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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 | |
---|---|---|---|---|---|---|---|---|
0.043 | 0.68% | 6.35 | 6.5299 | 5.98 | 6.40 | 34,868 | 20:52:39 |
California
|
|
95-2086631
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification Number)
|
|
|
|
Block 1008 Toa Payoh North
|
|
|
Unit 03-09 Singapore
|
|
318996
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
|
Name of
each exchange
|
Title of each
class
|
Trading
Symbol
|
On which
registered
|
Common
Stock, no par value
|
TRT
|
NYSE
American
|
Large Accelerated Filer
|
☐
|
|
Accelerated Filer
|
☐
|
|
|
|
|
|
Non-Accelerated Filer
|
☐
|
|
Smaller reporting company
|
☒
|
|
|
|
Emerging growth company
|
☐
|
|
|
|
|
|
|
Three
Months Ended
|
|
|
Sept.
30,
|
Sept.
30,
|
|
2019
|
2018
|
Revenue
|
|
|
Manufacturing
|
$3,317
|
$3,637
|
Testing
services
|
4,390
|
4,437
|
Distribution
|
2,099
|
1,944
|
Real estate
|
17
|
27
|
|
9,823
|
10,045
|
Cost of Sales
|
|
|
Cost
of manufactured products sold
|
2,555
|
2,857
|
Cost
of testing services rendered
|
3,191
|
3,383
|
Cost
of distribution
|
1,807
|
1,686
|
Cost of real estate
|
18
|
18
|
|
7,571
|
7,944
|
|
|
|
Gross Margin
|
2,252
|
2,101
|
|
|
|
Operating Expenses:
|
|
|
General
and administrative
|
1,788
|
1,759
|
Selling
|
190
|
147
|
Research
and development
|
76
|
72
|
Gain
on disposal of property, plant and equipment
|
(24)
|
-
|
Total
operating expenses
|
2,030
|
1,978
|
|
|
|
Income from Operations
|
222
|
123
|
|
|
|
Other Income/(Expenses)
|
|
|
Interest
expenses
|
(68)
|
(78)
|
Other income,
net
|
110
|
43
|
Total
other income/(expenses)
|
42
|
(35)
|
|
|
|
Income from Continuing Operations before Income
Taxes
|
264
|
88
|
|
|
|
Income Tax Expenses
|
-
|
(74)
|
|
|
|
Income from Continuing Operations before Non-controlling Interest,
Net of Tax
|
264
|
14
|
|
|
|
Discontinued Operations
|
|
|
Loss
from discontinued operations, net of tax
|
(1)
|
(8)
|
NET INCOME
|
263
|
6
|
|
|
|
Less:
net loss attributable to the non-controlling interest
|
(10)
|
(59)
|
Net Income Attributable to Trio-Tech International Common
Shareholder
|
$273
|
$65
|
|
|
|
Amounts Attributable to Trio-Tech International Common
Shareholders:
|
|
|
Income
from continuing operations, net of tax
|
274
|
69
|
Loss
from discontinued operations, net of tax
|
(1)
|
(4)
|
Net Income Attributable to Trio-Tech International Common
Shareholders
|
$273
|
$65
|
|
|
|
Basic Earnings per Share:
|
|
|
Basic
per share from continuing operations attributable to Trio-Tech
International
|
$0.07
|
$0.02
|
Basic
earnings per share from discontinued operations attributable to
Trio-Tech International
|
$-
|
$-
|
Basic Earnings per Share from Net Income
|
|
|
Attributable to Trio-Tech International
|
$0.07
|
$0.02
|
|
|
|
Diluted Earnings per Share:
|
|
|
Diluted
earnings per share from continuing operations attributable to
Trio-Tech International
|
$0.07
|
$0.02
|
Diluted
earnings per share from discontinued operations attributable to
Trio-Tech International
|
$-
|
$-
|
Diluted Earnings per Share from Net Income
|
|
|
Attributable to Trio-Tech International
|
$0.07
|
$0.02
|
|
|
|
Weighted
average number of common shares outstanding
|
|
|
Basic
|
3,673
|
3,608
|
Dilutive
effect of stock options
|
17
|
124
|
Number
of shares used to compute earnings per share diluted
|
3,690
|
3,732
|
|
Common
Stock
|
Additional Paid-in
|
Accumulated Retained
|
Accumulated Other
Comprehensive
|
Non- Controlling
|
|
|
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Interest
|
Total
|
|
|
|
|
|
|
|
|
Balance
at June 30, 2019
|
3,673
|
$11,424
|
$3,305
|
$7,070
|
$1,867
|
$1,195
|
$24,861
|
Stock
option expenses
|
-
|
-
|
8
|
-
|
-
|
-
|
8
|
Net
income / (loss)
|
-
|
-
|
-
|
273
|
-
|
(10)
|
263
|
Dividend declared
by subsidiary
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Exercise of stock
option
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Translation
adjustment
|
-
|
-
|
-
|
-
|
(582)
|
19
|
(563)
|
Balance
at Sept. 30, 2019
|
3,673
|
11,424
|
3,313
|
7,343
|
1,285
|
1,204
|
24,569
|
|
Common
Stock
|
Additional Paid-in
|
Accumulated Retained
|
Accumulated Other
Comprehensive
|
Non- Controlling
|
|
|
|
Shares
|
Amount
|
Capital
|
Earnings
|
Income
|
Interest
|
Total
|
|
|
|
|
|
|
|
|
Balance
at June 30, 2018
|
3,553
|
$11,023
|
$3,249
|
$5,525
|
$2,182
|
$1,522
|
$23,501
|
Stock
option expenses
|
-
|
-
|
2
|
-
|
-
|
-
|
2
|
Net
income / (loss)
|
-
|
-
|
-
|
65
|
-
|
(59)
|
6
|
Dividend declared
by subsidiary
|
-
|
-
|
-
|
-
|
-
|
(2)
|
(2)
|
Exercise of stock
option
|
55
|
199
|
-
|
-
|
-
|
-
|
199
|
Translation
adjustment
|
-
|
-
|
-
|
-
|
(463)
|
(76)
|
(539)
|
Balance
at Sept. 30, 2018
|
3,608
|
11,222
|
3,251
|
5,590
|
1,719
|
1,385
|
23,167
|
|
Three
Months Ended
|
|
|
Sept.
30,
|
Sept.
30,
|
|
2019
|
2018
|
|
(Unaudited)
|
(Unaudited)
|
Cash Flow from Operating Activities
|
|
|
Net
income
|
$263
|
$6
|
Adjustments
to reconcile net income to net cash flow provided by operating
activities
|
|
|
Depreciation
and amortization
|
786
|
555
|
Stock
compensation
|
8
|
2
|
(Reversal)/addition
of provision for obsolete inventory
|
(5)
|
1
|
Bad
debt recovery
|
(13)
|
(2)
|
Accrued
interest expense, net accrued interest income
|
(10)
|
13
|
Warranty
recovery, net
|
(1)
|
(13)
|
Gain
on sale of property, plant & equipment-Continued
operations
|
(24)
|
-
|
Deferred
tax benefit
|
(4)
|
21
|
Changes
in operating assets and liabilities, net of acquisition
effects
|
|
|
Trade
accounts receivable
|
(386)
|
(372)
|
Other receivables
|
61
|
(8)
|
Other assets
|
98
|
517
|
Inventories
|
707
|
535
|
Prepaid expenses and other current assets
|
(59)
|
(122)
|
Operating
leases right-of-use assets
|
(18)
|
-
|
Accounts payable and accrued expenses
|
(136)
|
(473)
|
Income taxes payable
|
(93)
|
(102)
|
Net Cash Provided by Operating Activities
|
1,174
|
558
|
|
|
|
Cash Flow from Investing Activities
|
|
|
Investment in unrestricted term deposits,
net (Note
1a)
|
(1,165)
|
(358)
|
Additions to property, plant and
equipment(Note 1b)
|
(500)
|
(1,214)
|
Proceeds
from disposal of property, plant and equipment
|
-
|
3
|
Net Cash Used in Investing Activities
|
(1,665)
|
(1,569)
|
|
|
|
Cash Flow from Financing Activities
|
|
|
Repayment
on lines of credit
|
(604)
|
(3,728)
|
Repayment
of bank loans, operating leases and finance leases
|
(371)
|
(182)
|
Dividends
paid on non-controlling interest
|
-
|
(2)
|
Proceeds
from exercising stock options
|
-
|
199
|
Proceeds
from lines of credit
|
410
|
3,877
|
Proceeds
from principal of finance lease
|
44
|
-
|
Proceeds
from bank loans
|
-
|
1,475
|
Net Cash (Used in)/Generated from Financing Activities
|
(521)
|
1,639
|
|
|
|
Effect of Changes in Exchange Rate
|
(173)
|
(76)
|
|
|
|
Net (decrease)/increase in
cash, cash equivalents, and restricted cash(Note 1a)
|
(1,185)
|
552
|
Cash, cash equivalents, and
restricted cash at beginning of period (Note 1a)
|
6,569
|
8,234
|
Cash, cash equivalents, and
restricted cash at end of period (Note 1a)
|
$5,384
|
$8,786
|
|
|
|
Supplementary Information of Cash Flows
|
|
|
Cash
paid during the period for:
|
|
|
Interest
|
$61
|
$65
|
Income
taxes
|
$124
|
$24
|
|
|
|
Non-Cash Transactions
|
|
|
Finance
lease of property, plant and equipment
|
$44
|
$-
|
Reconciliation of Cash, cash
equivalents, and restricted cash (Note 1a)
|
|
|
Cash
|
3,710
|
7,101
|
Short-term deposits
|
5,222
|
1,011
|
Restricted term-deposits in non-current assets
|
1,674
|
1,685
|
Total Cash, cash equivalents, and restricted cash shown in
statement of cash flows
|
$10,606
|
$9,797
|
|
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 (SIP) Co., Ltd. *
|
100%
|
Suzhou, 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
|
|
Sep.
30,
2019
(Unaudited)
|
June
30,
2019
|
|
|
|
Short-term
deposits
|
$5,322
|
$4,143
|
Currency
translation effect on short-term deposits
|
(100)
|
1
|
Total short-term deposits
|
5,222
|
4,144
|
Restricted
term deposits
|
1,708
|
1,701
|
Currency
translation effect on restricted term deposits
|
(34)
|
5
|
Total restricted term deposits
|
1,674
|
1,706
|
Total term deposits
|
$6,896
|
$5,850
|
|
Sept.
30,
2019
(Unaudited)
|
June
30,
2019
|
Beginning
|
$263
|
$259
|
Additions charged
to expenses
|
28
|
94
|
Recovered
|
(15)
|
(84)
|
Currency
translation effect
|
(8)
|
(6)
|
Ending
|
$268
|
$263
|
|
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
|
|
-
|
-
|
|
Sept.
30,
2019
(Unaudited)
|
June
30,
2019
|
|
|
|
Raw
materials
|
$1,182
|
$1,190
|
Work
in progress
|
953
|
1,306
|
Finished
goods
|
264
|
591
|
Currency
translation effect
|
(42)
|
13
|
Less:
provision for obsolete inventory
|
(669)
|
(673)
|
|
$1,688
|
$2,427
|
|
Sept.
30,
2019
(Unaudited)
|
June
30,
2019
|
|
|
|
Beginning
|
$673
|
$695
|
Additions
charged to expenses
|
9
|
17
|
Usage
– disposition
|
(4)
|
(42)
|
Currency
translation effect
|
(9)
|
3
|
Ending
|
$669
|
$673
|
|
|
|
Sept.
30,
2019
(Unaudited)
|
June
30,
2019
|
|
Investment
|
Investment
Amount
|
Investment
Amount
|
Investment
Amount
|
|
Date
/ Reclassification Date
|
(RM)
|
(U.S.
Dollars)
|
(U.S.
Dollars)
|
Penang Property
Reclassification
from investment property
|
June
30, 2015
|
681
|
181*
|
181*
|
Currency
translation
|
|
-
|
(18)
|
(15)
|
|
681
|
163
|
166
|
|
Accumulated
depreciation on rental property
|
June
30, 2015
|
(310)
|
(83)*
|
(83)*
|
Currency
translation
|
|
-
|
8
|
6
|
|
(310)
|
(75)
|
(77)
|
|
Net
investment in rental property - Malaysia
|
|
371
|
88
|
89
|
|
Investment
Date / Reclassification Date
|
Investment
Amount (RMB)
|
Investment Amount
(U.S. Dollars)
|
Purchase
of rental property – Property I – MaoYe
Property
|
Jan
04, 2008
|
5,554
|
894
|
Currency
translation
|
|
-
|
(87)
|
Reclassification
as “Assets held for sale”
|
July
01, 2018
|
(5,554)
|
(807)
|
Reclassification
from “Assets held for sale”
|
Mar
31, 2019
|
2,024
|
301
|
|
2,024
|
301
|
|
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
|
|
-
|
(175)
|
Gross
investment in rental property
|
|
9,649
|
1,354
|
Accumulated
depreciation on rental property
|
Sep
30, 2019
|
(6,196)
|
(885)
|
Reclassified
as “Assets held for sale”-Mao Ye Property
|
July
01, 2018
|
2,822
|
410
|
Reclassification
from “Assets held for sale”-Mao Ye
Property
|
Mar
31, 2019
|
(1,029)
|
(143)
|
|
(4,403)
|
(618)
|
|
Net investment in property – China
|
|
5,246
|
736
|
|
Investment
Date / Reclassification Date
|
Investment
Amount (RMB)
|
Investment Amount
(U.S. Dollars)
|
Purchase
of rental property – Property I – MaoYe
Property
|
Jan
04, 2008
|
5,554
|
894
|
Currency
translation
|
|
-
|
(87)
|
Reclassification
as “Assets held for sale”
|
July
01, 2018
|
(5,554)
|
(807)
|
Reclassification
from “Assets held for sale”
|
Mar
31, 2019
|
2,024
|
301
|
|
2,024
|
301
|
|
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
|
|
-
|
(124)
|
Gross
investment in rental property
|
|
9,649
|
1,405
|
Accumulated
depreciation on rental property
|
June
30, 2019
|
(6,075)
|
(890)
|
Reclassified
as “Assets held for sale”-Mao Ye Property
|
July
01, 2018
|
2,822
|
410
|
Reclassification
from “Assets held for sale”-Mao Ye
Property
|
Mar
31, 2019
|
(1,029)
|
(143)
|
|
(4,282)
|
(623)
|
|
Net investment in property – China
|
|
5,367
|
782
|
|
|
|
Sept.
30,
2019
(Unaudited)
|
June
30,
2019
|
|
Investment
|
Investment
Amount
|
Investment
Amount
|
Investment
Amount
|
|
Date
/ Reclassification Date
|
(RM)
|
(U.S.
Dollars)
|
(U.S.
Dollars)
|
Purchase
of Penang Property
|
Dec
31, 2012
|
681
|
181
|
181
|
Currency
translation
|
|
-
|
(18)
|
(15)
|
Reclassification
as “Assets held for sale”
|
June
30, 2015
|
(681)
|
(163)
|
(166)
|
|
-
|
-
|
-
|
|
Accumulated
depreciation on rental property
|
June
30, 2015
|
(310)
|
(83)
|
(83)
|
Currency
translation
|
|
-
|
8
|
6
|
Reclassified
as “Assets held for sale”
|
June
30, 2015
|
310
|
75
|
77
|
Net
investment in rental property - Malaysia
|
|
-
|
-
|
-
|
|
Sept.
30, 2019
(Unaudited)
|
June
30,
2019
|
Down
payment for purchase of investment properties *
|
$1,645
|
$1,645
|
Down
payment for purchase of property, plant and equipment
|
-
|
100
|
Deposits
for rental and utilities
|
169
|
169
|
Currency
translation effect
|
(220)
|
(164)
|
Total
|
$1,594
|
$1,750
|
|
RMB
|
US
Dollars
|
Original
investment( 10% if Junzhou equity)
|
$10,000
|
$1,606
|
Less:
Management Fee
|
(5,000)
|
(803)
|
Net
Investment
|
5,000
|
803
|
Less:
Share of loss on Joint Venture
|
(137)
|
(22)
|
Net Investment as downpayment(Note *a)
|
4,863
|
781
|
Loans
Receivable
|
5,000
|
814
|
Interest
Receivable
|
1,250
|
200
|
Less:Impairment
of Interest
|
(906)
|
(150)
|
Transferred to downpayment(Note *b)
|
5,344
|
864
|
* Down payment for purchase of investment properties
|
10,207
|
1,645
|
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 1.85% to 5.5%
|
-
|
$4,126
|
$4,126
|
Trio-Tech (Tianjin) Co., Ltd.
|
Lines of Credit
|
5.22% to 6.3%
|
-
|
$1,404
|
$1,404
|
Universal
(Far East) Pte. Ltd
|
Lines of Credit
|
Ranging from 1.85% to 5.5%
|
-
|
$362
|
$362
|
Trio-Tech Malaysia Sdn. Bhd.
|
Revolving Credit
|
Cost of Funds Rate +2%
|
-
|
$358
|
$358
|
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 1.85% to 5.5%
|
-
|
$4,213
|
$4,213
|
Trio-Tech (Tianjin) Co., Ltd.
|
Lines of Credit
|
5.22% to 6.3%
|
-
|
$1,492
|
$1,492
|
Universal
(Far East) Pte. Ltd
|
Lines of Credit
|
Ranging from 1.85% to 5.5%
|
-
|
$370
|
$183
|
Trio-Tech Malaysia Sdn. Bhd.
|
Revolving Credit
|
Cost of Funds Rate +2%
|
-
|
$363
|
$363
|
|
Sept.
30, 2019
(Unaudited)
|
June
30, 2019
|
Payroll
and related costs
|
$1,371
|
$1,354
|
Commissions
|
71
|
107
|
Customer
deposits
|
45
|
46
|
Legal
and audit
|
345
|
299
|
Sales
tax
|
12
|
9
|
Utilities
|
119
|
120
|
Warranty
|
38
|
39
|
Accrued
purchase of materials and property, plant and
equipment
|
244
|
362
|
Provision
for re-instatement
|
308
|
302
|
Deferred
income
|
100
|
61
|
Contract
liabilities
|
496
|
501
|
Other
accrued expenses
|
286
|
293
|
Currency
translation effect
|
(61)
|
(7)
|
Total
|
$3,374
|
$3,486
|
|
Sept.
30,
2019
(Unaudited)
|
June
30,
2019
|
Beginning
|
$39
|
$82
|
Additions
charged to cost and expenses
|
-
|
15
|
Reversal
|
(1)
|
(58)
|
Currency
translation effect
|
-
|
-
|
Ending
|
$38
|
$39
|
|
Sept.
30, 2019
(Unaudited)
|
June
30, 2019
|
Note
payable denominated in RM for expansion plans in Malaysia, maturing
in August 2028, bearing interest at the bank’s prime rate
less 2.00% (4.85% and 5.00% at September 30, 2019 and June 30,
2019) per annum, with monthly payments of principal plus interest
through August 2028, collateralized by the acquired building with a
carrying value of $2,633 and $2,683, as at September 30, 2019 and
June 30, 2019, respectively.
|
2,516
|
2,638
|
|
|
|
Note
payable denominated in U.S. dollars for expansion plans in
Singapore and its subsidiaries, maturing in April 2020, bearing
interest at the bank’s lending rate (3.96% for September 30,
2019 and June 30, 2019) with monthly payments of principal plus
interest through June 2020. This note payable is secured by plant
and equipment with a carrying value of $135 and $148, as at
September 30, 2019 and June 30, 2019, respectively.
|
103
|
142
|
|
|
|
Total bank loans
payable
|
$2,619
|
$2,780
|
Current
portion of bank loan payable
|
366
|
494
|
Currency
translation effect on current portion of bank loan
|
(6)
|
(6)
|
Current portion of bank loan payable
|
360
|
488
|
Long
term portion of bank loan payable
|
2,292
|
2,344
|
Currency
translation effect on long-term portion of bank loan
|
(33)
|
(52)
|
Long term portion of bank loans payable
|
$2,259
|
$2,292
|
Remainder of fiscal
2020
|
$360
|
2021
|
357
|
2022
|
375
|
2023
|
393
|
2024
|
401
|
Thereafter
|
733
|
Total
obligations and commitments
|
$2,619
|
2020
|
$488
|
2021
|
362
|
2022
|
380
|
2023
|
399
|
2024
|
407
|
Thereafter
|
744
|
Total
obligations and commitments
|
$2,780
|
|
Three
Months
Ended
Sept.
30,
|
Net
Revenue
|
Operating
Income
/ (Loss)
|
Total
Assets
|
Depr.
And
Amort.
|
Capital
Expenditures
|
Manufacturing
|
2019
|
$3,317
|
(12)
|
9,434
|
47
|
19
|
|
2018
|
$3,637
|
107
|
8,566
|
29
|
1
|
|
|
|
|
|
|
|
Testing
Services
|
2019
|
4,390
|
68
|
22,138
|
610
|
520
|
|
2018
|
4,437
|
(138)
|
24,200
|
512
|
1,213
|
|
|
|
|
|
|
|
Distribution
|
2019
|
2,099
|
204
|
785
|
111
|
-
|
|
2018
|
1,944
|
172
|
656
|
-
|
-
|
|
|
|
|
|
|
|
Real
Estate
|
2019
|
17
|
(17)
|
3,577
|
18
|
-
|
|
2018
|
27
|
(12)
|
3,441
|
14
|
-
|
|
|
|
|
|
|
|
Fabrication
|
2019
|
-
|
-
|
27
|
-
|
-
|
Services
*
|
2018
|
-
|
-
|
25
|
-
|
-
|
|
|
|
|
|
|
|
Corporate
&
|
2019
|
-
|
(21)
|
157
|
-
|
-
|
Unallocated
|
2018
|
-
|
(6)
|
151
|
-
|
-
|
|
|
|
|
|
|
|
Total
Company
|
2019
|
$9,823
|
222
|
36,118
|
786
|
539
|
|
2018
|
$10,045
|
123
|
37,039
|
555
|
1,214
|
|
Three
Months Ended
September
30,
|
|
|
2019
(Unaudited)
|
2018
(Unaudited)
|
Interest
income
|
32
|
10
|
Other
rental income
|
30
|
27
|
Exchange gain
(loss)
|
5
|
(39)
|
Bad
debt recovery
|
11
|
2
|
Other
miscellaneous income
|
32
|
43
|
Total
|
$110
|
$43
|
|
Sept.
30,2019
(Unaudited)
|
Jun
30,2019
(Unaudited)
|
Trade
Accounts Receivable
|
7,520
|
7,113
|
Accounts
Payable
|
3,170
|
3,272
|
Contract
Assets
|
517
|
419
|
Contract
Liabilities
|
496
|
501
|
|
Three
Months Ended
|
|
|
September
30,
|
|
|
2019
(Unaudited)
|
2018
(Unaudited)
|
Income
attributable to Trio-Tech International common shareholders from
continuing operations, net of tax
|
$274
|
$69
|
Loss
attributable to Trio-Tech International common shareholders from
discontinued operations, net of tax
|
(1)
|
(4)
|
Net income attributable to Trio-Tech International common
shareholders
|
$273
|
$65
|
|
|
|
Weighted
average number of common shares outstanding - basic
|
3,673
|
3,608
|
Dilutive
effect of stock options
|
17
|
124
|
Number
of shares used to compute earnings per share –
diluted
|
3,690
|
3,732
|
|
|
|
Basic
earnings per share from continuing operations attributable to
Trio-Tech International
|
0.07
|
0.02
|
|
|
|
Basic
earnings per share from discontinued operations attributable to
Trio-Tech International
|
-
|
-
|
Basic earnings
per share from net income attributable to Trio-Tech
International
|
$0.07
|
$0.02
|
|
|
|
Diluted
earnings per share from continuing operations attributable to
Trio-Tech International
|
0.07
|
0.02
|
|
|
|
Diluted
earnings per share from discontinued operations attributable to
Trio-Tech International
|
-
|
-
|
Diluted
earnings per share from net income attributable to Trio-Tech
International
|
$0.07
|
$0.02
|
|
|
|
|
Three
Months Ended
September
30,
|
|
|
2019
|
2018
|
Expected
volatility
|
45.38%to
97.48%
|
60.41%
to 104.94 %
|
Risk-free interest
rate
|
0.30% to
2.35%
|
0.30%
to 0.78 %
|
Expected life
(years)
|
2.5 -3.25
|
2.50
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2019
|
136,000
|
$4.53
|
4.28
|
$-
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at September 30,
2019
|
136,000
|
4.53
|
4.02
|
19.2
|
Exercisable at September 30,
2019
|
49,000
|
4.97
|
3.86
|
5
|
|
Options
|
Weighted Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2019
|
87,000
|
$4.28
|
Granted
|
-
|
-
|
Vested
|
-
|
-
|
Forfeited
|
-
|
-
|
Non-vested
at September 30, 2019
|
87,000
|
$4.28
|
|
|
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2018
|
60,000
|
$5.98
|
4.73
|
$-
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at September 30,
2018
|
60,000
|
5.98
|
4.48
|
-
|
Exercisable at September 30,
2018
|
15,000
|
5.98
|
4.48
|
-
|
|
Options
|
Weighted Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2018
|
45,000
|
$5.98
|
Granted
|
-
|
-
|
Vested
|
-
|
-
|
Forfeited
|
-
|
-
|
|
45,000
|
$5.98
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted Average
Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
Outstanding at July
1, 2019
|
77,500
|
$3.69
|
2.22
|
$-
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited or
expired
|
-
|
-
|
-
|
-
|
Outstanding at
September 30, 2019
|
77,500
|
$3.69
|
1.97
|
$14
|
Exercisable at
September 30, 2019
|
68,125
|
$3.62
|
1.89
|
$14
|
|
Options
|
Weighted Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2019
|
9,375
|
$4.14
|
Granted
|
-
|
-
|
Vested
|
-
|
-
|
Forfeited
|
-
|
-
|
Non-vested at September 30,
2019
|
9,375
|
$4.14
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
Outstanding
at July 1, 2018
|
127,500
|
$3.52
|
2.10
|
$121
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
(15,000)
|
3.62
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding
at September 30, 2018
|
112,500
|
$3.50
|
2.10
|
$120
|
Exercisable
at September 30, 2018
|
83,750
|
$3.39
|
1.75
|
$99
|
|
Options
|
Weighted Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2018
|
28,750
|
$3.83
|
Granted
|
-
|
-
|
Vested
|
-
|
-
|
Forfeited
|
-
|
-
|
Non-vested at September 30,
2018
|
28,750
|
$3.83
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2019
|
160,000
|
$4.63
|
4.25
|
$-
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at September 30,
2019
|
160,000
|
4.63
|
4.00
|
26
|
Exercisable at September 30,
2019
|
160,000
|
4.63
|
4.00
|
26
|
|
|
Options
|
|
|
Weighted Average
Exercise
Price
|
|
|
Weighted Average Remaining
Contractual
Term (Years)
|
|
|
Aggregate
Intrinsic
Value
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Outstanding at July 1, 2018
|
|
|
80,000
|
|
|
$
|
5.98
|
|
|
|
4.73
|
|
|
$
|
-
|
|
Granted
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Exercised
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Forfeited or expired
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Outstanding at September 30, 2018
|
|
|
80,000
|
|
|
|
5.98
|
|
|
|
4.48
|
|
|
|
-
|
|
Exercisable at September 30, 2018
|
|
|
80,000
|
|
|
|
5.98
|
|
|
|
4.48
|
|
|
|
-
|
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2019
|
300,000
|
$3.40
|
1.58
|
$9
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding
at September 30, 2019
|
300,000
|
$3.40
|
1.33
|
$97
|
Exercisable
at September 30, 2019
|
300,000
|
$3.40
|
1.33
|
$97
|
|
Options
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|
|
|
|
|
Outstanding
at July 1, 2018
|
390,000
|
$3.41
|
2.05
|
$412
|
Granted
|
-
|
-
|
-
|
-
|
Exercised
|
(40,000)
|
3.62
|
-
|
-
|
Forfeited
or expired
|
(20,000)
|
(3.62)
|
-
|
-
|
Outstanding
at September 30, 2018
|
330,000
|
$3.38
|
2.13
|
$394
|
Exercisable
at September 30, 2018
|
330,000
|
$3.38
|
2.13
|
$394
|
2020
|
$51
|
2021
|
22
|
|
$73
|
2020
|
72
|
2021
|
6
|
|
$78
|
Fiscal Year
|
Operating lease Liabilities
|
Finance Lease Liabilities
|
2020
|
$620
|
283
|
2021
|
216
|
187
|
2022
|
47
|
143
|
2023
|
1
|
68
|
2024
|
-
|
44
|
Total
future minimum lease payments
|
$884
|
725
|
Revenue
Components
|
Three
Months Ended
September
30,
|
|
|
2019
|
2018
|
Revenue:
|
|
|
Manufacturing
|
33.8%
|
36.2%
|
Testing
Services
|
44.7
|
44.2
|
Distribution
|
21.3
|
19.3
|
Real
Estate
|
0.2
|
0.3
|
Total
|
100.0%
|
100.0%
|
|
Three
Months Ended
September
30,
|
|
|
2019
|
2018
|
Revenue
|
100.0%
|
100.0%
|
Cost
of sales
|
77.1
|
79.1
|
Gross Margin
|
22.9%
|
20.9%
|
Operating
expenses
|
|
|
General
and administrative
|
18.2%
|
17.5%
|
Selling
|
1.9
|
1.5
|
Research
and development
|
0.8
|
0.7
|
Gain
on disposal of plant and equipment
|
(0.2)
|
-
|
Total
operating expenses
|
20.7%
|
19.7%
|
Income from Operations
|
2.2%
|
1.2%
|
|
Three Months
Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
General
and administrative
|
$1,788
|
$1,759
|
Selling
|
190
|
147
|
Research
and development
|
76
|
72
|
Gain
on disposal of plant and equipment
|
(24)
|
-
|
Total
|
$2,030
|
$1,978
|
|
Three
Months Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
Interest expenses
|
$68
|
$78
|
|
Three
Months Ended
September
30,
|
|
|
2019
|
2018
|
Interest
income
|
32
|
10
|
Other
rental income
|
30
|
27
|
Exchange
gain/(loss)
|
5
|
(39)
|
Bad
debt recovery
|
11
|
2
|
Other
miscellaneous income
|
32
|
43
|
Total
|
$110
|
$43
|
|
Three
Months Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
Revenue
|
$3,317
|
$3,637
|
Gross margin
|
23.0%
|
21.4%
|
(Loss)/Income from operations
|
$(12)
|
$107
|
|
Three
Months Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
Revenue
|
$4,390
|
$4,437
|
Gross margin
|
27.3%
|
23.8%
|
Income/(Loss) from operations
|
$68
|
$(138)
|
|
Three
Months Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
Revenue
|
$2,099
|
$1,944
|
Gross margin
|
13.9%
|
13.3%
|
Income from operations
|
$204
|
$172
|
|
Three
Months Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
Revenue
|
$17
|
$27
|
Gross margin
|
(5.9)%
|
33.3%
|
Loss from operations
|
$(17)
|
$(12)
|
|
Three
Months Ended
September
30,
|
|
(Unaudited)
|
2019
|
2018
|
Loss from operations
|
$(21)
|
$(6)
|
|
Rule 13a-14(a) Certification of Principal Executive Officer of
Registrant
|
|
|
Rule 13a-14(a) Certification of Principal Financial Officer of
Registrant
|
|
|
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
(Principal Financial Officer)
Dated: November 13, 2019
|
1 Year Trio Tech Chart |
1 Month Trio Tech Chart |
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