REDMOND, WA -- Data I/O preliminary reported its first-quarter net loss would be $1.7 million to $2.0 million.

The company said revenues would be roughly $3.7 million for the period ended March 31, down from $7.04 million a year ago, on lower capital spending related to economic uncertainty in Europe and a downturn in Asia. The company posted a profit of $532,000 last year.

Bookings for the quarter were $4.2 million, and backlog grew to $1.6 million as of March 31. Orders in Europe and Asia were each down approximately 40% compared to the first quarter 2011, partially offset by orders from the Americas, which grew 14%.

The company is also facing a change in top management, having announced during the quarter a search for a successor for president and CEO Fred Hume, who plans to retire by year-end.

"Our orders during the quarter were primarily performance- and process-related with our new RoadRunner3, RoadRunner, and new Factory Integration Software 'FIS' product lines showing growth," Hume said. "The company's sales funnel continues to grow for our new RoadRunner 3 and Factory Integration Software, and the overall funnel is at approximately the same level as it was a year ago. Also, we launched the new FLXHD in February, and it received high interest from potential customers at the Apex 2012 trade show and on demonstration tours in Asia. We expect that interest to translate into sales in the future."

The Company remains in a strong financial position with cash of approximately $12 million and no debt at the end of the first quarter. The Company expects to announce final results for the first quarter of 2012 on April 30, 2012.

Data I/O is an OEM of device programming systems.