Trio-Tech International (AMEX:TRT) announced Friday that it swung to a profit in the second quarter as revenues increased by 54% on strength in the company's core semiconductor test equipment business.
In the second quarter of fiscal 2011, the California-based diversified business company posted net income of $187,000, or $0.05 per diluted share, compared to a net loss of $369,000, or $0.11 per share, in the prior year period.
Total revenue rose 54% to $9.55 million in the second quarter, as product revenue rose 75% due to higher sales of the company's semiconductor test equipment products.
Revenue from testing services, the second largest segment, grew to $3.19 million versus $2.59 million in the year earlier quarter. The company said that during the period, it completed the expansion of its Malaysia testing operation, allowing it to increase production capacity in anticipation of higher order volumes from a major customer.
At year-end, Trio-Tech had $8.12 million cash, equivalents and deposits. Aside from the company's semiconductor test and manufacturing business, it is also engaged in oil and gas equipment fabrication, solar products and real estate.
TRT rose 2% Friday, closing at $4.79.