Data I/O Reports Fourth Quarter 2021 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, silicon chip shortages, supply chain expectations, 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, part shortages and other risks including those described in the Company's filings on Forms 10-K and 10-Q 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.

- tables follow -

DATA I/O CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(UNAUDITED)

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

2021

 

2020

 

2021

 

2020

 

Net Sales

$6,357

$4,941

$25,835

$20,328

Cost of goods sold

2,900

2,619

11,115

9,506

Gross margin

3,457

2,322

14,720

10,822

Operating expenses:

Research and development

1,626

1,594

6,635

6,357

Selling, general and administrative

2,026

1,567

8,358

6,891

Impairment

-

652

-

652

Total operating expenses

3,652

3,813

14,993

13,900

Operating income (loss)

(195)

(1,491)

(273)

(3,078)

Non-operating income (loss):

Interest income

-

1

11

14

Gain on sale of assets

21

-

21

-

Foreign currency transaction gain (loss)

(138)

(211)

(202)

(513)

Total non-operating income (loss)

(117)

(210)

(170)

(499)

Income (loss) before income taxes

(312)

(1,701)

(443)

(3,577)

Income tax (expense) benefit

107

55

(112)

(387)

Net income (loss)

($205)

($1,646)

($555)

($3,964)

 
 

Basic earnings (loss) per share

($0.02)

($0.20)

($0.06)

($0.48)

Diluted earnings (loss) per share

($0.02)

($0.20)

($0.06)

($0.48)

Weighted-average basic shares

8,621

8,416

8,545

8,333

Weighted-average diluted shares

8,621

8,416

8,545

8,333

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

December 31,
2021

December 31,
2020

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$14,190

$14,167

Trade accounts receivable, net of allowance for

doubtful accounts of $89 and $66, respectively

3,995

2,494

Inventories

6,351

5,270

Other current assets

737

1,319

TOTAL CURRENT ASSETS

25,273

23,250

 

Property, plant and equipment – net

946

1,216

Other assets

2,838

1,126

TOTAL ASSETS

$29,057

$25,592

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$1,373

$1,245

Accrued compensation

2,496

1,509

Deferred revenue

1,507

1,068

Other accrued liabilities

1,413

1,307

Income taxes payable

-

62

TOTAL CURRENT LIABILITIES

6,789

5,191

 

Operating lease liabilities

2,277

588

Long-term other payables

138

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, 8,621,007 shares as of December 31,

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

20,886

20,071

Accumulated earnings (deficit)

(2,011)

(1,456)

Accumulated other comprehensive income

978

1,024

TOTAL STOCKHOLDERS’ EQUITY

19,853

19,639

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$29,057

$25,592

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
December 31,

 

Twelve Months Ended
December 31,

2021

 

2020

 

2021

 

2020

(in thousands)

Net Income (loss)

($205)

($1,646)

($555)

($3,964)

Interest (income)

-

(1)

(11)

(14)

Taxes

(107)

(55)

112

387

Depreciation and amortization

150

194

667

815

EBITDA earnings (loss)

($162)

($1,508)

$213

($2,776)

 

Equity compensation

279

371

1,238

1,467

Impairment & related

-

943

-

943

Adjusted EBITDA, excluding equity compensation

 

and impairment & related charges

$117

($194)

$1,451

($366)





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