Improvement in the semiconductor manufacturing and testing business contributed to Trio-Tech International Inc. posting positive earnings in the third quarter on Wednesday.
The Van Nuys company reported net income of $157,000 (5 cents a share) for the quarter ended March 31, compared with a net loss of $543,000 (-16 cents) in the same period a year earlier. Revenue rose 24.5 percent to $8 million.
Third quarter revenue growth was due to improvement in sales of semiconductor manufacturing equipment and testing services, said Chief Executive S.W. Yong
“We believe our solid performance reflects our focus on customer service and operating efficiency, and we are optimistic about the outlook for the period ahead,” Yong said in a prepared statement.
Shares closed up 17 cents, or about 5.6 percent, to $3.22 on the New York Stock Exchange.
Qualstar Corp. narrowed its net loss in the third quarter as it cuts operating expenses, the company announced Wednesday.
The Simi Valley storage tape and power supply products manufacturer reported a net loss of $2.2 million (-18 cents a share) for the quarter ended March 31, compared with a net loss of $3.3 million (-27 cents) in the same period a year earlier. Revenue decreased 13.2 percent to $2.6 million.
“By balancing the aggressive moves to reduce costs and investment in expanding our product portfolio to target new, growing markets, we are well-positioned to realize growth as a company,” Chief Executive Steven Bronson said in a prepared statement.
Shares closed down 20 cents, or about 14 percent, to $1.21 on the Nasdaq.
Hydrogen leak detection product manufacturer H2Scan Corp. on Tuesday named Michael Allman as the new chairman of the board of directors.
Allman replaces Dennis Reid, founder and chief executive of the Valencia company, who will remain on the board.
Allman has served as president and chief executive of Southern California Gas Co., in Los Angeles, and in management positions with Sempra Energy, the San Diego parent of Southern California Gas.
His experience in the utility and natural gas industries will open new doors for business for H2Scan, he said.
“I am a strong believer in their products and technology and its ability to enhance and streamline business processes,” Allman said in a prepared statement.
American Homes 4 Rent has priced its previously announced collateralized bonds tied to single-family home rentals.
The Agoura Hills institutional landlord will issue the bonds as a private placement through an affiliate tied to rentals at 3,852 homes. The company expects gross proceeds of about $481 million from the offering, with an interest rate of LIBOR plus 154 basis points.
This comes as the real estate investment trust has issued several secondary stock offerings to raise capital for purchasing and renovating more single-family homes. The company has yet to turn a profit since going public last summer and is seeing costs go up as the residential real estate market continues its recovery.
The company said the securitization is “intended to reduce the company's cost of capital over the long term.” The bond sale is expected to close on or about May 21.
Shares closed up 10 cents, or less than 1 percent, to $17.23 on the New York Stock Exchange.