Trio-Tech International 8-K, filed Nov 17, 2021

Trio-Tech International (TRT)

8-K 2021-11-17 For: 2021-11-15

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Added on April 06, 2026

About this 8-K

Trio-Tech International filed this 8-K on November 17, 2021, reporting on events of November 15, 2021.

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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1-14523	95-2086631
(Commission File Number)	(IRS Employer Identification No.)

Block 1008 Toa Payoh North, Unit 03-09 Singapore	318996
(Address of Principal Executive Offices)	(Zip Code)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered

Common Stock, no par value	TRT	NYSE American

		TRIO-TECH INTERNATIONAL
		By: /s/ VICTOR H.M. TING
		Name: Victor H.M. Ting
		Title: Vice President and Chief Financial Officer

Exhibit Number	Description

99.1	Press Release of Trio-Tech International dated November 15, 2021

	Three Months Ended
	September 30,
	2021			2020
Revenue
Manufacturing	$	3,562		$	2,625
Testing services		4,600			2,954
Distribution		1,998			1,258
Real estate		11			4
		10,171			6,841
Cost of Sales
Cost of manufactured products sold		2,434			1,937
Cost of testing services rendered		2,883			2,322
Cost of distribution		1,656			1,047
Cost of real estate		19			17
		6,992			5,323

Gross Margin		3,179			1,518

Operating Expenses:
General and administrative		1,980			1,660
Selling		147			111
Research and development		82			75
Gain on disposal of property, plant and equipment		--			(1	)
Total operating expenses		2,209			1,845

Income (Loss) from Operations		970			(327	)

Other Income (Expenses)
Interest expenses		(28	)		(37	)
Other income, net		161			211
Total other income		133			174

Income (Loss) from Continuing Operations before Income Taxes		1,103			(153	)

Income Tax Expense		(180	)		(7	)

Income (Loss) from Continuing Operations before Non-controlling Interest, net of tax		923			(160	)

Income (loss) from discontinued operations, net of tax		5			(6	)
NET INCOME (LOSS)		928			(166	)

Less: Net income (loss) attributable to the non-controlling interest		11			(158	)
Net Income (Loss) attributable to Trio-Tech International		917			(8	)

Net Income (Loss) Attributable to Trio-Tech International:
Income (Loss) from continuing operations, net of tax		914			(5	)
Income (loss) from discontinued operations, net of tax		3			(3	)
Net Income (Loss) Attributable to Trio-Tech International	$	917		$	(8	)

Earnings per share
Basic earnings per share	$	0.23		$	0.00
Diluted earnings per share	$	0.23		$	0.00

Weighted Average Shares Outstanding - Basic		3,913			3,686
Weighted Average Shares Outstanding - Diluted		4,007			3,766

	Sep. 30,		Jun. 30,
	2021		2021
	(unaudited)
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	5,173	$	5,836
Short-term deposits		5,925		6,651
Trade accounts receivable, net		9,403		8,293
Other receivables		692		662
Inventories, net		2,410		2,080
Prepaid expenses and other current assets		1,315		418
Financed Sales Receivable		20		19
Total current assets		24,938		23,959
Deferred tax assets		226		217
Investment properties, net		661		681
Property, plant and equipment, net		9,333		9,531
Operating lease right-of-use assets		2,901		1,876
Other assets		296		262
Financed Sales Receivable		34		39
Restricted term deposits		1,722		1,741
Total non-current assets		15,173		14,347
TOTAL ASSETS	$	40,111	$	38,306

LIABILITIES AND SHAREHOLDERS’ EQUITY

CURRENT LIABILITIES:
Lines of credit	$	249	$	72
Accounts payable		3,224		3,702
Accrued expenses		3,872		3,363
Income taxes payable		457		314
Current portion of bank loans payable		438		439
Current portion of finance leases		180		197
Current portion of operating leases		869		672
Total current liabilities		9,289		8,759
Bank loans payable, net of current portion		1,489		1,621
Finance leases, net of current portion		211		253
Operating leases, net of current portion		2,033		1,204
Income taxes payable		326		385
Deferred tax liabilities		30		--
Other non-current liabilities		29		31
Total non-current liabilities		4,118		3,494
TOTAL LIABILITIES		13,407		12,253

EQUITY
TRIO-TECH INTERNATIONAL'S SHAREHOLDERS' EQUITY:
Common stock, no par value, 15,000,000 shares authorized; 3,913,055 issued and outstanding at September 30 and June 30, 2021, respectively		12,178		12,178
Paid-in capital		4,245		4,233
Accumulated retained earnings		7,741		6,824
Accumulated other comprehensive gain-translation adjustments		2,117		2,399
Total Trio-Tech International shareholders' equity		26,281		25,634
Non-controlling interest		423		419
TOTAL EQUITY		26,704		26,053
TOTAL LIABILITIES AND EQUITY	$	40,111	$	38,306