Trio-Tech International(TRT) - 2024 Q3 - Quarterly Results

Revenue Performance - Total revenue for Q3 2024 increased by 6% to $10,398,000 compared to $9,842,000 in Q3 2023[3] - Manufacturing segment revenue surged by 62% to $4,813,000, while Distribution segment revenue rose by 51% to $1,783,000[3] - Testing Services segment revenue decreased by 33% to $3,796,000, reflecting ongoing weakness in global semiconductor demand[3][8] - For the first nine months of fiscal 2024, total revenue decreased by 5% to $32,566,000 compared to $34,171,000 in the same period last year[9] - Manufacturing revenue for the first nine months increased by 8% to $12,488,000, while Distribution revenue rose by 33% to $6,453,000[9] Profitability - Gross margin for Q3 2024 improved to $2,703,000, representing 26% of revenue, up from 25% in the same quarter last year[4] - Net income attributable to common shareholders for Q3 2024 was $70,000, or $0.02 per diluted share, compared to a net loss of $7,000 in Q3 2023[6] - Net income for the three months ended March 31, 2024, was $163,000, compared to $54,000 for the same period in 2023, representing a significant increase[19] - Comprehensive loss attributable to Trio-Tech International for the three months ended March 31, 2024, was $(683,000), compared to a comprehensive income of $305,000 for the same period in 2023[19] Financial Position - Cash, cash equivalents, and short-term deposits increased to $17,025,000, or $4.04 per outstanding share, as of March 31, 2024[13] - Shareholders' equity increased to $31,452,000, or $7.47 per outstanding share, compared to $29,571,000 at June 30, 2023[13] - Total current assets increased to $32,270,000 as of March 31, 2024, from $28,827,000 as of June 30, 2023, reflecting a growth of approximately 15.9%[21] - Cash and cash equivalents rose to $10,716,000 as of March 31, 2024, compared to $7,583,000 as of June 30, 2023, indicating an increase of about 41.9%[21] - Total liabilities decreased to $11,635,000 as of March 31, 2024, from $12,615,000 as of June 30, 2023, showing a reduction of approximately 7.8%[21] - Shareholders' equity for Trio-Tech International increased to $31,242,000 as of March 31, 2024, up from $29,406,000 as of June 30, 2023, representing an increase of about 6.3%[21] - The company’s accumulated retained earnings increased to $11,570,000 as of March 31, 2024, from $10,763,000 as of June 30, 2023, showing a growth of approximately 7.5%[21] Currency and Asset Changes - The company reported a foreign currency translation loss of $(753,000) for the three months ended March 31, 2024, compared to a gain of $166,000 for the same period in 2023[19] - Total non-current assets decreased to $10,817,000 as of March 31, 2024, from $13,359,000 as of June 30, 2023, reflecting a decline of approximately 19.0%[21] - Accounts payable increased to $2,406,000 as of March 31, 2024, compared to $1,660,000 as of June 30, 2023, indicating a rise of about 45.0%[21] Management Outlook - The CEO expressed cautious optimism regarding continued favorable trends in revenue and profitability for the Manufacturing and Distribution segments[7]