Business
Data I/O Reports Second 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 second quarter ended June 30, 2020.\n\n\nSecond Quarter 2020 Highlights\n\n\n\nNet sales of $4.7 million; bookings of $5.0 million\n\n\nGross margin as a percentage of sales of 52.4 %\n\n\nNet loss of ($1,057,000) or ($0.13) per share\n\n\nAdjusted earnings before interest, taxes, depreciation and amortization (EBITDA)*, excluding equity compensation, of ($231,000)\n\n\nCash & Equivalents of $13.3 million; no debt\n\n\nAutomotive electronics, advanced programming and secure provisioning leadership\n\n\nAutomotive Electronics represented approximately 50% of second quarter 2020 bookings\n\n\nWins in UFS infotainment, vehicle electrification, and competitive replacement within the automotive sector\n\n\nWin at Asia-based IoT manufacturer for multiple PSV family systems\n\n\n300th PSV family system deployed\n\n\nShipments began for the SentriX® supported PSoC 64 Standard Secure Amazon Web Services (AWS) microcontroller (MCU)\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\nManagement Comments\n\n\nCommenting on the second quarter ended June 30, 2020, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “In a COVID-19 pandemic-stricken world, we are grateful for the health of our staff, customers, partners, stakeholders and families, and appreciate the sacrifices made by healthcare responders around the world. Under the circumstances during the better part of the past six months, global commerce has been anything but predictable. Expectations in general have been reduced, and our performance in the second quarter reflected these business conditions.\n\n\n“For Data I/O, our second quarter revenues of $4.7 million were modestly under the $4.8 million recorded in the first quarter. Second quarter bookings improved to $5.0 million from $4.3M in the first quarter. Backlog strengthened at June 30 to $2.8 million from $2.3 million at March 31.\n\n\n“During the second quarter, global COVID-19 negatively affected many of our customers and our business. We saw many a...