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
March 31, | ||||||||
| 2018 | 2017 | |||||||
| Net Sales | $7,629 | $7,224 | ||||||
| Cost of goods sold | 3,213 | 3,057 | ||||||
| Gross margin | 4,416 | 4,167 | ||||||
| Operating expenses: | ||||||||
| Research and development | 1,879 | 1,545 | ||||||
| Selling, general and administrative | 2,193 | 1,818 | ||||||
| Total operating expenses | 4,072 | 3,363 | ||||||
| Operating income | 344 | 804 | ||||||
| Non-operating income (expense): | ||||||||
| Interest income | 7 | 8 | ||||||
| Gain on sale of assets | - | 211 | ||||||
| Foreign currency transaction gain (loss) | (176) | (32) | ||||||
| Total non-operating income (expense) | (169) | 187 | ||||||
| Income before income taxes | 175 | 991 | ||||||
| Income tax (expense) | (45) | (12) | ||||||
| Net income | $130 | $979 | ||||||
| Basic earnings per share | $0.02 | $0.12 | ||||||
| Diluted earnings per share | $0.02 | $0.12 | ||||||
| Weighted-average basic shares | 8,287 | 8,031 | ||||||
| Weighted-average diluted shares | 8,542 | 8,327 | ||||||
| DATA I/O CORPORATION | |||||
| CONSOLIDATED BALANCE SHEETS | |||||
| (in thousands, except share data) | |||||
| (UNAUDITED) | |||||
|
March 31,
2018 |
December 31,
2017 | ||||
| ASSETS | |||||
| CURRENT ASSETS: | |||||
| Cash and cash equivalents | $16,816 | $18,541 | |||
| Trade accounts receivable, net of allowance for | |||||
| doubtful accounts of $83 and $73, respectively | 4,423 | 3,769 | |||
| Inventories | 3,959 | 4,168 | |||
| Other current assets | 610 | 708 | |||
| TOTAL CURRENT ASSETS | 25,808 | 27,186 | |||
| Property, plant and equipment – net | 2,419 | 2,458 | |||
| Income tax receivable | 598 | 598 | |||
| Other assets | 45 | 45 | |||
| TOTAL ASSETS | $28,870 | $30,287 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| CURRENT LIABILITIES: | |||||
| Accounts payable | $1,369 | $1,301 | |||
| Accrued compensation | 1,540 | 3,536 | |||
| Deferred revenue | 1,718 | 1,787 | |||
| Other accrued liabilities | 934 | 858 | |||
| Income taxes payable | 174 | 218 | |||
| TOTAL CURRENT LIABILITIES | 5,735 | 7,700 | |||
| Long-term other payables | 472 | 527 | |||
| 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, 8,295,026 shares as of March 31, | |||||
| 2018 and 8,276,813 shares as of December 31, 2017 | 19,161 | 18,989 | |||
| Accumulated earnings (deficit) | 2,219 | 2,089 | |||
| Accumulated other comprehensive income | 1,283 | 982 | |||
| TOTAL STOCKHOLDERS’ EQUITY | 22,663 | 22,060 | |||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $28,870 | $30,287 | |||
