Conference Call Information
A conference call discussing financial results for the fourth quarter ended December 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 3084328. 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. Learn more at 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, 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 demand for the Company’s products and the impact from geopolitical conditions 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
|
Twelve Months Ended
|
|||||||
2023 |
2022 |
2023 |
2022 |
|||||
Net Sales |
$6,874 |
$7,271 |
$28,064 |
$24,217 |
||||
Cost of goods sold |
2,883 |
3,233 |
11,878 |
11,007 |
||||
Gross margin |
3,991 |
4,038 |
16,186 |
13,210 |
||||
Operating expenses: |
||||||||
Research and development |
1,602 |
1,478 |
6,524 |
6,083 |
||||
Selling, general and administrative |
2,211 |
1,933 |
9,214 |
7,876 |
||||
| Total operating expenses |
3,813 |
3,411 |
15,738 |
13,959 |
||||
| Operating income (loss) |
178 |
627 |
448 |
(749) |
||||
| Non-operating income (loss): |
||||||||
| Interest income |
65 |
23 |
190 |
34 |
||||
| Gain on sale of assets |
- |
(1) |
- |
57 |
||||
| Foreign currency transaction gain (loss) |
(65) |
(156) |
42 |
221 |
||||
| Total non-operating income (loss) |
- |
(134) |
232 |
312 |
||||
| Income (loss) before income taxes |
178 |
493 |
680 |
(437) |
||||
| Income tax (expense) benefit |
(34) |
17 |
(194) |
(683) |
||||
| Net income (loss) |
$144 |
$510 |
$486 |
($1,120) |
||||
| Basic earnings (loss) per share |
$0.02 |
$0.06 |
$0.05 |
($0.13) |
||||
| Diluted earnings (loss) per share |
$0.02 |
$0.06 |
$0.05 |
($0.13) |
||||
| Weighted-average basic shares |
9,021 |
8,816 |
8,941 |
8,741 |
||||
| Weighted-average diluted shares |
9,096 |
8,942 |
9,073 |
8,741 |
||||
| DATA I/O CORPORATION |
|||
| CONSOLIDATED BALANCE SHEETS |
|||
| (in thousands, except share data) |
|||
| (UNAUDITED) |
|||
|
December 31,
|
December 31,
|
||
| ASSETS |
|||
| CURRENT ASSETS: |
|||
| Cash and cash equivalents |
$12,341 |
$11,510 |
|
| Trade accounts receivable, net of allowance for |
|||
| doubtful accounts of $72 and $147, respectively |
5,707 |
4,992 |
|
| Inventories |
5,875 |
6,751 |
|
| Other current assets |
690 |
645 |
|
| TOTAL CURRENT ASSETS |
24,613 |
23,898 |
|
| Property, plant and equipment – net |
1,359 |
1,072 |
|
| Other assets |
1,429 |
2,195 |
|
| TOTAL ASSETS |
$27,401 |
$27,165 |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
|||
| CURRENT LIABILITIES: |
|||
| Accounts payable |
$1,272 |
$1,366 |
|
| Accrued compensation |
2,003 |
1,670 |
|
| Deferred revenue |
1,362 |
1,575 |
|
| Other accrued liabilities |
1,438 |
1,596 |
|
| Income taxes payable |
113 |
112 |
|
| TOTAL CURRENT LIABILITIES |
6,188 |
6,319 |
|
| Operating lease liabilities |
702 |
1,500 |
|
| Long-term other payables |
192 |
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, 9,020,819 shares as of December 31, |
|||
| 2023 and 8,816,381 shares as of December 31, 2022 |
22,731 |
21,897 |
|
| Accumulated earnings (deficit) |
(2,645) |
(3,131) |
|
| Accumulated other comprehensive income |
233 |
343 |
|
| TOTAL STOCKHOLDERS’ EQUITY |
20,319 |
19,109 |
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$27,401 |
$27,165 |
|
| DATA I/O CORPORATION |
||||||||
| NON-GAAP FINANCIAL MEASURE RECONCILIATION |
||||||||
|
Three Months Ended
|
Twelve Months Ended
|
|||||||
| 2023 |
2022 |
2023 |
2022 |
|||||
| (in thousands) |
||||||||
| Net Income (loss) |
$144 |
$510 |
$486 |
($1,120) |
||||
| Interest (income) |
(65) |
(23) |
(190) |
(34) |
||||
| Taxes |
34 |
(17) |
194 |
683 |
||||
| Depreciation and amortization |
140 |
120 |
608 |
560 |
||||
| EBITDA earnings |
$253 |
$590 |
$1,098 |
$89 |
||||
| Equity compensation |
261 |
241 |
1,190 |
1,176 |
||||
|
|
|
|
|
|||||
| Adjusted EBITDA, excluding equity compensation |
$514 |
$831 |
$2,288 |
$1,265 |
||||
