Data I/O Corp. (DAIO) Updates on Preliminary Q3 Revs; Sees $1.3M GAAP Net Loss

October 10, 2012 6:36 AM EDT
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Price: $4.25 -0.23%

EPS Growth %: +60.0%

Financial Fact:
Net Sales: 6.59M

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Data I/O Corporation (Nasdaq: DAIO) announced that for the third quarter of 2012, it expects to report revenues of $4.3 million and a net loss of approximately $1.3 million. The net loss includes restructure charges of approximately $214,000 and an excess and obsolete inventory charge of $164,000.

Bookings for the quarter were $4.1 million and backlog was $1.0 million as of September 30, 2012. The Company believes the decline in orders and revenue compared to the prior year is primarily due to the continued trend of reduced capital spending resulting from the downturn and economic uncertainty related to the European sovereign debt and to a downturn in Asia-based electronics manufacturing. Orders were down 42% compared to the third quarter of 2011.

The Company remains in a strong financial position with cash of approximately $11.2 million and no debt at the end of the quarter.

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