8/5/2002 - Data I/O® is taking actions to better position the company in the current business environment. The Company is reducing its work force by approximately one-quarter. The reorganization and reduction in work force are intended to reduce the Company’s breakeven point during the third quarter and going forward by reducing costs throughout its worldwide operations. The Company remains in a strong financial position with $5 million in cash and securities and no debt.
"We have taken this action to maintain our cash and reduce losses during a difficult economic time, when our major customers are delaying capital spending," said Fred Hume, President and CEO of Data I/O. "We are pleased that we have a strong management team in place and that we have the talented workforce to prosper as the business level returns. At the same time, we are encouraged with a recent upturn in business and hope that the momentum will continue in the coming weeks."
Web-Cast Conference Call
The Company has scheduled a conference call for Tuesday, August 13, 2002 at 1:30 p.m. Pacific Time regarding its second quarter results and the actions announced today that will be broadcast on the web.
Corporate Information (http://www.dataio.com)
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.
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