Business
Data I/O Reports Fourth Quarter 2019 Results
Leadership Extended in Automotive Electronics and Security Deployment -- Targeting Large and High Growth Markets REDMOND, Wash.--(BUSINESS WIRE)-- Data I/O
About this update from Data I/o Corporation
[{"type":"text","content":"\nLeadership Extended in Automotive Electronics and Security Deployment -- Targeting Large and High Growth Markets\n\n 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 fourth quarter ended December 31, 2019.\n\n\nFourth Quarter 2019 Highlights\n\n\n\nNet sales of $5.9 million; bookings of $6.9 million\n\n\nGross margin as a percentage of sales of 55.9%\n\n\nNet loss of ($496,000) or ($0.06) per share. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)*, excluding equity compensation, of ($67,000)\n\n\nCash & Equivalents of $13.9 million; no debt\n\n\nAutomotive electronics, advanced programming and secure provisioning leadership\n\n\nNew PSV2800 received major awards since introduction in October 2019\n\n\nRecognized by customers with 2020 Circuits Assembly Service Excellence Award in the Device Programming Equipment category\n\n\nExtended programming technology leadership with launch of machine learning-based\nautomated teach capability & 4x programming performance improvement for UFS\n\n\nGrowth in SentriX® devices provisioned, device types supported, and design wins\n\n\n\n\n\nFull Year 2019 Highlights\n\n\n\nNet sales of $21.6 million; bookings of $22.5 million\n\n\nGross margin as a percentage of sales of 58.2%\n\n\nNet loss of ($1.2) million or ($0.14) diluted earnings per share. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA)*, excluding equity compensation, of $830,000\n\n\nAutomotive Electronics represented 60% of bookings for 2019\n\n\nRepurchased 302,000 shares in 2019 (404,00 shares in total) to complete $2 million buyback authorized in October 2018\n\n\nEnded year with 5 system deployments, 12 partners and 10 supported devices for SentriX secure provisioning platform\n\n\n\n*Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.\n\n\nManagement Comments\n\n\nCommenting on the fourth quarter and year ended December 31, 2019, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “2019 was a challenging year for the business, due to a downturn in automotive electronics and s...