Data I/O Reports First Quarter 2021 Results

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, Adjusted EBITDA excluding equity compensation and impairment & related charges, and Adjusted gross margin 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
March 31,

2021

2020

 

Net Sales

$

6,015

 

$

4,785

 

Cost of goods sold

 

2,677

 

 

2,001

 

Gross margin

 

3,338

 

 

2,784

 

Operating expenses:

Research and development

 

1,606

 

 

1,582

 

Selling, general and administrative

 

2,062

 

 

1,811

 

Total operating expenses

 

3,668

 

 

3,393

 

Operating income(loss)

 

(330

)

 

(609

)

Non-operating income:

Interest income

 

3

 

 

8

 

Foreign currency transaction gain (loss)

 

26

 

 

52

 

Total non-operating income

 

29

 

 

60

 

Income(loss) before income taxes

 

(301

)

 

(549

)

Income tax (expense) benefit

 

(32

)

 

(5

)

Net income (loss)

($

333

)

($

554

)

 
 

Basic earnings(loss) per share

($

0.04

)

($

0.07

)

Diluted earnings(loss) per share

($

0.04

)

($

0.07

)

Weighted-average basic shares

 

8,420

 

 

8,219

 

Weighted-average diluted shares

 

8,420

 

 

8,219

 

 

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

March 31,
2021

December 31,
2020

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$

13,621

 

$

14,167

 

Trade accounts receivable, net of allowance for doubtful accounts of $69 and $66, respectively

 

3,342

 

 

2,494

 

Inventories

 

5,132

 

 

5,270

 

Other current assets

 

1,282

 

 

1,319

 

TOTAL CURRENT ASSETS

 

23,377

 

 

23,250

 

 

Property, plant and equipment – net

 

977

 

 

1,216

 

Other assets

 

990

 

 

1,126

 

TOTAL ASSETS

$

25,344

 

$

25,592

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$

1,412

 

$

1,245

 

Accrued compensation

 

1,250

 

 

1,509

 

Deferred revenue

 

1,269

 

 

1,068

 

Other accrued liabilities

 

1,311

 

 

1,307

 

Income taxes payable

 

54

 

 

62

 

TOTAL CURRENT LIABILITIES

 

5,296

 

 

5,191

 

 

Operating lease liabilities

 

482

 

 

588

 

Long-term other payables

 

150

 

 

174

 

 

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, 8,421,599 shares as of March 31, 2021 and 8,416,335 shares as of December 31, 2020

 

20,361

 

 

20,071

 

Accumulated earnings

 

(1,789

)

 

(1,456

)

Accumulated other comprehensive income

 

844

 

 

1,024

 

TOTAL STOCKHOLDERS’ EQUITY

 

19,416

 

 

19,639

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

25,344

 

$

25,592

 

 

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
March 31,

2021

2020

(in thousands)

Net Income (loss)

($

333

)

($

554

)

Interest (income)

 

(3

)

 

(8

)

Taxes

 

32

 

 

5

 

Depreciation and amortization

 

199

 

 

198

 

EBITDA

($

105

)

($

359

)

 

Equity compensation

 

278

 

 

249

 

 

Adjusted EBITDA, excluding equity compensation

$

173

 

($

110

)





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