Business
Data I/O Reports First Quarter 2020 Results
REDMOND, Wash.--(BUSINESS WIRE)-- Data I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced data and security deployment solutions for
About this update from Data I/o Corporation
[{"type":"text","content":" REDMOND, Wash.--(BUSINESS WIRE)--\nData I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced data and security deployment solutions for flash, flash-memory based intelligent devices and microcontrollers, today announced financial results for the first quarter ended March 31, 2020.\n\n\nFirst Quarter 2020 Highlights\n\n\n\nNet sales of $4.8 million; bookings of $4.3 million\n\n\nGross margin as a percentage of sales of 58.2%\n\n\nNet loss of ($554,000) or ($0.07) per share\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization (EBITDA)*, excluding equity compensation, of ($110,000)\n\n\nCash & Equivalents of $13.8 million; no debt\n\n\nAutomotive electronics, advanced programming and secure provisioning leadership\n\n\nAutomotive Electronics represented 55% of first quarter 2020 bookings\n\n\nNew distribution partnership with NOA Leading Co., Ltd. in Japan\n\n\nThree new automotive wins in the quarter in Asia, Americas and Europe\n\n\nGrowth in SentriX® devices provisioned, device types supported, and design wins\n\n\n\n\nCOVID-19 Positioning and Response\n\n\nGlobally diversified manufacturing/service operations complying with local regulations\n\n\nAs an “essential” business, manufacturing facilities remain open with core personnel onsite to service, build and ship products\n\n\nPrioritizing COVID-19 related device supports, equipment orders and service\n\n\nCash conservation and expense management initiatives, including reductions in executive and Board level compensation\n\n\n\n\n\n\n\n \n\n\n\n\n\n*EBITDA and Adjusted EBITDA are non-GAAP financial measures. A reconciliation is provided in the tables of this press release.\n\n\n\n\n\n \n\n\n\n\n\nManagement Comments\n\n\nCommenting on the first quarter ended March 31, 2020, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “The first quarter delivered unprecedented worldwide conditions with the onset of the COVID-19 pandemic just as our business seemed to be emerging from the cyclical downtrend that commenced nearly two years ago. Our thoughts and prayers go out to all the communities, businesses and individuals who have been hard hit by the virus. This has been a crisis affecting global businesses and humanity alike, and we at Data I/O are doing our part to contribute toward the comprehensive steps for safety and reco...