Trio-Tech International saw an increase in revenue in its first quarter of fiscal 2023.
The Van Nuys-based manufacturer of semiconductor testing equipment and semiconductor testing services reported net income of $882,000 (21 cents a share) for the quarter ending Sept. 30, compared with net income of $917,000 (23 cents) in the same period a year earlier.
Revenue increased by 17% from the prior year to $12 million. The company attributed the spike to a 38% increase in revenue from the testing services business.
S.W. Yong, Trio-Tech’s chief executive, said that revenue growth to $6.4 million in the testing services business was a key driver during the quarter. The manufacturing segment delivered modest revenue growth as well, Yong added.
“With encouraging backlog and a strong balance sheet, including cash and short-term deposits of $12.3 million, or about $3.00 per outstanding share, we remain cautiously optimistic about Trio-Tech’s financial performance for fiscal 2023,” Yong said in a statement.
Trio-Tech was founded in 1958 and has a headquarters in Singapore. It also has subsidiaries in Tianjin, Suzhou, Chongqing and Jiangsu, all in China, as well as Kuala Lumpur, Malaysia, and Bangkok, Thailand. The company primarily serves semiconductor chip manufacturers and testing facilities that purchase testing equipment.