O2Micro International - Q1 Earnings
GEORGE TOWN, Grand Cayman, May 4, 2011 (GLOBE NEWSWIRE) -- O2Micro(R) International Limited (Nasdaq:OIIM - News) reported its financial results today for the first quarter of fiscal 2011, ending March 31, 2011.
Financial Results for the First Quarter ending March 31, 2011:
O2Micro International Limited reported Q1 2011 revenue of $31.1 million. Q1 revenue increased by 3% sequentially and decreased by 10% versus the year-ago quarter. During the first quarter of 2011, the gross margin was 60%, which was consistent with the prior and year-ago periods when the company recorded gross margins of 60% and 61%, respectively. GAAP operating expenses were $15.2 million in Q1 2011, compared to $15.7 million in Q4 2010 and $15.3 million in Q1 2010. The first quarter of 2011 included an expense reduction of $850,000 for litigation income and there was no comparable reduction offsetting operating expenses in the prior or year-ago quarters. The GAAP operating margin in the first quarter of 2011 was 11%. This compares with 8% in Q4 2010 and 17% in Q1 2010.
GAAP net income was $3.1 million in the first quarter of 2011, compared to a loss of $636,000 in the fourth quarter of 2010 and net income of $4.1 million in the first quarter of 2010. GAAP net income per ADS was $0.09 in Q1 2011, compared to a loss per ADS of $0.02 in Q4 2010 and net income per ADS of $0.11 in Q1 2010. GAAP net margin for the corresponding periods was 10%, (2%), and 12%, respectively.
The company ended the first quarter of 2011 with $111.6 million in unrestricted cash and short-term investments or $3.30 per ADS. The accounts receivable balance was $14.3 million and represented 40 days sales outstanding at the end of Q1 2011. Inventory was $12.0 million and turned over 3.9 times during Q1 2011. As of March 31, 2011, the company had $126.8 million in working capital and the book value was $182.0 million, or $5.38 per ADS.
As of March 31, 2011, O2Micro International Limited counted 700 employees, including 400 engineers.
Sterling Du, Chairman and CEO, commented, "Our first quarter saw a rebound in key consumer segments and penetration into new markets. This gives us confidence in our future growth and validates our strategy to become a key power management supplier to top-tier OEM and ODM customers."
Conference Call: O2Micro will hold its first quarter conference call on May 4, 2011 at 7:00 a.m. PDT, 10:00 a.m. EDT. You may participate using the following dial-in information.
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.
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 e-commerce components for the Computer, Consumer, Industrial, and Communications markets. Products include Intelligent Lighting, Battery Management, Power Management, and SmartCardBus(R).
O2Micro International maintains an extensive portfolio of intellectual property with 16,123 patent claims granted, and over 18,000 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 or registered trademarks are the property of their respective owners.
The O2Micro International Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6567
Statements made in this release that are not historical, including statements regarding O2Micro's or management's intentions, hopes, beliefs, expectations, representations, projections, plans or predictions of the future, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. 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 developments 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.
Gary E. Abbott