7/22/2002 - Data I/O® Corporation (NASDAQ: DAIO) today announced a net loss for the second quarter of 2002 of $1.4 million, or ($0.18) per share, compared to a net loss of $1.9 million, or ($0.25) per share, for the second quarter of 2001.
Revenues for the second quarter of 2002 were $4.8 million, compared to $6.5 million for the second quarter of 2001. The Company attributes the shortfall from earlier projections to delays in customer orders that were expected before the end of the quarter.
"While I am disappointed with the second quarter results, I am pleased that the Company’s sales funnel continues to grow beyond levels not seen for several quarters," stated Fred Hume, President and CEO.
Gross margins decreased in dollars and as a percentage of sales for the second quarter of 2002 compared with the same period of 2001, primarily due to lower sales volumes and additional inventory related reserves charged during the quarter. Partially offsetting the decrease are reduced costs resulting from the Company’s restructuring actions taken during the last year. The Company’s restructuring changes account for the reduction in operating expenses as well. The second quarter of 2001 results included a $460,000 restructuring charge.
Third Quarter 2002 Forward-Looking Statement: The Company has continued to experience relatively weak demand levels and significant economic uncertainty in its forecast. The Company believes that for the third quarter of 2002, revenues will be approximately $6 million. The Company continues to focus on efforts to increase revenues and control costs, however, it currently expects to lose approximately $0.09 per share for the third quarter of 2002. The Company remains in a strong financial position with a cash and short-term investment position of $5.1 million and no debt at the end of the second quarter.
Web-Cast Conference Call: The Company has scheduled a conference call for Thursday, July 25, 2002 at 1:30 p.m. Pacific Time regarding its second quarter results and operations that will be broadcast on the web. Please see Data I/O Corporation’s web site at "http://www.data-io.com" for details.
Forward-Looking Statements: Statements in this news release concerning future revenues, future results from operations, breakeven operations, financial position, economic conditions, and any other statement that may be construed as a prediction of future performance or events are forward-looking statements which involve known and unknown risks, uncertainties and other factors which may cause actual results to differ materially from those expressed or implied by such statements. These factors include uncertainties as to levels of orders, ability to record revenues based upon the timing of product deliveries and installations, market acceptance of new products, changes in economic conditions and market demand, pricing and other activities by competitors, and other risks including those described from time to time in the Company's filings on Forms 10K and 10Q with the Securities and Exchange Commission (SEC), press releases and other communications.
Corporate Information: Celebrating 30 years of innovative leadership in the device programming industry, Data I/O Corporation provides manual and automated device programming systems that specifically address the requirements of engineering and manufacturing customers. The Company, which is publicly traded (NASDAQ: DAIO), is headquartered in Redmond, Wash., and has sales and service offices worldwide. The Company's worldwide web address is http://www.data-io.com
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