Data I/O announces fourth quarter and 2006 financial results

Data I/O Corporation, a provider of manual and automated device programming systems, has announced financial results for the fourth quarter and year ended December 31, 2006.

Revenues for the fourth quarter of 2006 were $8.4 million, compared with $6.8 million in the third quarter of 2006.  In accordance with U.S. generally accepted accounting principles (GAAP), net income in the fourth quarter of 2006 was $909,000, or $0.10 per share, compared with net income of $47,000, or $0.01 per share, in the third quarter of 2006. 

For the year ended December 31, 2006, Data I/O reported revenues of $28.8 million, a 2 percent increase from revenues of $28.3 million in 2005.  Net income for 2006 was $46,000 or $0.01 per share, compared with a net income for 2005 of $582,000 or $0.07 per share. Gross margins as a percentage of sales in 2006 were 53.8 percent, compared with 56.8 percent in the prior year. This gross margin percentage change was primarily due to channel and product mix changes between the two periods.

"During the fourth quarter, we began shipping to customers the FLX 500, our new automated programming system," said Fred Hume, president and CEO. "We are pleased with our customers' reception of the FLX 500, the opportunities it provides for an expanded set of customers to automate their programming processes, and the FLX 500 as a platform for providing further customer solutions."

"We are pleased that our restructuring actions taken in the third and fourth quarter were successful in adjusting the expense structure to increase profitability," said Hume.