Trio-Tech International on Thursday posted a third-quarter loss on decreased sales, sending shares down more than 10 percent.
The loss of $1.4 million (-44 cents per share) compared to a profit of $1.1 million (33 cents) in the same period a year earlier.
The Van Nuys-based microprocessor testing provider also reported a 38 percent decrease in revenues to $8.5 million compared to $13.6 million for the third quarter in 2007.
Trio-Tech blamed the poor showing on the phase-out of facilities in Singapore and China, cutting revenues in the company’s testing segment in half and nearly doing the same for its product sales segment, the company said.
“We have taken aggressive steps to reduce our costs in view of the sudden phase-out of a significant burn-in program, including headcount reductions, cuts in executive salaries and other cuts,” Chief Executive S.W. Yong said. “At the same time, our efforts to win new business with existing and new customers are meeting with some success, which is another encouraging sign for the future.”
Shares in Trio-Tech were down 11 percent to $5.18 in early trading Thursday. Shares have shed 48 percent so far this year.