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Business | April 10, 2012

Data I/O with USD 3.7m revenue in 1Q

Data I/O Corporation expects revenues of approximately USD 3.7 million and a net loss in the range of USD 1.7 -2.0 million for 1Q/2012.
Bookings for the quarter were $4.2 million, and backlog grew to $1.6 million as of March 31, 2012. The Company believes the decline in orders and revenue relates primarily to reduced capital spending resulting from economic uncertainty related to the European sovereign debt and to a downturn in Asia-based electronics manufacturing. Orders in those two regions were each down approximately 40% compared to the first quarter of 2011; however, orders from the Americas were up 14% compared to the first quarter of 2011.

"Our orders during the quarter were primarily performance- and process-related with our new RoadRunner3, RoadRunner, and new Factory Integration Software 'FIS' product lines showing growth," stated Fred Hume, President and CEO. "The Company's sales funnel continues to grow for our new RoadRunner 3 and Factory Integration Software, and the overall funnel is at approximately the same level as it was a year ago. Also, we launched the new FLXHD in February, and it received high interest from potential customers at the Apex 2012 trade show and on demonstration tours in Asia. We expect that interest to translate into sales in the future."

The Company remains in a strong financial position with cash of approximately $12 million and no debt at the end of the first quarter. The Company expects to announce final results for the first quarter of 2012 on April 30, 2012.

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