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TrioTech International Reports Operating Results (10-K)

October 01, 2010 | About:

TrioTech International (TRT) filed Annual Report for the period ended 2010-06-30.

Triotech International has a market cap of $15.3 million; its shares were traded at around $4.72 with and P/S ratio of 0.8. TRT is in the portfolios of Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

The aggregate market value of voting stock held by non-affiliates of Registrant, based upon the closing price of $3.23 for shares of the registrant s Common Stock on December 31, 2009, the last business day of the registrant s most recently completed second fiscal quarter as reported by the NYSE Amex, was approximately $5.5 million. In calculating such aggregate market value, shares of Common Stock held by each officer, director and holder of 5% or more of the outstanding Common Stock (including shares with respect to which a holder has the right to acquire beneficial ownership within 60 days) were excluded because such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

According to the Semiconductor Industry Association (SIA) report on August 30, 2010, global sales of semiconductors grew to $25.2 billion in July 2010, an increase of 1.2% from June 2010 when sales were $24.9 billion, and an increase of 37.0% from July 2009 when sales were $18.4 billion. Year to date sales total $169.2 billion, an increase of 46.7% from the $115.3 billion reported for the first seven months of 2009. All monthly sales numbers represent a three-month moving average. The SIA anticipates that the global sales of semiconductors for 2010 will be in line with its mid-year forecast of 28.4%.

Our revenue has increased significantly from fiscal year 2009 to 2010, from approximately $19,995 for fiscal year 2009 to $36,928 for fiscal year 2010, representing an increase rate of approximately 84.7%. Our core business, testing, manufacturing and distribution, accounted for 95.7% and 97.9% of our revenue for fiscal year 2010 and fiscal year 2009, respectively. To reduce our risk associated with single business activity and concentration of customers, we intend to continue growing our core businesses while diversifying our business scope.

In fiscal 2010 and 2009, combined sales of equipment and services to our three largest customers accounted for approximately 72.0% and 60.9%, respectively, of our total net revenue. During fiscal 2010, the Company had sales of $23,349 (63.2%) to Customer A. During fiscal 2009, we had sales of $8,664 (51.2%) to Customer A.. Although the top customer mentioned above is a U.S. company, the revenue generated from them was from their facilities located outside of the U.S. The majority of our sales and services in fiscal years 2010 and 2009 were to customers outside of the United States. For information relating to profit and loss and total assets for each of our segments, see Note 21 - Business segments of our consolidated financial statements included in this Form 10-K.

Read the The complete Report

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