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Trio-Tech International (TRT+0.26%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a total revenue of $9,799, which is a decrease from $9,966 in the same period of the previous fiscal year. The decrease in revenue is attributed to a decline in the Semiconductor Back-end Solutions segment.
The Semiconductor Back-end Solutions segment revenue decreased by $297 to $6,879, while the Industrial Electronics segment saw an increase of $131 to $2,914.
Gross profit for the quarter was $2,322, down from $2,520 in the previous year, with a gross margin decrease to 23.7% from 25.3%. The decline in gross profit margin is due to lower margin sales in the Industrial Electronics segment.
General and administrative expenses decreased by $194 to $1,964, while selling expenses decreased by $37 to $150. These reductions contributed to an income from operations of $133, compared to a loss of $1 in the prior year.
Interest expense decreased to $13 from $24, reflecting lower utilization of credit facilities. Other expenses increased significantly by $561 due to unfavorable foreign currency impacts.
Net loss attributable to common shareholders was $236, a change from a net income of $230 in the previous year. Basic and diluted loss per share were both $0.06, compared to earnings per share of $0.06 and $0.05, respectively, in the prior year.
Total assets increased to $42,940, while total liabilities decreased to $9,500 as of September 30, 2024. The company's financial condition reflects an increase in trade accounts receivable and a decrease in cash and cash equivalents.
The report outlines Trio-Tech's strategic focus on reducing its concentration in the semiconductor industry by organizing its operations into Semiconductor Back-end Solutions and Industrial Electronics segments.
The filing also includes forward-looking statements regarding market conditions, competition, and potential impacts of global economic factors on the company's operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Trio-Tech International quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.