Data I/O Reports Third Quarter 2023 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 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. Learn more at dataio.com/Company/Patents.

Forward Looking Statements, Non-GAAP Financial Measures and Disclaimers

Statements in this news release concerning economic outlook, expected revenue, expected margins, expected savings, expected results, expected expenses, 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 effects on the Company’s business from Shanghai’s COVID-19 lockdowns and recovery, impact on the demand for the Company’s products, 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.

Participation in the Data I/O Fireside Chat Series is voluntary, and no compensation is provided to guest hosts. Reference made to guest hosts, including equity research analysts and investors, in connection with this announcement and related interviews or any opinions, estimates or forecasts regarding Data I/O’s performance made by them are theirs alone and do not represent opinions, forecasts or predictions of Data I/O or its management. Data I/O does not by its reference above or distribution of marketing content in connection with the Fireside Chat Series imply its endorsement of or concurrence with such information, conclusions or recommendations by the guest hosts.

- tables follow -

DATA I/O CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

(UNAUDITED)

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

2023

 

2022

 

2023

 

2022

 

Net Sales

$6,561

$7,212

$21,190

$16,946

Cost of goods sold

3,041

3,101

8,995

7,774

Gross margin

3,520

4,111

12,195

9,172

Operating expenses:

Research and development

1,577

1,432

4,922

4,605

Selling, general and administrative

2,006

1,967

7,003

5,943

Total operating expenses

3,583

3,399

11,925

10,548

Operating income (loss)

(63)

712

270

(1,376)

Non-operating income (loss):

Interest income

41

9

125

11

Gain on sale of assets

-

-

-

57

Foreign currency transaction gain (loss)

(15)

307

107

378

Total non-operating income (loss)

26

316

232

446

Income (loss) before income taxes

(37)

1,028

502

(930)

Income tax (expense) benefit

(16)

(181)

(160)

(700)

Net income (loss)

($53)

$847

$342

($1,630)

 
 

Basic earnings (loss) per share

($0.01)

$0.10

$0.04

($0.19)

Diluted earnings (loss) per share

($0.01)

$0.10

$0.04

($0.19)

Weighted-average basic shares

9,020

8,816

8,914

8,715

Weighted-average diluted shares

9,020

8,859

9,065

8,715

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

September 30,
2023

December 31,
2022

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$11,867

$11,510

Trade accounts receivable, net of allowance for

doubtful accounts of $104 and $147, respectively

4,900

4,992

Inventories

6,392

6,751

Other current assets

600

645

TOTAL CURRENT ASSETS

23,759

23,898

 

Property, plant and equipment – net

955

1,072

Other assets

1,602

2,195

TOTAL ASSETS

$26,316

$27,165

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$1,101

$1,366

Accrued compensation

1,661

1,670

Deferred revenue

1,304

1,575

Other accrued liabilities

1,511

1,596

Income taxes payable

84

112

TOTAL CURRENT LIABILITIES

5,661

6,319

 

Operating lease liabilities

871

1,500

Long-term other payables

174

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, 9,020,798 shares as of September 30,

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

22,471

21,897

Accumulated earnings (deficit)

(2,789)

(3,131)

Accumulated other comprehensive income

(72)

343

TOTAL STOCKHOLDERS’ EQUITY

19,610

19,109

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$26,316

$27,165

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
September 30,

 

Nine Months Ended
September 30,

2023

 

2022

 

2023

 

2022

(in thousands)

Net Income (loss)

($53)

$847

$342

($1,630)

Interest (income)

(41)

(9)

(125)

(11)

Taxes

16

181

160

700

Depreciation and amortization

180

148

468

441

EBITDA earnings (loss)

$102

$1,167

$845

($500)

 

Equity compensation

300

264

929

935

 

 

 

 

Adjusted EBITDA, excluding equity compensation

$402

$1,431

$1,774

$435





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