O2Micro Reports First Quarter Financial Results
GEORGE TOWN, Grand Cayman, May 5, 2010 (GLOBE NEWSWIRE) -- O2Micro® International Limited (Nasdaq:OIIM) reported its financial results today for the first quarter of fiscal 2010, ending March 31, 2010.
Financial Results for the First Quarter ending 3/31/2010:
O2Micro International Limited reported first quarter 2010 revenue of $34.9 million. Revenue increased by 5.2% sequentially and 50.8% versus the year-ago period. The corresponding GAAP gross margin was 61.6% in Q1 2010 versus 60.6% in Q4 2009 and 55.5% in Q1 2009.
GAAP operating expenses were $17.2 million in Q1 2010. The first quarter 2010 GAAP operating expenses included a total of $927,000 for stock-based compensation. These expenses were down from $19.0 million in Q4 2009 and slightly above the $16.8 million that was reported in Q1 2009. R&D expense comprised $8.4 million of total Q1 2010 operating expenses and SG&A expense accounted for the remaining $8.8 million. The GAAP operating margin was 12.2% in the first quarter of 2010. This compares favorably to the operating margins in both Q4 2009 and Q1 2009 when the company recorded margins of 3.4% and (17.1%), respectively.
Non-operating income was $227,000 in the first quarter of 2010 versus $170,000 in Q4 2009 and $920,000 in Q1 2009. Pre-tax Income was $4.5 million in Q1 2010, up from $1.3 million in Q4 2009 and also reversed a pretax loss of $3.0 million in Q1 2009.
GAAP net income was $4.1 million for the first quarter of fiscal 2010. This reflects an increase from net income of $1.0 million in the prior Q4 and also reversed a loss of $3.5 million in the year-ago period. GAAP net income per ADS was $0.11 in Q1 2010, compared to $0.03 in the prior quarter and a loss of $0.10 per ADS in the comparable year-ago quarter.
The company ended the first quarter of 2010 with $111.2 million in unrestricted cash and short-term investments or $3.18 per ADS. The accounts receivable balance was $16.6 million and represented 40 days sales outstanding at the end of the Q1 2010. Inventory was $9.8 million and turned over 5.6 times during Q1 2010. As of March 31, 2010, the company had $119.5 million in working capital and the book value was $176.1 million, or $5.04 per ADS.
As of March 31, 2010, O2Micro International Limited counted 828 employees, including 523 engineers.
Sterling Du, Chairman and CEO, commented, "We are pleased that our business is delivering strong profitability. New design wins validate our technological leadership, while key customers are reaping the "green" benefits of our low power chips."
Conference Call: O2Micro will hold its first quarter conference call on May 5, 2010 at 7:00 a.m. PDT, 10:00 a.m. EDT. You may participate using the following dial-in information.
In the U.S. and CANADA: 888-572-7029, passcode #4797418
INTERNATIONAL participants: 719-325-2144, passcode #4797418
A replay of the call will be available by phone for one week following the live call. The replay can be accessed using the following dial-in information.
In the U.S. and CANADA: 888-203-1112, passcode #4797418
INTERNATIONAL participants: 719-457-0820, passcode #4797418
A live simulcast will also be available on the company website at www.o2micro.com, and an online replay will be available on the company's website for one week.
Founded in April 1995, O2Micro develops and markets innovative power management and security components for the Computer, Consumer, Industrial, and Communications markets. Products include Intelligent Lighting, Battery Management, Power Management, and SmartCardBus® products.
O2Micro International maintains an extensive portfolio of intellectual property with 13,825 patent claims granted, and over 15,000 more pending. The company maintains offices worldwide. Additional company and product information can be found on the company website at www.o2micro.com.
O2Micro, the O2Micro logo, SmartCardBus, and combinations thereof are registered trademarks of O2Micro. All other trademarks are the property of their respective owners.
The O2Micro International Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6567
|O2Micro International Limited and Subsidiaries|
|Consolidated Statements of Operations and Comprehensive Income (Unaudited)|
|(In Thousand U.S. Dollars, Except Per Share Amounts)|
| Three Months Ended |
|NET SALES||$ 34,853||$ 23,110|
|COST OF SALES||13,398||10,286|
|Research and development (1)||8,376||7,984|
|Selling, general and administrative (1)||8,836||8,783|
|Total Operating Expenses||17,212||16,767|
|INCOME (LOSS) FROM OPERATIONS||4,243||(3,943)|
|Foreign exchange gain (loss)||(1)||487|
|Total Non-operating Income||227||920|
|INCOME (LOSS) BEFORE INCOME TAX||4,470||(3,023)|
|INCOME TAX EXPENSE||376||518|
|NET INCOME (LOSS)||4,094||(3,541)|
|OTHER COMPREHENSIVE INCOME (LOSS)|
|Foreign currency translation adjustments||112||(644)|
|Unrealized gain on available-for-sale securities||1,784||1,503|
|Unrealized pension gain||2||1|
|Total Other Comprehensive Income||1,898||860|
|COMPREHENSIVE INCOME (LOSS)||$ 5,992||$ (2,681)|
|EARNINGS (LOSS) PER SHARE:|
|EARNINGS (LOSS) PER ADS|
|Basic||$ 0.12||$ (0.10)|
|SHARES USED IN EARNINGS (LOSS) PER SHARE CALCULATION:|
|Basic (in thousands)||1,778,537||1,838,683|
|Diluted (in thousands)||1,823,620||NA|
|ADS UNITS USED IN EARNINGS (LOSS) PER ADS CALCULATION:|
|Basic (in thousands)||35,571||36,774|
|Diluted (in thousands)||36,472||NA|
|(1) INCLUDES STOCK-BASED COMPENSATION CHARGE AS FOLLOWS:|
|Research and development||$ 275||$ 282|
|Selling, general and administrative||$ 652||$ 489|
|O2Micro International Limited and Subsidiaries|
|Consolidated Balance Sheets|
|(In Thousand U.S. Dollars, Except Share Amounts)|
|March 31, |
|December 31, |
|Cash and cash equivalents||$ 27,427||$ 38,831|
|Accounts receivable, net||16,571||14,556|
|Prepaid expenses and other current assets||3,047||3,342|
|Total Current Assets||140,810||140,924|
|PROPERTY AND EQUIPMENT, NET||30,186||30,570|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Notes and accounts payable||$ 11,698||$ 8,760|
|Income tax payable||583||411|
|Accrued expenses and other current liabilities||9,015||7,731|
|Total Current Liabilities||21,296||16,902|
|OTHER LONG-TERM LIABILITIES|
|Accrued pension liabilities||486||498|
|Long-term income tax payable||344||341|
|COMMITMENTS AND CONTINGENCIES|
|Preference shares at $0.00002 par value per share|
|Authorized – 250,000,000 shares||--||--|
|Ordinary shares at $0.00002 par value per share|
|Authorized – 4,750,000,000 shares|
Issued – 1,748,332,200 and 1,809,461,200 shares as of March 31, 2010 |
and December 31, 2009, respectively
|Additional paid-in capital||138,401||142,679|
|Accumulated other comprehensive income||5,413||3,515|
Treasury stock – 213,224 shares and nil as of March 31, 2010 and |
December 31, 2009, respectively
|Total Shareholders' Equity||176,119||179,444|
|TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY||$198,374||$197,314|
CONTACT: O2Micro International Limited Gary E. Abbott, Director of Investor Relations 408.987.5920, x8888 firstname.lastname@example.org
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