Price | 4.00 | EPS | -0 | |
Shares | 8 | P/E | -48 | |
MCap | 33 | P/FCF | -46 | |
Net Debt | -15 | EBIT | -1 | |
TEV | 18 | TEV/EBIT | -33 | TTM 2019-09-30, in MM, except price, ratios |
10-Q | 2020-09-30 | Filed 2020-11-12 |
10-Q | 2020-06-30 | Filed 2020-08-13 |
10-Q | 2020-03-31 | Filed 2020-05-13 |
10-K | 2019-12-31 | Filed 2020-03-27 |
10-Q | 2019-09-30 | Filed 2019-11-13 |
10-Q | 2019-06-30 | Filed 2019-08-14 |
10-Q | 2019-03-31 | Filed 2019-05-15 |
10-K | 2018-12-31 | Filed 2019-03-28 |
10-Q | 2018-10-31 | Filed 2018-11-14 |
10-Q | 2018-08-08 | Filed 2018-08-13 |
10-Q | 2018-03-31 | Filed 2018-05-11 |
10-K | 2017-12-31 | Filed 2018-03-28 |
10-Q | 2017-09-30 | Filed 2017-11-09 |
10-Q | 2017-06-30 | Filed 2017-08-11 |
10-Q | 2017-03-31 | Filed 2017-05-12 |
10-K | 2016-12-31 | Filed 2017-03-28 |
10-Q | 2016-09-30 | Filed 2016-11-14 |
10-Q | 2016-06-30 | Filed 2016-08-15 |
10-Q | 2016-03-31 | Filed 2016-05-12 |
10-K | 2015-12-31 | Filed 2016-03-28 |
10-Q | 2015-09-30 | Filed 2015-11-12 |
10-Q | 2015-06-30 | Filed 2015-08-14 |
10-Q | 2015-03-30 | Filed 2015-05-14 |
10-K | 2014-12-31 | Filed 2015-03-27 |
10-Q | 2014-09-30 | Filed 2014-11-13 |
10-Q | 2014-06-30 | Filed 2014-08-13 |
10-Q | 2014-03-31 | Filed 2014-05-15 |
10-K | 2013-12-31 | Filed 2014-03-28 |
10-Q | 2013-09-30 | Filed 2013-11-08 |
10-Q | 2013-06-30 | Filed 2013-08-12 |
10-Q | 2013-03-31 | Filed 2013-05-15 |
10-K | 2012-12-31 | Filed 2013-03-28 |
10-Q | 2012-09-30 | Filed 2012-11-13 |
10-Q | 2012-06-30 | Filed 2012-08-10 |
10-Q | 2012-03-31 | Filed 2012-05-14 |
10-K | 2011-12-31 | Filed 2012-03-28 |
10-Q | 2011-09-30 | Filed 2011-11-10 |
10-Q | 2011-06-30 | Filed 2011-08-12 |
10-Q | 2011-03-31 | Filed 2011-05-13 |
10-K | 2010-12-31 | Filed 2011-03-31 |
10-Q | 2010-09-30 | Filed 2010-11-15 |
10-Q | 2010-06-30 | Filed 2010-08-13 |
10-Q | 2010-03-31 | Filed 2010-05-14 |
10-K | 2009-12-31 | Filed 2010-03-31 |
8-K | 2020-10-23 | |
8-K | 2020-09-24 | |
8-K | 2020-08-04 | |
8-K | 2020-05-18 | |
8-K | 2020-04-30 | |
8-K | 2020-04-07 | |
8-K | 2020-03-03 | |
8-K | 2019-10-31 | |
8-K | 2019-08-01 | |
8-K | 2019-05-20 | |
8-K | 2019-04-30 | |
8-K | 2019-03-31 | |
8-K | 2019-02-22 | |
8-K | 2019-01-15 | |
8-K | 2018-10-17 | |
8-K | 2018-09-30 | |
8-K | 2018-09-24 | |
8-K | 2018-07-26 | |
8-K | 2018-05-21 | |
8-K | 2018-04-26 | |
8-K | 2018-02-22 |
Part I - Financial Information |
Note 1 - Financial Statement Preparation |
Note 2 – Inventories |
Note 3 – Property, Plant and Equipment, Net |
Note 4 – Other Accrued Liabilities |
Note 5 – Leases |
Note 6 – Other Commitments |
Note 7 – Contingencies |
Note 8 – Earnings per Share |
Note 9 – Share - Based Compensation |
Item 4. |
Part II - Other Information |
Item 1A.              |
Item 2. |
Item 3. |
Item 4. |
Item 5. |
Item 6. Exhibits |
EX-31.1 | daio_ex311.htm |
EX-31.2 | daio_ex312.htm |
EX-32.1 | daio_ex321.htm |
EX-32.2 | daio_ex322.htm |
Balance Sheet | Income Statement | Cash Flow |
---|---|---|
Assets, Equity
|
Rev, G Profit, Net Income
|
Ops, Inv, Fin
|
(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 |
| | | |
| 3 | ||
| | | |
| 15 | ||
| | | |
| 21 | ||
| | | |
| 21 | ||
| | | |
Part II | | Other Information | |
| | | |
| 22 | ||
| | ||
| 22 | ||
| | ||
| 22 | ||
| | ||
| 22 | ||
| | ||
| 22 | ||
| | ||
| 22 | ||
| | ||
| 22 | ||
| | | |
| 23 |
| September 30, 2020 | December 31, 2019 |
| | |
ASSETS | | |
CURRENT ASSETS: | | |
Cash and cash equivalents | $12,982 | $13,936 |
Trade accounts receivable, net of allowance for | | |
doubtful accounts of $101 and $80, respectively | 4,152 | 4,099 |
Inventories | 5,060 | 5,020 |
Other current assets | 1,731 | 924 |
TOTAL CURRENT ASSETS | 23,925 | 23,979 |
| | |
Property, plant and equipment – net | 1,516 | 1,668 |
Income tax receivable | - | 640 |
Other assets | 1,582 | 1,994 |
TOTAL ASSETS | $27,023 | $28,281 |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | |
CURRENT LIABILITIES: | | |
Accounts payable | $1,760 | $1,151 |
Accrued compensation | 1,381 | 1,541 |
Deferred revenue | 1,057 | 1,387 |
Other accrued liabilities | 1,310 | 1,372 |
Income taxes payable | 144 | 31 |
TOTAL CURRENT LIABILITIES | 5,652 | 5,482 |
| | |
Operating lease liabilities | 667 | 1,178 |
Long-term other payables | 238 | 91 |
| | |
COMMITMENTS | - | - |
| | |
STOCKHOLDERS’ EQUITY | | |
Preferred stock - | | |
Authorized, 5,000,000 shares, including | | |
200,000 shares of Series A Junior Participating | | |
Issued and outstanding, none | - | - |
Common stock, at stated value - | | |
Authorized, 30,000,000 shares | | |
Issued and outstanding, 8,395,600 shares as of September 30, | | |
2020 and 8,212,748 shares as of December 31, 2019 | 19,700 | 18,748 |
Accumulated earnings | 190 | 2,508 |
Accumulated other comprehensive income (loss) | 576 | 274 |
TOTAL STOCKHOLDERS’ EQUITY | 20,466 | 21,530 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $27,023 | $28,281 |
| | |
See notes to consolidated financial statements | | |
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
| 2020 | 2019 | 2020 | 2019 |
| | | | |
Net sales | $5,947 | $3,808 | $15,387 | $15,700 |
Cost of goods sold | 2,670 | 1,806 | 6,887 | 6,430 |
Gross margin | 3,277 | 2,002 | 8,500 | 9,270 |
Operating expenses: | | | | |
Research and development | 1,567 | 1,507 | 4,763 | 4,868 |
Selling, general and administrative | 1,810 | 1,535 | 5,324 | 5,338 |
Total operating expenses | 3,377 | 3,042 | 10,087 | 10,206 |
Operating income (loss) | (100) | (1,040) | (1,587) | (936) |
Non-operating income: | | | | |
Interest income | 4 | 25 | 13 | 47 |
Gain on sale of assets | - | - | - | 60 |
Foreign currency transaction gain (loss) | (271) | 226 | (302) | 190 |
Total non-operating income (loss) | (267) | 251 | (289) | 297 |
Income (loss) before income taxes | (367) | (789) | (1,876) | (639) |
Income tax (expense) benefit | (340) | (55) | (442) | (52) |
Net income (loss) | $(707) | $(844) | $(2,318) | $(691) |
| | | | |
| | | | |
Basic earnings (loss) per share | $(0.09) | $(0.10) | $(0.28) | $(0.08) |
Diluted earnings (loss) per share | $(0.09) | $(0.10) | $(0.28) | $(0.08) |
Weighted-average basic shares | 8,394 | 8,217 | 8,305 | 8,259 |
Weighted-average diluted shares | 8,394 | 8,217 | 8,305 | 8,259 |
| | | | |
See notes to consolidated financial statements |
| Three Months Ended September 30, | Nine Months Ended September 30, | ||
| 2020 | 2019 | 2020 | 2019 |
| | | | |
Net income (loss) | $(707) | $(844) | $(2,318) | $(691) |
Other comprehensive income (loss): | | | | |
Foreign currency translation gain (loss) | 482 | (478) | 302 | (468) |
Comprehensive income (loss) | $(225) | $(1,322) | $(2,016) | $(1,159) |
| | | | |
See notes to consolidated financial statements | | | |
| | | | Accumulated | |
| Common Stock | Retained | and Other | Total | |
| | | Earnings | Comprehensive | Stockholders' |
| Shares | Amount | (Deficit) | Income (Loss) | Equity |
Balance at December 31, 2018 | 8,338,628 | $19,254 | $3,695 | $408 | $23,357 |
Repurchased shares | (57,612) | (313) | | | (313) |
Stock awards issued, net of tax withheld | 4,046 | (8) | - | - | (8) |
Issuance of stock through: ESPP | 2,763 | 15 | - | - | 15 |
Share-based compensation | - | 287 | - | - | 287 |
Net income (loss) | - | - | 26 | - | 26 |
Other comprehensive income (loss) | - | - | - | 128 | 128 |
Balance at March 31, 2019 | 8,287,825 | $19,235 | $3,721 | $536 | $23,492 |
Stock options exercised | - | - | | | - |
Repurchased shares | (188,194) | (908) | | | (908) |
Stock awards issued, net of tax withheld | 162,071 | (228) | - | - | (228) |
Issuance of stock through: Employee Stock Purchase Plan | - | - | - | - | - |
Share-based compensation | - | 364 | - | - | 364 |
Net income (loss) | - | - | 127 | - | 127 |
Other comprehensive income (loss) | - | - | - | (118) | (118) |
Balance at June 30, 2019 | 8,261,702 | $18,463 | $3,848 | $418 | $22,729 |
Stock options exercised | (55,904) | - | | | - |
Repurchased shares | 1,672 | (244) | | | (244) |
Stock awards issued, net of tax withheld | 3,414 | (3) | - | - | (3) |
Issuance of stock through: Employee Stock Purchase Plan | - | 14 | - | - | 14 |
Share-based compensation | - | 260 | - | - | 260 |
Net income (loss) | - | - | (844) | - | (844) |
Other comprehensive income (loss) | - | - | - | (478) | (478) |
Balance at September 30, 2019 | 8,210,884 | $18,490 | $3,004 | $(60) | $21,434 |
| | | | | |
Balance at December 31, 2019 | 8,212,748 | $18,748 | $2,508 | $274 | $21,530 |
Repurchased shares | - | - | | | - |
Stock awards issued, net of tax withheld | 5,190 | (10) | - | - | (10) |
Issuance of stock through: ESPP | 3,509 | 14 | - | - | 14 |
Share-based compensation | - | 249 | - | - | 249 |
Net income (loss) | - | - | (554) | - | (554) |
Other comprehensive income (loss) | - | - | - | (265) | (265) |
Balance at March 31, 2020 | 8,221,447 | $19,001 | $1,954 | $9 | $20,964 |
Repurchased shares | - | - | | | - |
Stock awards issued, net of tax withheld | 169,496 | (163) | - | - | (163) |
Issuance of stock through: ESPP | - | - | - | - | - |
Share-based compensation | - | 481 | - | - | 481 |
Net income (loss) | - | - | (1,057) | - | (1,057) |
Other comprehensive income (loss) | - | - | - | 85 | 85 |
Balance at June 30, 2020 | 8,390,943 | 19,319 | 897 | 94 | 20,310 |
Repurchased shares | - | - | | | - |
Stock awards issued, net of tax withheld | 4,657 | 15 | - | - | 15 |
Issuance of stock through: ESPP | - | - | - | - | - |
Share-based compensation | - | 366 | - | - | 366 |
Net income (loss) | - | - | (707) | - | (707) |
Other comprehensive income (loss) | - | - | - | 482 | 482 |
Balance at September 30, 2020 | 8,395,600 | 19,700 | 190 | 576 | 20,466 |
| | | | | |
See notes to consolidated financial statements | | | | | |
| 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 | |