Data I/O Reports Third Quarter 2018 Results

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, industrial/Internet-of-Things and consumer electronics markets and their programming center and contract manufacturing partners. Today, our customers manufacture hundreds 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. Our expertise in programmable integrated circuits, global supply chain processes, factory integration 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, ensuring success for our customers.

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, orders, deliveries, backlog and financial positions, 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.  These factors include uncertainties as to the ability to record revenues based upon the timing of product deliveries, installations and acceptance, 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.

-   tables follow   -

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

    Three Months Ended
September 30,
  Nine Months Ended
September 30,
      2018       2017       2018       2017  
                 
Net Sales   $ 6,533     $ 9,596     $ 21,367     $ 25,955  
Cost of goods sold     2,415       3,639       8,584       10,629  
Gross margin     4,118       5,957       12,783       15,326  
Operating expenses:                
Research and development     1,826       1,814       5,550       5,130  
Selling, general and administrative     1,888       2,319       6,239       6,300  
Total operating expenses     3,714       4,133       11,789       11,430  
Operating income     404       1,824       994       3,896  
Non-operating income (expense):                
Interest income     10       6       26       19  
Gain on sale of assets     -       72       4       363  
Foreign currency transaction gain (loss)     108       (66 )     201       (158 )
Total non-operating income     118       12       231       224  
Income before income taxes     522       1,836       1,225       4,120  
Income tax (expense)     (180 )     (108 )     (267 )     (207 )
Net income   $ 342     $ 1,728     $ 958     $ 3,913  
                 
                 
Basic earnings per share   $ 0.04     $ 0.21     $ 0.11     $ 0.48  
Diluted earnings per share   $ 0.04     $ 0.20     $ 0.11     $ 0.47  
Weighted-average basic shares     8,439       8,201       8,361       8,112  
Weighted-average diluted shares     8,507       8,467       8,516       8,400  
                                 

DATA I/O CORPORATION

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