O2 Micro (NASDAQ:OIIM)
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O2Micro(R) International Limited (Nasdaq:OIIM), a
leading supplier of innovative power management, and security
components and systems for the Computer, Consumer, Industrial, and
Communications markets, reported its financial results today for the
second quarter ended June 30, 2005.
Net sales for the second quarter were $25.6 million. Second
quarter record high revenue of $25.6 million was an increase of 10%
from the preceding quarter, and an increase of 7% from the comparable
quarter of the prior year. Earnings per share for the second quarter,
fully diluted, were 7 cents per share, compared to 5 cents per share
in the preceding quarter and 10 cents per share in the comparable
quarter of the prior year.
Net income for the second quarter of $3.0 million was an increase
of 43% from the preceding quarter, and a decrease of 28% from the
comparable quarter of the prior year. Second quarter R&D expenditures
were $6.3 million, an increase of 17% from the preceding quarter, and
an increase of 34% from the comparable quarter of the prior year.
"O2Micro was again profitable and cash flow positive in Q2. The
company continues to build its base for future growth with additions
to key engineering resources, and product and patent portfolios.
During Q2, O2Micro received patent issues of 10 patents with 157
claims. As of this date O2Micro has 102 issued patents with 2,575
issued claims," commented Sterling Du, Chairman and CEO of O2Micro.
Conference Call: O2Micro will hold its second quarter conference
call today at 2:00 p.m. PDT, 5:00 p.m. EDT. You may participate by
dialing (800) 406-5345, or (913) 981-5571 (for International
participants), pass code #1381478. A replay of the call will be
available by phone until August 10th by dialing (888) 203-1112, pass
code #1381478 or (719) 457-0820 (for International participants), pass
code #1381478. A live simulcast will also be available on the company
website at www.o2micro.com, and an online replay will be available on
the site for one week.
About O2Micro
Founded in April 1995, O2Micro develops and markets innovative
power management, and security components and systems for the
Computer, Consumer, Industrial, and Communications markets. Products
include Intelligent Lighting, Battery Management, Power Management,
SmartCardBus(R) and Security products, such as VPN/Firewall system
solutions.
O2Micro International maintains an extensive portfolio of
intellectual property with 2,575 patent claims granted, and over 5,000
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.
Certain statements in this release are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of
1995. They include statements regarding our future growth, expansion
of our product and patent portfolios, legal expenditures, litigation
activity and other statements regarding O2Micro's or management's
intentions, hopes, beliefs, expectations, representations,
projections, plans or predictions of the future. Such statements
involve risks and uncertainties that may cause actual results to
differ materially from those set forth in these statements. Factors
that could cause actual results to differ materially include risks and
uncertainties such as reduced demand for products of electronic
equipment manufacturers which include O2Micro's products due to
adverse economic conditions in general or specifically affecting
O2Micro's markets, technical difficulties and delays in the
development process, and errors in the products. You are also referred
to the Form F-1 in connection with the company's initial public
offering in August 2000, Form F-3 in connection with the company's
public offering in November 2001, and the annual reports on Form 20-F,
which identify important risk factors that could cause actual results
to differ from those contained in the forward-looking statements. The
company assumes no obligation to update or revise any forward-looking
information, whether as a result of new information, future events or
otherwise.
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O2Micro International Limited and Subsidiaries
Consolidated Statements of Operations and Comprehensive Income
(Unaudited)
(In Thousand U.S. Dollars, Except Per Share Amounts)
Three Months Six Months
Ended Ended
June 30, June 30,
----------------- -----------------
2005 2004 2005 2004
------- ------- ------- -------
NET SALES $25,636 $24,065 $48,913 $46,261
COST OF SALES 9,591 9,724 18,521 19,124
------- ------- ------- -------
GROSS PROFIT 16,045 14,341 30,392 27,137
------- ------- ------- -------
OPERATING EXPENSES
Research and development 6,260 4,681 11,590 9,242
Selling, general and
administrative 5,096 3,863 9,760 7,514
Patent litigation 2,597 1,120 5,133 1,728
------- ------- ------- -------
Total Operating Expenses 13,953 9,664 26,483 18,484
------- ------- ------- -------
INCOME FROM OPERATIONS 2,092 4,677 3,909 8,653
------- ------- ------- -------
NON-OPERATING INCOME (EXPENSES)
Interest income 684 254 1,292 485
Impairment loss on long-term
investments - - - -
Gain on sale of long-term
investments - - - 340
Foreign exchange gain (loss) (128) (253) (138) (31)
Other - net 80 7 68 10
------- ------- ------- -------
Total Non-operating Income 636 8 1,222 804
------- ------- ------- -------
INCOME BEFORE INCOME TAX 2,728 4,685 5,131 9,457
INCOME TAX EXPENSE (BENEFIT) (252) 537 62 1,103
------- ------- ------- -------
NET INCOME 2,980 4,148 5,069 8,354
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments on
subsidiaries (61) (109) 168 61
Unrealized gain (loss) on
available-for-sale securities (584) 19 (300) (67)
------- ------- ------- -------
Total Other Comprehensive Income
(Loss) (645) (90) (132) (6)
------- ------- ------- -------
COMPREHENSIVE INCOME $ 2,335 $ 4,058 $ 4,937 $ 8,348
======= ======= ======= =======
EARNINGS PER SHARE:
Basic $ 0.08 $ 0.11 $ 0.13 $ 0.21
======= ======= ======= =======
Diluted $ 0.07 $ 0.10 $ 0.13 $ 0.21
======= ======= ======= =======
SHARES USED IN EARNINGS PER SHARE
CALCULATION:
Basic (in thousands) 39,176 39,205 39,177 39,161
======= ======= ======= =======
Diluted (in thousands) 39,807 40,272 39,681 40,467
======= ======= ======= =======
O2Micro International Limited and Subsidiaries
Consolidated Balance Sheets
(In Thousand U.S. Dollars, Except Share Amounts)
June 30, Dec. 31,
2005 2004
--------- ---------
ASSETS (Unaudited)
------
CURRENT ASSETS
Cash and cash equivalents $ 48,808 $ 56,320
Restricted cash 3,112 1,887
Short-term investments 65,783 63,768
Accounts receivable - net 9,463 9,431
Inventories 9,930 11,231
Prepaid expenses and other current assets 8,140 4,491
--------- ---------
Total Current Assets 145,236 147,128
--------- ---------
LONG-TERM INVESTMENTS 16,665 11,781
--------- ---------
LAND, PROPERTY AND EQUIPMENT - NET 17,702 10,758
--------- ---------
OTHER ASSETS
Restricted assets - net 13,777 13,873
--------- ---------
Other Assets 1,388 1,656
--------- ---------
TOTAL ASSETS $ 194,768 $ 185,196
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Notes and accounts payable $ 4,383 $ 3,635
Income taxes payable 3,305 3,751
Accrued expenses and other current liabilities 11,418 7,029
--------- ---------
Total Current Liabilities 19,106 14,415
--------- ---------
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS' EQUITY
Preference shares at $0.001 par value per share
Authorized - 5,000,000 shares - -
Ordinary shares at $0.001 par value per share
Authorized - 95,000,000 shares
Issued - 39,209,511 and 39,188,062 shares as
of June 30, 2005 and December 31, 2004,
respectively 39 39
Additional paid-in capital 140,204 139,581
Accumulated other comprehensive loss (242) (110)
Retained earnings 35,661 31,271
--------- ---------
Total Shareholders' Equity 175,662 170,781
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 194,768 $ 185,196
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