Data I/O Reports First Quarter 2022 Results

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, semiconductor 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 Shanghai’s COVID-19 lockdowns, 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, and the Russian invasion of Ukraine including any related international trade restrictions. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, shipping availability, 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
March 31,

2022

 

2021

 

Net Sales

$4,965

$6,015

Cost of goods sold

2,662

2,677

Gross margin

2,303

3,338

Operating expenses:

Research and development

1,616

1,606

Selling, general and administrative

2,048

2,062

Total operating expenses

3,664

3,668

Operating income (loss)

(1,361)

(330)

Non-operating income (loss):

Interest income

1

3

Gain on sale of assets

58

-

Foreign currency transaction gain (loss)

(60)

26

Total non-operating income (loss)

(1)

29

Income (loss) before income taxes

(1,362)

(301)

Income tax (expense) benefit

(458)

(32)

Net income (loss)

($1,820)

($333)

 
 

Basic earnings (loss) per share

($0.21)

($0.04)

Diluted earnings (loss) per share

($0.21)

($0.04)

Weighted-average basic shares

8,622

8,420

Weighted-average diluted shares

8,622

8,420

 

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