Data I/O Reports First Quarter 2023 Results

  • Double-digit revenue growth, consistent with the long-term double-digit semiconductor growth rate in the automotive electronics industry;
  • Gross margins to be in the mid-to-high 50% range for the year; and
  • Operating expenses to be consistent with 2022, except for variability in incentive compensation, sales commissions, and currency.

Financial results expectations are provided on a constant currency basis effective January 1, 2023.

Conference Call Information

A conference call discussing financial results for the first quarter ended March 31, 2023 will follow this release today at 2 p.m. Pacific Time/5 p.m. Eastern Time. To listen to the conference call, please dial 412-317-5788. A replay will be made available approximately one hour after the conclusion of the call. To access the replay, please dial 412-317-0088, access code 4646317. The conference call will also be simultaneously webcast over the Internet; visit the Webcasts and Presentations section of the Data I/O Corporation website at www.dataio.com to access the call from the site. This webcast will be recorded and available for replay on the Data I/O Corporation website approximately one hour after the conclusion of the conference call.

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 electronics devices. Today, our customers use Data I/O’s data programming solutions and security deployment platform to secure the global electronics supply chain and protect IoT device intellectual property from point of inception to deployment in the field. OEMs of any size can program and securely provision devices from early samples all the way to high volume production prior to shipping semiconductor devices to a manufacturing line. Data I/O enables customers to reliably, securely, and cost-effectively bring innovative new products to life. These solutions are backed by a portfolio of patents and a global network of Data I/O support and service professionals, ensuring success for our customers. See: dataio.com/Company/Patents.

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 and Adjusted EBITDA, excluding equity compensation, 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,

2023

2022

 

Net Sales

$7,231

 

$4,965

 

Cost of goods sold

2,929

 

2,662

 

Gross margin

4,302

 

2,303

 

Operating expenses:

Research and development

1,625

 

1,616

 

Selling, general and administrative

2,508

 

2,048

 

Total operating expenses

4,133

 

3,664

 

Operating income (loss)

169

 

(1,361

)

Non-operating income (loss):

Interest income

35

 

1

 

Gain on sale of assets

-

 

58

 

Foreign currency transaction gain (loss)

(74

)

(60

)

Total non-operating income (loss)

(39

)

(1

)

Income (loss) before income taxes

130

 

(1,362

)

Income tax (expense) benefit

(35

)

(458

)

Net income (loss)

$95

 

($1,820

)

 
 

Basic earnings (loss) per share

$0.01

 

($0.21

)

Diluted earnings (loss) per share

$0.01

 

($0.21

)

Weighted-average basic shares

8,818

 

8,622

 

Weighted-average diluted shares

9,029

 

8,622

 

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

March 31,
2023

December 31,
2022

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$11,868

 

$11,510

 

Trade accounts receivable, net of allowance for

doubtful accounts of $142 and $147, respectively

4,932

 

4,992

 

Inventories

6,976

 

6,751

 

Other current assets

684

 

645

 

TOTAL CURRENT ASSETS

24,460

 

23,898

 

 

Property, plant and equipment – net

1,000

 

1,072

 

Other assets

2,012

 

2,195

 

TOTAL ASSETS

$27,472

 

$27,165

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$1,534

 

$1,366

 

Accrued compensation

1,493

 

1,670

 

Deferred revenue

1,733

 

1,575

 

Other accrued liabilities

1,544

 

1,596

 

Income taxes payable

124

 

112

 

TOTAL CURRENT LIABILITIES

6,428

 

6,319

 

 

Operating lease liabilities

1,298

 

1,500

 

Long-term other payables

221

 

237

 

 

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, 8,818,076 shares as of March 31,

2023 and 8,816,381 shares as of December 31, 2022

22,153

 

21,897

 

Accumulated earnings (deficit)

(3,036

)

(3,131

)

Accumulated other comprehensive income

408

 

343

 

TOTAL STOCKHOLDERS’ EQUITY

19,525

 

19,109

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$27,472

 

$27,165

 

 

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
March 31,

2023

2022

(in thousands)

Net Income (loss)

$95

 

($1,820

)

Interest (income)

(35

)

(1

)

Taxes

35

 

458

 

Depreciation and amortization

158

 

140

 

EBITDA earnings (loss)

$253

 

($1,223

)

 

Equity compensation

249

 

291

 

 

 

Adjusted EBITDA, excluding equity compensation

$502

 

($932

)





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