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.
- tables follow -
DATA I/O CORPORATION |
||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands, except per share amounts) |
||||||||||||||||
(UNAUDITED) |
||||||||||||||||
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net Sales |
$ |
6,733 |
|
$ |
4,655 |
|
$ |
12,748 |
|
$ |
9,440 |
|
||||
Cost of goods sold |
|
2,896 |
|
|
2,216 |
|
|
5,573 |
|
|
4,217 |
|
||||
Gross margin |
|
3,837 |
|
|
2,439 |
|
|
7,175 |
|
|
5,223 |
|
||||
Operating expenses: |
||||||||||||||||
Research and development |
|
1,673 |
|
|
1,614 |
|
|
3,279 |
|
|
3,196 |
|
||||
Selling, general and administrative |
|
2,054 |
|
|
1,703 |
|
|
4,116 |
|
|
3,514 |
|
||||
| Total operating expenses |
|
3,727 |
|
|
3,317 |
|
|
7,395 |
|
|
6,710 |
|
||||
| Operating income (loss) |
|
110 |
|
|
(878 |
) |
|
(220 |
) |
|
(1,487 |
) |
||||
| Non-operating income: |
||||||||||||||||
| Interest income |
|
- |
|
|
1 |
|
|
3 |
|
|
9 |
|
||||
| Foreign currency transaction gain (loss) |
|
(64 |
) |
|
(83 |
) |
|
(38 |
) |
|
(31 |
) |
||||
| Total non-operating income |
|
(64 |
) |
|
(82 |
) |
|
(35 |
) |
|
(22 |
) |
||||
| Income (loss) before income taxes |
|
46 |
|
|
(960 |
) |
|
(255 |
) |
|
(1,509 |
) |
||||
| Income tax (expense) benefit |
|
(75 |
) |
|
(97 |
) |
|
(107 |
) |
|
(102 |
) |
||||
| Net income (loss) |
($ |
29 |
) |
($ |
1,057 |
) |
($ |
362 |
) |
($ |
1,611 |
) |
||||
| Basic earnings (loss) per share |
$ |
0.00 |
|
($ |
0.13 |
) |
($ |
0.04 |
) |
($ |
0.19 |
) |
||||
| Diluted earnings (loss) per share |
$ |
0.00 |
|
($ |
0.13 |
) |
($ |
0.04 |
) |
($ |
0.19 |
) |
||||
| Weighted-average basic shares |
|
8,517 |
|
|
8,302 |
|
|
8,469 |
|
|
8,261 |
|
||||
| Weighted-average diluted shares |
|
8,517 |
|
|
8,302 |
|
|
8,469 |
|
|
8,261 |
|
||||
| DATA I/O CORPORATION |
|||||||
| CONSOLIDATED BALANCE SHEETS |
|||||||
| (in thousands, except share data) |
|||||||
| (UNAUDITED) |
|||||||
|
June 30,
|
December 31,
|
||||||
| ASSETS |
|||||||
| CURRENT ASSETS: |
|||||||
| Cash and cash equivalents |
$ |
13,013 |
|
$ |
14,167 |
|
|
| Trade accounts receivable, net of allowance for doubtful accounts of $83 and $66, respectively |
|
4,502 |
|
|
2,494 |
|
|
| Inventories |
|
5,611 |
|
|
5,270 |
|
|
| Other current assets |
|
1,179 |
|
|
1,319 |
|
|
| TOTAL CURRENT ASSETS |
|
24,305 |
|
|
23,250 |
|
|
| Property, plant and equipment – net |
|
971 |
|
|
1,216 |
|
|
| Other assets |
|
1,614 |
|
|
1,126 |
|
|
| TOTAL ASSETS |
$ |
26,890 |
|
$ |
25,592 |
|
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||||||
| CURRENT LIABILITIES: |
|||||||
| Accounts payable |
$ |
1,720 |
|
$ |
1,245 |
|
|
| Accrued compensation |
|
1,700 |
|
|
1,509 |
|
|
| Deferred revenue |
|
1,340 |
|
|
1,068 |
|
|
| Other accrued liabilities |
|
1,293 |
|
|
1,307 |
|
|
| Income taxes payable |
|
93 |
|
|
62 |
|
|
| TOTAL CURRENT LIABILITIES |
|
6,146 |
|
|
5,191 |
|
|
| Operating lease liabilities |
|
1,085 |
|
|
588 |
|
|
| Long-term other payables |
|
161 |
|
|
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, 8,619,522 shares as of June 30, 2021 and 8,416,335 shares as of December 31, 2020 |
|
20,320 |
|
|
20,071 |
|
|
| Accumulated earnings |
|
(1,818 |
) |
|
(1,456 |
) |
|
| Accumulated other comprehensive income |
|
996 |
|
|
1,024 |
|
|
| TOTAL STOCKHOLDERS’ EQUITY |
|
19,498 |
|
|
19,639 |
|
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ |
26,890 |
|
$ |
25,592 |
|
|
| DATA I/O CORPORATION |
||||||||||||||||
| NON-GAAP FINANCIAL MEASURE RECONCILIATION |
||||||||||||||||
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
| 2021 |
2020 |
2021 |
2020 |
|||||||||||||
| (in thousands) |
||||||||||||||||
| Net Income (loss) |
($ |
29 |
) |
($ |
1,057 |
) |
($ |
362 |
) |
($ |
1,611 |
) |
||||
| Interest (income) |
|
- |
|
|
(1 |
) |
|
(3 |
) |
|
(9 |
) |
||||
| Taxes |
|
75 |
|
|
97 |
|
|
107 |
|
|
102 |
|
||||
| Depreciation and amortization |
|
150 |
|
|
249 |
|
|
348 |
|
|
447 |
|
||||
| EBITDA |
$ |
196 |
|
($ |
712 |
) |
$ |
90 |
|
($ |
1,071 |
) |
||||
| Equity compensation |
|
401 |
|
|
481 |
|
|
680 |
|
|
730 |
|
||||
| Adjusted EBITDA, excluding equity compensation |
$ |
597 |
|
($ |
231 |
) |
$ |
770 |
|
($ |
341 |
) |
||||
