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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
|
Nine
Months Ended
|
||
|
Mar.
31,
|
Mar.
31,
|
Mar.
31,
|
Mar.
31,
|
|
2020
|
2019
|
2020
|
2019
|
Revenue
|
|
|
|
|
Manufacturing
|
$2,519
|
$3,097
|
$8,881
|
$10,086
|
Testing
Services
|
3,741
|
3,989
|
12,018
|
12,819
|
Distribution
|
2,225
|
1,727
|
6,338
|
5,587
|
Real
Estate
|
16
|
25
|
49
|
81
|
|
8,501
|
8,838
|
27,286
|
28,573
|
Cost of Sales
|
|
|
|
|
Cost
of manufactured products sold
|
1,851
|
2,303
|
6,789
|
7,806
|
Cost
of testing services rendered
|
2,937
|
2,862
|
9,046
|
9,351
|
Cost
of distribution
|
1,909
|
1,483
|
5,454
|
4,831
|
Cost
of real estate
|
18
|
16
|
54
|
52
|
|
6,715
|
6,664
|
21,343
|
22,040
|
|
|
|
|
|
Gross Margin
|
1,786
|
2,174
|
5,943
|
6,533
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
General
and administrative
|
1,754
|
1,742
|
5,319
|
5,223
|
Selling
|
181
|
246
|
547
|
580
|
Research
and development
|
79
|
76
|
280
|
270
|
Impairment
loss on long-lived assets
|
139
|
-
|
139
|
-
|
Gain
on disposal of property, plant and equipment
|
-
|
(13)
|
(24)
|
(13)
|
Total
operating expenses
|
2,153
|
2,051
|
6,261
|
6,060
|
|
|
|
|
|
(Loss) / Income from Operations
|
(367)
|
123
|
(318)
|
473
|
|
|
|
|
|
Other Income
|
|
|
|
|
Interest
expenses
|
(63)
|
(74)
|
(186)
|
(250)
|
Gain
on sale of asset held for sale
|
-
|
685
|
1,172
|
685
|
Other income,
net
|
440
|
128
|
590
|
220
|
Total
other income
|
377
|
739
|
1,576
|
655
|
|
|
|
|
|
Income from Continuing Operations before Income
Taxes
|
10
|
862
|
1,258
|
1,128
|
|
|
|
|
|
Income
tax benefits / (expenses)
|
8
|
(209)
|
(112)
|
(159)
|
|
|
|
|
|
Income
from continuing operations before non-controlling interest, net of
tax
|
18
|
653
|
1,146
|
969
|
|
|
|
|
|
Discontinued Operations
|
|
|
|
|
(Loss)
/ Income from discontinued operations, net of tax
|
(21)
|
2
|
(21)
|
(2)
|
NET INCOME
|
(3)
|
655
|
1,125
|
967
|
|
|
|
|
|
Less:
net (loss) / income attributable to non-controlling
interest
|
(73)
|
(28)
|
356
|
(129)
|
Net Income Attributable to Trio-Tech International Common
Shareholders
|
$70
|
$683
|
$769
|
$1096
|
|
|
|
|
|
Amounts Attributable to Trio-Tech International Common
Shareholders:
|
|
|
|
|
Income
from continuing operations, net of tax
|
81
|
682
|
780
|
1,097
|
(Loss)
/ income from discontinued operations, net of tax
|
(11)
|
1
|
(11)
|
(1)
|
Net Income Attributable to Trio-Tech International Common
Shareholders
|
$70
|
$683
|
$769
|
$1,096
|
|
|
|
|
|
Basic Earnings per Share:
|
|
|
|
|
Basic
earnings per share from continuing operations attributable to
Trio-Tech International
|
$0.02
|
$0.19
|
$0.21
|
$0.30
|
Basic
earnings per share from discontinued operations attributable to
Trio-Tech International
|
$-
|
$-
|
$-
|
$-
|
Basic Earnings per Share from Net Income
|
|
|
|
|
Attributable to Trio-Tech International
|
$0.02
|
$0.19
|
$0.21
|
$0.30
|
|
|
|
|
|
Diluted Earnings per Share:
|
|
|
|
|
Diluted
earnings per share from continuing operations attributable to
Trio-Tech International
|
$0.02
|
$0.19
|
$0.21
|
$0.29
|
Diluted
earnings per share from discontinued operations attributable to
Trio-Tech International
|
$-
|
$-
|
$-
|
$-
|
Diluted Earnings per Share from Net Income
|
|
|
|
|
Attributable to Trio-Tech International
|
$0.02
|
$0.19
|
$0.21
|
$0.29
|
|
|
|
|
|
Weighted
average number of common shares outstanding
|
|
|
|
|
Basic
|
3,673
|
3,673
|
3,673
|
3,673
|
Dilutive
effect of stock options
|
86
|
12
|
61
|
73
|
Number
of shares used to compute earnings per share diluted
|
3,759
|
3,685
|
3,734
|
3,746
|
|
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
|
-
|
-
|
52
|
-
|
-
|
|
52
|
Net
income
|
-
|
-
|
-
|
769
|
-
|
356
|
1,125
|
Dividend declared
by subsidiary
|
-
|
-
|
-
|
-
|
-
|
(120)
|
(120)
|
Exercise of stock
option
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
Translation
adjustment
|
-
|
-
|
-
|
-
|
(1,071)
|
20
|
(1,051)
|
Balance
at Mar. 31, 2020
|
3,673
|
11,424
|
3,357
|
7,839
|
796
|
1,451
|
24,867
|
|
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
|
-
|
-
|
12
|
-
|
-
|
-
|
12
|
Net
income / (loss)
|
-
|
-
|
-
|
1,096
|
-
|
(129)
|
967
|
Dividend declared
by subsidiary
|
-
|
-
|
-
|
-
|
-
|
(125)
|
(125)
|
Exercise of stock
option
|
120
|
401
|
-
|
-
|
-
|
-
|
401
|
Translation
adjustment
|
-
|
-
|
-
|
-
|
(127)
|
(62)
|
(189)
|
Balance
at Mar. 31, 2019
|
3,673
|
11,424
|
3,261
|
6,621
|
2,055
|
1,206
|
24,567
|
|
Nine
Months Ended
|
|
|
Mar.
31,
|
Mar.
31,
|
|
2020
|
2019
|
|
(Unaudited)
|
(Unaudited)
|
Cash Flow from Operating Activities
|
|
|
Net Income
|
$1,125
|
$967
|
Adjustments
to reconcile net income to net cash flow provided by operating
activities
|
|
|
Gain
on sale of assets held for sale
|
(1,172)
|
(685)
|
Depreciation
and amortization
|
2,350
|
1,777
|
Impairment
loss on long-lived assets
|
139
|
-
|
Stock
compensation
|
52
|
12
|
Provision
for obsolete inventory
|
5
|
(37)
|
Reversal
of income tax provision
|
-
|
(145)
|
Payment of
operating leases
|
(398)
|
-
|
Payment of interest
portion of finance leases (Note
1b)
|
(43)
|
(32)
|
Allowance for
doubtful debts
|
62
|
1
|
Accrued interest
expense, net accrued interest income
|
(35)
|
34
|
Gain on sale of
property, plant and equipment – continued
operations
|
(24)
|
(13)
|
Warranty recovery,
net
|
-
|
(35)
|
Fixed assets
written off
|
-
|
(33)
|
Deferred tax
benefit / (provision)
|
(132)
|
78
|
Changes in
operating assets and liabilities, net of acquisition
effects
|
|
|
Trade accounts
receivable
|
664
|
626
|
Other
receivables
|
(248)
|
(153)
|
Other
assets
|
101
|
489
|
Inventories
|
108
|
60
|
Prepaid expenses
and other current assets
|
20
|
(99)
|
Accounts payable
and accrued expenses
|
(449)
|
60
|
Income taxes
payable
|
(29)
|
58
|
Net
Cash Provided by Operating Activities
|
2,096
|
2,930
|
|
|
|
Cash
Flow from Investing Activities
|
|
|
Proceeds from sale
of assets held for sale
|
1,261
|
943
|
Proceeds from
disposal of property, plant and equipment
|
39
|
3
|
Investments in
restricted and unrestricted deposits
|
(2,393)
|
(2,939)
|
Addition to
property, plant and equipment
|
(848)
|
(2,576)
|
Net
Cash Used in Investing Activities
|
(1,941)
|
(4,569)
|
|
|
|
Cash
Flow from Financing Activities
|
|
|
Payment on lines of
credit
|
(1,922)
|
(7,348)
|
Payment of bank
loans
|
(372)
|
(421)
|
Payment of
principal portion of finance leases
|
(251)
|
(172)
|
Dividends paid on
non-controlling interest
|
(120)
|
(125)
|
Proceeds from
exercising stock options
|
-
|
401
|
Proceeds from lines
of credit
|
2,090
|
5,995
|
Proceeds from bank
loans
|
-
|
1,475
|
Proceeds from
finance leases
|
279
|
32
|
Net Cash Used in Financing Activities
|
(296)
|
(163)
|
|
|
|
Effect of Changes in Exchange Rate
|
(431)
|
(125)
|
|
|
|
Net Decrease in Cash, Cash Equivalents, and Restricted
Cash
|
(572)
|
(1,927)
|
Cash, Cash Equivalents, and Restricted Cash at Beginning of
Period
|
6,569
|
8,234
|
Cash, Cash Equivalents, and Restricted Cash at End of
Period
|
$5,997
|
$6,307
|
|
|
|
Supplementary Information of Cash Flows
|
|
|
Cash
paid during the period for:
|
|
|
Interest
|
$186
|
$217
|
Income
taxes
|
$124
|
$114
|
|
|
|
Non-Cash Transactions
|
|
|
Finance
lease of property, plant and equipment
|
$279
|
$32
|
Reconciliation of Cash, Cash Equivalents, and
Restricted Cash (Note
1a)
|
|
|
Cash
|
4,370
|
4,602
|
Short-Term
Deposits
|
6,309
|
3,646
|
Restricted Term-Deposits in Non-current Assets
|
1,627
|
1,705
|
Total Cash, Cash Equivalents, and Restricted Cash Shown in
Statement of Cash Flows
|
$12,306
|
$9,953
|
See
notes to condensed consolidated financial statements.
|
|
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
|
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
|
|
Mar. 31,
2020
(Unaudited)
|
June 30,
2019
|
|
|
|
Short-term
deposits
|
$6,587
|
$4,143
|
Currency
translation effect on short-term deposits
|
(278)
|
1
|
Total short-term deposits
|
6,309
|
4,144
|
Restricted
term deposits
|
1,711
|
1,701
|
Currency
translation effect on restricted term deposits
|
(84)
|
5
|
Total restricted term deposits
|
1,627
|
1,706
|
Total term deposits
|
$7,936
|
$5,850
|
|
Mar.
31,
2020
(Unaudited)
|
June
30,
2019
|
Beginning
|
$263
|
$259
|
Additions charged
to expenses
|
338
|
94
|
Recovered
|
(270)
|
(84)
|
Written
off
|
(6)
|
-
|
Currency
translation effect
|
(10)
|
(6)
|
Ending
|
$315
|
$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
|
|
|
|
-
|
|
|
|
-
|
|
|
Mar. 31,
2020
(Unaudited)
|
June 30,
2019
|
|
|
|
Raw
materials
|
$1,300
|
$1,190
|
Work
in progress
|
1,330
|
1,306
|
Finished
goods
|
360
|
591
|
Currency
translation effect
|
(108)
|
13
|
Less:
provision for obsolete inventory
|
(656)
|
(673)
|
|
$2,226
|
$2,427
|
|
Mar. 31,
2020
(Unaudited)
|
June 30,
2019
|
|
|
|
Beginning
|
$673
|
$695
|
Additions
charged to expenses
|
9
|
17
|
Usage
– disposition
|
(4)
|
(42)
|
Currency
translation effect
|
(22)
|
3
|
Ending
|
$656
|
$673
|
|
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
|
|
-
|
(170)
|
Gross
investment in rental property
|
|
9,649
|
1,359
|
Accumulated
depreciation on rental property
|
Mar
31, 2020
|
(6,437)
|
(921)
|
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)
|
|
(4,644)
|
(654)
|
|
Net investment in property – China
|
|
5,005
|
705
|
|
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
|
|
Mar. 31, 2020
(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
|
168
|
169
|
Currency
translation effect
|
(218)
|
(164)
|
Total
|
$1,595
|
$1,750
|
|
RMB
|
U.S. Dollars
|
Original
Investment (10% of 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 Down Payment (Note *a)
|
4,863
|
781
|
Loans
Receivable
|
5,000
|
814
|
Interest
Receivable
|
1,250
|
200
|
Less:
Impairment of Interest
|
(906)
|
(150)
|
Transferred to Down Payment (Note *b)
|
5,344
|
864
|
* Down Payment for Purchase of Investment Properties
|
10,207
|
1,645
|
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
Entity with
|
Facility
|
Rate
|
Date
|
Limitation
|
Credit
|
Trio-Tech
International Pte. Ltd., Singapore
|
Lines
of Credit
|
Ranging
from 1.83% to 5.5% and SIBOR rate +1.25%
|
-
|
$4,706
|
$4,706
|
Trio-Tech
(Tianjin) Co., Ltd.
|
Lines
of Credit
|
5.22%
to 6.3%
|
-
|
$845
|
$845
|
Universal
(Far East) Pte. Ltd.
|
Lines
of Credit
|
Ranging
from 1.85% to 5.5%
|
-
|
$398
|
$-
|
Trio-Tech
Malaysia Sdn. Bhd.
|
Revolving
Credit
|
Cost
of Funds Rate +2%
|
-
|
$346
|
$346
|
|
Type of
|
Interest
|
Expiration
|
Credit
|
Unused
|
Entity with
|
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
|
|
Mar. 31, 2020
(Unaudited)
|
June 30,2019
|
Payroll
and related costs
|
$1,132
|
$1,354
|
Commissions
|
76
|
107
|
Customer
deposits
|
20
|
46
|
Legal
and audit
|
268
|
299
|
Sales
tax
|
11
|
9
|
Utilities
|
92
|
120
|
Warranty
|
38
|
39
|
Accrued
purchase of materials and property, plant and
equipment
|
165
|
362
|
Provision
for re-instatement
|
300
|
302
|
Deferred
income
|
91
|
61
|
Contract
liabilities
|
646
|
501
|
Other
accrued expenses
|
123
|
293
|
Currency
translation effect
|
103
|
(7)
|
Total
|
$3,065
|
$3,486
|
|
Mar. 31,
2020
(Unaudited)
|
June 30,
2019
|
Beginning
|
$39
|
$82
|
(Utilization)
/ additions charged to cost and expenses
|
(2)
|
15
|
Reversal
|
-
|
(58)
|
Currency
translation effect
|
1
|
-
|
Ending
|
$38
|
$39
|
|
Mar. 31, 2020
(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 March 31, 2020 and June 30, 2019,
respectively) per annum, with monthly payments of principal plus
interest through August 2028, collateralized by the acquired
building with a carrying value of $2,539 and $2,683 as at March 31,
2020 and June 30, 2019, respectively.
|
2,271
|
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 March 31, 2020
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 $121 and $148 as at March 31,
2020 and June 30, 2019, respectively.
|
26
|
142
|
Total bank loans
payable
|
$2,297
|
$2,780
|
Current
portion of bank loan payable
|
395
|
494
|
Currency
translation effect on current portion of bank loan
|
(17)
|
(6)
|
Current
portion of bank loan payable
|
378
|
488
|
Long
term portion of bank loan payable
|
2,012
|
2,344
|
Currency
translation effect on long-term portion of bank loan
|
(93)
|
(52)
|
Long
term portion of bank loans payable
|
$1,919
|
$2,292
|
Remainder of fiscal
2020
|
$288
|
2021
|
364
|
2022
|
380
|
2023
|
397
|
2024
|
282
|
Thereafter
|
586
|
Total obligations and commitments
|
$2,297
|
2020
|
$488
|
2021
|
362
|
2022
|
380
|
2023
|
399
|
2024
|
407
|
Thereafter
|
744
|
Total
obligations and commitments
|
$2,780
|
|
Mar. 31,2020
(Unaudited)
|
Jun 30,2019
(Unaudited)
|
Trade
Accounts Receivable
|
6,397
|
7,113
|
Accounts
Payable
|
3,129
|
3,272
|
Contract
Assets
|
392
|
419
|
Contract
Liabilities
|
646
|
501
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
Mar.
31,
|
Mar.
31,
|
Mar.
31,
|
Mar.
31,
|
|
2020
|
2019
|
2020
|
2019
|
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
(Unaudited)
|
|
|
|
|
|
Income
attributable to Trio-Tech International common shareholders from
continuing operations, net of tax
|
$81
|
$682
|
$780
|
$1,097
|
(Loss)
/ Income attributable to Trio-Tech International common
shareholders from discontinued operations, net of tax
|
(11)
|
1
|
(11)
|
(1)
|
Net Income Attributable to Trio-Tech International Common
Shareholders
|
$70
|
$683
|
$769
|
$1,096
|
|
|
|
|
|
Weighted
average number of common shares outstanding - basic
|
3,673
|
3,673
|
3,673
|
3,673
|
|
|
|
|
|
Dilutive
effect of stock options
|
86
|
12
|
61
|
73
|
Number
of shares used to compute earnings per share - diluted
|
3,759
|
3,685
|
3,734
|
3,746
|
|
|
|
|
|
Basic
earnings per share from continuing operations attributable to
Trio-Tech International
|
$0.02
|
0.19
|
0.21
|
0.30
|
Basic earnings
per share from discontinued operations attributable to Trio-Tech
International
|
-
|
-
|
-
|
-
|
Basic Earnings per Share from Net Income Attributable to Trio-Tech
International
|
$0.02
|
$0.19
|
0.21
|
0.30
|
|
|
|
|
|
Diluted
earnings per share from continuing operations attributable to
Trio-Tech International
|
$0.02
|
0.19
|
0.21
|
0.29
|
Diluted
earnings per share from discontinued operations attributable to
Trio-Tech International
|
-
|
-
|
$-
|
$-
|
Diluted Earnings per Share from Net Income Attributable to
Trio-Tech International
|
$0.02
|
$0.19
|
0.21
|
0.29
|
|
Nine Months Ended
March 31,
|
|
|
2020
|
2019
|
Expected
volatility
|
45.38% to
65.49%
|
47.29%
to 97.48 %
|
Risk-free interest
rate
|
0.30% to
2.35%
|
0.30%
to 1.05 %
|
Expected life
(years)
|
2.5-3.25
|
2.50 – 3.25
|
|
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
|
60,000
|
2.53
|
4.98
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at March 31, 2020
|
196,000
|
$3.91
|
3.97
|
$10
|
Exercisable at March 31, 2020
|
83,000
|
$4.65
|
3.60
|
$2
|
|
Options
|
Weighted Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2019
|
87,000
|
$4.28
|
Granted
|
60,000
|
2.53
|
Vested
|
(34,000)
|
4.19
|
Forfeited
|
-
|
|
Non-vested
at March 31, 2020
|
113,000
|
$3.37
|
|
|
|
|
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
|
16,000
|
3.75
|
4.68
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at March 31, 2019
|
76,000
|
5.51
|
4.13
|
-
|
Exercisable at March 31, 2019
|
34,000
|
5.72
|
4.06
|
-
|
|
Options
|
Weighted Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2018
|
45,000
|
$5.98
|
Granted
|
16,000
|
3.75
|
Vested
|
(19,000)
|
(5.72)
|
Forfeited
|
-
|
-
|
Non-vested
at March 31, 2019
|
42,000
|
$5.34
|
|
|
|
|
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 March 31, 2020
|
77,500
|
3.69
|
1.46
|
-
|
Exercisable at March 31, 2020
|
77,500
|
$3.69
|
1.46
|
$-
|
|
Options
|
Weighted
Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2019
|
9,375
|
$4.14
|
Granted
|
-
|
-
|
Vested
|
(9,375)
|
-
|
Forfeited
|
-
|
-
|
Non-vested
at March 31, 2020
|
-
|
$-
|
|
|
|
|
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
|
(50,000)
|
3.25
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding
at March 31, 2019
|
77,500
|
$3.69
|
2.47
|
$-
|
Exercisable
at March 31, 2019
|
68,125
|
$3.62
|
2.40
|
$-
|
|
Options
|
Weighted
Average
Grant-Date
Fair
Value
|
|
|
|
Non-vested
at July 1, 2018
|
28,750
|
$3.83
|
Granted
|
-
|
-
|
Vested
|
(19,375)
|
(4.14)
|
Forfeited
|
-
|
-
|
Non-vested
at March 31, 2019
|
9,375
|
$4.14
|
|
|
|
|
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
|
80,000
|
2.53
|
4.98
|
-
|
Exercised
|
-
|
-
|
-
|
-
|
Forfeited
or expired
|
-
|
-
|
-
|
-
|
Outstanding at March 31, 2020
|
240,000
|
$3.93
|
4.00
|
$12.8
|
Exercisable at March 31, 2020
|
240,000
|
$3.93
|
4.00
|
$12.8
|
|
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 March 31, 2019
|
80,000
|
5.98
|
3.98
|
$-
|
Exercisable at March 31, 2019
|
80,000
|
5.98
|
3.98
|
$-
|
|
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
|
(50,000)
|
(3.81)
|
-
|
-
|
Outstanding
at March 31, 2020
|
250,000
|
3.32
|
1.08
|
-
|
Exercisable
at March 31, 2020
|
250,000
|
$3.32
|
1.08
|
$-
|
|
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
|
(70,000)
|
3.39
|
-
|
-
|
Forfeited
or expired
|
(20,000)
|
(3.62)
|
-
|
-
|
Outstanding
at March 31, 2019
|
300,000
|
$3.40
|
1.83
|
$-
|
Exercisable
at March 31, 2019
|
300,000
|
$3.40
|
1.83
|
$-
|
Remainder of fiscal
2020
|
$152
|
2021
|
$549
|
|
$701
|
2020
|
$93
|
2021
|
$6
|
|
$99
|
|
3 Months Ended
March 31,
2020
|
9 Months Ended
March 31,
2020
|
Lease Cost
|
|
|
Finance
lease cost:
|
|
|
Interest
on lease liability
|
$13
|
$37
|
Amortization
of Right-of-use asset
|
76
|
212
|
Total
Finance Lease Cost
|
89
|
249
|
|
|
|
Operating
Lease Costs
|
$167
|
$526
|
|
Operating Lease Liabilities
|
Finance Lease Liabilities
|
Fiscal Year
|
|
|
Remainder
of 2020
|
$244
|
$83
|
2021
|
442
|
262
|
2022
|
293
|
209
|
2023
|
153
|
132
|
2024
|
-
|
106
|
Thereafter
|
-
|
21
|
Total
future minimum lease payments
|
$1,132
|
$813
|
Less:
amount representing interest
|
(59)
|
(81)
|
Present
value of net minimum lease payments
|
1,073
|
732
|
|
|
|
Presentation
on statement of financial position
|
|
|
Current
|
$541
|
$246
|
Non-Current
|
$532
|
$486
|
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
|
Nine
Months Ended
|
||
|
Mar.
31,
|
Mar.
31,
|
Mar.
31,
|
Mar.
31,
|
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Manufacturing
|
29.6%
|
35.0%
|
32.6%
|
35.3%
|
Testing
Services
|
44.0
|
45.1
|
44.0
|
44.9
|
Distribution
|
26.2
|
19.6
|
23.2
|
19.5
|
Real
Estate
|
0.2
|
0.3
|
0.2
|
0.3
|
|
|
|
|
|
Total
|
100.0%
|
100.0%
|
100.0%
|
100.0%
|
|
Three
Months Ended
March
31,
|
|
|
2020
|
2019
|
Revenue
|
100.0%
|
100.0%
|
Cost
of sales
|
79.0
|
75.4
|
Gross Margin
|
21.0%
|
24.6%
|
Operating
expenses
|
|
|
General
and administrative
|
20.6%
|
19.7%
|
Selling
|
2.2
|
2.7
|
Research
and development
|
0.9
|
0.9
|
Impairment
loss on long-lived assets
|
1.6
|
-
|
Gain
on disposal of property, plant and equipment
|
-
|
(0.1)
|
Total
operating expenses
|
25.3%
|
23.2%
|
(Loss)/Income from Operations
|
(4.3)%
|
1.4%
|
|
Three Months
Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
General
and administrative
|
$1,754
|
$1,742
|
Selling
|
181
|
246
|
Research
and development
|
79
|
76
|
Impairment
loss on the long-lived assets
|
139
|
-
|
Gain
on disposal of property, plant and equipment
|
-
|
(13)
|
Total
|
$2,153
|
$2,051
|
|
Three
Months Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
Interest expenses
|
$63
|
$74
|
|
Three
Months Ended
March
31,
|
|
|
2020
|
2019
|
Interest
income
|
46
|
31
|
Other
rental income
|
30
|
28
|
Exchange
gain / (loss)
|
94
|
(11)
|
Government
grant
|
266
|
38
|
Other
miscellaneous income
|
4
|
42
|
Total
|
$440
|
$128
|
|
Three
Months Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
Revenue
|
$2,519
|
$3,097
|
Gross margin
|
26.5%
|
25.6%
|
Loss from operations
|
$(102)
|
$(8)
|
|
Three
Months Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
Revenue
|
$3,741
|
$3,989
|
Gross margin
|
21.5%
|
28.3%
|
Loss from operations
|
$(447)
|
$(17)
|
|
Three
Months Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
Revenue
|
$2,225
|
$1,727
|
Gross margin
|
14.2%
|
14.1%
|
Income from operations
|
$207
|
$150
|
|
Three
Months Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
Revenue
|
$16
|
$25
|
Gross (loss)/margin
|
(12.5)%
|
36.0%
|
Loss from operations
|
$(30)
|
$(13)
|
Gain
on sale of assets held for sale
|
-
|
685
|
|
Three
Months Ended
March
31,
|
|
(Unaudited)
|
2020
|
2019
|
Income/(loss) from operations
|
$5
|
$11
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
|
|
|
Revenue
|
100.0%
|
100.0%
|
Cost
of sales
|
78.2
|
77.1
|
Gross Margin
|
21.8%
|
22.9%
|
Operating
expenses:
|
|
|
General
and administrative
|
19.5%
|
18.3%
|
Selling
|
2.0
|
2.1
|
Research
and development
|
1.0
|
0.9
|
Impairment
loss on long-lived assets
|
0.5
|
-
|
Gain
on disposal of plant and equipment
|
(0.1)
|
-
|
Total
operating expenses
|
22.9%
|
21.3%
|
(Loss) / Income from Operations
|
(1.1)%
|
1.6%
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
General
and administrative
|
$5,319
|
$5,223
|
Selling
|
547
|
580
|
Research
and development
|
280
|
270
|
Impairment
loss on long-lived asset
|
139
|
-
|
Gain
on disposal of plant and equipment
|
(24)
|
(13)
|
Total
|
$6,261
|
$6,060
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
Interest expense
|
$186
|
$250
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
Revenue
|
$8,881
|
$10,086
|
Gross margin
|
23.6%
|
22.6%
|
(Loss)/income from operations
|
$(201)
|
$175
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
Revenue
|
$12,018
|
$12,819
|
Gross margin
|
24.7%
|
27.1%
|
Loss from operations
|
$(540)
|
$(134)
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
Revenue
|
$6,338
|
$5,587
|
Gross margin
|
13.9%
|
13.5%
|
Income from operations
|
$599
|
$492
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
Revenue
|
$49
|
$81
|
Gross (loss) / margin
|
(10.2)%
|
35.8%
|
Loss from operations
|
$(82)
|
$(30)
|
|
Nine
Months Ended
|
|
|
Mar.
31,
2020
|
Mar.
31,
2019
|
(Unaudited)
|
|
|
Loss from operations
|
$(94)
|
$(30)
|
|
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: May 21, 2020
|
1 Year Trio Tech Chart |
1 Month Trio Tech Chart |
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