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Data I/O Reports First Quarter 2013 Results

Data I/O Reports First Quarter 2013 Results 
REDMOND, WA -- (Marketwired) -- 04/29/13 --  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, 2013. 
Highlights 


 
--  Net sales of $4.8 million up 29% compared to Q1 2012 and up 27%
    compared to Q4 2012
--  Net loss of ($0.5) million compared to a net loss of ($1.7) million in
    Q1 2012
--  2 new significant customers acquired
--  Backlog of $0.9 million at end of quarter
--  Additional restructure actions announced in April 2013

  
Financial Results
 Net sales for the first quarter of 2013 were $4.8
million, up 29% compared with $3.7 million in the first quarter of
2012. Net loss in the first quarter of 2013 was ($0.5) million, or
($0.06) per share, compared with net loss of ($1.7) million or
($0.19) per share, in the first quarter of 2012.  
The Company's increase in orders and net sales was primarily due to
purchasing by wireless related customers and a new consumer home
electronics customer. The sales growth was primarily in the Americas.
Orders for the first quarter of 2013 were $4.8 million, up 13%,
compared with $4.2 million in the first quarter of 2012.  
"During the quarter, we won two significant new customers, one in
home electronics and the second an electronics manufacturing
service," stated Anthony Ambrose, President and CEO. "We also had
capacity purchases from two large wireless customers to support their
new product ramps. We announced several performance enhancements to
our FLASHCORE III programming engine to support faster FLASH memory
programming performance, and a second generation 3D co-planarity
solution for our automotive customers. In April, we have taken
further restructure actions to reduce costs and provide the financial
flexibility to move development projects forward by deploying the
right resources where needed." 
"EBITDA," Earnings Before Interest [income $18,000], Taxes [$5,000],
and Depreciation and Amortization [$179,000], was a loss of $293,000.
This non-GAAP financial measure should not be considered a substitute
for, or superior to, measures of financial performanc
e prepared in
accordance with GAAP. We believe that this non-GAAP financial measure
provides meaningful supplemental information regarding the Company's
results and facilitates the comparison of results. 
Conference Call Information
 A conference call discussing the first
quarter 2013 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 (480) 629-9035 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: 290613. 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
 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, expected margins, expected loss, orders and
financial positions, cash position, restructure actions, 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. 


 
                                                                            
                                                                            
                            DATA I/O CORPORATION                            
                   CONSOLIDATED STATEMENTS OF OPERATIONS                    
                  (in thousands, except per share amounts)                  
                                (UNAUDITED)                                 
                                                                            
                                                    Three Months Ended      
                                                         March 31,          
                                               ---------------------------- 
                                                    2013           2012     
                                               -------------  ------------- 
                                                                            
Net Sales                                      $       4,759  $       3,679 
Cost of goods sold                                     2,218          1,737 
                                               -------------  ------------- 
  Gross margin                                         2,541          1,942 
Operating expenses:                                                         
  Research and development                             1,205          1,392 
  Selling, general and administrative                  1,806          2,250 
                                               -------------  ------------- 
    Total operating expenses                           3,011          3,642 
                                               -------------  ------------- 
    Operating income (loss)                             (470)        (1,700)
Non-operating income (expense):                                             
  Interest income                                         18             33 
  Foreign currency transaction gain (loss)                (3)             9 
                                               -------------  ------------- 
  Total non-operating income (loss)                       15             42 
                                               -------------  ------------- 
Income (loss) before income taxes                       (455)        (1,658)
Income tax (expense) benefit                              (4)           (19)
                                               -------------  ------------- 
Ne
t income (loss)                              $        (459) $      (1,677)
                                               =============  ============= 
                                                                            
                                                                            
Basic earnings (loss) per share                $       (0.06) $       (0.19)
Diluted earnings (loss) per share              $       (0.06) $       (0.19)
Weighted-average basic shares                          7,749          8,765 
Weighted-average diluted shares                        7,749          8,765 
                                                                            
                                                                            
                                                                            
                                                                            
                            DATA I/O CORPORATION                            
                        CONSOLIDATED BALANCE SHEETS                         
                     (in thousands, except share data)                      
                                (UNAUDITED)                                 
                                                                            
                                                   March 31,   December 31, 
                                                      2013         2012     
                                                  -----------  ------------ 
                                                                            
ASSETS                                                                      
CURRENT ASSETS:                                                             
  Cash and cash equivalents                       $    10,392  $     10,528 
  Trade accounts receivable, net of allowance for                           
   doubtful accounts of $89 and $89, respectively       2,870         2,648 
  Inventories                                           3,626         4,033 
  Other current assets                                    394           486 
                                                  -----------  ------------ 
    TOTAL CURRENT ASSETS                               17,282        17,695 
                                                                            
Property, plant and equipment - net                       847         1,006 
Intangible software technology-net                         34            35 
Other assets                                               84            86 
                                                  -----------  ------------ 
    TOTAL ASSETS                                  $    18,247  $     18,822 
                                                  ===========  ============ 
                                                                            
LIABILITIES AND STOCKHOLDERS' EQUITY                                        
CURRENT LIABILITIES:                                                        
  Accounts payable                                $       981  $        850 
  Accrued compensation                                    900         1,183 
  Deferred revenue                                      1,209         1,238 
  Other accrued liabilities                               625           539 
  Accrued costs of business restructuring                   -            25 
  Income taxes payable                                     23            23 
                                                  -----------  ------------ 
    TOTAL CURRENT LIABILITIES                           3,738         3,858 
                                                                            
Long-term other payables                                  228           219 
                                                                            
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, 7,752,859 and                                 
       7,741,686 shares, respectively                  18,002        17,928 
Accumulated earnings (deficit)                         (4,925)       (4,466)
Accumulated other comprehensive income                  1,204         1,283 
                                                  -----------  ------------ 
    TOTAL STOCKHOLDERS' EQUITY                         14,281        14,745 
                                                  -----------  ------------ 
    TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY    $    18,247  $     18,822 
                                                  ===========  ============ 

  
Contact: 
Joel Hatlen
Vice President and Chief Financial Officer
investorrelations@dataio.com
Data I/O Corporation
6464 185th Ave. NE, Suite 101
Redmond, WA 98052
(425) 881-6444