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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 | |
---|---|---|---|---|---|---|---|---|
0.39 | 6.29% | 6.59 | 6.59 | 6.22 | 6.22 | 5,049 | 21:23:16 |
California
|
|
95-2086631
|
(State or other jurisdiction of incorporation or
organization)
|
|
(I.R.S. Employer Identification Number)
|
|
|
|
16139 Wyandotte Street
|
|
|
Van Nuys, California
|
|
91406
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Large
Accelerated Filer
|
☐
|
|
Accelerated
Filer
|
☐
|
|
|
|
|
|
Non-Accelerated
Filer
|
☐
|
|
Smaller Reporting Company
|
☒
|
|
|
|
|
|
|
|
|
Emerging Growth Company
|
☐
|
|
|
Page
|
Part I.
|
Financial Information
|
|
|
|
|
|
||
|
2
|
|
|
3
|
|
|
5
|
|
|
6
|
|
|
7
|
|
29
|
||
48
|
||
48
|
||
|
|
|
Part II.
|
Other Information
|
|
|
|
|
49
|
||
49
|
||
49
|
||
49
|
||
49
|
||
49
|
||
49
|
||
|
|
|
|
50
|
|
Three Months Ended
|
Nine Months Ended
|
||
|
Mar. 31,
|
Mar. 31,
|
Mar. 31,
|
Mar. 31,
|
|
2017
|
2016
|
2017
|
2016
|
Revenue
|
|
|
|
|
Manufacturing
|
$
4,230
|
$
4,468
|
$
11,221
|
$
10,884
|
Testing
services
|
3,977
|
3,622
|
12,204
|
11,106
|
Distribution
|
1,581
|
1,232
|
4,360
|
3,566
|
Others
|
37
|
33
|
115
|
83
|
|
9,825
|
9,355
|
27,900
|
25,639
|
Cost of Sales
|
|
|
|
|
Cost
of manufactured products sold
|
3,345
|
3,597
|
8,762
|
8,177
|
Cost
of testing services rendered
|
2,597
|
2,570
|
8,069
|
7,827
|
Cost
of distribution
|
1,407
|
1,025
|
3,899
|
3,118
|
Others
|
29
|
31
|
71
|
92
|
|
7,378
|
7,223
|
20,801
|
19,214
|
|
|
|
|
|
Gross Margin
|
2,447
|
2,132
|
7,099
|
6,425
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
General
and administrative
|
1,659
|
1,600
|
5,178
|
4,861
|
Selling
|
222
|
158
|
587
|
470
|
Research
and development
|
51
|
51
|
156
|
148
|
Loss
/ (gain) on disposal of property, plant and equipment
|
30
|
-
|
38
|
(4
)
|
Total
operating expenses
|
1,962
|
1,809
|
5,959
|
5,475
|
|
|
|
|
|
Income from Operations
|
485
|
323
|
1,140
|
950
|
|
|
|
|
|
Other (Expenses) / Income
|
|
|
|
|
Interest
expense
|
(43
)
|
(47
)
|
(149
)
|
(151
)
|
Other income
/ (expenses) , net
|
45
|
(97
)
|
358
|
129
|
Total
other income / (expenses)
|
2
|
(144
)
|
209
|
(22
)
|
|
|
|
|
|
Income from Continuing Operations before Income
Taxes
|
487
|
179
|
1,349
|
928
|
|
|
|
|
|
Income Tax Expenses
|
(106
)
|
(15
)
|
(256
)
|
(168
)
|
|
|
|
|
|
Income from continuing operations before non-controlling interest,
net of tax
|
381
|
164
|
1,093
|
760
|
|
|
|
|
|
Discontinued Operations (Note 19)
|
|
|
|
|
Loss
from discontinued operations, net of tax
|
(1
)
|
(1
)
|
(4
)
|
(5
)
|
NET INCOME
|
380
|
163
|
1,089
|
755
|
|
|
|
|
|
Less:
income attributable to non-controlling interest
|
30
|
13
|
126
|
156
|
Net Income Attributable to Trio-Tech International Common
Shareholder
|
$
350
|
$
150
|
$
963
|
$
599
|
|
|
|
|
|
Amounts Attributable to Trio-Tech International Common
Shareholders:
|
|
|
|
|
Income
from continuing operations, net of tax
|
351
|
155
|
970
|
607
|
Loss
from discontinued operations, net of tax
|
(1
)
|
(5
)
|
(7
)
|
(8
)
|
Net Income Attributable to Trio-Tech International Common
Shareholders
|
$
350
|
$
150
|
$
963
|
$
599
|
|
|
|
|
|
Basic Earnings per Share:
|
|
|
|
|
Basic
per share from continuing operations attributable to Trio-Tech
International
|
$
0.10
|
$
0.04
|
$
0.28
|
$
0.17
|
Basic
earnings per share from discontinued operations attributable to
Trio-Tech International
|
$
-
|
$
-
|
$
-
|
$
-
|
Basic Earnings per Share from Net Income
Attributable
to Trio-Tech International
|
$
0.10
|
$
0.04
|
$
0.28
|
$
0.17
|
|
|
|
|
|
Diluted Earnings per Share:
|
|
|
|
|
Diluted
earnings per share from continuing operations attributable to
Trio-Tech International
|
$
0.10
|
$
0.04
|
$
0.27
|
$
0.17
|
Diluted
earnings per share from discontinued operations attributable to
Trio-Tech International
|
$
-
|
$
-
|
$
-
|
$
-
|
Diluted Earnings per Share from Net Income
|
|
|
|
|
Attributable to Trio-Tech International
|
$
0.10
|
$
0.04
|
$
0.27
|
$
0.17
|
|
|
|
|
|
Weighted
average number of common shares outstanding
|
|
|
|
|
Basic
|
3,523
|
3,563
|
3,523
|
3,563
|
Dilutive
effect of stock options
|
116
|
13
|
54
|
12
|
Number of shares used to compute earnings per share
diluted
|
3,639
|
3,576
|
3,577
|
3,575
|
|
|
|
|
|
|
Common
Stock
|
Additional Paid-in
|
Accumulated Retained
|
Accumulated Other
Comprehensive
|
Non-
Controlling
|
|
|
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Interest
|
Total
|
|
|
$
|
$
|
$
|
$
|
$
|
$
|
|
|
|
|
|
|
|
|
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
|
Stock
option expenses
|
-
|
-
|
16
|
-
|
-
|
-
|
16
|
Net
income
|
-
|
-
|
-
|
963
|
-
|
126
|
1,089
|
Dividend
declared by subsidiary
|
-
|
-
|
-
|
-
|
-
|
(177
)
|
(177
)
|
Issue
of restricted shares to consultant
|
10
|
39
|
-
|
-
|
-
|
-
|
39
|
Translation
adjustment
|
-
|
-
|
-
|
-
|
(886
)
|
(201
)
|
(1,087
)
|
Balance
at Mar. 31, 2017
|
3,523
|
10,921
|
3,204
|
3,988
|
1,276
|
1,362
|
20,751
|
|
Nine Months Ended
|
|
|
Mar. 31,
|
Mar. 31,
|
|
2017
|
2016
|
|
(Unaudited)
|
(Unaudited)
|
Cash Flow from Operating Activities
|
|
|
Net
income
|
$
1,089
|
$
755
|
Adjustments
to reconcile net income to net cash flow provided by operating
activities
|
|
|
Depreciation
and amortization
|
1,358
|
1,375
|
Stock
option expenses
|
16
|
99
|
Issue
of restricted shares to consultant
|
39
|
-
|
Inventory
recovery
|
(5
)
|
(69
)
|
Bad
debt recovery, net
|
(15
)
|
(4
)
|
Accrued
interest expense, net of accrued interest income
|
132
|
141
|
Loss
/ (Gain) on sale of property, plant and equipment - continued
operations
|
8
|
(53
)
|
Write-off
of property, plant and equipment
|
30
|
2
|
Impairment
loss
|
-
|
(1
)
|
Warranty
recovery, net
|
(6
)
|
(40
)
|
Deferred
tax (benefit) / provision
|
88
|
(77
)
|
Changes
in operating assets and liabilities, net of acquisition
effect
|
|
|
Trade
accounts receivable
|
491
|
(1,091
)
|
Other receivables
|
286
|
23
|
Other assets
|
(199
)
|
(100
)
|
Inventories
|
(729
)
|
(204
)
|
Prepaid expenses and other current assets
|
(44
)
|
(50
)
|
Accounts payable and accrued expenses
|
491
|
722
|
Income tax payable
|
(17
)
|
(82
)
|
Net Cash Provided by Operating Activities
|
3,013
|
1,346
|
|
|
|
Cash Flow from Investing Activities
|
|
|
Proceeds
from maturing of unrestricted and restricted term deposits and
short-term deposits, net
|
488
|
63
|
Investments
in restricted and unrestricted deposits
|
(421
)
|
-
|
Additions
to property, plant and equipment
|
(1,467
)
|
(887
)
|
Proceeds
from disposal of plant, property and equipment
|
83
|
210
|
Net Cash Used in Investing Activities
|
(1,317
)
|
(614
)
|
|
|
|
Cash Flow from Financing Activities
|
|
|
Repayment
on lines of credit
|
(6,171
)
|
(6,018
)
|
Proceeds
from bank loans and capital leases
|
5,850
|
5,919
|
Dividends
paid to non-controlling interest
|
(177
)
|
(117
)
|
Repayment
of bank loans and capital leases
|
(547
)
|
(516
)
|
Net Cash Used in Financing Activities
|
(1,045
)
|
(732
)
|
|
|
|
Effect of Changes in Exchange Rate
|
(449
)
|
(166
)
|
|
|
|
NET INCREASE / (DECREASE) IN CASH AND CASH EQUIVALENTS
|
202
|
(166
)
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
3,807
|
3,711
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
4,009
|
$
3,545
|
|
|
|
Supplementary Information of Cash Flows
|
|
|
Cash
paid during the period for:
|
|
|
Interest
|
$
132
|
$
152
|
Income
taxes
|
$
122
|
$
157
|
|
|
|
Non-Cash Transactions
|
|
|
Capital
lease of property, plant and equipment
|
$
49
|
$
183
|
|
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
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Short-term
deposits
|
$
590
|
$
301
|
Currency
translation effect on short-term deposits
|
(54
)
|
(6
)
|
Total short-term deposits
|
536
|
295
|
Restricted
term deposits
|
1,720
|
2,085
|
Currency
translation effect on restricted term deposits
|
(91
)
|
(18
)
|
Total restricted term deposits
|
1,629
|
2,067
|
Total Term deposits
|
$
2,165
|
$
2,362
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Beginning
|
$
270
|
$
313
|
Additions
charged to expenses
|
65
|
21
|
Recovered
/ write-off
|
(80
)
|
(48
)
|
Currency
translation effect
|
(11
)
|
(16
)
|
Ending
|
$
244
|
$
270
|
|
Loan Expiry
Date
|
Loan Amount
(RMB)
|
Loan Amount
(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 receivables 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 receivables from property development
projects
|
|
-
|
-
|
|
Loan Expiry
Date
|
Loan Amount
(RMB)
|
Loan Amount
(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 receivables 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 receivables from property development
projects
|
|
-
|
-
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Raw
materials
|
$
1,072
|
$
967
|
Work
in progress
|
1,470
|
909
|
Finished
goods
|
345
|
279
|
Less:
provision for obsolete inventories
|
(675
)
|
(697
)
|
Currency
translation effect
|
(40
)
|
2
|
|
$
2,172
|
$
1,460
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Beginning
|
$
697
|
$
764
|
Additions
charged to expenses
|
-
|
22
|
Usage
- disposition
|
(5
)
|
(86
)
|
Currency
translation effect
|
(17
)
|
(3
)
|
Ending
|
$
675
|
$
697
|
|
Investment Date
|
Investment
Amount
(RMB)
|
Investment Amount
(U.S. Dollars
)
|
Purchase
of rental property – Property I - MaoYe
|
Jan
04, 2008
|
5,554
|
894
|
Purchase
of rental property – Property II -
JiangHuai
|
Jan
06, 2010
|
3,600
|
580
|
Purchase
of rental property – Property III - Fu Li
|
Apr
08, 2010
|
4,025
|
648
|
Currency
translation
|
|
-
|
(209
)
|
Gross
investment in rental property
|
|
13,179
|
1,913
|
Accumulated
depreciation on rental property
|
Mar 31, 2017
|
(4,772
)
|
(692
)
|
Net investment in property – China
|
|
8,407
|
1,221
|
|
Investment Date
|
Investment
Amount
(RMB)
|
Investment Amount
(U.S. Dollars
)
|
Purchase
of rental property – Property I - MaoYe
|
Jan
04, 2008
|
5,554
|
894
|
Purchase
of rental property – Property II -
JiangHuai
|
Jan
06, 2010
|
3,600
|
580
|
Purchase
of rental property – Property III - Fu Li
|
Apr
08, 2010
|
4,025
|
648
|
Currency
translation
|
|
-
|
(139
)
|
Gross
investment in rental property
|
|
13,179
|
1,983
|
Accumulated
depreciation on rental property
|
Jun
30, 2016
|
(4,278
)
|
(643
)
|
Net investment in property – China
|
|
8,901
|
1,340
|
|
Investment Date
|
Investment
Amount
(RM)
|
Investment Amount
(U.S. Dollars
)
|
Reclassification
of rental property – 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 “Asset held for sale”
|
June
30, 2015
|
(371
)
|
(98
)
|
Net investment in property – Malaysia
|
|
-
|
-
|
|
Investment Date
|
Investment
Amount
(RM)
|
Investment Amount
(U.S. Dollars
)
|
Reclassification
of rental property – 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 “Asset held for sale”
|
June
30, 2015
|
(371
)
|
(98
)
|
Net investment in property – Malaysia
|
|
-
|
-
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Down-payment
for purchase of investment properties
|
$
1,536
|
$
1,645
|
Down-payment
for purchase of property, plant and equipment
|
227
|
113
|
Deposits
for rental and utilities
|
138
|
138
|
Currency
translation effect
|
(65
)
|
(108
)
|
Total
|
$
1,836
|
$
1,788
|
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 1.8% to 5.5
%
|
-
|
$
4,434
|
$
2,735
|
Trio-Tech
(Malaysia) Sdn. Bhd.
|
Lines
of Credit
|
Ranging from 6.3% to 6.7
%
|
-
|
$
712
|
$
712
|
Trio-Tech
(Tianjin) Co., Ltd.
|
Lines
of Credit
|
5.22
%
|
-
|
$
871
|
$
463
|
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
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Payroll
and related costs
|
$
1,182
|
$
1,311
|
Commissions
|
97
|
47
|
Customer
deposits
|
18
|
91
|
Legal
and audit
|
212
|
297
|
Sales
tax
|
98
|
110
|
Utilities
|
142
|
115
|
Warranty
|
70
|
78
|
Accrued
purchase of materials and property, plant and
equipment
|
175
|
50
|
Provision
for re-instatement
|
295
|
308
|
Other
accrued expenses
|
381
|
331
|
Currency
translation effect
|
(96
)
|
(96
)
|
Total
|
$
2,574
|
$
2,642
|
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Beginning
|
$
76
|
$
103
|
Additions
charged to cost and expenses
|
26
|
80
|
Utilization
/ reversal
|
(32
)
|
(105
)
|
Currency
translation effect
|
(2
)
|
(2
)
|
Ending
|
$
68
|
$
76
|
Bank
loans payable consisted of the following:
|
Mar. 31,
2017
|
June 30,
2016
|
|
(Unaudited)
|
|
Note payable denominated in RM to a commercial
bank for expansion plans in Malaysia, maturing in August 2024,
bearing interest at the bank’s prime rate plus 1.50% (5.25%
and 5.45% at March 31, 2017 and June 30, 2016) per annum, with
monthly payments of principal plus interest through August 2024,
collateralized by the acquired building with a carrying value
of
$2,604
and 2,898, as at
March 31, 2017 and June 30, 2016, respectively.
|
1,781
|
2,052
|
|
|
|
Note
payable denominated in U.S. dollars to a commercial bank for
expansion plans in Singapore and its subsidiaries, maturing in
March 2017, bearing interest at the bank’s lending rate (7.5%
for both March 31, 2017 and June 30, 2016) with monthly payments of
principal plus interest through April 2017. This note payable is
secured by plant and equipment with a carrying value of $237 and
$294, as at March 31, 2017 and June 30, 2016,
respectively.
|
19
|
154
|
|
|
|
Total Bank loans payable
|
1,800
|
2,206
|
|
|
|
Current
portion of bank loan payable
|
222
|
352
|
Currency
translation effect on current portion of bank loan
|
(23
)
|
(10
)
|
Current portion of bank loan payable
|
199
|
342
|
Long
term portion of bank loan payable
|
1,578
|
1,854
|
Currency
translation effect on long-term portion of bank loan
|
(150
)
|
(129
)
|
Long term portion of bank loans payable
|
$
1,428
|
$
1,725
|
2018
|
$
199
|
2019
|
194
|
2020
|
205
|
2021
|
215
|
2022
|
227
|
Thereafter
|
587
|
Total
obligations and commitments
|
$
1,627
|
2017
|
$
342
|
2018
|
204
|
2019
|
215
|
2020
|
226
|
2021
|
239
|
Thereafter
|
841
|
Total
obligations and commitments
|
$
2,067
|
Business Segment
Information:
|
|
|
|
|
||
|
Nine months
|
|
Operating
|
|
Depr.
|
|
|
Ended
|
Net
|
Income /
|
Total
|
and
|
Capital
|
|
Mar. 31
|
Revenue
|
(Loss)
|
Assets
|
Amort.
|
Expenditures
|
|
|
|
|
|
|
|
Manufacturing
|
2017
|
$
11,221
|
$
(153
)
|
$
8,321
|
$
141
|
$
89
|
|
2016
|
$
10,884
|
$
358
|
$
7,429
|
$
150
|
$
32
|
|
|
|
|
|
|
|
Testing
Services
|
2017
|
12,204
|
990
|
18,814
|
1,141
|
1,378
|
|
2016
|
11,106
|
469
|
20,454
|
1,147
|
854
|
|
|
|
|
|
|
|
Distribution
|
2017
|
4,360
|
235
|
679
|
2
|
-
|
|
2016
|
3,566
|
182
|
664
|
-
|
1
|
|
|
|
|
|
|
|
Real
Estate
|
2017
|
115
|
(20
)
|
3,229
|
74
|
-
|
|
2016
|
83
|
(89
)
|
3,445
|
78
|
-
|
|
|
|
|
|
|
|
Fabrication *
|
2017
|
-
|
-
|
28
|
-
|
-
|
Services
|
2016
|
-
|
-
|
29
|
-
|
-
|
|
|
|
|
|
|
|
Corporate
&
|
2017
|
-
|
88
|
464
|
-
|
-
|
Unallocated
|
2016
|
-
|
30
|
69
|
-
|
-
|
|
|
|
|
|
|
|
Total
Company
|
2017
|
$
27,900
|
$
1,140
|
$
31,535
|
$
1,358
|
$
1,467
|
|
2016
|
$
25,639
|
$
950
|
$
32,090
|
$
1,375
|
$
887
|
|
||
|
2017
|
2016
|
Expected
volatility
|
47.29% to
104.94%
|
60.41% to
104.94%
|
Risk-free interest
rate
|
0.30% to
1.05%
|
0.30% to
1.05%
|
Expected life
(years)
|
2.50 – 3.25
|
2.50 – 3.25
|
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2016
|
90,000
|
$
3.26
|
3.42
|
$
30
|
Granted
|
37,500
|
4.14
|
5.00
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at
March 31, 2017
|
127,500
|
$
3.52
|
3.35
|
$
79
|
Exercisable at
March 31, 2017
|
79,375
|
$
3.36
|
2.61
|
$
62
|
|
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
|
$
-
|
Granted
|
40,000
|
3.26
|
4.97
|
4
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
(80,000
)
|
4.35
|
-
|
-
|
Outstanding at
March 31, 2016
|
90,000
|
$
3.26
|
3.67
|
$
-
|
Exercisable at
March 31, 2016
|
51,250
|
$
3.28
|
3.07
|
$
-
|
|
Options
|
Weighted Average Grant-Date
Fair Value
|
|
|
|
Non-vested
at July 1, 2016
|
38,750
|
$
3.22
|
Granted
|
37,500
|
4.14
|
Vested
|
(28,125
)
|
3.19
|
Forfeited
|
-
|
-
|
Non-vested at
March 31, 2017
|
48,125
|
$
3.77
|
|
|
|
|
Options
|
Weighted Average Grant-Date
Fair Value
|
|
|
|
Non-vested
at July 1, 2015
|
17,500
|
$
1.69
|
Granted
|
40,000
|
3.26
|
Vested
|
(18,750
)
|
(3.26
)
|
Forfeited
|
-
|
-
|
Non-vested at
March 31, 2016
|
38,750
|
$
3.20
|
|
|
|
|
Options
|
Weighted Average
Exercise
Price
|
Weighted Average Remaining
Contractual
Term (Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2016
|
415,000
|
$
3.14
|
3.29
|
$
198
|
Granted
|
50,000
|
4.14
|
5.00
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
(50,000
)
|
2.30
|
-
|
-
|
Outstanding at
March 31, 2017
|
415,000
|
$
3.36
|
3.18
|
$
325
|
Exercisable at
March 31, 2017
|
415,000
|
$
3.36
|
3.18
|
$
325
|
|
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
|
3.54
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
(150,000
)
|
(4.35
)
|
-
|
-
|
Outstanding at March 31, 2016
|
415,000
|
3.14
|
4.97
|
91
|
Exercisable at March 31, 2016
|
415,000
|
3.14
|
4.97
|
91
|
|
Three Months Ended
|
Nine Months Ended
|
||
|
Mar. 31,
|
Mar. 31,
|
Mar. 31,
|
Mar. 31,
|
|
2017
|
2016
|
2017
|
2016
|
(Unaudited)
|
|
|
|
|
Manufacturing
|
43.1
%
|
47.8
%
|
40.2
%
|
42.5
%
|
Testing
Services
|
40.5
|
38.7
|
43.7
|
43.3
|
Distribution
|
16.1
|
13.2
|
15.6
|
13.9
|
Real
Estate
|
0.3
|
0.3
|
0.5
|
0.3
|
Total
|
100.0
%
|
100.0
%
|
100.0
%
|
100.0
%
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
100.0
%
|
100.0
%
|
Cost
of sales
|
75.1
|
77.2
|
Gross Margin
|
24.9
%
|
22.8
%
|
Operating
expenses
|
|
|
General
and administrative
|
16.9
%
|
17.1
%
|
Selling
|
2.3
|
1.7
|
Research
and development
|
0.5
|
0.5
|
Loss
on disposal of property, plant and equipment
|
0.3
|
-
|
Total
operating expenses
|
20.0
%
|
19.3
%
|
Income from Operations
|
4.9
%
|
3.5
%
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
General
and administrative
|
$
1,659
|
$
1,600
|
Selling
|
222
|
158
|
Research
and development
|
51
|
51
|
Loss
on disposal of property, plant and equipment
|
30
|
-
|
Total
|
$
1,962
|
$
1,809
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Interest expense
|
$
(43
)
|
$
(47
)
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Subsidies
and Productive innovative credit
|
$
39
|
$
62
|
Other
miscellaneous income
|
94
|
59
|
Exchange
loss
|
(88
)
|
(218
)
|
Other income/(loss), net
|
$
45
|
$
(97
)
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
4,230
|
$
4,468
|
Gross margin
|
20.9
%
|
19.5
%
|
Income/(loss) from operations
|
$
169
|
$
(13
)
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
3,977
|
$
3,622
|
Gross margin
|
34.7
%
|
29.0
%
|
Income from operations
|
$
200
|
$
109
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
1,581
|
$
1,232
|
Gross margin
|
11.0
%
|
16.8
%
|
Income from operations
|
$
101
|
$
112
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
37
|
$
33
|
Gross margin
|
21.6
%
|
6.1
%
|
Loss from operations
|
$
(14
)
|
$
(19
)
|
|
Three Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Income from operations
|
$
29
|
$
134
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
100.0
%
|
100.0
%
|
Cost
of sales
|
74.6
|
74.9
|
Gross Margin
|
25.4
%
|
25.1
%
|
Operating
expenses:
|
|
|
General
and administrative
|
18.6
%
|
19.0
%
|
Selling
|
2.1
|
1.8
|
Research
and development
|
0.6
|
0.6
|
Loss
on disposal of property, plant and equipment
|
0.1
|
-
|
Total
operating expenses
|
21.4
%
|
21.4
%
|
Income from Operations
|
4.1
%
|
3.7
%
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
General
and administrative
|
$
5,178
|
$
4,861
|
Selling
|
587
|
470
|
Research
and development
|
156
|
148
|
Loss
/ (gain) on disposal of property, plant and equipment
|
38
|
(4
)
|
Total
|
$
5,959
|
$
5,475
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2017
|
Mar.
31,
2016
|
(Unaudited)
|
|
|
Interest expense
|
$
(149
)
|
$
(151
)
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Subsidies
and Productive innovative credit
|
$
69
|
$
74
|
Other
miscellaneous income
|
195
|
181
|
Exchange
gain
|
94
|
(126
)
|
Other income, net
|
$
358
|
$
129
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
11,221
|
$
10,884
|
Gross margin
|
21.9
%
|
24.9
%
|
(Loss) / income from operations
|
$
(153
)
|
$
358
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
12,204
|
$
11,106
|
Gross margin
|
33.9
%
|
29.5
%
|
Income from operations
|
$
990
|
$
469
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
4,360
|
$
3,566
|
Gross margin
|
10.6
%
|
12.6
%
|
Income from operations
|
$
235
|
$
182
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Revenue
|
$
115
|
$
83
|
Gross margin / (loss)
|
38.3
%
|
(10.8
)%
|
Loss from operations
|
$
(20
)
|
$
(89
)
|
|
Nine Months Ended
|
|
|
Mar. 31,
2017
|
Mar. 31,
2016
|
(Unaudited)
|
|
|
Income from operations
|
$
88
|
$
30
|
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
/s/ Victor H.M. Ting
VICTOR
H.M. TING
Vice
President and Chief Financial Officer
(Principal
Financial Officer)
Dated:
May 11, 2017
|
1 Year Trio Tech Chart |
1 Month Trio Tech Chart |
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