Looks like they've trimmed as much as they could and have kept losses reasonable given the current market conditions. With the onhand cash, they can manage for quite a while if they can keep things at this level. Still seems like a steal at the current price.
Wish they would do a better job of providing information about their business plan moving forward. Are they a real estate holdings company or a tech company?
I think their game plan is to be at the ready for the next uptick in semi's...the following sums up the current situation:
"At March 31, 2009, cash and cash equivalents were $12,022,000 ($3.73 per outstanding share), working capital was $12,729,000, and shareholders' equity was $19,914,000 ($6.17 per outstanding share).
"As has been the case throughout this fiscal year, Trio-Tech's financial performance for the third quarter was driven by the severely depressed conditions in the global semiconductor and electronics industries. We have responded with alacrity by dramatically reducing costs throughout our organization and husbanding our financial resources, while continuing to provide the first-class service and support our customers have come to expect from Trio-Tech," said Chief Executive Officer S.W. Yong.
Revenue from the Company's products sales for the third quarter of fiscal 2009 decreased to $1,722,000 compared to $4,482,000 for the third quarter of fiscal 2008. Third quarter product sales gross margin increased to 25.9% from 5.2% for the same period last year, reflecting an improved product mix and reduced raw material expenses."