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 |
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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
|
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2024 |
|
2023 |
||
Net Sales |
$6,099 |
$7,231 |
||
Cost of goods sold |
2,879 |
2,929 |
||
Gross margin |
3,220 |
4,302 |
||
Operating expenses: |
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Research and development |
1,582 |
1,625 |
||
Selling, general and administrative |
2,498 |
2,508 |
||
Total operating expenses |
4,080 |
4,133 |
||
Operating income (loss) |
(860) |
169 |
||
Non-operating income (loss): |
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Interest income |
80 |
35 |
||
Foreign currency transaction gain (loss) |
14 |
(74) |
||
Total non-operating income (loss) |
94 |
(39) |
||
Income (loss) before income taxes |
(766) |
130 |
||
Income tax (expense) benefit |
(41) |
(35) |
||
Net income (loss) |
($807) |
$95 |
||
Basic earnings (loss) per share |
($0.09) |
$0.01 |
||
Diluted earnings (loss) per share |
($0.09) |
$0.01 |
||
| Weighted-average basic shares |
9,023 |
8,818 |
||
| Weighted-average diluted shares |
9,023 |
9,029 |
||
| DATA I/O CORPORATION |
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| CONSOLIDATED BALANCE SHEETS |
||||
| (in thousands, except share data) |
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| (UNAUDITED) |
||||
|
March 31,
|
|
December 31,
|
||
| ASSETS |
||||
| CURRENT ASSETS: |
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| Cash and cash equivalents |
$11,999 |
$12,341 |
||
| Trade accounts receivable, net of allowance for |
||||
| credit losses of $71 and $72, respectively |
4,822 |
5,707 |
||
| Inventories |
6,372 |
5,875 |
||
| Other current assets |
739 |
690 |
||
| TOTAL CURRENT ASSETS |
23,932 |
24,613 |
||
| Property, plant and equipment – net |
1,044 |
1,359 |
||
| Other assets |
1,228 |
1,429 |
||
| TOTAL ASSETS |
$26,204 |
$27,401 |
||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
||||
| CURRENT LIABILITIES: |
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| Accounts payable |
$1,544 |
$1,272 |
||
| Accrued compensation |
1,318 |
2,003 |
||
| Deferred revenue |
1,606 |
1,362 |
||
| Other accrued liabilities |
1,271 |
1,438 |
||
| Income taxes payable |
45 |
113 |
||
| TOTAL CURRENT LIABILITIES |
5,784 |
6,188 |
||
| Operating lease liabilities |
562 |
702 |
||
| Long-term other payables |
226 |
192 |
||
| STOCKHOLDERS’ EQUITY |
||||
| Preferred stock - |
||||
| Authorized, 5,000,000 shares, including |
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| 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, 9,024,959 shares as of March 31, |
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| 2024 and 9,020,819 shares as of December 31, 2023 |
23,019 |
22,731 |
||
| Accumulated earnings (deficit) |
(3,452) |
(2,645) |
||
| Accumulated other comprehensive income |
65 |
233 |
||
| TOTAL STOCKHOLDERS’ EQUITY |
19,632 |
20,319 |
||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$26,204 |
$27,401 |
||
| DATA I/O CORPORATION |
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| NON-GAAP FINANCIAL MEASURE RECONCILIATION |
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|
Three Months Ended
|
||||
| 2024 |
|
2023 |
||
| (in thousands) |
||||
| Net Income (loss) |
($807) |
$95 |
||
| Interest (income) |
(80) |
(35) |
||
| Taxes |
41 |
35 |
||
| Depreciation and amortization |
201 |
158 |
||
| EBITDA earnings |
($645) |
$253 |
||
| Equity compensation |
281 |
249 |
||
|
|
|
|||
| Adjusted EBITDA, excluding equity compensation |
($364) |
$502 |
||
