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O2Micro Reports Third Quarter 2021 Financial Results


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.

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 limitati on, 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 Ended Nine 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  
O2Micro Inc



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