DATA I/O CORPORATION |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(in thousands, except per share amounts) |
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(UNAUDITED) |
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Three Months Ended
|
|
Nine Months Ended
|
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2024 |
|
2023 |
|
2024 |
|
2023 |
||
Net Sales |
$5,423 |
$6,561 |
$16,584 |
$21,190 |
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Cost of goods sold |
2,499 |
3,041 |
7,684 |
8,995 |
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Gross margin |
2,924 |
3,520 |
8,900 |
12,195 |
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Operating expenses: |
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Research and development |
1,544 |
1,577 |
4,539 |
4,922 |
||||
Selling, general and administrative |
1,705 |
2,006 |
6,112 |
7,003 |
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Total operating expenses |
3,249 |
3,583 |
10,651 |
11,925 |
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Operating income (loss) |
(325) |
(63) |
(1,751) |
270 |
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Non-operating income (loss): |
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Interest income |
71 |
41 |
224 |
125 |
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Foreign currency transaction gain (loss) |
(53) |
(15) |
9 |
107 |
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| Total non-operating income (loss) |
18 |
26 |
233 |
232 |
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| Income (loss) before income taxes |
(307) |
(37) |
(1,518) |
502 |
||||
| Income tax (expense) benefit |
- |
(16) |
(393) |
(160) |
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| Net income (loss) |
($307) |
($53) |
($1,911) |
$342 |
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| Basic earnings (loss) per share |
($0.03) |
($0.01) |
($0.21) |
$0.04 |
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| Diluted earnings (loss) per share |
($0.03) |
($0.01) |
($0.21) |
$0.04 |
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| Weighted-average basic shares |
9,235 |
9,020 |
9,121 |
8,914 |
||||
| Weighted-average diluted shares |
9,235 |
9,020 |
9,121 |
9,065 |
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| DATA I/O CORPORATION |
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| CONSOLIDATED BALANCE SHEETS |
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| (in thousands, except share data) |
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| (UNAUDITED) |
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|
September 30,
|
December 31,
|
||
| ASSETS |
|
||
| CURRENT ASSETS: |
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| Cash and cash equivalents |
$12,372 |
$12,341 |
|
| Trade accounts receivable, net of allowance for |
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| credit losses of $20 and $72, respectively |
2,607 |
5,707 |
|
| Inventories |
6,627 |
5,875 |
|
| Other current assets |
554 |
690 |
|
| TOTAL CURRENT ASSETS |
22,160 |
24,613 |
|
| Property, plant and equipment – net |
928 |
1,359 |
|
| Other assets |
1,755 |
1,429 |
|
| TOTAL ASSETS |
$24,843 |
$27,401 |
|
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| CURRENT LIABILITIES: |
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| Accounts payable |
$895 |
$1,272 |
|
| Accrued compensation |
$1,021 |
$2,003 |
|
| Deferred revenue |
$1,280 |
$1,362 |
|
| Other accrued liabilities |
$1,302 |
$1,438 |
|
| Income taxes payable |
$48 |
$113 |
|
| TOTAL CURRENT LIABILITIES |
4,546 |
6,188 |
|
| Operating lease liabilities |
886 |
702 |
|
| Long-term other payables |
222 |
192 |
|
| STOCKHOLDERS’ EQUITY |
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| Preferred stock - |
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| Authorized, 5,000,000 shares, including |
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| 200,000 shares of Series A Junior Participating |
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| Issued and outstanding, none |
$0 |
$0 |
|
| Common stock, at stated value - |
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| Authorized, 30,000,000 shares |
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| Issued and outstanding, 9,219,838 shares as of June 30, |
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| 2024 and 9,020,819 shares as of December 31, 2023 |
$23,482 |
$22,731 |
|
| Accumulated earnings (deficit) |
($4,556) |
($2,645) |
|
| Accumulated other comprehensive income |
$263 |
$233 |
|
| TOTAL STOCKHOLDERS’ EQUITY |
19,189 |
20,319 |
|
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$24,843 |
$27,401 |
|
| DATA I/O CORPORATION |
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| NON-GAAP FINANCIAL MEASURE RECONCILIATION |
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|
Three Months Ended
|
|
Nine Months Ended
|
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| 2024 |
|
2023 |
|
2024 |
|
2023 |
||
| (in thousands) |
||||||||
| Net Income (loss) |
($307) |
($53) |
($1,911) |
$342 |
||||
| Interest (income) |
($71) |
($41) |
($224) |
($125) |
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| Taxes |
$0 |
$16 |
$393 |
$160 |
||||
| Depreciation and amortization |
$111 |
$180 |
$451 |
$468 |
||||
| EBITDA earnings |
($267) |
$102 |
($1,291) |
$845 |
||||
| Equity compensation |
$304 |
$300 |
$967 |
$929 |
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|
|
|
|
|
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| Adjusted EBITDA, excluding equity compensation |
$37 |
$402 |
($324) |
$1,774 |
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