Operational Highlights:
- 2020 Q4 revenue was $23.2 million, and within the guidance
provided on October 30th, 2020.
- Revenue increased 30% compared to the same quarter in
2019.
- GAAP net income was $0.14 per fully diluted ADS, up from $0.07
per ADS, for the same quarter a year ago.
- O2Micro expects first quarter 2021 revenue to be in the range
of $22.3 million to $24.6 million. This is an increase of 43% to
58% when compared to the first quarter of 2020.
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 Fourth Quarter ending December
31st, 2020.
Financial Highlights for the Fourth Quarter ending
December 31st, 2020: O2Micro reported fourth quarter 2020
revenue of $23.2 million. Revenue was up 30% from the same quarter
in the previous year. The gross margin in the fourth quarter of
2020 was 51.3%, which was down from 56.7% in the same quarter of
2019. During the fourth quarter of 2020, the company recorded total
GAAP operating expenses of $8.3 million and was down from $9.2
million in the fourth quarter of 2019. The GAAP operating margins
for the fourth quarter of 2020 was 15.7 % compared to 5.2% in the
fourth quarter of 2019. The Company reported 2020 Q4 GAAP net
income of $4.4 million, or $0.14 per fully diluted ADS, compared to
a GAAP net income of $1.8 million, or $0.07 per ADS in the
comparable quarter of 2019.
Supplementary Data: The Company ended the
fourth quarter of 2020 with $47.8 million in unrestricted cash and
short-term investments or $1.76 per outstanding ADS, along with 303
employees worldwide of which 171 are engineers.
Management Commentary: "O2Micro continued our
growth momentum into Q4 with a 30% revenue increase over the same
quarter in 2019, a net income of $4.4 million and an 18.8% profit
margin (GAAP), compared to net income of $1.8 million and 10%
profit margin in the fourth quarter of 2019. Strong rising demand
for backlighting products for monitors, televisions, notebooks, and
tablets continued their upward trend through Q4, while revenue from
our battery products also grew strongly across all sectors as our
proprietary mixed signal designs enriched cordless appliances, UPS,
energy storage, transportation, and power tools. Strong overall
market acceptance has 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 third
quarter conference call on Friday February 5th, 2021, at 6:00AM.
Pacific, 9:00AM Eastern. You may participate using the following
dial-in information.
Conference Code: 5315627Participants, Int'l Toll: +1
323-289-6576Participants, US/CAN: 800-437-2398
The Call-in Audio Replay will be available following the call
from February 5th, 2021, 12:00PM Eastern Time (US & Canada)
through February 19th, 2021, 12:00PM Eastern Time (US &
Canada)https://events.globalmeet.com/Public/WebRegistration/ZW5jPXNhQWNoekF6Vklla3JjZi9iQ2dWSzBBRG14aDdzUk81NFIzcUF2RFcrcSt3WU5HZTN0M3lzQ1dnd1lMOXlFSlR5Q1VVNG9sVE9GOHVxRHl2eVFIMmlnPT0=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 (In Thousand U.S. Dollars,
Except Per Share Amounts)
|
Three Months
Ended |
|
Year
Ended |
|
December 31, |
|
December 31, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
OPERATING
REVENUES |
$ |
23,235 |
|
|
$ |
17,861 |
|
|
$ |
78,335 |
|
|
$ |
60,928 |
|
|
|
|
|
|
|
|
|
COST OF
REVENUES |
|
11,317 |
|
|
|
7,727 |
|
|
|
37,951 |
|
|
|
28,960 |
|
|
|
|
|
|
|
|
|
GROSS
PROFIT |
|
11,918 |
|
|
|
10,134 |
|
|
|
40,384 |
|
|
|
31,968 |
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES |
|
|
|
|
|
|
|
Research and development (1) |
|
3,881 |
|
|
|
4,382 |
|
|
|
17,119 |
|
|
|
19,065 |
|
Selling, general and administrative (1) |
|
4,385 |
|
|
|
4,828 |
|
|
|
17,742 |
|
|
|
19,286 |
|
|
|
|
|
|
|
|
|
Total Operating Expenses |
|
8,266 |
|
|
|
9,210 |
|
|
|
34,861 |
|
|
|
38,351 |
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) FROM OPERATIONS |
|
3,652 |
|
|
|
924 |
|
|
|
5,523 |
|
|
|
(6,383 |
) |
|
|
|
|
|
|
|
|
NON-OPERATING INCOME |
|
|
|
|
|
|
|
Interest income |
|
70 |
|
|
|
216 |
|
|
|
506 |
|
|
|
543 |
|
Net gain (loss) recognized on long-term investments |
|
133 |
|
|
|
245 |
|
|
|
(79 |
) |
|
|
788 |
|
Foreign exchange loss - net |
|
(54 |
) |
|
|
(79 |
) |
|
|
(238 |
) |
|
|
(162 |
) |
Gain on sale of real estate |
|
- |
|
|
|
500 |
|
|
|
- |
|
|
|
500 |
|
Government grants |
|
666 |
|
|
|
129 |
|
|
|
817 |
|
|
|
204 |
|
Other - net |
|
105 |
|
|
|
102 |
|
|
|
535 |
|
|
|
642 |
|
Total Non-operating Income |
|
920 |
|
|
|
1,113 |
|
|
|
1,541 |
|
|
|
2,515 |
|
|
|
|
|
|
|
|
|
INCOME
(LOSS) BEFORE INCOME TAX |
|
4,572 |
|
|
|
2,037 |
|
|
|
7,064 |
|
|
|
(3,868 |
) |
|
|
|
|
|
|
|
|
INCOME TAX
EXPENSE |
|
215 |
|
|
|
250 |
|
|
|
937 |
|
|
|
1,171 |
|
|
|
|
|
|
|
|
|
NET INCOME
(LOSS) |
|
4,357 |
|
|
|
1,787 |
|
|
|
6,127 |
|
|
|
(5,039 |
) |
|
|
|
|
|
|
|
|
OTHER
COMPREHENSIVE INCOME (LOSS) |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
588 |
|
|
|
356 |
|
|
|
1,082 |
|
|
|
(85 |
) |
Unrealized pension gain |
|
3 |
|
|
|
61 |
|
|
|
4 |
|
|
|
65 |
|
Total Other Comprehensive Income (Loss) |
|
591 |
|
|
|
417 |
|
|
|
1,086 |
|
|
|
(20 |
) |
|
|
|
|
|
|
|
|
COMPREHENSIVE INCOME (LOSS) |
$ |
4,948 |
|
|
$ |
2,204 |
|
|
$ |
7,213 |
|
|
$ |
(5,059 |
) |
|
|
|
|
|
|
|
|
EARNINGS
(LOSS) PER ADS |
|
|
|
|
|
|
|
Basic |
$ |
0.16 |
|
|
$ |
0.07 |
|
|
$ |
0.23 |
|
|
$ |
(0.19 |
) |
Diluted |
$ |
0.14 |
|
|
$ |
0.07 |
|
|
$ |
0.21 |
|
|
$ |
(0.19 |
) |
|
|
|
|
|
|
|
|
ADS UNITS USED IN EARNINGS (LOSS) PER ADS CALCULATION: |
|
|
|
|
|
|
Basic (in thousands) |
|
27,161 |
|
|
|
26,347 |
|
|
|
26,978 |
|
|
|
26,321 |
|
Diluted (in thousands) |
|
30,664 |
|
|
|
27,095 |
|
|
|
28,724 |
|
|
|
26,321 |
|
|
|
|
|
|
|
|
|
(1) INCLUDES STOCK-BASED COMPENSATION CHARGE AS FOLLOWS: |
|
|
|
|
|
|
Research and development |
$ |
80 |
|
|
$ |
68 |
|
|
$ |
293 |
|
|
$ |
272 |
|
Selling, general and administrative |
$ |
284 |
|
|
$ |
310 |
|
|
$ |
1,121 |
|
|
$ |
1,190 |
|
O2MICRO
INTERNATIONAL LIMITED AND SUBSIDIARIESCONSOLIDATED
BALANCE SHEETS(In Thousand U.S. Dollars, Except
Share Amounts)
|
December
31, |
|
December
31, |
|
|
2020 |
|
|
|
2019 |
|
ASSETS |
(Unaudited) |
|
(Audited) |
|
|
|
|
CURRENT
ASSETS |
|
|
|
Cash and cash equivalents |
$ |
18,752 |
|
|
$ |
10,696 |
|
Restricted cash |
|
37 |
|
|
|
35 |
|
Short-term investments |
|
29,054 |
|
|
|
35,693 |
|
Accounts receivable - net |
|
16,430 |
|
|
|
10,335 |
|
Inventories |
|
12,588 |
|
|
|
8,796 |
|
Prepaid expenses and other current assets |
|
2,548 |
|
|
|
1,295 |
|
Total Current Assets |
|
79,409 |
|
|
|
66,850 |
|
|
|
|
|
|
|
|
|
LONG-TERM
INVESTMENTS |
|
992 |
|
|
|
4,172 |
|
|
|
|
|
PROPERTY AND
EQUIPMENT - NET |
|
17,266 |
|
|
|
15,551 |
|
|
|
|
|
OTHER
ASSETS |
|
4,369 |
|
|
|
2,426 |
|
|
|
|
|
TOTAL
ASSETS |
$ |
102,036 |
|
|
$ |
88,999 |
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
Notes and accounts payable |
$ |
7,995 |
|
|
$ |
4,867 |
|
Income tax payable |
|
272 |
|
|
|
611 |
|
Lease liabilities |
|
865 |
|
|
|
827 |
|
Accrued expenses and other current liabilities |
|
5,934 |
|
|
|
4,839 |
|
Total Current Liabilities |
|
15,066 |
|
|
|
11,144 |
|
|
|
|
|
OTHER
LONG-TERM LIABILITIES |
|
|
|
Accrued pension liabilities |
|
177 |
|
|
|
214 |
|
Deferred income tax liabilities |
|
545 |
|
|
|
589 |
|
Lease liabilities |
|
2,091 |
|
|
|
1,932 |
|
Other liabilities |
|
68 |
|
|
|
65 |
|
Total Other Long-Term Liabilities |
|
2,881 |
|
|
|
2,800 |
|
|
|
|
|
Total
Liabilities |
|
17,947 |
|
|
|
13,944 |
|
|
|
|
|
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 December 31, 2020 and December
31, 2019 |
|
|
|
Outstanding - 1,361,886,000 and 1,314,798,600 shares as of December
31, 2020 and |
|
|
|
December 31, 2019, respectively |
|
33 |
|
|
|
33 |
|
Additional paid-in capital |
|
143,422 |
|
|
|
143,484 |
|
Accumulated deficits |
|
(46,744 |
) |
|
|
(51,773 |
) |
Accumulated other comprehensive income |
|
5,740 |
|
|
|
4,654 |
|
Treasury stock - 307,150,600 and 354,238,000 shares as of December
31, 2020 and |
|
|
|
December 31, 2019, respectively |
|
(18,362 |
) |
|
|
(21,343 |
) |
Total Shareholders’ Equity |
|
84,089 |
|
|
|
75,055 |
|
|
|
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
102,036 |
|
|
$ |
88,999 |
|
O2Micro
Daniel Meyberg
Investor Relations
ir@o2micro.com
Gregory Communications FCA
Joe Hassett
joeh@gregoryfca.com
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