Data I/O Reports Sixth Consecutive Quarter of Profitability
Data I/O Corp. (Redmond, WA) announced a net income for the first quarter of 2004 of $296,000 or $0.04 per share, compared to a net income of $317,000, or $0.04 per share, for the first quarter of 2003. Revenues for the quarter were $6.8 million, up 11% from the same period last year.
Gross margins increased by $276,000 in Q1 compared with the same period of 2003, primarily due to the higher sales level and an increase in the aftermarket sales mix. Operating expenses were higher in Q1 this year due to the company's investments in Asia and in a new venture in in-system programming (ISP) under development, as well as the unfavorable currency translation impact of European-based operating costs. The company's lean manufacturing processes continued to show results helping to reduce inventories by $555,000 during the quarter.
Fred Hume, the company's president and chief executive officer, said, "As the geographical center of the electronics manufacturing industry has shifted to Asia, we have redeployed resources to that region and are adding staff locally. This will allow us to service and support our customers there in their time zone. We have also invested in strengthening our sales organization globally in recognition of the improving climate for capital equipment."
During the quarter, the company added Joe Murdica as vice president of sales for the Americas and Asia. The company also formed a new subsidiary in Brazil specifically to support Siemens ICM handset production in Manaus.
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