02MICRO REPORTS FIRST QUARTER FINANCIAL RESULTS
GEORGE TOWN, Grand Cayman, May 5, 2010 (GLOBE NEWSWIRE) --
O2Micro(R) International Limited (
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 http://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(R) 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 http://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.
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