Data I/O Corporation (DAIO) has reported an 123.37 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $0.76 million, or $0.09 a share in the quarter, compared with $0.34 million, or $0.04 a share for the same period last year.
Revenue during the quarter grew 28.27 percent to $6.41 million from $5 million in the previous year period. Gross margin for the quarter expanded 37 basis points over the previous year period to 56.29 percent. Total expenses were 90.81 percent of quarterly revenues, down from 95.38 percent for the same period last year. This has led to an improvement of 457 basis points in operating margin to 9.19 percent.
Operating income for the quarter was $0.59 million, compared with $0.23 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $1.07 million compared with $0.54 million in the prior year period. At the same time, adjusted EBITDA margin improved 595 basis points in the quarter to 16.74 percent from 10.78 percent in the last year period.
"Data I/O's performance in the fourth quarter and fiscal year ended December 31, 2016 set numerous multi-year records as the industry is increasingly turning to our automated programming platform," said Anthony Ambrose, president and chief executive officer of Data I/O Corporation. "Fourth quarter net income contributed 46% of our total 2016 net income which reached the highest level since 2010. Full year net income also marked our third consecutive year of profitability."
Working capital increases
Data I/O Corporation has recorded an increase in the working capital over the last year. It stood at $14.57 million as at Dec. 31, 2016, up 5.43 percent or $0.75 million from $13.82 million on Dec. 31, 2015. Current ratio was at 3.33 as on Dec. 31, 2016, down from 4.06 on Dec. 31, 2015.
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