Data I/o Corp (NASDAQ: DAIO) reported Q1 EPS of $0.00, $0.01 worse than the analyst estimate of $0.01. Revenue for the quarter came in at $6.1 million versus the consensus estimate of $7.1 million.

Commenting on the first quarter ended March 31, 2019, Anthony Ambrose, President and CEO of Data I/O Corporation, said, “The first quarter was highlighted by strong margins, expense controls, and favorable variances amid the continued down cycle for the industry as capacity is absorbed. Discretionary and variable spending were lower than in the prior year. Data I/O’s financial condition remains strong and we have made continued progress as the global leader in programming and security provisioning solutions. Our long-term growth drivers remain intact and we continue to invest in our future.

“Automotive customers represented 55% of our total bookings for the quarter and we had some exciting automotive customer wins. Data I/O systems are architected to deliver the highest programming performance today and are extensible to meet projected performance requirements in the future. Our announcement of TurboBoost™ in the first quarter, effectively doubling our programming performance in automotive infotainment applications, further enhanced our lead over the competition. We also shipped the 250th PSV automated device programming system in the first quarter, far exceeding any competitor. We also secured a customer win with a Contract Manufacturer in Southeast Asia where a competitor had been the supplier of choice. Beyond our superior financial strength, we believe the investments being made in our technology and our global support are becoming more evident in the industry as major competitive advantages.

“We are excited by the interest and momentum in our SentriX platform for IoT security. In the first quarter, we shipped our 5th system for deployment in Europe and expect it to come online in the second quarter. At the Embedded World 2019 trade show in Nuremberg, Germany in February, the transition to security in IoT was a major theme. Data I/O presented alongside our SentriX partners Cypress Semiconductor, and Microchip and DigiCert. As we progress through 2019, we are encouraged by the prospect of expanding our SentriX platform and bringing early customers to revenue. We believe the evolution toward secure programming is inevitable and we have been investing accordingly. At the same time, we will maintain our commitment to operational excellence and further enhance our leadership within the other markets we serve, particularly for automotive electronics, to optimize our financial performance and improve profitability.“

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