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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 3.45% | 3.00 | 2.99 | 3.06 | 3.00 | 2.885 | 2.93 | 9,110 | 17:02:12 |
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 185th
Ave NE, Suite 100, Redmond, Washington, 98052
(Address
of principal executive offices, including zip code)
|
Title of
each class
|
Trading
Symbol(s)
|
Name of
each exchange on which registered
|
Common
Stock
|
DAIO
|
NASDAQ
|
Accelerated filer
☐
|
Smaller reporting
company ☒
|
Large accelerated
filer ☐
|
Emerging growth
company ☐
|
Non-accelerated
filer ☐
|
|
DATA I/O CORPORATION
|
|||||
|
|||||
FORM 10-Q
|
|||||
For the Quarter Ended September 30,
2019
|
|||||
|
INDEX
|
|||
|
|
Page
|
|
|
|
|
|
|
Financial
Statements
|
3
|
|
|
|
|
|
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
16
|
|
|
|
|
|
|
Quantitative
and Qualitative Disclosures About Market Risk
|
22
|
|
|
|
|
|
|
Controls
and Procedures
|
22
|
|
|
|
|
|
|
Other Information
|
|
|
|
|
|
|
|
Legal
Proceedings
|
23
|
|
|
|
|
|
|
Risk
Factors
|
23
|
|
|
|
|
|
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
23
|
|
|
|
|
|
|
Defaults
Upon Senior Securities
|
23
|
|
|
|
|
|
|
Mine
Safety Disclosures
|
23
|
|
|
|
|
|
|
Other
Information
|
23
|
|
|
|
|
|
|
Exhibits
|
23
|
|
|
|
|
|
Signatures
|
|
23
|
DATA I/O CORPORATION
|
|||
CONSOLIDATED BALANCE SHEETS
|
|||
(in thousands, except share data)
|
|||
(UNAUDITED)
|
DATA I/O CORPORATION
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS
|
||||||||
(in thousands, except per share amounts)
|
||||||||
(UNAUDITED)
|
DATA I/O CORPORATION
|
||||||||
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
|
||||||||
(in thousands)
|
||||||||
(UNAUDITED)
|
DATA I/O CORPORATION
|
||||||||||
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY
|
||||||||||
(in thousands, except share amounts)
|
DATA I/O CORPORATION
|
||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||
(in thousands)
|
||||
(UNAUDITED)
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
Net
sales by type
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Equipment
sales
|
$1,567
|
(61.3%)
|
$4,047
|
$8,815
|
(36.4%)
|
$13,861
|
Adapter
sales
|
1,342
|
(17.8%)
|
1,632
|
4,223
|
(16.7%)
|
5,072
|
Software and
maintenance
|
899
|
5.3%
|
854
|
2,662
|
9.4%
|
2,434
|
Total programming
systems
|
$3,808
|
(41.7%)
|
$6,533
|
$15,700
|
(26.5%)
|
$21,367
|
|
|
|
|
|
|
|
|
As
Reported December 31, 2018
|
Adjustment
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
|
|
September
30,
2019
|
December
31,
2018
|
(in
thousands)
|
|
|
Raw
material
|
$2,734
|
$2,925
|
Work-in-process
|
2,222
|
1,584
|
Finished
goods
|
476
|
676
|
Inventories
|
$5,432
|
$5,185
|
|
|
|
|
September
30,
2019
|
December
31,
2018
|
(in
thousands)
|
|
|
Leasehold
improvements
|
$387
|
$399
|
Equipment
|
5,513
|
5,378
|
Sales
demonstration equipment
|
929
|
942
|
|
6,829
|
6,719
|
Less
accumulated depreciation
|
5,096
|
4,734
|
Property and
equipment, net
|
$1,733
|
$1,985
|
|
|
|
|
|
|
|
September
30,
2019
|
December
31,
2018
|
(in
thousands)
|
|
|
Lease
right-of-use assets
|
$1,688
|
-
|
Prepaid
security royalties
|
375
|
175
|
Other
|
45
|
45
|
Other
assets
|
$2,108
|
$220
|
|
|
|
|
September
30,
2019
|
December
31,
2018
|
(in
thousands)
|
|
|
Lease
liability - short term
|
$661
|
$0
|
Product
warranty
|
377
|
471
|
Sales
return reserve
|
78
|
87
|
Other
taxes
|
100
|
102
|
Other
|
92
|
129
|
Other
accrued liabilities
|
$1,308
|
$789
|
|
|
|
|
September
30,
2019
|
(in
thousands)
|
|
Liability,
beginning balance
|
$471
|
Net
expenses
|
567
|
Warranty
claims
|
(567)
|
Accrual
revisions
|
(94)
|
Liability,
ending balance
|
$377
|
|
|
|
Operating
Lease Commitments
|
(in
thousands)
|
|
2019
(remaining)
|
$187
|
2020
|
745
|
2021
|
674
|
2022
|
307
|
2023
|
87
|
Thereafter
|
217
|
Total
|
$2,217
|
Less
Imputed interest
|
(222)
|
Total operating
lease liabilities
|
$1,995
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,2019
|
September
30,2018
|
September
30,2019
|
September
30,2018
|
(in thousands
except per share data)
|
|
|
|
|
Numerator for basic
and diluted
|
|
|
|
|
earnings(loss) per
share:
|
|
|
|
|
Net
income(loss)
|
$(844)
|
$342
|
$(691)
|
$958
|
|
|
|
|
|
Denominator for
basic
|
|
|
|
|
earnings(loss) per
share:
|
|
|
|
|
Weighted-average
shares
|
8,217
|
8,439
|
8,259
|
8,361
|
|
|
|
|
|
Employee stock
options and awards
|
25
|
68
|
71
|
155
|
|
|
|
|
|
Denominator for
diluted
|
|
|
|
|
earnings(loss) per
share:
|
|
|
|
|
Adjusted
weighted-average shares &
|
|
|
|
|
assumed
conversions of stock options
|
8,242
|
8,507
|
8,330
|
8,516
|
|
|
|
|
|
Basic and
diluted
|
|
|
|
|
earnings(loss) per
share:
|
|
|
|
|
Total
basic earnings(loss) per share
|
$(0.10)
|
$0.04
|
$(0.08)
|
$0.11
|
Total
diluted earnings(loss) per share
|
$(0.10)
|
$0.04
|
$(0.08)
|
$0.11
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,2019
|
September
30,2018
|
September
30,2019
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
Cost of goods
sold
|
$6
|
$4
|
$22
|
$19
|
Research and
development
|
61
|
56
|
227
|
205
|
Selling, general
and administrative
|
193
|
222
|
662
|
708
|
Total share-based
compensation
|
$260
|
$282
|
$911
|
$932
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||
|
September
30,2019
|
September
30,2018
|
September
30,2019
|
September
30,2018
|
|
|
|
|
|
Restricted Stock
Units
|
-
|
1,000
|
276,700
|
206,856
|
Stock
Options
|
-
|
-
|
25,000
|
-
|
|
September
30,
2019
|
|
|
Unamortized future
equity compensation expense (in thousands)
|
$2,612
|
Remaining weighted
average amortization period (in years)
|
2.58
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
Net
sales by product line
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Automated
programming systems
|
$2,587
|
(50.2%)
|
$5,195
|
$12,041
|
(28.5%)
|
$16,849
|
Non-automated
programming systems
|
1,221
|
(8.7%)
|
1,338
|
3,659
|
(19.0%)
|
4,518
|
Total programming
systems
|
$3,808
|
(41.7%)
|
$6,533
|
$15,700
|
(26.5%)
|
$21,367
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
Net
sales by location
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
United
States
|
$389
|
(51.9%)
|
$809
|
$1,355
|
(51.6%)
|
$2,802
|
% of
total
|
10.2%
|
|
12.4%
|
8.6%
|
|
13.1%
|
|
|
|
|
|
|
|
International
|
$3,419
|
(40.3%)
|
$5,724
|
$14,345
|
(22.7%)
|
$18,565
|
% of
total
|
89.8%
|
|
87.6%
|
91.4%
|
|
86.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
Net
sales by type
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Equipment
sales
|
$1,567
|
(61.3%)
|
$4,047
|
$8,815
|
(36.4%)
|
$13,861
|
Adapter
sales
|
1,342
|
(17.8%)
|
1,632
|
4,223
|
(16.7%)
|
5,072
|
Software and
maintenance
|
899
|
5.3%
|
854
|
2,662
|
9.4%
|
2,434
|
Total programming
systems
|
$3,808
|
(41.7%)
|
$6,533
|
$15,700
|
(26.5%)
|
$21,367
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Gross
margin
|
$2,002
|
(51.4%)
|
$4,118
|
$9,270
|
(27.5%)
|
$12,783
|
Percentage of net
sales
|
52.6%
|
|
63.0%
|
59.0%
|
|
59.8%
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Research and
development
|
$1,507
|
(17.5%)
|
$1,826
|
$4,868
|
(12.3%)
|
$5,550
|
Percentage of net
sales
|
39.6%
|
|
28.0%
|
31.0%
|
|
26.0%
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Selling, general
&
|
|
|
|
|
|
|
administrative
|
$1,535
|
(18.7%)
|
$1,888
|
$5,338
|
(14.4%)
|
$6,239
|
Percentage of net
sales
|
40.3%
|
|
28.9%
|
34.0%
|
|
29.2%
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Interest
income
|
$25
|
150.0%
|
$10
|
$47
|
80.8%
|
$26
|
|
Three Months
Ended
|
Nine Months
Ended
|
|
|||
|
September
30,2019
|
Change
|
September
30,2018
|
September
30,2019
|
Change
|
September
30,2018
|
(in
thousands)
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
$(55)
|
(69.4%)
|
$(180)
|
$(52)
|
(80.5%)
|
$(267)
|
|
September
30,2019
|
Change
|
December
31,2018
|
(in
thousands)
|
|
|
|
Working
capital
|
$18,413
|
$(2,652)
|
$21,065
|
|
Three Months
EndedSeptember 30,
|
Nine Months
EndedSeptember 30,
|
||
|
2019
|
2018
|
2019
|
2018
|
(in
thousands)
|
|
|
|
|
Net Income
(loss)
|
$(844)
|
$342
|
$(691)
|
$958
|
Interest
(income)
|
(25)
|
(10)
|
(47)
|
(26)
|
Taxes
|
55
|
180
|
52
|
267
|
Depreciation
& amortization
|
248
|
230
|
672
|
736
|
EBITDA earnings
(loss)
|
$(566)
|
$742
|
$(14)
|
$1,935
|
|
|
|
|
|
Equity
compensation
|
260
|
282
|
911
|
932
|
Adjusted EBITDA
earnings (loss),
|
|
|
|
|
excluding
equity compensation
|
$(306)
|
$1,024
|
$897
|
$2,867
|
|
|
|
|
|
10
|
Material
Contracts:
|
|
None
|
31
|
|
|
Certification
pursuant to Section 302 of the Sarbanes Oxley Act of
2002:
|
|
31.1 Chief Executive
Officer Certification
|
|
31.2
Chief Financial Officer Certification
|
|
|
32
|
Certification
pursuant to Section 906 of the Sarbanes Oxley Act of
2002:
|
|
32.1 Chief Executive
Officer Certification
|
|
32.2
Chief Financial Officer Certification
|
|
|
101
|
Interactive
Data Files Pursuant to Rule 405 of Regulation S-T
|
|
DATA I/O CORPORATION
(REGISTRANT)
|
|
|
|
|
|
|
Date:
November 13,
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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