Data I O improves profitability.REDMOND Redmond, city (1990 pop. 35,800), King co., W Wash., a suburb of Seattle, on Lake Sammamish; inc. 1912. Its economy centers around computer software (Microsoft Corp. , Wash.--(BUSINESS WIRE)--Feb. 22, 1995--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 Corp. (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 ) announced today increased revenues and improved profitability for its fourth fiscal quarter. Revenues for the quarter ended Dec. 29, 1994, were $15,324,000, compared to $14,834,000 in the same period of 1993. Net income was $1,541,000, or 20 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. , compared to a loss of $9,879,000, or $1.36 per share, in the year-ago period. Results for the fourth quarter of 1994 were favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. affected by reversing certain tax accounting valuation reserves, which improved net income by approximately $550,000, or 7 cents per share. The fourth quarter 1993 results included a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expense of $6,120,000 and a real estate valuation write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of $2 million. For all of 1994, revenues totaled $61,478,000, compared to $63,186,000 for 1993. Net income in 1994 was $2,726,000, or 37 cents per share, compared to a loss of $11,257,000, or $1.57 a share in 1993. This was the company's third consecutive quarter of profitability after a string of four quarterly losses. It was also the second consecutive quarter of year-to-year revenue increases (although fourth quarter revenues were down slightly from the prior quarter). "Our dual programs of reducing 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. while emphasizing new and higher-margin products have enabled us to meet or exceed the goals we set for 1994," said Bill Erxleben Erxleben may refer to: placenames:
Data I/O continued to strengthen its balance sheet, with cash and cash equivalents increasing to $7,279,000 during 1994. In addition, total funded debt Funded Debt Long-term debt that matures after more than one year. Notes: This is usually issued as a bond or a long-term note. See also: Bond, Debt, Maturity, Note Funded debt Debt maturing after more than one year. was reduced by 50 percent and inventories were reduced by 16 percent, with no increase in delivery lead times to customers. An important driver for both higher revenues and improved gross margins has been increased demand for Data I/O's automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. handling systems, which are used in manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. to program, handle, and mark high volumes of programmable integrated circuits Integrated circuits Miniature electronic circuits produced within and upon a single semiconductor crystal, usually silicon. Integrated circuits range in complexity from simple logic circuits and amplifiers, about 1/20 in. (1. (ICs). In the fourth quarter, orders for such systems were up 55 percent over the year-earlier period. For all of 1994, they accounted for approximately 24 percent of total revenues, compared to 16 percent in 1993. "Automated handling systems were an increasingly robust product line for Data I/O in 1994, as programmable ICs See PLD. were used in greater numbers in a variety of high-volume products such as cellular telephones, personal computers, automobiles, and medical instruments," Erxleben said. In recognition of the growing importance of these products, and as a further cost-saving measure, the company announced today that it will relocate re·lo·cate v. re·lo·cat·ed, re·lo·cat·ing, re·lo·cates v.tr. To move to or establish in a new place: relocated the business. v.intr. its automated handling systems manufacturing facility from Anaheim Anaheim (ăn`əhīm), city (1990 pop. 266,406), Orange co., S Calif., SE of Los Angeles; inc. 1870. Anaheim was founded by Germans in 1857 as an experiment in communal living. , Calif., to its headquarters in Redmond, Wash. The company expects to complete the move by the first half of 1996. Most of the anticipated cost was recognized in the restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. recorded in the fourth quarter of 1993. Also contributing to improved revenues and income in the fourth quarter were sales of Data I/O's design-software products, which increased 15 percent. The increase was driven by demand for Synario, the company's Windows-based product. Revenues continued to decline for older design-software products and for device programmers This is a list of programmers notable for their contributions to software, either as original author or architect, or for later additions. See also: Game programmer, List of computer scientists , where the engineering market is moving toward lower-priced products. "The challenge before Data I/O now is to continue growing revenues, while increasing profitability," Erxleben said. "With the new products recently introduced and others that are scheduled for introduction in 1995, and continued attention to cost control, I think we are on the right track." Data I/O Corp. is a leading supplier of design and programming systems for users of programmable ICs. Its products include electronic design automation software, device programmers, automated handling systems used in manufacturing and PC card drives. The company has sales and service offices worldwide. -0-
Data I/O Corp.
Comparative Statements of Earnings
(in thousands except per share data)
Fourth Quarter
12/29/94 12/30/93 Percent
Change
Net sales $15,324 $14,834 3.3% Gross margin 8,925 5,786 54.3% Gross margin as percent of sales 58.2% 39.0% 19.2% Operating expenses: Research & development 2,342 2,322 0.9% Selling, general and administrative 5,022 5,886 -14.7% Restructure expense 0 6,120 -100.0% Operating income 1,561 (8,542) Non-operating (income) expense: Interest, net 14 64 -78.1% Foreign currency exchange 10 (2) Land revaluation 0 2,000 -100.0% Income before taxes 1,537 (10,604) Income tax expense (4) (725) Income before accounting change 1,541 (9,879) Accounting change 0 0 Net income $1,541 $(9,879) Earnings per share: Income before accounting change 20 cents $(1.36) Net income 20 cents $(1.36) Weighted average common shares outstanding 7,589 7,250
12 Months Ended
12/29/94 12/30/93 Percent
Change
Net sales $61,478 $63,186 -2.7% Gross margin 33,094 31,775 4.2% Gross margin as percent of sales 53.8% 50.3% 3.5% Operating expenses: Research & development 9,227 9,700 -4.9% Selling, general and administrative 20,032 26,094 -23.2% Restructure expense 0 6,120 -100.0% Operating income 3,835 (10,139) Non-operating (income) expense: Interest, net 129 291 -55.7% Foreign currency exchange 5 (73) Land revaluation 0 2,000 -100.0% Income before taxes 3,701 (12,357) Income tax expense 975 (700) Income before accounting change 2,726 (11,657) Accounting change 0 (400) Net income $2,726 $(11,257) Earnings per share: Income before accounting change 37 cents $(1.63) Net income 37 cents $(1.57) Weighted average common shares outstanding 7,420 7,170
Condensed Balance Sheet
(in thousands)
Dec. 29, 1994 Dec. 30, 1993
Cash and cash equivalents $ 7,279 $ 1,704
Accounts receivable, net 10,145 9,364
Inventories 6,937 8,282
Current deferred tax asset and other assets 2,489 3,851
Land, building and equipment 10,737 12,200
Land held for resale 2,006 1,983
Other long-term assets 3,894 5,641
Total assets $ 43,487 $ 43,025
Current liabilities, excluding current
Portion of funded debt $ 16,372 $ 17,252
Total funded debt 1,940 3,867
Long-term deferred income tax 471 400
Other long-term payables 361 323
Shareholders' equity 24,343 21,183
Total liabilities and
shareholders' equity $ 43,487 $ 43,025
CONTACT: Data I/O Corp., Redmond, Wash. Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. M. Gordon, 206/881-6444, Ext. 2224 |
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