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Data I/O Announces Expected Financial Results
Preliminary Fourth Quarter and Year 2012 Results
By: Marketwired .
Jan. 17, 2013 08:17 PM
REDMOND, WA -- (Marketwire) -- 01/17/13 -- Data I/O Corporation (NASDAQ: DAIO), the leading provider of manual and automated device programming systems, today announced that the Company expects to report fourth quarter 2012 revenues of $3.7 million and a net loss of approximately $3.4 million, which includes an impairment charge of $2.36 million related to Azido software technology intangible assets. For the year ended December 31, 2012 the Company expects to report revenues of $17.1 million and a net loss of approximately $6.4 million.
During the fourth quarter, the decline in our stock market capitalization relative to our book value was an indicator of impairment. Projected cash flow changes, decreasing or eliminating our expected future cash flows related to Azido technology's use or disposition, resulted in a write down to a carrying value of $35,000 at year end. The impairment charge is a non-cash item.
The Company had cash of approximately $10.5 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, 2012, on February 28, 2013.
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