GEORGE TOWN, Grand Cayman, Oct. 29, 2021 (GLOBE NEWSWIRE) --

Operational Highlights:

  • 2021 Q3 revenue was $27.3 million.

  • Revenue increased 22.6% compared to the same quarter in 2020.

  • GAAP net income was $0.12 per fully diluted ADS, up from $0.10 per fully diluted ADS, for the same quarter a year ago.

  • O2Micro expects the fourth quarter 2021 revenue to be in the range of $25.5 million to $26.5 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 third quarter ending September 30, 2021.

Financial Highlights for the Third Quarter ending September 30, 2021:
O2Micro reported the third quarter 2021 revenue of $27.3 million within guidance provided on July 30, 2021. Revenue was up 22.6% from the same quarter in the previous year. The gross margin in the third quarter of 2021 was 52.0%, which was up from 51.8% in the same quarter of 2020. During the third quarter of 2021, the Company recorded total GAAP operating expenses of $10.6 million and was up from $8.4 million in the third quarter of 2020. The GAAP operating margins for the third quarter of 2021 was 13.3% compared to 14.0% in the third quarter of 2020. The Company reported 2021 Q3 GAAP net income of $3.7 million, or $0.12 per fully diluted ADS, compared to a GAAP net income of $2.9 million or $0.10 per fully diluted ADS in the comparable quarter of 2020.

Supplementary Data:
The Company ended the third quarter of 2021 with $50.7 million in unrestricted cash and short-term investments or $1.78 per outstanding ADS, along with 344 employees worldwide of which 201 are engineers.

Management Commentary:
“O2Micro’s escalating growth continued through the third quarter with revenue increasing 4.1% from the prior quarter and 22.6% over the same quarter in 2020. Our battery business grew strongly despite the dynamic market and supply chain situation. Not only have the lithium-ion battery dominated the power tool market but the high-end tools, which is our focus, outgrows the other sectors. Our Intelligent Lighting group business continues to expand with recent design wins as the high-end TV market takes market share,” said Sterling Du, O2Micro’s Chairman and CEO. “These factors, along with continued investment to the RD and expanding packing testing capability, 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 October 29, 2021, at 6:00AM. Pacific, 9:00AM Eastern. You may participate using the following dial-in information.

Conference Code: 6414359

Participants, Int'l Toll: 800-767-8973
Participants, US/CAN: 800-767-8973

The Call-in Audio Replay will be available following the call at 12:00PM Eastern Time (US & Canada) for the next 14 days.   https://events.globalmeet.com/Public/WebRegistration/ZW5jPXNhQWNoekF6VklkSzg1T0VNUFBpN0lqN084dUh6T25wNFIzcUF2RFcrcSt3WU5HZTN0M3lzQ1dnd1lMOXlFSlRFNU00a2YvZGJzQWxCVjZTY0pUbkRBPT0=

An online replay will also be available at https://ir.o2micro.com following the conference.

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
Daniel Meyberg
Investor Relations

Gregory Communications FCA
Joe Hassett

O2MICRO INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
(In Thousand U.S. Dollars, Except Per Share Amounts)

 Three Months EndedNine Months Ended
                     September 30,                               September 30,           
                   2021                            2020                            2021                            2020         
    
OPERATING REVENUES$                        27,270  $                        22,235  $                        76,711  $                        55,100 
     
COST OF REVENUES                         13,096                           10,713                           37,060                           26,634 
     
GROSS PROFIT                         14,174                           11,522                           39,651                           28,466 
     
OPERATING EXPENSES    
Research and development (1)                         5,126                           4,072                           14,433                           13,238 
Selling, general and administrative (1)                         5,434                           4,333                           15,955                           13,357 
     
Total Operating Expenses                         10,560                           8,405                           30,388                           26,595 
     
INCOME FROM OPERATIONS                         3,614                           3,117                           9,263                           1,871 
     
NON-OPERATING INCOME    
Interest income                         48                           92                           186                           436 
Net loss recognized on long-term investments                         -                           (171)                          -                           (212)
Foreign exchange gain (loss) – net                         57                           (124)                          29                           (184)
Government grants                         136                           67                           274                           151 
Other – net                         101                           204                           344                           430 
Total Non-operating Income                         342                           68                           833                           621 
     
INCOME BEFORE INCOME TAX                         3,956                           3,185                           10,096                           2,492 
     
INCOME TAX EXPENSE                         279                           255                           776                           722 
     
NET INCOME                         3,677                           2,930                           9,320                           1,770 
     
OTHER COMPREHENSIVE (LOSS) INCOME    
Foreign currency translation adjustments                         (148)                          576                           36                           494 
Unrealized pension gain                         -                           -                           1                           1 
Total Other Comprehensive (Loss) Income                         (148)                          576                           37                           495 
     
COMPREHENSIVE INCOME$                        3,529  $                        3,506  $                        9,357  $                        2,265 
     
EARNINGS PER ADS    
Basic$                        0.13  $                        0.11  $                        0.33  $                        0.07 
Diluted$                        0.12  $                        0.10  $                        0.30  $                        0.06 
     
ADS UNITS USED IN EARNINGS PER ADS CALCULATION:    
Basic (in thousands)                         28,478                           27,040                           28,323                           26,917 
Diluted (in thousands)                         31,017                           28,896                           31,221                           28,078 
     
(1) INCLUDES STOCK-BASED COMPENSATION CHARGE AS FOLLOWS:   
Research and development$                        98  $                        66  $                        294  $                        213 
Selling, general and administrative$                        345  $                        260  $                        996  $                        837 



O2MICRO INTERNATIONAL LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
(In Thousand U.S. Dollars, Except Share Amounts)

 September 30,December 31,
          2021                     2020           
ASSETS(Unaudited)(Audited)
   
CURRENT ASSETS  
Cash and cash equivalents$                        22,073  $                        18,752 
Restricted cash                         38                           37 
Short-term investments                         28,661                           29,054 
Accounts receivable – net                         16,693                           16,430 
Inventories                         18,001                           12,588 
Prepaid expenses and other current assets                         3,423                           2,548 
Total Current Assets                         88,889                           79,409 
   
LONG-TERM INVESTMENTS                         992                           992 
   
PROPERTY AND EQUIPMENT – NET                         22,407                           17,266 
   
OTHER ASSETS                         3,858                           4,369 
   
TOTAL ASSETS$                        116,146  $                        102,036 
   
LIABILITIES AND SHAREHOLDERS’ EQUITY  
   
CURRENT LIABILITIES  
Notes and accounts payable$                        10,295  $                        7,995 
Income tax payable                         376                           272 
Lease liabilities                         977                           865 
Accrued expenses and other current liabilities                         5,355                           5,934 
Total Current Liabilities                         17,003                           15,066 
   
OTHER LONG-TERM LIABILITIES  
Accrued pension liabilities                         144                           177 
Deferred income tax liabilities                         690                           545 
Lease liabilities                         1,965                           2,091 
Other liabilities                         69                           68 
Total Other Long-Term Liabilities                         2,868                           2,881 
   
Total Liabilities                         19,871                           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 September 30, 2021 and December 31, 2020
Outstanding – 1,425,507,250 and 1,361,886,000 shares as of September 30, 2021 and
December 31, 2020, respectively		                         33                           33 
Additional paid-in capital                         142,974                           143,422 
Accumulated deficits                         (37,951)                          (46,744)
Accumulated other comprehensive income                         5,777                           5,740 
Treasury stock – 243,529,350 and 307,150,600 shares as of September 30, 2021 and
        December 31, 2020, respectively		                         (14,558)                          (18,362)
Total Shareholders’ Equity                         96,275                           84,089 
   
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$                        116,146  $                        102,036 

Email: ir@o2micro.com

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Source: O2Micro, Inc.

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