- tables follow -
DATA I/O CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(UNAUDITED)
Three Months Twelve Months
Ended Ended
December 31, December 31,
----------------- -----------------
2017 2016 2017 2016
-------- -------- -------- --------
Net Sales $8,096 $6,411 $34,051 $23,413
Cost of goods sold 3,363 2,802 13,992 10,545
-------- -------- -------- --------
Gross margin 4,733 3,609 20,059 12,868
Operating expenses:
Research and development 1,766 1,410 6,896 5,065
Selling, general and administrative 1,816 1,610 8,116 6,376
-------- -------- -------- --------
Total operating expenses 3,582 3,020 15,012 11,441
-------- -------- -------- --------
Operating income 1,151 589 5,047 1,427
Non-operating income (expense):
Interest income 10 10 29 44
Gain on sale of assets 3 140 366 140
Foreign currency transaction gain
(loss) (123) 40 (281) 81
-------- -------- -------- --------
Total non-operating income (expense) (110) 190 114 265
-------- -------- -------- --------
Income before income taxes 1,041 779 5,161 1,692
Income tax (expense) benefit 495 (24) 288 (36)
-------- -------- -------- --------
Net income $1,536 $755 $5,449 $1,656
======== ======== ======== ========
Basic earnings per share $0.19 $0.09 $0.67 $0.21
Diluted earnings per share $0.18 $0.09 $0.65 $0.20
Weighted-average basic shares 8,260 8,006 8,149 7,968
Weighted-average diluted shares 8,542 8,279 8,436 8,132
DATA I/O CORPORATION
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(UNAUDITED)
December 31, December 31,
2017 2016
------------ ------------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $18,541 $11,571
Trade accounts receivable, net of allowance for
doubtful accounts of $73 and $96, respectively 3,769 4,725
Inventories 4,168 4,059
Other current assets 708 483
------------ ------------
TOTAL CURRENT ASSETS 27,186 20,838
Property, plant and equipment - net 2,458 1,875
Income tax receivable 598 -
Other assets 45 63
------------ ------------
TOTAL ASSETS $30,287 $22,776
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $1,301 $1,428
Accrued compensation 3,536 2,208
Deferred revenue 1,787 1,926
Other accrued liabilities 858 667
Income taxes payable 218 36
------------ ------------
TOTAL CURRENT LIABILITIES 7,700 6,265
Long-term other payables 527 479
COMMITMENTS - -
STOCKHOLDERS' EQUITY
Preferred stock -
Authorized, 5,000,000 shares, including
200,000 shares of Series A Junior Participating
Issued and outstanding, none - -
Common stock, at stated value -
Authorized, 30,000,000 shares
Issued and outstanding, 8,276,813 shares as of
December 31,
2017 and 8,015,746 shares as of December 31,
2016 18,989 19,204
Accumulated earnings (deficit) 2,089 (3,360)
Accumulated other comprehensive income 982 188
------------ ------------
TOTAL STOCKHOLDERS' EQUITY 22,060 16,032
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $30,287 $22,776
============ ============
DATA I/O CORPORATION
NON-GAAP FINANCIAL MEASURE RECONCILIATION
Three Months Twelve Months
Ended Ended
December 31, December 31,
----------------- -----------------
2017 2016 2017 2016
-------- -------- -------- --------
(in thousands)
Net Income $1,536 $755 $5,449 $1,656
Interest (income) (10) (10) (29) (44)
Taxes (495) 24 (288) 36
Depreciation and amortization 188 193 822 602
-------- -------- -------- --------
EBITDA earnings $1,219 $962 $5,954 $2,250
Equity compensation 174 111 714 520
-------- -------- -------- --------
Adjusted EBITDA earnings,
excluding equity compensation $1,393 $1,073 $6,668 $2,770
======== ======== ======== ========
*Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.
