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
third quarter ended September 30, 2005.
Net sales for the third quarter were $28.0 million. Third quarter
record high revenue of $28.0 million was an increase of 9% from the
preceding quarter, and an increase of 27% from the comparable quarter
of the prior year. Earnings per share for the third quarter, fully
diluted, were 7 cents per share, compared to 7 cents per share in the
preceding quarter and 8 cents per share in the comparable quarter of
the prior year.
Net income for the third quarter of $2.9 million was a decrease of
4% from the preceding quarter, and a decrease of 7% from the
comparable quarter of the prior year. Third quarter R&D expenditures
were $6.6 million, an increase of 6% from the preceding quarter, and
an increase of 35% from the comparable quarter of the prior year.
"O2Micro was again profitable in Q3. The company continues to
build its base for future growth with additions to key engineering
resources, and product and patent portfolios. During Q3, O2Micro
received 13 patent issues with 465 claims. As of September 30th,
O2Micro has 116 issued patents with 3,055 issued claims," commented
Sterling Du, Chairman and CEO of O2Micro.
Conference Call: O2Micro will hold its third quarter conference
call today at 2:00 p.m. PST, 5:00 p.m. EST. You may participate by
dialing (800) 289-0730, or (913) 981-5509 (for International
participants), no pass code required. A replay of the call will be
available by phone until November 9th by dialing (888) 203-1112, pass
code #8426898 or (719) 457-0820 (for International participants), pass
code #8426898. 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 3,076 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
(In Thousand U.S. Dollars, Except Per Share Amounts)
Three Months Nine Months
Ended Ended
September 30, September 30,
------------- ---------------
2005 2004 2005 2004
----- ---- ---- ----
Unaudited Unaudited
NET SALES $28,047 $22,093 $76,960 $68,354
COST OF SALES 10,738 8,793 29,259 27,917
------- ------- ------- -------
GROSS PROFIT 17,309 13,300 47,701 40,437
------- ------- ------- -------
OPERATING EXPENSES
Research and development 6,617 4,915 18,207 14,157
Selling, general and administrative 5,064 3,866 14,824 11,380
Patent litigation 2,716 1,818 7,849 3,546
------- ------- ------- -------
Total Operating Expenses 14,397 10,599 40,880 29,083
------- ------- ------- -------
INCOME FROM OPERATIONS 2,912 2,701 6,821 11,354
------- ------- ------- -------
NON-OPERATING INCOME (EXPENSES)
Interest income 651 448 1,943 933
Impairment loss on long-term
investments - - - -
Gain on sale of long-term
investments - - - 340
Foreign exchange gain (loss) ( 371) ( 80) ( 509) ( 111)
Other - net 92 12 160 22
------- ------- ------- -------
Total Non-operating Income 372 380 1,594 1,184
------- ------- ------- -------
INCOME BEFORE INCOME TAX 3,284 3,081 8,415 12,538
INCOME TAX EXPENSE 432 12 494 1,115
------- ------- ------- -------
NET INCOME 2,852 3,069 7,921 11,423
OTHER COMPREHENSIVE INCOME (LOSS)
Translation adjustments on
subsidiaries ( 492) ( 75) ( 324) ( 14)
Unrealized gain (loss) on
available-for-sale securities ( 313) 242 ( 613) 175
------- ------- ------- -------
Total Other Comprehensive Income
(Loss) ( 805) 167 ( 937) 161
------- ------- ------- -------
COMPREHENSIVE INCOME $ 2,047 $ 3,236 $ 6,984 $11,584
======= ======= ======= =======
EARNINGS PER SHARE:
Basic $ 0.07 $ 0.08 $ 0.20 $ 0.29
======= ======= ======= =======
Diluted $ 0.07 $ 0.08 $ 0.20 $ 0.28
======= ======= ======= =======
SHARES USED IN EARNINGS PER SHARE
CALCULATION:
Basic (in thousands) 39,159 39,117 39,214 39,146
======= ======= ======= =======
Diluted (in thousands) 40,389 39,722 39,931 40,220
======= ======= ======= =======
O2Micro International Limited and Subsidiaries
Consolidated Balance Sheets
(In Thousand U.S. Dollars, Except Share Amounts)
Sept. 30, Dec. 31,
2005 2004
--------- ----------
ASSETS
------
CURRENT ASSETS
Cash and cash equivalents $ 40,662 $ 56,320
Restricted cash 4,097 1,887
Short-term investments 70,468 63,768
Accounts receivable - net 13,352 9,431
Inventories 13,479 11,231
Prepaid expenses and other current assets 8,197 4,491
-------- --------
Total Current Assets 150,255 147,128
-------- --------
LONG-TERM INVESTMENTS 16,384 11,781
-------- --------
LAND, PROPERTY AND EQUIPMENT - NET 18,742 10,758
-------- --------
OTHER ASSETS
Restricted assets - net 13,030 13,873
-------- --------
Other Assets 2,876 1,656
-------- --------
TOTAL ASSETS $201,287 $185,196
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
CURRENT LIABILITIES
Notes and accounts payable $ 7,307 $ 3,635
Income taxes payable 3,465 3,751
Accrued expenses and other current liabilities 12,103 7,029
-------- --------
Total Current Liabilities 22,875 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 - 39,283,125 and 39,188,062 shares
as of September 30, 2005 and December 31,
2004, respectively 39 39
Additional paid-in capital 140,907 139,581
Accumulated other comprehensive loss ( 1,047) ( 110)
Retained earnings 38,513 31,271
-------- --------
Total Shareholders' Equity 178,412 170,781
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $201,287 $185,196
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