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Thursday, Jun 1, 2023

Trio-Tech Sees Less Red at Year End

Trio-Tech of Van Nuys announced a narrower net loss for their fiscal year end of June 30. The company’s net loss of $461,000, $0.14 per share, compares to a net gain in the previous year’s fourth quarter of $672,000, or $0.21 per share. But it’s still better than the third quarter when net losses of $1,411,000, or $0.44 per share were reported. Much of the loss was attributed to the beginning of the end of one of their semiconductor burn-in programs, which had been known in advance. The company has worked to cut operating expenses, succeeding by reducing them 1.4 percent from last year. CEO S.W. Yong was quoted in the company’s press release as saying that the company made “aggressive reductions in operating costs through headcount reductions and cuts in executive salaries” among other things. Looking forward, the company has seen an increase in its testing service backlog to nearly $7 million, an increase of about $500,000 from the previous year.

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