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TrioTech International Reports Operating Results (10-Q)

May 17, 2010 | About:
10qk

10qk

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TrioTech International (TRT) filed Quarterly Report for the period ended 2010-03-31.

Triotech International has a market cap of $14.04 million; its shares were traded at around $4.3499 with and P/S ratio of 0.7. TRT is in the portfolios of Jim Simons of Renaissance Technologies LLC.
This is the annual revenues and earnings per share of TRT over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TRT.


Highlight of Business Operations:

In the three months ended March 31, 2010, revenue from its manufacturing segment increased by $5,711, or $341.4% to $7,384 compared to $1,673 for the same period of last fiscal year. This significant increase in revenue was primarily due to an increase of revenue from this segment s major customer and an increase of approximately $848 in revenue from solar business.

In fiscal year 2009, TTCQ purchased four units of commercial property and two units of residential property, totaling 1,391.70 square meters, located in Chongqing, China from Jin Yun Hua Fu. The total purchase price was RMB 7,042, equivalent to approximately $1,032 based on the exchange rate as of March 31, 2010 published by the Monetary Authority of Singapore System. On October 23, 2008, the Company entered into a lease agreement with JiaSheng for the six units purchased from JiaSheng pursuant to the Memorandum Agreement. The lease provides for a two year term with an annual rental income of RMB 1,392, or approximately $204 based on the exchange rate as of March 31, 2010 published by the Monetary Authority of Singapore. The lease started on November 1, 2008 and generated a rental income of $51 and $102 for the three and nine months ended March 31, 2010, compared with $34 and $34 for the three and nine months ended March 31, 2009, respectively.

Net sales for the three months and nine months ended March 31, 2010 were $10,771 and $24,054, respectively an increase of $7,120 and $8,387, respectively, when compared to net sales for the same periods of the prior year. As a percentage, net sales increased by 195.0% and 53.5% for the three and nine months ended March 31, 2010, respectively, when compared to total net sales for the same periods of the prior year.

Net sales into and within China and the Southeast Asia regions and other countries (except sales into and within the United States) increased by $7,126 to $10,587 for the three months ended March 31, 2010, compared with $3,461 for the same period of last fiscal year. The increase was due to an increase in sales in all the segments primarily in manufacturing segment. Net sales into and within the United States were $184 , a decrease of $6, or 3.2% as compared to $190 in the same quarter of last fiscal year, due to a decrease in market demand for its products in the U.S. market, which management believes is the result of the negative impact of the financial crisis in the United States.

Net sales into and within China and the Southeast Asia regions and other countries (except sales into and within the United States) increased by $8,809 from $14,816 to $23,625 or 59.5% for the nine months and three months ended March 31, 2010 compared with the same period of last fiscal year. The increase was primarily due to an increase in manufacturing and distribution segment in Singapore and Malaysia operations. Net sales into and within the United States were $42, for the nine months ending March 31, 2010 a decrease of $422, or 49.6% as compared $851 for the same period of the prior fiscal year.

Net sales in the manufacturing segment as a percentage of total net sales were 68.5% and 58.5% for the three and nine months ended March 31, 2010, respectively, an increase of 22.7% and 10.8% of total net sales, respectively, when compared to the same periods of the prior year. The absolute amount of net sales was $7,384 and $14,083 for the three and nine months ended March 31, 2010, respectively, an increase of $5,711 and $6,610, respectively, when compared to the same periods of the prior year. The increase in revenue generated by the manufacturing segment was due to an increase in demand for its products, which the Company believes was because of the increase in market demand for semi-conductor related products in the international market. In addition, its solar business generated revenue of $848 in the three and nine months ended March 31, 2010, respectively. The venture into the solar projects commenced in fiscal 2008, however the Company began providing installation and support for the solar products in fiscal 2010. The Company did not generate any revenue from solar related products in the earlier periods.

Read the The complete Report

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