Operational Highlights:
- 2021 Q1 revenue was $23.2 million, and within the guidance
provided on February 5th, 2021.
- Revenue increased 49.1% compared to the same quarter in
2020.
- GAAP net income was $0.08 per fully diluted ADS, up from
$(0.06) per ADS, for the same quarter a year ago.
- O2Micro expects second quarter 2021 revenue to be in the range
of $23.2 million to $25.1 million.
O2Micro® International Limited (NASDAQ: OIIM)(“O2Micro), 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 ending March 31st,
2021.
Financial Highlights for the First Quarter ending March
31st, 2021: O2Micro
reported first quarter 2021 revenue of $23.2 million. Revenue was
up 49.1% from the same quarter in the previous year. The gross
margin in the first quarter of 2021 was 51.6%, which was down from
51.9% in the same quarter of 2020. During the first quarter of
2021, the company recorded total GAAP operating expenses of $9.6
million and was up from $8.7 million in the first quarter of 2020.
The GAAP operating margins for the first quarter of 2021 was 10.2%
compared to (-3.7%) in the first quarter of 2020. The Company
reported 2021 Q1 GAAP net income of $2.5 million, or $0.08 per
fully diluted ADS, compared to a GAAP net loss of $1.5 million, or
($0.06) per ADS in the comparable quarter of 2020.
Supplementary Data: The Company ended the first
quarter of 2021 with $47.6 million in unrestricted cash and
short-term investments or $1.68 per outstanding ADS, along with 327
employees worldwide of which 187 are engineers.
Management Commentary: "O2Micro’s growth
momentum continued into Q1 with a 49.1% revenue increase over the
same quarter in 2020, a net income of $2.5 million and an 10.7%
profit margin (GAAP), compared to net loss of $1.5 million in the
first quarter of 2020. We see advanced rising demand for our
backlighting products in monitors, televisions, notebooks, and
tablets as they sustained their upward trend through Q1. On the
other hand, the strong revenue from our battery group extended
across all sectors as our proprietary mixed signal designs enriched
cordless devices for a wide range of uses within the home and
commercial markets. Expanding acceptance of our technology
resulted in additional Top Tier and OEM manufacturers’ choosing
O2Micro Integrated circuits,” said Sterling Du, O2Micro’s Chairman
and CEO. “These factors, along with continued management of
operational costs, shows confidence that our business fundamentals
are leading O2Micro into sustainable long-term profitability.”
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME follows conference call information below
Conference Call: O2Micro will hold its first
quarter conference call on Friday April 30th, 2021, at 6:00AM
Pacific, 9:00AM Eastern. You may participate using the following
dial-in information.
Participants, Int'l Toll: +1 323-289-6576 Participants, US/CAN:
866-248-8441
The Call-in Audio Replay will be available following the call
from April 30th , 2021, 12:00PM Eastern Time (US & Canada)
through May 14th, 2021, 12:00PM Eastern Time (US &
Canada)https://events.globalmeet.com/Public/WebRegistration/ZW5jPXNhQWNoekF6VklkSk9PNlhsZUVUb08zekNaODVUYy91NFIzcUF2RFcrcSt3WU5HZTN0M3lzQ1dnd1lMOXlFSlREN2ZxN0h0N1IwWTdXakRoU0RYeWpRPT0=An
online replay will be available on the website for one week.
About O2Micro:Founded in April 1995, O2Micro
develops and markets innovative power management components for the
Computer, Consumer, Industrial, and Automotive markets. Products
include Backlighting, and Battery Power Management. 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 or its 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 and other Federal
Securities Laws. Such statements involve risks, speculation and
uncertainties that may cause actual results to differ materially
from those set forth in these statements or from management's
current views and expectations. Risks and uncertainties in this
release may include, without limitation, any one or combination of
the following: the effect of competitive and economic factors; real
property value fluctuations and market demand; legal changes in any
relevant rules and regulations pertaining to O2Micro's business;
changes in technology and industry standards, and O2Micro's
reaction to those factors; consumer and business buying decisions
with respect to our customers' products incorporating O2Micro's
products; continued competitive pressures in the marketplace; the
ability of O2Micro to deliver to the marketplace, and stimulate
customer demand therein, for new products and technological
innovations on a timely basis; the effect that product
introductions and transitions, changes in product pricing or mix,
and/or increases in component costs could have on O2Micro's gross
margins; the inventory risk associated with O2Micro's need to
order, or commit to order, product components and product capacity
in advance of forecast customer orders; the continued availability
of acceptable terms of certain components and services essential to
O2Micro's business which are currently obtained by the Company from
sole or limited sources; the effect that O2Micro's dependency on
manufacturing and logistics services provided by third parties may
have on the quality, quantity, availability or cost of products
manufactured or services rendered; risks associated with O2Micro's
international operations; the potential impact of a finding that
O2Micro has infringed on the intellectual property rights of
others, or that any third party may have infringed on O2Micro's
intellectual property that may negatively affect O2Micro's
business; O2Micro's legal classifications with governmental and
regulatory agencies; O2Micro's dependency on the performance of
distributors, carriers, independent sales representatives, and
other resellers of O2Micro's products; the effect that product and
service quality problems could have on O2Micro's sales ability and
operating profits; the ability of O2Micro to deliver its products
in a timely fashion to its customers, and the possible negative
ramifications if such is not possible; the continued service and
availability of key executives and employees; war, terrorism,
public health issues, natural disasters, and other circumstances
that could disrupt supply, delivery, or demand of products; and
unfavorable results of other legal proceedings. Actual results may
differ materially due to numerous risk factors. Such risk factors
are more fully enumerated in O2Micro's 20-F Annual Filings, Annual
Report(s), 6-K's, the Form F-1 filed in connection with the
Company's initial public offering in August 2000, information
posted on our website at www.o2micro.com, and other documents filed
with the SEC, NASDAQ or any other public agency from time to time.
The statements herein are based on dated information on the dates
mentioned herein, which is subject to change. O2Micro assumes no
obligation to update or revise the information provided on today,
or any other forward-looking information, whether as a result of
new information, future events or any other information that may
arise. This information only speaks to the respective dates
mentioned in said information.
O2MICRO
INTERNATIONAL LIMITED AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (UNAUDITED) (In Thousand U.S.
Dollars, Except Per Share Amounts)
| |
|
Three Months Ended |
| |
|
March
31, |
|
|
|
|
|
2021 |
|
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
| OPERATING REVENUES |
|
|
$ |
23,236 |
|
|
$ |
15,581 |
|
| |
|
|
|
|
| COST OF REVENUES |
|
|
|
11,246 |
|
|
|
7,490 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| GROSS PROFIT |
|
|
|
11,990 |
|
|
|
8,091 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| OPERATING EXPENSES |
|
|
|
|
|
Research and development (1) |
|
|
|
4,566 |
|
|
|
4,141 |
|
|
Selling, general and administrative (1) |
|
|
|
5,056 |
|
|
|
4,521 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
|
|
9,622 |
|
|
|
8,662 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| INCOME (LOSS) FROM
OPERATIONS |
|
|
|
2,368 |
|
|
|
(571 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| NON-OPERATING INCOME
(LOSS) |
|
|
|
|
|
Interest income |
|
|
|
76 |
|
|
|
187 |
|
|
Net loss recognized on long-term investments |
|
|
|
- |
|
|
|
(1,100 |
) |
|
Foreign exchange gain – net |
|
|
|
42 |
|
|
|
32 |
|
|
Government grants |
|
|
|
110 |
|
|
|
9 |
|
|
Other – net |
|
|
|
130 |
|
|
|
108 |
|
|
Total Non-operating Income (Loss) |
|
|
|
358 |
|
|
|
(764 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| INCOME (LOSS) BEFORE INCOME
TAX |
|
|
|
2,726 |
|
|
|
(1,335 |
) |
| |
|
|
|
|
| INCOME TAX EXPENSE |
|
|
|
244 |
|
|
|
205 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| NET INCOME (LOSS) |
|
|
|
2,482 |
|
|
|
(1,540 |
) |
| |
|
|
|
|
| OTHER COMPREHENSIVE LOSS |
|
|
|
|
|
Foreign currency translation adjustments |
|
|
|
(200 |
) |
|
|
(246 |
) |
|
Unrealized pension gain |
|
|
|
- |
|
|
|
- |
|
|
Total Other Comprehensive Loss |
|
|
|
(200 |
) |
|
|
(246 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| COMPREHENSIVE INCOME
(LOSS) |
|
|
$ |
2,282 |
|
|
$ |
(1,786 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| EARNINGS (LOSS) PER ADS |
|
|
|
|
|
Basic |
|
|
$ |
0.09 |
|
|
$ |
(0.06 |
) |
|
Diluted |
|
|
$ |
0.08 |
|
|
$ |
(0.06 |
) |
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| ADS UNITS USED IN LOSS PER ADS
CALCULATION: |
|
|
|
|
|
Basic (in thousands) |
|
|
|
27,964 |
|
|
|
26,720 |
|
|
Diluted (in thousands) |
|
|
|
31,400 |
|
|
|
26,720 |
|
| |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
| (1) INCLUDES STOCK-BASED
COMPENSATION CHARGE AS FOLLOWS: |
|
|
|
|
|
Research and development |
|
|
$ |
91 |
|
|
$ |
80 |
|
|
Selling, general and administrative |
|
|
$ |
314 |
|
|
$ |
317 |
|
|
|
|
|
|
|
|
|
|
|
|
O2MICRO
INTERNATIONAL LIMITED AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)(In Thousand U.S. Dollars, Except Share
Amounts)
| |
March 31, |
December 31, |
|
|
|
2021 |
|
|
|
2020 |
|
| |
|
|
|
|
|
|
|
| ASSETS |
|
|
| |
|
|
| CURRENT ASSETS |
|
|
|
Cash and cash equivalents |
$ |
20,105 |
|
|
$ |
18,752 |
|
|
Restricted cash |
|
37 |
|
|
|
37 |
|
|
Short-term investments |
|
27,525 |
|
|
|
29,054 |
|
|
Accounts receivable – net |
|
17,436 |
|
|
|
16,430 |
|
|
Inventories |
|
14,748 |
|
|
|
12,588 |
|
|
Prepaid expenses and other current assets |
|
3,292 |
|
|
|
2,548 |
|
|
Total Current Assets |
|
83,143 |
|
|
|
79,409 |
|
| |
|
|
| LONG-TERM INVESTMENTS |
|
992 |
|
|
|
992 |
|
| |
|
|
| PROPERTY AND EQUIPMENT –
NET |
|
19,456 |
|
|
|
17,266 |
|
| |
|
|
| OTHER ASSETS |
|
3,918 |
|
|
|
4,369 |
|
| |
|
|
|
|
|
|
|
| |
|
|
| TOTAL ASSETS |
$ |
107,509 |
|
|
$ |
102,036 |
|
| |
|
|
|
|
|
|
|
| |
|
|
| LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
| |
|
|
| CURRENT LIABILITIES |
|
|
|
Notes and accounts payable |
$ |
9,850 |
|
|
$ |
7,995 |
|
|
Income tax payable |
|
360 |
|
|
|
272 |
|
|
Lease liabilities |
|
1,047 |
|
|
|
865 |
|
|
Accrued expenses and other current liabilities |
|
5,167 |
|
|
|
5,934 |
|
|
Total Current Liabilities |
|
16,424 |
|
|
|
15,066 |
|
| |
|
|
| OTHER LONG-TERM
LIABILITIES |
|
|
|
Accrued pension liabilities |
|
169 |
|
|
|
177 |
|
|
Deferred income tax liabilities |
|
634 |
|
|
|
545 |
|
|
Lease liabilities |
|
2,149 |
|
|
|
2,091 |
|
|
Other liabilities |
|
67 |
|
|
|
68 |
|
|
Total Other Long-Term Liabilities |
|
3,019 |
|
|
|
2,881 |
|
| |
|
|
| Total Liabilities |
|
19,443 |
|
|
|
17,947 |
|
| |
|
|
|
|
|
|
|
| |
|
|
| COMMITMENTS AND
CONTINGENCIES |
|
|
| |
|
|
| SHAREHOLDERS’ EQUITY |
|
|
|
Preference shares at $0.00002 par value per share |
|
|
|
Authorized – 250,000,000 shares |
|
- |
|
|
|
- |
|
|
Ordinary shares at $0.00002 par value per share |
|
|
|
Authorized – 4,750,000,000 shares |
|
|
|
Issued – 1,669,036,600 shares as of March 31, 2021 and December 31,
2020 Outstanding – 1,413,602,450 and 1,361,886,000 shares as of
March 31, 2021 and |
|
|
|
|
|
|
|
|
December 31, 2020, respectively |
|
33 |
|
|
|
33 |
|
|
Additional paid-in capital |
|
142,342 |
|
|
|
143,422 |
|
|
Accumulated deficits |
|
(44,579 |
) |
|
|
(46,744 |
) |
|
Accumulated other comprehensive income |
|
5,540 |
|
|
|
5,740 |
|
|
Treasury stock – 255,434,150 and 307,150,600 shares as of March 31,
2021 and December
31, 2020, respectively |
|
(15,270 |
) |
|
|
(18,362 |
) |
|
Total Shareholders’ Equity |
|
88,066 |
|
|
|
84,089 |
|
| |
|
|
|
|
|
|
|
| |
|
|
| TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
$ |
107,509 |
|
|
$ |
102,036 |
|
O2Micro
Daniel Meyberg
Investor Relations
ir@o2micro.com
Gregory Communications FCA
Joe Hassett
joeh@gregoryfca.com
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