Data I/O Reports Fourth Quarter 2017 Results

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     Twelve Months  
                                               Ended             Ended      
                                            December 31,      December 31,  
                                         ----------------- -----------------
                                           2017     2016     2017     2016  
                                         -------- -------- -------- --------
                                                                            
Net Sales                                  $8,096   $6,411  $34,051  $23,413
Cost of goods sold                          3,363    2,802   13,992   10,545
                                         -------- -------- -------- --------
  Gross margin                              4,733    3,609   20,059   12,868
Operating expenses:                                                         
  Research and development                  1,766    1,410    6,896    5,065
  Selling, general and administrative       1,816    1,610    8,116    6,376
                                         -------- -------- -------- --------
    Total operating expenses                3,582    3,020   15,012   11,441
                                         -------- -------- -------- --------
    Operating income                        1,151      589    5,047    1,427
Non-operating income (expense):                                             
  Interest income                              10       10       29         44
    Gain  on  sale  of  assets                                                3            140            366            140
    Foreign  currency  transaction  gain                                                                                  
      (loss)                                                                      (123)              40        (281)              81
                                                                                  --------  --------  --------  --------
    Total  non-operating  income  (expense)            (110)            190            114            265
                                                                                  --------  --------  --------  --------
Income  before  income  taxes                                    1,041            779        5,161        1,692
Income  tax  (expense)  benefit                                    495          (24)            288          (36)
                                                                                  --------  --------  --------  --------
Net  income                                                                  $1,536          $755      $5,449      $1,656
                                                                                  ========  ========  ========  ========
                                                                                                                                                        
                                                                                                                                                        
    Basic  earnings  per  share                                    $0.19        $0.09        $0.67        $0.21
    Diluted  earnings  per  share                                $0.18        $0.09        $0.65        $0.20
    Weighted-average  basic  shares                          8,260        8,006        8,149        7,968
    Weighted-average  diluted  shares                      8,542        8,279        8,436        8,132
                                                                                                                                                        
 
 
                                                        DATA  I/O  CORPORATION                                                        
                                                CONSOLIDATED  BALANCE  SHEETS                                                  
                                          (in  thousands,  except  share  data)                                            
                                                                (UNAUDITED)                                                                  
                                                                                                                                                        
                                                                                                      December  31,  December  31,
                                                                                                              2017                  2016        
                                                                                                      ------------  ------------
                                                                                                                                                        
ASSETS                                                                                                                                            
CURRENT  ASSETS:                                                                                                                          
    Cash  and  cash  equivalents                                                          $18,541            $11,571
    Trade  accounts  receivable,  net  of  allowance  for                                                      
      doubtful  accounts  of  $73  and  $96,  respectively                  3,769                4,725
    Inventories                                                                                          4,168                4,059
    Other  current  assets                                                                            708                    483
                                                                                                      ------------  ------------
        TOTAL  CURRENT  ASSETS                                                                  27,186              20,838
                                                                                                                                                        
Property,  plant  and  equipment  -  net                                              2,458                1,875
Income  tax  receivable                                                                              598                        -
Other  assets                                                                                                  45                      63
                                                                                                      ------------  ------------
        TOTAL  ASSETS                                                                                $30,287            $22,776
                                                                                                      ============  ============
                                                                                                                                                        
LIABILITIES  AND  STOCKHOLDERS'  EQUITY                                                                                
CURRENT  LIABILITIES:                                                                                                                
    Accounts  payable                                                                              $1,301              $1,428
    Accrued  compensation                                                                        3,536                2,208
    Deferred  revenue                                                                                1,787                1,926
    Other  accrued  liabilities                                                                  858                    667
    Income  taxes  payable                                                                            218                      36
                                                                                                      ------------  ------------
        TOTAL  CURRENT  LIABILITIES                                                          7,700                6,265
                                                                                                                                                        
Long-term  other  payables                                                                        527                    479
                                                                                                                                                        
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,  8,276,813  shares  as  of                                                        
      December  31,                                                                                                                          
    2017  and  8,015,746  shares  as  of  December  31,                                                            
      2016                                                                                                    18,989              19,204
Accumulated  earnings  (deficit)                                                        2,089            (3,360)
Accumulated  other  comprehensive  income                                            982                    188
                                                                                                      ------------  ------------
    TOTAL  STOCKHOLDERS'  EQUITY                                                          22,060              16,032
                                                                                                      ------------  ------------
    TOTAL  LIABILITIES  AND  STOCKHOLDERS'  EQUITY                        $30,287            $22,776
                                                                                                      ============  ============
                                                                                                                                                        
 
 
                                                                                                                                                        
                                                        DATA  I/O  CORPORATION                                                        
                                  NON-GAAP  FINANCIAL  MEASURE  RECONCILIATION                                    
                                                                                                                                                        
                                                                                        Three  Months          Twelve  Months    
                                                                                              Ended                          Ended            
                                                                                        December  31,            December  31,    
                                                                                  -----------------  -----------------
                                                                                      2017          2016          2017          2016    
                                                                                  --------  --------  --------  --------
(in  thousands)                                                                                                                            
Net  Income                                                                  $1,536          $755      $5,449      $1,656
    Interest  (income)                                                    (10)          (10)          (29)          (44)
    Taxes                                                                          (495)              24        (288)              36
    Depreciation  and  amortization                              188            193            822            602
                                                                                  --------  --------  --------  --------
EBITDA  earnings                                                        $1,219          $962      $5,954      $2,250
                                                                                                                                                        
    Equity  compensation                                                  174            111            714            520
                                                                                  --------  --------  --------  --------
Adjusted  EBITDA  earnings,                                                                                                      
    excluding  equity  compensation                        $1,393      $1,073      $6,668      $2,770
                                                                                  ========  ========  ========  ========
                                                                                                                                                        
 

*Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.

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