Data I/O Expects Lower First Quarter Sales and Earnings.REDMOND, Wash.--(BUSINESS WIRE)--April 10, 1996--Data I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : DAIO DAIO Direkt-Anlage in Österreich (Austrian Discount Broker) DAIO Defense Agencies-Indianapolis Operations ) today advised that it expects to report approximately break-even earnings for the first quarter ended March 28, 1996 compared with earnings of 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the first quarter of 1995. Sales for the first quarter of 1996 are expected to be approximately $15.7 million, down 3% from the $16.2 million recorded in the same period of 1995. Orders in the first quarter declined by approximately 17% to $14.8 million in 1996 from $17.9 million in 1995. The company expects to report final results on or about April 25, 1996. The expected lower earnings are due to a combination of the reduced level of sales and increases in costs and expenses. The company believes the decline in sales and orders is primarily due to a slowdown in capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe which reduced the demand for the company's programming systems products. The decline in demand for the company's programming systems products was partially offset by increased orders and revenues for the for the company's Synario products and Reel-Tech's line of semiconductor equipment. "We are cautious about short term prospects due to the apparent slowing of capital spending in the U.S. and Europe, especially in the telecommunications and personal computer segments," stated William C. Erxleben, president and chief executive officer. In addition to the reduced level of sales, the company's cost of goods sold Cost of goods sold The total cost of buying raw materials, and paying for all the factors that go into producing finished goods. cost of goods sold and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the first quarter of 1996 are expected to increase over the same period of 1995 primarily due to expenses for the company's new Reel-Tech subsidiary, changes in product mix and increased spending on research and development for new products slated for introduction late in 1996. Statements in this news release concerning estimates of results and expectations of future performance are forward-looking statements which are subject to a number of risks and uncertainties which may cause actual results to differ materially from stated expectations. These risks and uncertainties include economic conditions, changes in market demand, timely development and market acceptance of new products and upgrades to existing products, competitive products and pricing and other risks including those described from time to time in the company's filings with the Securities and Exchange Commission, press releases and other communications. Data I/O Corporation Data I/O Corporation NASDAQ:DAIO (commonly known as "Data I/O") is a manufacturer of programming and automated device handling systems for programmable integrated circuits. is the world's leading provider of programming and handling equipment for design through manufacturing of programmable integrated circuits (ICs). Data I/O's ProMaster products are fully integrated, automated systems for programming, testing, handling and marking programmable ICs in mid- to high-volumes. In 1995, Data I/O established its Indianapolis Semiconductor Division after acquiring Reel-Tech, Inc., a technology leader in the semiconductor component transportation arena. Data I/O, founded in 1972 and headquartered in Redmond, Wash., has sales and service offices throughout the United States, Europe, and Asia and is publicly traded (NASDAQ: DAIO). CONTACT: Data I/O Corp., Redmond Steven M. Gordon, 206/881-6444 Ext. 2224 |
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