Trio-Tech International(TRT) - 2024 Q4 - Annual Results

Revenue Performance - Fourth quarter revenue increased by 7% to $9,746,000, driven by a 60% increase in manufacturing revenue and a 30% increase in distribution revenue[3] - For fiscal year 2024, distribution revenue increased by 32% to $8,297,000, while manufacturing revenue rose by 16% to $16,057,000[4] - Total revenue for fiscal 2024 decreased by 2% to $42,312,000, down from $43,250,000 in fiscal 2023[4] - Revenue for the three months ended June 30, 2024, was $9,746,000, a 7.4% increase from $9,079,000 in the same period of 2023[10] Profitability - Gross margin for the fourth quarter improved by 17% to $2,685,000, representing 28% of revenue, compared to 25% in the same quarter last year[3] - Net income for the fourth quarter rose to $243,000, or $0.06 per diluted share, up from $162,000, or $0.04 per diluted share, in the prior year[3] - Net income attributable to shareholders for fiscal 2024 was $1,050,000, or $0.24 per diluted share, compared to $1,544,000, or $0.37 per diluted share, for fiscal 2023[5] - Gross margin for fiscal 2024 slightly decreased to 25% of revenue, down from 27% in fiscal 2023[5] - Net income attributable to Trio-Tech International for the three months ended June 30, 2024, was $243,000, up from $162,000 in the same period of 2023, representing a 50% increase[10] - Basic earnings per share for continuing operations was $0.06 for the three months ended June 30, 2024, compared to $0.04 in the same period of 2023, a 50% increase[10] Expenses and Losses - Total operating expenses for the three months ended June 30, 2024, were $2,327,000, an increase from $2,161,000 in the same period of 2023, reflecting a 7.7% rise[10] - Comprehensive loss attributable to Trio-Tech International for the three months ended June 30, 2024, was $(77,000), compared to a loss of $(886,000) in the same period of 2023[11] - The company reported a foreign currency translation loss of $(328,000) for the three months ended June 30, 2024, compared to a loss of $(1,137,000) in the same period of 2023[11] - Research and development expenses for the three months ended June 30, 2024, were $87,000, slightly up from $86,000 in the same period of 2023[10] Assets and Liabilities - Total current assets increased to $32,182,000 from $28,827,000, a growth of 4.5% year-over-year[12] - Cash and cash equivalents increased to $10,035,000 at June 30, 2024, compared to $7,583,000 a year earlier[7] - Total liabilities decreased to $10,962,000 from $12,615,000, a reduction of 13.1% year-over-year[12] - Total equity increased to $31,578,000 from $29,571,000, reflecting a growth of 6.8%[13] - Total non-current assets decreased to $10,358,000 from $13,359,000, a decline of 22.4%[12] - Operating lease right-of-use assets decreased to $1,887,000 from $2,609,000, a drop of 27.6%[12] - Total assets slightly increased to $42,540,000 from $42,186,000, a growth of 0.8%[13] Backlog and Future Outlook - Backlog at June 30, 2024, was $14,422,000, down from a record backlog of $17,437,000 at June 30, 2023[6] - The company is focusing on growth opportunities in manufacturing and distribution, evaluating potential acquisitions, and increasing sales efforts[4]