Scott L. Anderson
Director of Investor Relations, O2Micro
Phone: 408.987.5920, x8888
O2Micro International Limited Reports First Quarter 2013 Financial Results
GEORGE TOWN, Grand Cayman, May 1, 2013 (GLOBE NEWSWIRE) -- O2Micro(R) International Limited (OIIM), a global leader in the design, development and marketing of high-performance integrated circuits and solutions, reported its financial results today for the first quarter of 2013, ending March 31, 2013.
Financial Highlights for the First Quarter ending March 31, 2013:
O2Micro International Limited reported Q1 2013 revenue of $17.3 million. Revenue was up 3% sequentially and down 42% from the comparable year-ago quarter. The gross margin in the first quarter of 2013 was 50.0%. The gross margin was down from 51.6% in the prior quarter and down from 56.2% in the first quarter of 2012. The gross margin remains in our target range and varies primarily with revenue level and product mix. During the first quarter of 2013, the company recorded total GAAP operating expenses of $14.1 million, compared to $20.0 million in the fourth quarter of 2012 and $17.1 million in the year-ago Q1 period. The respective GAAP operating margins for the first quarter of 2013, the fourth quarter of 2012, and first quarter of 2012 were (31.2 %), (67.3 %), and (1.3 %).
GAAP net loss was $5.1 million in Q1 2013. This compares to a GAAP net loss of $10.6 million in the fourth quarter of 2012 and GAAP net income of $44,000 in Q1 2012. GAAP net loss per fully diluted ADS was $0.17 in Q1 2013. This compares to a GAAP net loss per fully diluted ADS of $0.35 in Q4 2012 and GAAP net income per fully diluted ADS of $0.00 in Q1 2012.
The company ended the first quarter of 2013 with $88.8 million in unrestricted cash and short-term investments or $3.01 per outstanding ADS. The accounts receivable balance was $9.3 million and represented 47 days sales outstanding at the end of Q1 2013. Inventory was $7.1 million or 78 days and turned over 4.6 times during Q1 2013. As of March 31, 2013, the company had $98.9 million in working capital and the book value was $143.2 million, or $4.85 per outstanding ADS.
As of March 31, 2013, O2Micro International Limited counted 613 employees, including 339 engineers.
"We are pleased to report a solid quarter with sequential revenue growth," said Sterling Du, O2Micro's Chairman and CEO. "Looking forward, customers continue to order conservatively at the lower ranges of lead times and inventories remain very low. We continue to see solid acceptance of our new products in design win activity and we have great confidence in our carefully chosen growth drivers including LED general lighting, backlighting, battery management and power management. We continue to believe that our growth drivers will significantly contribute to revenue and lead to growth in future quarters."
Conference Call: O2Micro will hold its first quarter conference call today, May 1, 2013, at 6:00 a.m. PDT, 9:00 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 webcast will also be available on the company website at www.o2micro.com, and an online replay will be available for one week.
Founded in April 1995, O2Micro develops and markets innovative power management components for the Computer, Consumer, Industrial, Automotive and Communications markets. Products include LED General Lighting, Backlighting, Battery Management and Power Management.
O2Micro International maintains an extensive portfolio of intellectual property with 23,182 patent claims granted, and over 25,000 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, and combinations thereof are registered trademarks of O2Micro. All other trademarks or registered trademarks are the property of their respective owners.
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.