Data I/O Announces Expected Financial Results
Preliminary Fourth Quarter and Year 2012 Results
REDMOND, WA -- (Marketwire) -- 01/17/13 -- Data I/O Corporation
(NASDAQ: DAIO), the leading provider of manual and automated device
programming systems, today announced that the Company expects to
report fourth quarter 2012 revenues of $3.7 million and a net loss of
approximately $3.4 million, which includes an impairment charge of
$2.36 million related to Azido software technology intangible assets.
For the year ended December 31, 2012 the Company expects to report
revenues of $17.1 million and a net loss of approximately $6.4
During the fourth quarter, the decline in our stock market
capitalization relative to our book value was an indicator of
impairment. Projected cash flow changes, decreasing or eliminating
our expected future cash flows related to Azido technology's use or
disposition, resulted in a write down to a carrying value of $35,000
at year end. The impairment charge is a non-cash item.
The Company had cash of approximately $10.5 million and no debt at
the end of the fourth quarter. The Company expects to announce actual
results for the fourth quarter and the year ended December 31, 2012,
on February 28, 2013.
About Data I/O Corporation
Celebrating 40 years of expertise in
delivering intellectual property to programmable devices, Data I/O
offers complete, integrated manufacturing solutions in wireless,
automotive, programming center, semiconductor, and industrial control
market segments for OEM, ODM, EMS and semiconductor companies. Data
I/O is the leader in programming and provides hardware and software
solutions for turn-key programming and device testing services, as
well as in-system (on-board), in-line (right before use at the SMT
line), or in-socket (off-line) programming. These solutions are
scalable for small, medium and large volume applications with
different device mixes. Data I/O Corporation has headquarters in
Redmond, Wash., with sales and services worldwide. For further
information, visit the company's website at http://www.dataio.com.
Forward Looking Statement
Statements in this news release concerning
expected revenue, loss and impairment charges, as well as expected
financial positions, cash position 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 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.
Vice President and Chief Financial Officer
Data I/O Corporation
6464 185th Ave. NE, Suite 101
Redmond, WA 98052
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