Expiration
|
(0.21
|
)
|
(0.24
|
)
|
||||
Other
|
(0.50
|
)
|
(0.27
|
)
|
||||
Changes in valuation allowance
|
3.08
|
(2.71
|
)
|
|||||
Effective rate
|
(18.18
|
)%
|
(38.53
|
)%
|
For the Year Ended June 30,
|
||||||||
2016 | 2015 | |||||||
Deferred tax assets: | ||||||||
Net operating losses and credits
|
$
|
1,498
|
$
|
1,645
|
||||
Inventory valuation
|
99
|
99
|
||||||
Depreciation
|
-
|
-
|
||||||
Provision for bad debts
|
128
|
144
|
||||||
Accrued vacation
|
40
|
32
|
||||||
Capital loss
|
-
|
66
|
||||||
Accrued expenses
|
1,262
|
1,338
|
||||||
Investment in subsidiaries
|
169
|
169
|
||||||
Other
|
11
|
23
|
||||||
Total deferred tax assets
|
$
|
3,207
|
$
|
3,516
|
||||
Deferred tax liabilities: | (34 | ) | (56 | ) | ||||
Accrued expenses | (182 |
)
|
(277 | ) | ||||
Depreciation | - | - | ||||||
Other | (216 | ) | (333 | ) | ||||
Total deferred income tax liabilities | ||||||||
Subtotal | 2,991 | 3,183 | ||||||
Valuation allowance | (2,806 | ) | (3,063 | ) | ||||
Net deferred tax assets / (liability) | 185 | 120 | ||||||
Presented as follows in the balance sheets: | ||||||||
Deferred tax assets | 401 | 453 | ||||||
Deferred tax liabilities | (216 | ) | (333 | ) | ||||
Net deferred tax assets / (liability) | 185 | 120 |
Balance at July 1, 2014
|
$ | (250 | ) | |
Additions based on current year tax positions
|
- | |||
Additions for prior year(s) tax positions
|
- | |||
Reductions for prior year(s) tax positions
|
- | |||
Settlements
|
- | |||
Expiration of statute of limitations
|
- | |||
Balance at June 30, 2015
|
$ | (250 | ) | |
Additions based on current year tax positions
|
- | |||
Additions for prior year(s) tax positions
|
- | |||
Reductions for prior year(s) tax positions
|
- | |||
Settlements
|
- | |||
Expiration of statute of limitations
|
- | |||
Balance at June 30, 2016
|
$ | (250 | ) |
For the Year Ended June 30,
|
||||||||
2016 | 2015 | |||||||
Revenue
|
$
|
-
|
$
|
-
|
||||
Cost of sales
|
-
|
-
|
||||||
Gross loss
|
-
|
-
|
||||||
Operating expenses
|
||||||||
General and administrative
|
7
|
22
|
||||||
Selling
|
-
|
-
|
||||||
Impairment
|
-
|
-
|
||||||
Total
|
7
|
22
|
||||||
Loss from discontinued operation
|
(7
|
)
|
(22
|
)
|
||||
Other income / (charges)
|
3
|
28
|
||||||
Net income / (loss) from discontinued operation
|
$
|
(4
|
)
|
$
|
6
|
For the Year Ended June 30,
|
||||||||
2016 | 2015 | |||||||
Income attributable to Trio-Tech International common shareholders from continuing operations, net of tax
|
$
|
788
|
$
|
517
|
||||
Income / (loss) attributable to Trio-Tech International common shareholders from discontinued operations, net of tax
|
$
|
(9
|
)
|
$
|
4
|
|||
Net income attributable to Trio-Tech International common shareholders
|
$
|
779
|
$
|
521
|
||||
Weighted average number of common shares outstanding - basic
|
3,513
|
3,513
|
||||||
Dilutive effect of stock options
|
22
|
16
|
||||||
Number of shares used to compute earnings per share - diluted
|
3,535
|
3,529
|
||||||
Basic and diluted earnings per share from continuing operations attributable to Trio-Tech International
|
$
|
0.22
|
$
|
0.15
|
||||
Basic and diluted earnings per share from discontinued operations attributable to Trio-Tech International
|
$
|
-
|
$
|
-
|
||||
Basic and diluted earnings per share from net income attributable to Trio-Tech International
|
$
|
0.22
|
$
|
0.15
|
For the Year Ended June 30,
|
||||||||
2016
|
2015
|
|||||||
Expected volatility
|
60.41% to 104.94
|
%
|
71.44% to 104.94
|
%
|
||||
Risk-free interest rate
|
0.30% to 0.78
|
%
|
0.30% to 0.78
|
%
|
||||
Expected life (years)
|
2.50
|
2.50
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at July 1, 2015
|
130,000
|
$
|
3.93
|
1.57
|
$
|
13
|
||||||||||
Granted
|
40,000
|
3.26
|
-
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited or expired
|
(80,000
|
)
|
4.35
|
-
|
-
|
|||||||||||
Outstanding at June 30, 2016
|
90,000
|
$
|
3.26
|
3.42
|
$
|
30
|
||||||||||
Exercisable at June 30, 2016
|
51,250
|
$
|
3.28
|
2.82
|
$
|
16
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at July 1, 2014
|
130,000
|
$
|
3.93
|
2.57
|
$
|
13
|
||||||||||
Granted
|
-
|
-
|
-
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited or expired
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding at June 30, 2015
|
130,000
|
$
|
3.93
|
1.57
|
$
|
13
|
||||||||||
Exercisable at June 30, 2015
|
112,500
|
$
|
4.06
|
1.28
|
$
|
-
|
Weighted Average Grant-Date
|
||||||||
Options
|
Fair Value
|
|||||||
Non-vested at July 1, 2015
|
17,500
|
$
|
1.69
|
|||||
Granted
|
40,000
|
-
|
||||||
Vested
|
(18,750
|
)
|
-
|
|||||
Forfeited
|
-
|
|||||||
Non-vested at June 30, 2016
|
38,750
|
$
|
3.22
|
|
Weighted Average Grant-Date
|
|||||||
Options
|
Fair Value
|
|||||||
Non-vested at July 1, 2014
|
26,250
|
$
|
1.69
|
|||||
Granted
|
-
|
-
|
||||||
Vested
|
8,750
|
-
|
||||||
Forfeited
|
-
|
-
|
||||||
Non-vested at June 30, 2015
|
17,500
|
$
|
1.69
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at July 1, 2015
|
365,000
|
$
|
3.65
|
1.99
|
$
|
53
|
||||||||||
Granted
|
200,000
|
3.12
|
||||||||||||||
Exercised
|
||||||||||||||||
Forfeited or expired
|
(150,000
|
)
|
4.35
|
|||||||||||||
Outstanding at June 30, 2016
|
415,000
|
3.14
|
3.29
|
198
|
||||||||||||
Exercisable at June 30, 2016
|
415,000
|
3.14
|
3.29
|
198
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding at July 1, 2014
|
315,000
|
$
|
3.62
|
2.63
|
$
|
24
|
||||||||||
Granted
|
50,000
|
3.81
|
-
|
-
|
||||||||||||
Exercised
|
-
|
-
|
-
|
-
|
||||||||||||
Forfeited or expired
|
-
|
-
|
-
|
-
|
||||||||||||
Outstanding at June 30, 2015
|
365,000
|
$
|
3.65
|
1.99
|
$
|
53
|
||||||||||
Exercisable at June 30, 2015
|
365,000
|
$
|
3.65
|
1.99
|
$
|
53
|
For the Year Ended
June 30,
|
||||||||
Non-controlling interest | 2016 | 2015 | ||||||
Beginning balance
|
$
|
1,736
|
$
|
1,732
|
||||
Net income
|
282
|
303
|
||||||
Dividend declared by a subsidiary
|
(181
|
)
|
-
|
|||||
Translation adjustment
|
(223
|
)
|
(299
|
)
|
||||
Ending balance
|
$
|
1,614
|
$
|
1,736
|
1 Year Trio Tech Chart |
1 Month Trio Tech Chart |
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