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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 | 2.84 | 3.06 | 2.94 | 2.8515 | 2.90 | 5,783 | 01:00:00 |
(Mark
One)
|
|
(X)
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the
quarterly period ended September
30, 2020
|
|
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 185th
Ave NE, Suite 100, Redmond, Washington, 98052
425-881-6444
(Address
of principal executive offices, including zip code)
|
|
Securities
registered pursuant to Section 12(b) of the Act:
|
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
☐
|
|
INDEX
|
|||
Part
I.
|
|
Financial Information
|
Page
|
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3
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15
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21
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21
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Part
II
|
|
Other Information
|
|
|
|
|
|
|
22
|
||
|
|
||
|
22
|
||
|
|
||
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22
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||
|
22
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22
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22
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22
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|
23
|
|
For the Nine
Months Ended
September
30,
|
|
|
2020
|
2019
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
Net
income (loss)
|
$(2,318)
|
$(691)
|
Adjustments
to reconcile net income (loss)
|
|
|
to
net cash provided by (used in) operating activities:
|
|
|
Depreciation
and amortization
|
620
|
672
|
Gain
on sale of assets
|
-
|
(60)
|
Equipment
transferred to cost of goods sold
|
186
|
37
|
Share-based
compensation
|
1,096
|
911
|
Net
change in:
|
|
|
Trade
accounts receivable
|
18
|
1,295
|
Inventories
|
11
|
(311)
|
Other
current assets
|
(140)
|
27
|
Accounts
payable and accrued liabilities
|
477
|
(2,484)
|
Deferred
revenue
|
(352)
|
163
|
Other
long-term liabilities
|
(1,014)
|
(311)
|
Deposits
and other long-term assets
|
1,074
|
33
|
Net
cash provided by (used in) operating activities
|
(342)
|
(719)
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
Purchases
of property, plant and equipment
|
(654)
|
(456)
|
Net
proceeds from sale of assets
|
-
|
60
|
Cash
provided by (used in) investing activities
|
(654)
|
(396)
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
Net
proceeds from issuance of common stock, less payments
|
|
|
for
shares withheld to cover tax
|
(144)
|
(211)
|
Repurchase
of common stock
|
-
|
(1,465)
|
Cash
provided by (used in) financing activities
|
(144)
|
(1,676)
|
Increase
(decrease) in cash and cash equivalents
|
(1,140)
|
(2,791)
|
|
|
|
Effects
of exchange rate changes on cash
|
186
|
(374)
|
Cash
and cash equivalents at beginning of period
|
13,936
|
18,343
|
Cash
and cash equivalents at end of period
|
$12,982
|
$15,178
|
|
|
|
Supplemental disclosure of cash flow information:
|
|
|
Cash
paid during the period for:
|
|
|
Income
taxes
|
$338
|
$178
|
|
Three Months
Ended
|
Nine Months
Ended
|
||||
Net
sales by type
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Equipment
|
$3,861
|
146.4%
|
$1,567
|
$8,924
|
1.2%
|
$8,815
|
Adapter
|
1,246
|
(7.2%)
|
1,342
|
3,915
|
(7.3%)
|
4,223
|
Software and
Maintenance
|
840
|
(6.6%)
|
899
|
2,548
|
(4.3%)
|
2,662
|
Total
|
$5,947
|
56.2%
|
$3,808
|
$15,387
|
(2.0%)
|
$15,700
|
|
September
30,
2020
|
December
31,
2019
|
(in
thousands)
|
|
|
Raw
material
|
$2,659
|
$2,416
|
Work-in-process
|
1,712
|
1,832
|
Finished
goods
|
689
|
772
|
Inventories
|
$5,060
|
$5,020
|
|
September
30,
2020
|
December
31,
2019
|
(in
thousands)
|
|
|
Leasehold
improvements
|
$403
|
$395
|
Equipment
|
5,832
|
5,606
|
Sales
demonstration equipment
|
847
|
778
|
|
7,082
|
6,779
|
Less
accumulated depreciation
|
5,566
|
5,111
|
Property and
equipment, net
|
$1,516
|
$1,668
|
|
September
30,
2020
|
December
31,
2019
|
(in
thousands)
|
|
|
Lease
liability - short term
|
$716
|
$678
|
Product
warranty
|
367
|
367
|
Sales
return reserve
|
82
|
77
|
Other
taxes
|
101
|
126
|
Other
|
44
|
124
|
Other
accrued liabilities
|
$1,310
|
$1,372
|
|
September
30,
2020
|
(in
thousands)
|
|
Liability,
beginning balance
|
$367
|
Net
expenses
|
549
|
Warranty
claims
|
(549)
|
Accrual
revisions
|
-
|
Liability,
ending balance
|
$367
|
|
Operating
Lease Commitments
|
(in
thousands)
|
|
2020
(remaining)
|
$196
|
2021
|
734
|
2022
|
328
|
2023
|
98
|
2024
|
86
|
Thereafter
|
148
|
Total
|
$1,590
|
Less
Imputed interest
|
(207)
|
Total operating
lease liabilities
|
$1,383
|
|
Balance
at
September
30,
2020
|
Balance
at
December
31,
2019
|
(in
thousands)
|
|
|
Right-of-use
assets (Long-term other assets)
|
$1,163
|
$1,574
|
Lease
liability-short term (Other accrued liabilities)
|
$716
|
678
|
Lease
liability-long term (Long-term other payables)
|
$667
|
1,178
|
|
Three
Months Ended
|
Nine
Months Ended
|
||
|
September 30,
2020
|
September 30,
2019
|
September 30,
2020
|
September 30,
2019
|
(in thousands
except per share data)
|
|
|
|
|
Numerator for basic
and diluted earnings (loss) per share:
|
|
|
|
|
Net
income (loss)
|
$(707)
|
$(844)
|
$(2,318)
|
$(691)
|
|
|
|
|
|
Denominator for
basic earnings (loss) per share:
|
|
|
|
|
Weighted-average
shares
|
8,394
|
8,217
|
8,305
|
8,259
|
|
|
|
|
|
Employee stock
options and awards
|
69
|
25
|
57
|
71
|
|
|
|
|
|
Denominator for
diluted earnings (loss) per share:
|
|
|
|
|
Adjusted
weighted-average shares & assumed conversions of stock
options
|
8,463
|
8,242
|
8,362
|
8,330
|
|
|
|
|
|
Basic and diluted
earnings (loss) per share:
|
|
|
|
|
Total
basic earnings (loss) per share
|
$(0.09)
|
$(0.10)
|
$(0.28)
|
$(0.08)
|
Total
diluted earnings (loss) per share
|
$(0.09)
|
$(0.10)
|
$(0.28)
|
$(0.08)
|
|
Three
Months Ended
|
Nine
Months Ended
|
||
|
September 30,
2020
|
September 30,
2019
|
September 30,
2020
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
Cost of goods
sold
|
$12
|
$6
|
$33
|
$22
|
Research and
development
|
87
|
61
|
283
|
227
|
Selling, general
and administrative
|
267
|
193
|
780
|
662
|
Total share-based
compensation
|
$366
|
$260
|
$1,096
|
$911
|
|
Three
Months Ended
|
Nine
Months Ended
|
||
|
September 30,
2020
|
September 30,
2019
|
September 30,
2020
|
September 30,
2019
|
|
|
|
|
|
Restricted Stock
Units
|
-
|
-
|
376,200
|
276,700
|
Stock
Options
|
-
|
-
|
-
|
25,000
|
|
September 30,
2020
|
|
|
Unamortized future
equity compensation expense (in thousands)
|
$2,413
|
Remaining weighted
average amortization period (in years)
|
2.46
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
Net
sales by product line
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,2019
|
(in
thousands)
|
|
|
|
|
|
|
Automated
programming systems
|
$4,736
|
83.1%
|
$2,587
|
$11,685
|
(3.0%)
|
$12,041
|
Non-automated
programming systems
|
1,211
|
(0.8%)
|
1,221
|
3,702
|
1.2%
|
3,659
|
Total programming
systems
|
$5,947
|
56.2%
|
$3,808
|
$15,387
|
(2.0%)
|
$15,700
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
Net
sales by location
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
United
States
|
$445
|
14.4%
|
$389
|
$1,007
|
(25.7%)
|
$1,355
|
% of
total
|
7.5%
|
|
10.2%
|
6.5%
|
|
8.6%
|
|
|
|
|
|
|
|
International
|
$5,502
|
60.9%
|
$3,419
|
$14,380
|
0.2%
|
$14,345
|
% of
total
|
92.5%
|
|
89.8%
|
93.5%
|
|
91.4%
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
Net
sales by type
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Equipment
sales
|
$3,861
|
146.4%
|
$1,567
|
$8,924
|
1.2%
|
$8,815
|
Adapter
sales
|
1,246
|
(7.2%)
|
1,342
|
3,915
|
(7.3%)
|
4,223
|
Software and
maintenance
|
840
|
(6.6%)
|
899
|
2,548
|
(4.3%)
|
2,662
|
Total programming
systems
|
$5,947
|
56.2%
|
$3,808
|
$15,387
|
(2.0%)
|
$15,700
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Gross
margin
|
$3,277
|
63.7%
|
$2,002
|
$8,500
|
(8.3%)
|
$9,270
|
Percentage of net
sales
|
55.1%
|
|
52.6%
|
55.2%
|
|
59.0%
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Research and
development
|
$1,567
|
4.0%
|
$1,507
|
$4,763
|
(2.2%)
|
$4,868
|
Percentage of net
sales
|
26.3%
|
|
39.6%
|
31.0%
|
|
31.0%
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Selling, general
& administrative
|
$1,810
|
17.9%
|
$1,535
|
$5,324
|
(0.3%)
|
$5,338
|
Percentage of net
sales
|
30.4%
|
|
40.3%
|
34.6%
|
|
34.0%
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Interest
income
|
$4
|
(84.0%)
|
$25
|
$13
|
(72.3%)
|
$47
|
|
Three
Months Ended
|
Nine
Months Ended
|
||||
|
September 30,
2020
|
Change
|
September 30,
2019
|
September 30,
2020
|
Change
|
September 30,
2019
|
(in
thousands)
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
$(340)
|
518.2%
|
$(55)
|
$(442)
|
750.0%
|
$(52)
|
|
September 30,
2020
|
Change
|
December 31,
2019
|
(in
thousands)
|
|
|
|
Working
capital
|
$18,273
|
$(224)
|
$18,497
|
|
Three Months
Ended
September
30,
|
Nine Months
Ended
September
30,
|
||
|
2020
|
2019
|
2020
|
2019
|
(in
thousands)
|
|
|
|
|
Net Income
(loss)
|
$(707)
|
$(844)
|
$(2,318)
|
$(691)
|
Interest
(income)
|
(4)
|
(25)
|
(13)
|
(47)
|
Taxes
|
340
|
55
|
442
|
52
|
Depreciation
& amortization
|
174
|
248
|
620
|
672
|
EBITDA earnings
(loss)
|
$(197)
|
$(566)
|
$(1,269)
|
$(14)
|
|
|
|
|
|
Equity
compensation
|
366
|
260
|
1,096
|
911
|
Adjusted EBITDA
earnings (loss),
|
|
|
|
|
excluding
equity compensation
|
$169
|
$(306)
|
$(173)
|
$897
|
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
|
1 Year Data I O Chart |
1 Month Data I O Chart |
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