Data I/O Reports First Quarter 2024 Results

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,

2024

 

2023

 

Net Sales

$6,099

$7,231

Cost of goods sold

2,879

2,929

Gross margin

3,220

4,302

Operating expenses:

Research and development

1,582

1,625

Selling, general and administrative

2,498

2,508

Total operating expenses

4,080

4,133

Operating income (loss)

(860)

169

Non-operating income (loss):

Interest income

80

35

Foreign currency transaction gain (loss)

14

(74)

Total non-operating income (loss)

94

(39)

Income (loss) before income taxes

(766)

130

Income tax (expense) benefit

(41)

(35)

Net income (loss)

($807)

$95

 
 

Basic earnings (loss) per share

($0.09)

$0.01

Diluted earnings (loss) per share

($0.09)

$0.01

Weighted-average basic shares

9,023

8,818

Weighted-average diluted shares

9,023

9,029

 

DATA I/O CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(UNAUDITED)

 

March 31,
2024

 

December 31,
2023

 

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$11,999

$12,341

Trade accounts receivable, net of allowance for

credit losses of $71 and $72, respectively

4,822

5,707

Inventories

6,372

5,875

Other current assets

739

690

TOTAL CURRENT ASSETS

23,932

24,613

 

Property, plant and equipment – net

1,044

1,359

Other assets

1,228

1,429

TOTAL ASSETS

$26,204

$27,401

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$1,544

$1,272

Accrued compensation

1,318

2,003

Deferred revenue

1,606

1,362

Other accrued liabilities

1,271

1,438

Income taxes payable

45

113

TOTAL CURRENT LIABILITIES

5,784

6,188

 

Operating lease liabilities

562

702

Long-term other payables

226

192

 
 

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, 9,024,959 shares as of March 31,

2024 and 9,020,819 shares as of December 31, 2023

23,019

22,731

Accumulated earnings (deficit)

(3,452)

(2,645)

Accumulated other comprehensive income

65

233

TOTAL STOCKHOLDERS’ EQUITY

19,632

20,319

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$26,204

$27,401

 

DATA I/O CORPORATION

NON-GAAP FINANCIAL MEASURE RECONCILIATION

 

Three Months Ended
March 31,

2024

 

2023

(in thousands)

Net Income (loss)

($807)

$95

Interest (income)

(80)

(35)

Taxes

41

35

Depreciation and amortization

201

158

EBITDA earnings

($645)

$253

 

Equity compensation

281

249

 

 

Adjusted EBITDA, excluding equity compensation

($364)

$502





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