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TRTC is a stock which numerous elements which I have previously seen separately in big gainers. The stock has numerous elements which indicate that it is poised to grow exponentially in the future. Through private acquistion, it is changing businesses which will significantly change its margins and add to both revenue and earnings. It has low debt/equity ratio, low P/E, incredibly low price/sales ratio, low price to book ratio, and lots of cash. It also has three (3) other special items which you usually see in big gainers: 1 - A newly announced split 3:2 as of 10/7/97. 2 - Very, very small float- 400,000 shares. 3 - Present trading volume which is 10-20 times its 3-month daily average. Like chess, this one reminds me of a stock pattern I have profitted from numerous times. Most recently, this one reminds me of TSRI in mid - 1996. INFORMATION TRTC Trio-Tech International is a global supplier of semiconductor test equipment and services. The company has operations in Southern California, Singapore, Malaysia, Thailand and Ireland. This is its past. TRTC has been rather successful at its business. See fundamantals below. However, the company is about to acquire a new business which will significantly add to its revenue. With such a small number of outstanding shares, a $10-$20 million dollar addition in revenue can catapult earnings. THE FUTURE: July 29, 1997--Trio-Tech International (NASDAQ:TRTC) announced that it has signed a letter of intent to acquire Universal Systems, a privately held semiconductor equipment manufacturer located in Campbell, Calif. Trio-Tech International will pay a combination of cash, stock and options to Universal Systems' shareholders. Universal Systems will operate as a wholly owned subsidiary of Trio-Tech International. Universal Systems' founder and president, Tony DePiero, has signed a long-term contract to remain president of Universal Systems. Universal Systems was formed in June 1995 as a consulting and service company focused on wet processing semiconductor manufacturing technologies. In June 1996, Universal Systems began operations as a fully integrated manufacturer of wet process semiconductor manufacturing equipment. Universal Systems' equipment targets front end wafer and substrate processing through manual,semiautomated and automated wet process stations that etch, strip, clean and plate silicon wafers. Universal Systems' current customers include Intel, Sony, Texas Instruments, Motorola and TRW. Universal Systems currently operates in a 6,000-square-foot manufacturing facility and anticipates expanding into an additional 20,000-square-foot manufacturing facility in the coming months. Trio-Tech President and CEO Yong Siew Wai commented: ``Trio-Tech is excited about the opportunity to further penetrate the front end of the semiconductor manufacturing business through the acquisition of Universal Systems. In the coming years,we anticipate that Universal Systems, as well as Trio-Tech's Artic Chuck Wafer Test Systems, will significantly enhance the company's U.S.-based sales.'' DePiero brings nearly 20 years of wafer processing experience, having built his previous company, Universal Plastics, to more than $15 million in sales prior to selling the operations to SubMicron in June 1994. The semiconductor industry's ongoing shift to 300 mm/12-inch wafer technology demands enhanced automation processing technology. Universal Systems will target this burgeoning market, as well as the current market for manual and semi-automated processstations. DePiero stated, ``As a subsidiary of Trio-Tech International, Universal Systems will be able to leverage off of Trio-Tech's established presence in Southeast Asia. This existing infrastructure will be critical to the growth of Universal Systems as it increases its penetration into the growing automated wet process marketplace.'' The acquisition is subject to the final audit by Trio-Tech's accountants, Deloitte & Touche LLP and approval by Trio-Tech International's board of directors. It is anticipated that the acquisition will be completed within 30 to 60 days. FUNDAMENTALS (OF THE PAST TRTC BUSINESS): 52-Week Low $4.00 Recent Price $11.625 52-Week High $12.25 Daily Volume (3-month avg) 6,864 Market Capitalization $15.0M Shares Outstanding 1.29M Float 400.0K Per-Share Data (in dollars) Book Value (mrq) $5.01 Earnings (ttm) $0.77 Sales (ttm) $16.61 Cash (mrq) $6.17 Valuation Ratios Price/Book (mrq) 2.32 Price/Earnings (ttm) 15.10 Price/Sales (ttm) 0.70 Income Statements Net Income (ttm) $2.14M Sales (ttm) $21.5M Profitability Profit Margin (ttm) 4.6% Management Effectiveness Return on Assets (ttm) 11.98% Return on Equity (ttm) 17.29% Financial Strength Current Ratio (mrq) 1.97 Total Debt/Equity(mrq) 0.11 | ||||||||||||
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