Data I/O Reports Third Quarter 2020 Results

About Data I/O Corporation

Since 1972 Data I/O has developed innovative solutions to enable the design and manufacture of electronic products for automotive, Internet-of-Things, medical, wireless, consumer electronics, industrial controls and other electronic devices. Today, our customers use Data I/O security deployment and programming solutions to reliably, securely, and cost-effectively bring innovative new products to life. These solutions are backed by a global network of Data I/O support and service professionals, ensuring success for our customers.

Learn more at dataio.com

Forward Looking Statement and Non-GAAP financial measures

Statements in this news release concerning economic outlook, expected revenue, expected margins, expected savings, expected results, orders, deliveries, backlog and financial positions, as well as any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. Forward-looking statement disclaimers also apply to the global COVID-19 pandemic, including the expected effects on the Company’s business from COVID-19, the duration and scope, impact on the demand for the Company’s products, and the pace of recovery for the COVID-19 pandemic to subside. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, installations and acceptance, accrual of expenses, coronavirus related business interruptions, changes in economic conditions and other risks including those described in the Company's filings on Forms 10K and 10Q with the Securities and Exchange Commission (SEC), press releases and other communications.

Non-GAAP financial measures, such as EBITDA and Adjusted EBITDA excluding equity compensation, should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. We believe that these non-GAAP financial measures provide meaningful supplemental information regarding the Company’s results and facilitate the comparison of results.

 

DATA I/O CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(UNAUDITED)

 

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

 

Net Sales

$5,947

$3,808

$15,387

$15,700

Cost of goods sold

2,670

1,806

6,887

6,430

Gross margin

3,277

2,002

8,500

9,270

Operating expenses:

Research and development

1,567

1,507

4,763

4,868

Selling, general and administrative

1,810

1,535

5,324

5,338

Total operating expenses

3,377

3,042

10,087

10,206

Operating income (loss)

(100)

(1,040)

(1,587)

(936)

Non-operating income:

Interest income

4

25

13

47

Gain on sale of assets

-

-

-

60

Foreign currency transaction gain (loss)

(271)

226

(302)

190

Total non-operating income (loss)

(267)

251

(289)

297

Income (loss) before income taxes

(367)

(789)

(1,876)

(639)

Income tax (expense) benefit

(340)

(55)

(442)

(52)

Net income (loss)

($707)

($844)

($2,318)

($691)

 
 

Basic earnings (loss) per share

($0.09)

($0.10)

($0.28)

($0.08)

Diluted earnings (loss) per share

($0.09)

($0.10)

($0.28)

($0.08)

Weighted-average basic shares

8,394

8,217

8,305

8,259

Weighted-average diluted shares

8,394

8,242

8,305

8,259

 

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

September 30,
2020

December 31,
2019

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$12,982

$13,936

Trade accounts receivable, net of allowance for

doubtful accounts of $101 and $80, respectively

4,152

4,099

Inventories

5,060

5,020

Other current assets

1,731

924

TOTAL CURRENT ASSETS

23,925

23,979

 

Property, plant and equipment – net

1,516

1,668

Income tax receivable

-

640

Other assets

1,582

1,994

TOTAL ASSETS

$27,023

$28,281

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$1,760

$1,151

Accrued compensation

1,381

1,541

Deferred revenue

1,057

1,387

Other accrued liabilities

1,310

1,372

Income taxes payable

144

31

TOTAL CURRENT LIABILITIES

5,652

5,482

 

Operating lease liabilities

667

1,178

Long-term other payables

238

91

 

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, 8,395,600 shares as of September

30, 2020 and 8,212,748 shares as of December 31, 2019

19,700

18,748

Accumulated earnings

190

2,508

Accumulated other comprehensive income

576

274

TOTAL STOCKHOLDERS’ EQUITY

20,466

21,530

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$27,023

$28,281

 

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 
 

Three Months Ended
September 30,

Nine Months Ended
September 30,

2020

2019

2020

2019

(in thousands)

Net Income (loss)

($707)

($844)

($2,318)

($691)

Interest (income)

(4)

(25)

(13)

(47)

Taxes

340

55

442

52

Depreciation and amortization

174

248

620

672

EBITDA earnings (loss)

($197)

($566)

($1,269)

($14)

 

Equity compensation

366

260

1,096

911

Adjusted EBITDA earnings (loss),

 

 

excluding equity compensation

$169

($306)

($173)

$897





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