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 second quarter ended
June 30, 2005. Net sales for the second quarter were $25.6 million.
Second quarter record high revenue of $25.6 million was an increase
of 10% from the preceding quarter, and an increase of 7% from the
comparable quarter of the prior year. Earnings per share for the
second quarter, fully diluted, were 7 cents per share, compared to
5 cents per share in the preceding quarter and 10 cents per share
in the comparable quarter of the prior year. Net income for the
second quarter of $3.0 million was an increase of 43% from the
preceding quarter, and a decrease of 28% from the comparable
quarter of the prior year. Second quarter R&D expenditures were
$6.3 million, an increase of 17% from the preceding quarter, and an
increase of 34% from the comparable quarter of the prior year.
"O2Micro was again profitable and cash flow positive in Q2. The
company continues to build its base for future growth with
additions to key engineering resources, and product and patent
portfolios. During Q2, O2Micro received patent issues of 10 patents
with 157 claims. As of this date O2Micro has 102 issued patents
with 2,575 issued claims," commented Sterling Du, Chairman and CEO
of O2Micro. Conference Call: O2Micro will hold its second quarter
conference call today at 2:00 p.m. PDT, 5:00 p.m. EDT. You may
participate by dialing (800) 406-5345, or (913) 981-5571 (for
International participants), pass code #1381478. A replay of the
call will be available by phone until August 10th by dialing (888)
203-1112, pass code #1381478 or (719) 457-0820 (for International
participants), pass code #1381478. 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 2,575 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. -0- *T O2Micro
International Limited and Subsidiaries Consolidated Statements of
Operations and Comprehensive Income (Unaudited) (In Thousand U.S.
Dollars, Except Per Share Amounts) Three Months Six Months Ended
Ended June 30, June 30, ----------------- ----------------- 2005
2004 2005 2004 ------- ------- ------- ------- NET SALES $25,636
$24,065 $48,913 $46,261 COST OF SALES 9,591 9,724 18,521 19,124
------- ------- ------- ------- GROSS PROFIT 16,045 14,341 30,392
27,137 ------- ------- ------- ------- OPERATING EXPENSES Research
and development 6,260 4,681 11,590 9,242 Selling, general and
administrative 5,096 3,863 9,760 7,514 Patent litigation 2,597
1,120 5,133 1,728 ------- ------- ------- ------- Total Operating
Expenses 13,953 9,664 26,483 18,484 ------- ------- ------- -------
INCOME FROM OPERATIONS 2,092 4,677 3,909 8,653 ------- -------
------- ------- NON-OPERATING INCOME (EXPENSES) Interest income 684
254 1,292 485 Impairment loss on long-term investments - - - - Gain
on sale of long-term investments - - - 340 Foreign exchange gain
(loss) (128) (253) (138) (31) Other - net 80 7 68 10 -------
------- ------- ------- Total Non-operating Income 636 8 1,222 804
------- ------- ------- ------- INCOME BEFORE INCOME TAX 2,728
4,685 5,131 9,457 INCOME TAX EXPENSE (BENEFIT) (252) 537 62 1,103
------- ------- ------- ------- NET INCOME 2,980 4,148 5,069 8,354
OTHER COMPREHENSIVE INCOME (LOSS) Translation adjustments on
subsidiaries (61) (109) 168 61 Unrealized gain (loss) on
available-for-sale securities (584) 19 (300) (67) ------- -------
------- ------- Total Other Comprehensive Income (Loss) (645) (90)
(132) (6) ------- ------- ------- ------- COMPREHENSIVE INCOME $
2,335 $ 4,058 $ 4,937 $ 8,348 ======= ======= ======= =======
EARNINGS PER SHARE: Basic $ 0.08 $ 0.11 $ 0.13 $ 0.21 =======
======= ======= ======= Diluted $ 0.07 $ 0.10 $ 0.13 $ 0.21 =======
======= ======= ======= SHARES USED IN EARNINGS PER SHARE
CALCULATION: Basic (in thousands) 39,176 39,205 39,177 39,161
======= ======= ======= ======= Diluted (in thousands) 39,807
40,272 39,681 40,467 ======= ======= ======= ======= O2Micro
International Limited and Subsidiaries Consolidated Balance Sheets
(In Thousand U.S. Dollars, Except Share Amounts) June 30, Dec. 31,
2005 2004 --------- --------- ASSETS (Unaudited) ------ CURRENT
ASSETS Cash and cash equivalents $ 48,808 $ 56,320 Restricted cash
3,112 1,887 Short-term investments 65,783 63,768 Accounts
receivable - net 9,463 9,431 Inventories 9,930 11,231 Prepaid
expenses and other current assets 8,140 4,491 --------- ---------
Total Current Assets 145,236 147,128 --------- --------- LONG-TERM
INVESTMENTS 16,665 11,781 --------- --------- LAND, PROPERTY AND
EQUIPMENT - NET 17,702 10,758 --------- --------- OTHER ASSETS
Restricted assets - net 13,777 13,873 --------- --------- Other
Assets 1,388 1,656 --------- --------- TOTAL ASSETS $ 194,768 $
185,196 ========= ========= LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------ CURRENT LIABILITIES Notes and
accounts payable $ 4,383 $ 3,635 Income taxes payable 3,305 3,751
Accrued expenses and other current liabilities 11,418 7,029
--------- --------- Total Current Liabilities 19,106 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 - 39,209,511 and 39,188,062
shares as of June 30, 2005 and December 31, 2004, respectively 39
39 Additional paid-in capital 140,204 139,581 Accumulated other
comprehensive loss (242) (110) Retained earnings 35,661 31,271
--------- --------- Total Shareholders' Equity 175,662 170,781
--------- --------- TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $
194,768 $ 185,196 ========= ========= *T
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