Data I/O Reports Q4 Net Sales Down More than 2%
REDMOND, WA – Data I/O posted fourth quarter net sales of $7.9 million, down 2.5% year-over-year and up 21.5% sequentially.
The year-over-year decline in sales was a result of cyclical demand during 2017, particularly from programming center customers, while the increase from the third quarter reflects growth driven in large part by demand from the automotive electronics industry.
Net income for the period ended Dec. 31 was $648,000, down 56.8% year-over-year and up 89.5% sequentially.
Operating income was $744,000, down 38% year-over-year and up 84.2% sequentially.
Orders in the fourth quarter were $6.5 million, compared to $7.6 million in the same period of 2017.
For 2018, net sales were $29.2 million, down 14.4% from 2017. Operating income was $1.7 million, down 66% compared to the previous year.
Orders for 2018 were $27 million, down 21.3%.
As of Dec. 31, Data I/O’s backlog was $1.9 million, compared with $4 million at Dec. 31, 2017.
“2018 was a solid year for Data I/O, as we strengthened the company’s position as the global leader in programming and security provisioning solutions, and delivered our 5th consecutive year of profitability,” said president and CEO Anthony Ambrose.
“In 2018 we extended our leadership in automotive electronics programming technologies. Automotive customers represented 60% of our total bookings for the year, up from 54% in 2017. Our PSV family of high-speed programming systems, which is ideal for automotive electronics, is capturing market share, as we won several new sites and marquee customers. In 2018, we celebrated the sale of our 200th PSV system. We also expanded our SentriX platform for IoT security.”
Data I/O had cash of $18.3 million at Dec. 31, down from $18.5 million at Dec. 31, 2017.
