- The stock price of Trio-Tech International (NYSEAMERICAN: TRT) increased by 31.48% in the most recent trading session. This is why it happened.
The stock price of Trio-Tech International (NYSEAMERICAN: TRT) increased by 31.48% in the most recent trading session. Investors are responding positively to the company announcing the financial results for the first quarter of fiscal 2022.
These are the highlights:
— Total revenue for the three months ended September 30, 2021, increased 49% to $10,171,000 compared to $6,841,000 for the first quarter of fiscal 2021. Manufacturing revenue advanced 36%, testing services revenue increased 56%, and distribution revenue rose 59% compared to the year-earlier period.
— Overall gross margin increased to 31% of total revenue compared to 22% for last year’s first quarter, while operating expenses declined to 22% of revenue from 27%. As a result, operating income increased to $970,000 for this year’s first quarter, compared to an operating loss of $327,000 for the same quarter a year ago.
— Net income for the first quarter of fiscal 2022 was $917,000, or $0.23 per diluted share. This compares to a net loss of $8,000, or $0.00 per share, for the first quarter a year ago.
— Shareholders’ equity at September 30, 2021 increased to $26,704,000, or $6.82 per outstanding share, compared to $26,053,000, or $6.66 per outstanding share, at June 30, 2021. There were approximately 3,913,055 common shares outstanding at both September 30, and June 30, 2021.
“The 49% growth in first-quarter revenue, and the improvements in gross margin, operating and net income reflect higher-order rates from customers across our operations, improved operating efficiency, firming prices for testing services, and a favorable product mix. Our backlog remains strong, as we continue to benefit from our strategy of providing close-in product and testing services for our major customers. We remain optimistic regarding opportunities for the remainder of the fiscal year as we work to finalize a contract with our customer for testing and burn-in services related to a variety of semiconductor components with applications in computing and automotive electronics.”
— S.W. Yong, Trio-Tech’s CEO
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