Welcome!

News Feed Item

Data I/O Reports First Quarter 2014 Results

REDMOND, WA -- (Marketwired) -- 05/01/14 -- Data I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced programming and IP management solutions for flash, flash-memory based intelligent devices and microcontrollers, today announced financial results for the first quarter ended March 31, 2014.

Summary

  • Net sales of $4.82 million in Q1 2014, up 1.3% compared to $4.76 million in Q1 2013 and up 45% sequentially from $3.33 million in Q4 2013.
  • Net loss of $343,000 in Q1 2014, compared to a net loss of $459,000 in Q1 2013. Adjusted EBITDA excluding equity compensation in Q1 2014 and Q1 2013 was a loss of $93,000 and $222,000, respectively.
  • Bookings of $5.8 million in Q1 2014, up 21% from $4.8 million in Q1 2013 and up 55% from $3.7 million in Q4 2013. Backlog of $2.6 million at March 31, 2014, up from $0.9 million at March 31, 2013.
  • Cash was $8.8 million at March 31, 2014, down $1.6 million during the first quarter and receivables were $3.6 million up $1.6 million during the first quarter.
  • New PSV7000 Automated Programming System wins industry awards and drives bookings growth.

"We are pleased to report a stronger quarter of revenue and order bookings, led by our new PSV7000 automated system," said Anthony Ambrose, President and CEO. "We were up sharply from Q4 2013 as bookings continued their strong upward momentum through Q1, and into April. Europe was stronger, and our customer mix was much broader compared to last year's Q1. Our backlog of $2.6 million at the end of Q1 positions us well for sequential growth. The PSV7000 has now received 4 industry awards during the last six months and was the largest contributor to the quarter's order growth, especially in Europe. We now have won PSV7000 system orders on 4 continents, indicating global appeal. We are winning deals in competitive situations in automotive, programming center, industrial and consumer markets worldwide. We won in Q1 with the PSV7000 in highly competitive situations where the customer valued Data I/O service and support, in addition to the significantly better performance of our new system."

Financial Results
Net sales in the first quarter of 2014 were $4.82 million up 1.3% compared with $4.76 million in the first quarter of 2013 and up 45% sequentially from $3.33 million in the fourth quarter of 2013. Net loss in the first quarter of 2014 was $343,000, or $0.04 per share, compared with net loss of $459,000 or $0.06 per share, in the first quarter of 2013. For the first quarter of 2014, gross margin as a percentage of sales was 51.8%, compared to 53.4% in the first quarter of 2013. Bookings in the first quarter of 2014 were $5.8 million, up 21% compared to $4.8 million in the first quarter of 2013 and up 55% from $3.7 million in the fourth quarter of 2013. Backlog at March 31, 2014 was $2.6 million compared to $0.9 million at March 31, 2013.

Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") was a loss of $178,000 in the first quarter of 2014 compared to an EBITDA loss of $292,000 in the first quarter of 2013. Equity compensation expense (a non-cash item) in the first quarter of 2014 and 2013 was $85,000 and $70,000, respectively. Adjusted EBITDA excluding equity compensation in the first quarter of 2014 and first quarter of 2013 was a loss of $93,000 and $222,000, respectively.

Operating expenses in the first quarter were $2.85 million, and compared to $3.01 million in the first quarter of 2013 were down $160,000, primarily due to cost control actions, offset in part by higher channel commissions.

Conference Call Information
A conference call discussing the first quarter ended March 31, 2014 financial results will follow this release today at 2 p.m. Pacific time/5 p.m. Eastern time. To listen to the conference call, please dial (612) 234-9960, passcode: DAIO. A replay will be made available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, please dial (320) 365-3844, access code: 325479. The conference call will also be simultaneously web cast over the Internet; visit the News and Events section of the Data I/O Corporation website at http://www.dataio.com to access the call from the site. This web cast will be recorded and available for replay on the Data I/O Corporation website approximately two hours 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, wireless, consumer electronics, industrial controls, medical, and military/aerospace markets. Today, our customers manufacture tens of millions of products each year using Data I/O programming solutions to reliably, securely, and cost-effectively deliver their Intellectual Property into programmable devices. Data I/O provides programming solutions for devices in any package, whether programmed in a socket or on a circuit board. Our expertise in programmable integrated circuits, global supply chain processes, and IP management and protection helps bring innovative new products to life. These solutions are backed by a global network of Data I/O support and service providers, assuring success for our customers.

Forward Looking Statement and Non-GAAP financial measures
Statements in this news release concerning economic outlook, expected revenue, expected margins, expected results, orders, deliveries, backlog and financial positions, as well as restructure actions breakeven point, and 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. These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries and installations, accrual of expenses, changes in economic conditions and other risks including those described in the Company's filings on Forms 10K and 10Q 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.


EBITDA Reconciliation                          Three Months Ended March 31,
                                               ----------------------------
                                                    2014           2013
                                               -------------  -------------
(in thousands)
Net Income (loss)                              $        (343) $        (459)
  Interest income                                        (19)           (18)
  Taxes                                                   24              4
  Depreciation and amortization                          160            181
                                               -------------  -------------
EBITDA earnings (loss)                         $        (178) $        (292)
                                               -------------  -------------
  Equity compensation                                     85             70
                                               -------------  -------------
Adjusted EBITDA excluding equity compensation  $         (93) $        (222)
                                               =============  =============


- Summary Financial Data Attached -


                            DATA I/O CORPORATION
                    CONSOLIDATED STATEMENTS OF OPERATION
                  (in thousands, except per share amounts)
                                (UNAUDITED)

                                                    Three Months Ended
                                                         March 31,
                                               ----------------------------
                                                    2014           2013
                                               -------------  -------------

Net Sales                                      $       4,819  $       4,759
Cost of goods sold                                     2,324          2,218
                                               -------------  -------------
  Gross margin                                         2,495          2,541
Operating expenses:
  Research and development                             1,149          1,205
  Selling, general and administrative                  1,689          1,806
  Provision for business restructuring                    13              -
                                               -------------  -------------
    Total operating expenses                           2,851          3,011
                                               -------------  -------------
    Operating income (loss)                             (356)          (470)
Non-operating income (expense):
  Interest income                                         19             18
  Foreign currency transaction gain (loss)                18             (3)
                                               -------------  -------------
  Total non-operating income (expense)                    37             15
                                               -------------  -------------
Income (loss) before income taxes                       (319)          (455)
Income tax (expense) benefit                             (24)            (4)
                                               -------------  -------------
Net income (loss)                              $        (343) $        (459)
                                               =============  =============


  Basic earnings (loss) per share              $       (0.04) $       (0.06)
  Weighted-average basic shares                        7,788          7,749



                            DATA I/O CORPORATION
                        CONSOLIDATED BALANCE SHEETS
                     (in thousands, except share data)
                                (UNAUDITED)

                                                   March 31,   December 31,
                                                     2014          2013
                                                 ------------  ------------

ASSETS
CURRENT ASSETS:
  Cash and cash equivalents                      $      8,776  $     10,426
  Trade accounts receivable, net of allowance
   for doubtful accounts of $97 and $87,
   respectively                                         3,622         1,980
  Inventories                                           3,816         3,770
  Other current assets                                    338           395
                                                 ------------  ------------
    TOTAL CURRENT ASSETS                               16,552        16,571

Property, plant and equipment - net                       781           843
  Other assets                                             88            88
                                                 ------------  ------------
    TOTAL ASSETS                                 $     17,421  $     17,502
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
  Accounts payable                               $      1,051  $        720
  Accrued compensation                                    945         1,107
  Deferred revenue                                      1,487         1,170
  Other accrued liabilities                               712           597
  Accrued costs of business restructuring                 546           723
  Income taxes payable                                     31            10
                                                 ------------  ------------
    TOTAL CURRENT LIABILITIES                           4,772         4,327

Long-term other payables                                  258           313

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, 7,788,566 shares as of March
     31, 2014 and 7,786,053 shares as of
     December 31, 2013                                 18,435        18,343
Accumulated earnings (deficit)                         (7,385)       (7,042)
Accumulated other comprehensive income                  1,341         1,561
                                                 ------------  ------------
    TOTAL STOCKHOLDERS' EQUITY                         12,391        12,862
                                                 ------------  ------------
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $     17,421  $     17,502
                                                 ============  ============


Contact:
Joel Hatlen
Vice President and Chief Financial Officer
Email Contact

Data I/O Corporation
6464 185th Ave. NE, Suite 101
Redmond, WA 98052
(425) 881-6444

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Application transformation and DevOps practices are two sides of the same coin. Enterprises that want to capture value faster, need to deliver value faster – time value of money principle. To do that enterprises need to build cloud-native apps as microservices by empowering teams to build, ship, and run in production. In his session at @DevOpsSummit at 19th Cloud Expo, Neil Gehani, senior product manager at HPE, discussed what every business should plan for how to structure their teams to delive...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, attendees learned about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how ...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"Venafi has a platform that allows you to manage, centralize and automate the complete life cycle of keys and certificates within the organization," explained Gina Osmond, Sr. Field Marketing Manager at Venafi, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"Qosmos has launched L7Viewer, a network traffic analysis tool, so it analyzes all the traffic between the virtual machine and the data center and the virtual machine and the external world," stated Sebastien Synold, Product Line Manager at Qosmos, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web ...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Redis is not only the fastest database, but it has become the most popular among the new wave of applications running in containers. Redis speeds up just about every data interaction between your users or operational systems. In his session at 18th Cloud Expo, Dave Nielsen, Developer Relations at Redis Labs, shared the functions and data structures used to solve everyday use cases that are driving Redis' popularity.
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, will share examples from a wide range of industries – includin...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Phil Hombledal, Solution Architect at CollabNet, discussed how customers are able to achieve a level of transparency that e...