Joel Hatlen |
Hayden IR |
Vice President and Chief Financial Officer |
Brett Maas, Managing Partner |
Data I/O Corporation |
(646) 536-7331 |
6464 185thAve. NE,
Suite 101 |
Email: brett@haydenir.com - or
- |
Redmond, WA 98052 |
Dave Fore, Client Manager & Senior Research
Analyst |
(425) 881-6444 |
(206) 450-2151 |
investorrelations@dataio.com |
Email: dave@haydenir.com |
Preliminary fourth quarter and year 2011 results
Redmond, WA, January 9, 2011 - Data I/O Corporation (NASDAQ:
DAIO), the leading provider of manual and automated device
programming systems, today announced that the Board of
Directors of Data I/O Corporation approved a new and expanded
2012 stock repurchase program with provisions to buy back up
to $6 million dollars of common stock. The program
will include establishing a Rule 10b5-1 plan under the
Exchange Act to provide flexibility to make purchases at any
time.
The shares will be purchased in the open market and by block
purchases, based on prevailing market conditions and price
limits. The stock repurchase program is authorized through
February 28, 2013, and the program may be suspended or
discontinued at any time. The 10b5-1 trading plan allows the
company to repurchase the company's common stock in the open
market during periods in which stock trading is otherwise
closed for the company. The discretionary repurchase
provisions and the 10b5-1 provisions of the program are
expected to become effective January 13, 2012. The company
had approximately 9.2 million shares of common stock
outstanding as of December 31, 2011.
Previously, Data I/O announced a stock repurchase program on
October 20, 2011, to buy back up to $1 million dollars of
stock over four quarters. Through December 31, 2011, Data I/O
repurchased 62,916 shares of stock at an average price of
$3.97 for a total repurchase amount of $249,986 plus $2,517
in commissions. This original plan will be terminated prior
to starting the new expanded 2012 repurchase plan discussed
above.
Preliminary Financial Results
Data I/O announced that for the fourth quarter of 2011 it
expects to report revenues of approximately $5.7 million and
results in the range of breakeven to a loss of $300,000. The
Company believes the decline in orders and revenue relates
primarily to reduced capital spending resulting from economic
uncertainty related to the European sovereign debt and a
downturn in Asia-based electronics manufacturing. Data I/O
expects the fourth quarter of 2011 gross margin percentage to
decline based on the lower sales volume, as well as the
product mix. For the year ended December 31, 2011, Data I/O
expects to report revenues of approximately $26.6 million and
net income in the range of $800,000 to $1.1 million.
"While I am disappointed with the fourth quarter results, the decline in capital spending demand appears to be in line with the announcements of other capital equipment providers," stated Fred Hume, President and CEO. "I am pleased that the Company's sales funnel continues to grow for our new RoadRunner 3 and Factory Integration Software. These new products have generated high interest from potential customers at various industry trade events such as Productronica 2011, and we expect that interest to translate into sales in the future."
The Company remains in a strong financial position with cash
of approximately $18 million and no debt at the end of the
fourth quarter. The Company expects to announce actual
results for the fourth quarter and the year ended December
31, 2011, on February 28, 2012.
About Data I/O Corporation
With almost 40 years of expertise in delivering intellectual
property to programmable devices, Data I/O offers
complete, integrated manufacturing solutions in wireless,
automotive, programming center, semiconductor, and industrial
control market segments for OEM, ODM, EMS and semiconductor
companies. Data I/O is the leader in programming and
provides hardware and software solutions for turn-key
programming and device testing services, as well as in-system
(on-board), in-line (right before use at the SMT line), or
in-socket (off-line) programming. These solutions are
scalable for small, medium and large volume applications with
different device mixes. Data I/O Corporation has
headquarters in Redmond, Wash., with sales and services
worldwide. For further information, visit the company's
website at http://www.dataio.com.
Forward Looking Statement
Statements in this news release concerning expected revenue,
expected margins, expected loss, orders and financial
positions, cash position, share repurchases 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 ability to record
revenues based upon the timing of product deliveries and
installations, accrual of expenses, changes in economic
conditions and other risks including those described in the
Company's filings on Forms 10K and 10Q with the
Securities and Exchange Commission (SEC), press releases and
other communications.
distribué par | Ce noodl a été diffusé par Data I/O Corporation et initialement mise en ligne sur le site http://www.data-io.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-10 18:11:38 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |