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
|
||||||||
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,
|
December 31,
|
||||||
| 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
|
||||||||
| 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 |
) |
||
