Data I/O, a 40-year-old Redmond company that makes device programming and IP management technologies for the wireless, consumer electronics and automotive industries, announced today that it is undergoing a restructuring in which employees and contractors are losing their jobs.
The company didn’t say how many people are affected in the restructuring, which is expected to reduce quarterly operating expenses and production costs by approximately $300,000.
“These actions include reductions in personnel and the use of contractors, professionals, and consultants, as well as focusing our development efforts on a smaller number of projects during the current economic downturn,” the company wrote in a SEC filing.
Data I/O’s revenue fell 22 percent during the second quarter, falling to $5.4 million. It also swung to a net loss of $57,000, compared to net income of $398,000 for the same period last year. The company’s declining revenue during the quarter was tied to reduced capital spending resulting from a downturn in Asia-based electronics manufacturing and the economic uncertainty in Europe.