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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Data I O Corp | NASDAQ:DAIO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.90 | 2.88 | 3.02 | 2.94 | 2.8515 | 2.90 | 5,783 | 21:30:00 |
(Mark
One)
|
|
(X)
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the
quarterly period ended
June 30,
2019
|
|
Or
|
|
(
)
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
|
For the
transition period from ________________ to
________________
|
Commission
file number:
0-10394
|
|
DATA I/O CORPORATION
|
|
(Exact
name of registrant as specified in its charter)
|
|
|
|
Washington
|
91-0864123
|
(State
or other jurisdiction of incorporation or
organization)
|
(I.R.S.
Employer Identification No.)
|
|
|
6645 185
th
Ave NE, Suite 100, Redmond, Washington, 98052
(Address
of principal executive offices, including zip code)
|
|
Securities
registered pursuant to Section 12(b) of the Act:
|
|
Title of each classTrading Symbol(s)Name of each exchange on which
registeredCommon StockDAIONASDAQ
|
|
|
Accelerated filer
☐
|
Large accelerated
filer ☐
|
|
Smaller reporting
company ☒
|
Non-accelerated
filer ☐
|
|
Emerging growth
company ☐
|
DATA I/O CORPORATION
|
|||||
|
|||||
FORM 10-Q
|
|||||
For the Quarter Ended
June 30,
2019
|
|||||
|
|||||
INDEX
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Part
I.
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Financial Information
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Page
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Part
II
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Other Information
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Three Months
Ended
|
Six Months
Ended
|
||||
Net
sales by type
|
Jun.
30,2019
|
Change
|
Jun.
30,2018
|
Jun.
30,2019
|
Change
|
Jun.
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Equipment
sales
|
$
3,537
|
(24.2
%)
|
$
4,665
|
$
7,247
|
(26.2
%)
|
$
9,814
|
Adapter
sales
|
$
1,421
|
(18.8
%)
|
$
1,750
|
$
2,882
|
(16.2
%)
|
$
3,440
|
Software and
maintenance
|
876
|
11.0
%
|
789
|
1,763
|
11.6
%
|
1,580
|
Total programming
systems
|
$
5,834
|
(19.0
%)
|
$
7,204
|
$
11,892
|
(19.8
%)
|
$
14,834
|
|
|
|
|
|
|
|
|
As Reported December 31, 2018
|
As Recorded January 1, 2019
|
(in
thousands)
|
|
|
Right-of-use assets
(Long-term other assets)
|
$
0
|
$
2,176
|
Lease
liability-short term (Other accrued liabilities)
|
-
|
(654
)
|
Lease
liability-long term (Long-term other payables)
|
-
|
(1,904
)
|
Inventories
consisted of the following components:
|
|
|
|
June
30,2019
|
December
31,2018
|
(in
thousands)
|
|
|
Raw
material
|
$
2,540
|
$
2,925
|
Work-in-process
|
2,145
|
1,584
|
Finished
goods
|
533
|
676
|
Inventories
|
$
5,218
|
$
5,185
|
|
|
|
|
June
30,2019
|
December
31,2018
|
(in
thousands)
|
|
|
Leasehold
improvements
|
$
399
|
$
399
|
Equipment
|
5,569
|
5,378
|
Sales
demonstration equipment
|
1,068
|
942
|
|
7,036
|
6,719
|
Less
accumulated depreciation
|
5,083
|
4,734
|
Property and
equipment, net
|
$
1,953
|
$
1,985
|
|
|
|
|
June
30,2019
|
December
31,2018
|
(in
thousands)
|
|
|
Lease
liability - short term
|
$
667
|
$
0
|
Product
warranty
|
420
|
471
|
Sales
return reserve
|
87
|
87
|
Other
taxes
|
106
|
102
|
Other
|
171
|
129
|
Other
accrued liabilities
|
$
1,451
|
$
789
|
|
|
|
|
June
30,2019
|
(in
thousands)
|
|
Liability,
beginning balance
|
$
471
|
Net
expenses
|
419
|
Warranty
claims
|
(419
)
|
Accrual
revisions
|
(51
)
|
Liability,
ending balance
|
$
420
|
|
Operating Lease
Commitments
|
(in
thousands)
|
|
2019
(remaining)
|
$
383
|
2020
|
760
|
2021
|
685
|
2022
|
309
|
2023
|
89
|
Thereafter
|
226
|
Total
|
$
2,452
|
Less
Imputed interest
|
(253
)
|
Total operating
lease liabilities
|
$
2,199
|
|
Balance at June 30,
2019
|
(in
thousands)
|
|
Right-of-use assets
(Long-term other assets)
|
$
1,864
|
Lease
liability-short term (Other accrued liabilities)
|
(667
)
|
Lease
liability-long term (Long-term other payables)
|
(1,532
)
|
|
Three
Months Ended
|
Six Months
Ended
|
||
|
Jun. 30,2019
|
Jun. 30,2018
|
Jun. 30,2019
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
Cost of goods
sold
|
$
10
|
$
11
|
$
16
|
$
15
|
Research and
development
|
103
|
107
|
166
|
149
|
Selling, general
and administrative
|
251
|
355
|
469
|
486
|
Total share-based
compensation
|
$
364
|
$
473
|
$
651
|
$
650
|
|
|
|
|
|
|
Three
Months Ended
|
Six Months
Ended
|
||
|
Jun. 30,2019
|
Jun. 30,2018
|
Jun. 30,2019
|
Jun. 30,2018
|
Restricted Stock Units
|
276,700
|
204,856
|
276,700
|
205,856
|
Stock Options
|
25,000
|
-
|
25,000
|
-
|
|
Jun.
30,2019
|
|
|
Unamortized future
equity compensation expense (in thousands)
|
$
2,874
|
Remaining weighted
average amortization period (in years)
|
2.77
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
Net
sales by product line
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Automated
programming systems
|
$
4,651
|
(18.1
%)
|
$
5,680
|
$
9,454
|
(18.9
%)
|
$
11,654
|
Non-automated
programming systems
|
1,183
|
(22.4
%)
|
1,524
|
2,438
|
(23.3
%)
|
3,180
|
Total programming
systems
|
$
5,834
|
(19.0
%)
|
$
7,204
|
$
11,892
|
(19.8
%)
|
$
14,834
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
Net
sales by location
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
United
States
|
$
609
|
(37.5
%)
|
$
974
|
$
966
|
(51.5
%)
|
$
1,993
|
% of
total
|
10.4
%
|
|
13.5
%
|
8.1
%
|
|
13.4
%
|
|
|
|
|
|
|
|
International
|
$
5,225
|
(16.1
%)
|
$
6,230
|
$
10,926
|
(14.9
%)
|
$
12,841
|
% of
total
|
89.6
%
|
|
86.5
%
|
91.9
%
|
|
86.6
%
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
Net
sales by type
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Equipment
sales
|
$
3,537
|
(24.2
%)
|
$
4,665
|
$
7,247
|
(26.2
%)
|
$
9,814
|
Adapter
sales
|
$
1,421
|
(18.8
%)
|
$
1,750
|
$
2,882
|
(16.2
%)
|
$
3,440
|
Software and
maintenance
|
876
|
11.0
%
|
789
|
1,763
|
11.6
%
|
1,580
|
Total programming
systems
|
$
5,834
|
(19.0
%)
|
$
7,204
|
$
11,892
|
(19.8
%)
|
$
14,834
|
|
|
|
|
|
|
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Gross
margin
|
$
3,584
|
(15.7
%)
|
$
4,249
|
$
7,269
|
(16.1
%)
|
$
8,665
|
Percentage of net
sales
|
61.4
%
|
|
59.0
%
|
61.1
%
|
|
58.4
%
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Research and
development
|
$
1,680
|
(8.9
%)
|
$
1,845
|
$
3,361
|
(9.7
%)
|
$
3,724
|
Percentage of net
sales
|
28.8
%
|
|
25.6
%
|
28.3
%
|
|
25.1
%
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Selling, general
&
|
|
|
|
|
|
|
administrative
|
$
1,829
|
(15.2
%)
|
$
2,158
|
$
3,803
|
(12.6
%)
|
$
4,351
|
Percentage of net
sales
|
31.4
%
|
|
30.0
%
|
32.0
%
|
|
29.3
%
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Interest
income
|
$
10
|
11.1
%
|
$
9
|
$
22
|
37.5
%
|
$
16
|
|
Three
Months Ended
|
Six Months
Ended
|
||||
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
Jun. 30,2019
|
Change
|
Jun. 30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
$
(27
)
|
(35.7
%)
|
$
(42
)
|
$
2
|
(102.3
%)
|
$
(87
)
|
|
Jun. 30,2019
|
Change
|
Dec. 31,2018
|
(in
thousands)
|
|
|
|
Working
capital
|
$
19,541
|
$
(1,524
)
|
$
21,065
|
|
Three Months
EndedJune 30,
|
Six Months
EndedJune 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
(in
thousands)
|
|
|
|
|
Net
Income
|
$
127
|
$
486
|
$
153
|
$
616
|
Interest
(income)
|
(10
)
|
(9
)
|
(22
)
|
(16
)
|
Taxes
|
27
|
42
|
(2
)
|
87
|
Depreciation
& amortization
|
220
|
277
|
424
|
506
|
EBITDA
earnings
|
$
364
|
$
796
|
$
553
|
$
1,193
|
|
|
|
|
|
Equity
compensation
|
364
|
473
|
651
|
650
|
Adjusted EBITDA
earnings,
|
|
|
|
|
excluding
equity compensation
|
$
728
|
$
1,269
|
$
1,204
|
$
1,843
|
Item 2.
|
U
nregistered Sales of
Equity Securities and Use of Proceeds
None
|
|||
Item 3.
|
D
efaults Upon Senior Securities
|
|||
|
None
|
|||
Item 4.
|
M
ine Safety Disclosures
|
|||
|
Not
Applicable
|
|||
Item 5.
|
O
ther Information
|
|||
|
None
|
|||
Item 6.
|
E
xhibits
|
|||
|
(a)
Exhibits
|
|
10
|
Material Contracts:
|
||
|
None
|
|||
|
|
|
||
|
31
|
Certification pursuant to Section 302 of the Sarbanes Oxley Act of
2002:
|
||
|
||||
|
||||
|
|
|
||
|
32
|
Certification pursuant to Section 906 of the Sarbanes Oxley Act of
2002:
|
||
|
||||
|
||||
|
|
|||
|
101
|
Interactive
Data Files Pursuant to Rule 405 of Regulation S-T
|
|
DATA
I/O CORPORATION
(REGISTRANT)
|
|
|
|
|
|
|
DATED: August 14,
2019
|
By:
|
/s/
Anthony
Ambrose
|
|
|
|
Anthony
Ambrose
|
|
|
|
President and Chief
Executive Officer
(Principal
Executive Officer and Duly Authorized
Officer)
|
|
|
|
|
|
|
|
|
|
|
By:
|
/s/
Joel S.
Hatlen
|
|
|
|
Joel S.
Hatlen
|
|
|
|
Vice
President and Chief Operating and Financial Officer
Secretary
and Treasurer
(Principal
Financial Officer and Duly Authorized Officer)
|
|
1 Year Data I O Chart |
1 Month Data I O Chart |
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