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Data I/O Reports Third Quarter 2021 Results
Equipment Sales and Recurring/Consumable Strategy in Focus as Revenues Rise 13% REDMOND, Wash.--(BUSINESS WIRE)-- Data I/O Corporation (NASDAQ: DAIO), the
About this update from Data I/o Corporation
[{"type":"text","content":"\nEquipment Sales and Recurring/Consumable Strategy in Focus as Revenues Rise 13%\n\n REDMOND, Wash.--(BUSINESS WIRE)--\nData I/O Corporation (NASDAQ: DAIO), the leading global provider of advanced security and data deployment solutions for microcontrollers, security ICs and memory devices, today announced financial results for the third quarter ended September 30, 2021.\n\nThird Quarter 2021 Highlights\n\n\nNet sales of $6.7 million, up 13% from the prior year; bookings of $5.0 million\n\n\nQuarter-end backlog of $3.3 million\n\n\nGross margin as a percentage of sales of 60.7%\n\n\nNet income of $12,000 or $0.00 earnings per share\n\n\nAdjusted EBITDA* of $564,000\n\n\nCash & Equivalents of $14.2 million; no debt\n\n\nAutomotive Electronics represented 61% of third quarter 2021 bookings\n\n\nGrowth in SentriX® Security Deployment Platform supports and design wins\n\n\nDeployed first SentriX capital equipment order with software license\n\n\n\n\n*Adjusted EBITDA is a non-GAAP financial measure. A reconciliation is provided in the tables of this press release.\n\nManagement Comments\n\nCommenting on the third quarter ended September 30, 2021, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “We are pleased to return to profitability in the third quarter. Performance in the quarter was driven by the recovery in the automotive electronics market, solid delivery performance of our factories in challenging conditions, and continued strength in adapters. Revenues increased 13% in the third quarter as compared to the prior year, and are up 27% year-to-date as compared to the same period in 2020.\n\n“Bookings of $19.2 million through the first nine months of the year increased 30% over the same period of the prior year. Third quarter bookings of $5 million were down from $8.9 million in the second quarter, which we believe reflects a pull in of orders from the third quarter into the second quarter, and pushouts from customers who had not yet secured adequate silicon supply for their planned capacity expansion.\n\n“Adapter bookings in the third quarter of 2021 remained strong. Our increasing installed base of PSV machines provide recurring and consumable revenues which supplement our capital equipment sales. Additionally, we have seen customers qualifying second source designs which require new adapters from Data I/O. We...