Trio-Tech International(TRT) - 2024 Q1 - Quarterly Report

Revenue Performance - Total revenue decreased by $1,973, or 16.5%, to $9,966 in the first quarter of Fiscal 2024, compared to $11,939 for the same period in Fiscal 2023[137] - Manufacturing segment revenue decreased by $700, or 19.5%, to $2,885 for the first quarter of Fiscal 2024, compared to $3,585 for the same period in Fiscal 2023[137] - Testing segment revenue decreased by $1,200, or 18.9%, to $5,164 for the first quarter of Fiscal 2024, compared to $6,364 for the same period in Fiscal 2023[137] - Distribution segment revenue decreased by $72, or 3.6%, to $1,910 for the first quarter of Fiscal 2024, compared to $1,982 for the same period in Fiscal 2023[137] - Revenue in the Testing segment from one customer accounted for 40.4% of revenue in the Testing segment for the three months ended September 30, 2023[145] - Revenue for the three months ended September 30, 2023, was $2,885 million, a decrease from $3,585 million in the same period in Fiscal 2023[175] Profitability Metrics - Overall gross profit margin decreased by 5% to 25.3% for the first quarter of Fiscal 2024, from 30.3% for the same period in Fiscal 2023[137] - Basic earnings per share for the first quarter of Fiscal 2024 was $0.06, compared to earnings per share of $0.22 for the same period in Fiscal 2023[137] - Net income attributable to common shareholders for the three months ended September 30, 2023, was $230 million, down from $882 million in the same period in Fiscal 2023[171] - Basic earnings per share from continuing operations were $0.06 for the three months ended September 30, 2023, compared to $0.22 for the same period in Fiscal 2023[172] - Overall gross margin decreased by 5.0% to 25.3% for the three months ended September 30, 2023, compared to 30.3% for the same period in Fiscal 2023[154] - Gross profit in the Manufacturing segment decreased by $224 to $836 million for the three months ended September 30, 2023, from $1,060 million for the same period in Fiscal 2023[155] - Gross profit margin in the Testing segment decreased by 8.5% to 26.7% for the three months ended September 30, 2023, compared to 35.2% in the same period in Fiscal 2023[156] Expenses and Liabilities - Total operating expense for the three months ended September 30, 2023, was $2,521 million, a slight decrease from $2,555 million in the same period in Fiscal 2023[160] - Total liabilities increased by $2,429 to $15,044 as of September 30, 2023, compared to $12,615 as of June 30, 2023[137] - Interest expense decreased by $20, or 45.4%, to $24 for the three months ended September 30, 2023, from $44 in the same period of Fiscal 2023[163] - The share of non-controlling interest in the net loss from subsidiaries for the three months ended September 30, 2023, was $23, a decrease of $119 compared to the net income of $96 for the same period in the previous fiscal year[170] Asset Management - Total assets increased by $2,513 to $44,699 as of September 30, 2023, compared to $42,186 as of June 30, 2023[181] - Cash and cash equivalents rose by $750 to $8,333 at September 30, 2023, primarily due to the maturity of short-term deposits[182] - Trade accounts receivable increased by $1,169 to $10,973, attributed to higher revenue from customers with longer credit terms in Singapore and China[184] - Inventories increased by $1,872 to $4,023, driven by a backlog in the Manufacturing segment related to Singapore operations[186] - Accounts payable increased by $896 to $2,556, consistent with the rise in inventories[189] - Accrued expenses rose by $1,939 to $7,507, mainly due to increased accrued purchases and contract liabilities in Singapore operations[189] Cash Flow - Net cash used in operating activities increased by $1,618 to an outflow of $57 for the three months ended September 30, 2023[192] - Net cash provided by investing activities decreased by $516 to an inflow of $814, primarily due to a decrease in unrestricted deposit withdrawals[193] - Net cash inflow from financing activities was $144, an increase of $558 compared to cash outflow of $414 during the same period in 2022[194] Strategic Initiatives - The company filed a shelf registration statement to raise up to $10,000,000 for expansion of testing capacity and working capital[195] Real Estate Performance - The Real Estate segment saw a decrease in rental income due to low occupancy rates, generating $7 in revenue for the first quarter of Fiscal 2024, down from $8 in the same period of Fiscal 2023[148]