O2Micro Reports Fourth Quarter and Fiscal 2012 Financial Results
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http://pdf.reuters.com/htmlnews/8knews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20130130:nGNXUXBFEa GEORGE TOWN, Grand Cayman, Jan. 30, 2013 (GLOBE NEWSWIRE) -- O2Micro® International Limited (Nasdaq:OIIM), 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 and fiscal year 2012, ending December 31, 2012. Financial Highlights for the Fourth Quarter ending December 31, 2012: O2Micro International Limited reported Q4 2012 revenue of $16.8 million. Revenue was down 26% sequentially and down 41% from the comparable year-ago quarter. The gross margin in the fourth quarter of 2012 was 51.6%. The gross margin was down from 54.5% in the prior quarter and down from 56.1% in the fourth quarter of 2011. The gross margin remains in our target range and varies primarily with revenue level and product mix. During the fourth quarter of 2012, the company recorded total GAAP operating expenses of $20.0 million, compared to $17.3 million in the third quarter of 2012 and $16.5 million in the year-ago Q4 period. Operating expenses in the fourth quarter include a $2.3 million write-off of long-lived assets. The respective GAAP operating margins for the fourth quarter of 2012, the third quarter of 2012, and fourth quarter of 2011 were (67.3%), (21.2%), and (1.4%). GAAP net loss was $10.6 million in Q4 2012. This compares to a GAAP net loss of $4.3 million in the third quarter of 2012 and GAAP net income of $1.5 million in Q4 2011. GAAP net loss per fully diluted ADS was $0.35 in Q4 2012. This compares to a GAAP net loss per fully diluted ADS of $0.14 in Q3 2012 and GAAP net income per fully diluted ADS of $0.04 in Q4 2011. Financial Highlights for the Twelve Months ending December 31, 2012: O2Micro International Limited produced revenue of $97.7 million in 2012. Revenue was down by 21% from 2011 when the company reported revenue of $124.3 million. The gross margin in 2012 was 54.9%, compared to 57.1% in 2011. GAAP operating expenses totaled $81.6 million and $63.9 million in 2012 and 2011, respectively. The 2012 operating expenses include a litigation provision of $9.4 million and a $2.3 million write-off of long-lived assets. The GAAP operating loss was $28.0 million in 2012 compared to GAAP operating income of $7.1 million in 2011. The corresponding GAAP operating margins were (28.6%) and 5.7% in 2012 and 2011, respectively. Pretax loss from continuing operations was $25.6 million in 2012, compared to pretax income from continuing operations of $10.1 million in 2011. GAAP net loss in 2012 was $25.8 million, compared to GAAP net income of $9.0 in 2011. The corresponding GAAP net loss per fully diluted ADS was $0.83 in 2012, compared to GAAP net income per fully diluted ADS of $0.27 in 2011. The year-to-year declines in revenue, GAAP income/loss from operations, and GAAP net income/loss reflect adverse global economic conditions and the litigation provision when compared with 2011. Supplementary Data: The company ended the fourth quarter of 2012 with $97.3 million in unrestricted cash and short-term investments or $3.25 per outstanding ADS. The accounts receivable balance was $8.8 million and represented 54 days sales outstanding at the end of Q4 2012. Inventory was $7.9 million or 91 days and turned over 4.0 times during Q4 2012. As of December 31, 2012, the company had $105.5 million in working capital and the book value was $150.4 million, or $5.02 per outstanding ADS. As of December 31, 2012, O2Micro International Limited counted 655 employees, including 370 engineers. Management Commentary: "Our fourth quarter and fiscal year 2012 results continue to reflect a challenging year in a difficult economic environment," said Sterling Du, O2Micro's Chairman and CEO. "Despite these conditions, we remain focused on our progress of shifting the mix of our business to our core strength of high-performance, analog integrated circuits. We also continue to focus on expense management to reach our near-term goal of a return to profitability. We have great confidence in our carefully chosen growth drivers including LED solutions for the general lighting market, battery management solutions targeting multiple markets and power management solutions targeting tablet, smart phone and other markets. We continue to believe that our growth drivers will significantly contribute to revenue and lead to growth in future quarters." Conference Call: O2Micro will hold its fourth quarter conference call today, January 30, 2013, at 6:00 a.m. PST, 9:00 a.m. EST. You may participate using the following dial-in information. In the US and CANADA: 888-428-9473, pass code # 8044151 INTERNATIONAL participants: 719-325-2420, pass code # 8044151 A replay of the call will be available by phone for one week following the live call. The replay can be accessed using the following dial-in information. In the US and CANADA: 888-203-1112, pass code # 8044151 INTERNATIONAL participants: 719-457-0820, pass code # 8044151 A live webcast will also be available on the company website at www.o2micro.com http://www.globenewswire.com/newsroom/ctr?d=10019833&l=16&a=www.o2micro.com&u=http%3A%2F%2Fwww.o2micro.com%2F , and an online replay will be available for one week. About O2Micro Founded in April 1995, O2Micro develops and markets innovative power management and e-commerce components for the Computer, Consumer, Industrial, and Communications markets. Products include Intelligent Lighting, Battery Management, and Power Management. O2Micro International maintains an extensive portfolio of intellectual property with 22,390 patent claims granted, and over 24,000 more pending. The company maintains offices worldwide. Additional company and product information can be found on the company website at www.o2micro.com http://www.globenewswire.com/newsroom/ctr?d=10019833&l=19&a=www.o2micro.com&u=http%3A%2F%2Fwww.o2micro.com%2F . The O2Micro International Limited logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6567 http://www.globenewswire.com/newsroom/ctr?d=10019833&l=20&u=http%3A%2F%2Fwww.globenewswire.com%2Fnewsroom%2Fprs%2F%3Fpkgid%3D6567 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's or 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. 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 developments 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. O2MICRO INTERNATIONAL LIMITED AND SUBSIDIARIES CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME (In Thousand U.S. Dollars, Except Per Share Amounts) Three Months Ended Years Ended December 31, December 31, 2012 2011 2012 2011 (Unaudited) (Unaudited) (Audited) NET SALES $ 16,823 $ 28,666 $ 97,666 $ 124,283 COST OF SALES 8,134 12,577 44,067 53,273 GROSS PROFIT 8,689 16,089 53,599 71,010 OPERATING EXPENSES (INCOME) Research and development (1) 9,249 8,545 35,324 33,591 Selling, general and administrative (1) 10,758 7,952 36,923 31,165 Provision for litigation -- -- 9,422 -- Litigation Income -- -- (100) (850) Total Operating Expenses 20,007 16,497 81,569 63,906 INCOME (LOSS) FROM OPERATIONS (11,318) (408) (27,970) 7,104 NON-OPERATING INCOME Interest income 382 379 1,706 1,262 Gain on sale of long-term investments 23 1,619 23 1,619 Impairment loss on long-term investments -- (422) -- (422) Foreign exchange gain (loss) - net 161 39 (217) 46 Other - net 362 329 873 451 Total Non-operating Income 928 1,944 2,385 2,956 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAX (10,390) 1,536 (25,585) 10,060 INCOME TAX EXPENSE 266 121 1,103 1,063 NET INCOME (LOSS) FROM CONTINUING OPERATIONS (10,656) 1,415 (26,688) 8,997 INCOME FROM DISCONTINUED OPERATIONS, NET OF TAX (1) 78 49 895 9 NET INCOME (LOSS) (10,578) 1,464 (25,793) 9,006 OTHER COMPREHENSIVE INCOME (LOSS) Foreign currency translation adjustments 336 315 846 941 Unrealized gain (loss) on available-for-sale securities (23) (1,874) 185 (1,619) Unrealized pension loss (77) (37) (65) (25) Total Other Comprehensive Income (loss) 236 (1,596) 966 (703) COMPREHENSIVE INCOME (LOSS) $ (10,342) $ (132) $ (24,827) $ 8,303 BASIC EARNINGS (LOSS) PER ADS Continuing operations $ (0.35) $ 0.04 $ (0.86) $ 0.27 Discontinued operations -- -- 0.03 -- $ (0.35) $ 0.04 $ (0.83) $ 0.27 DILUTED EARNINGS (LOSS) PER ADS Continuing operations $ (0.35) $ 0.04 $ (0.86) $ 0.27 Discontinued operations -- -- 0.03 -- $ (0.35) $ 0.04 $ (0.83) $ 0.27 ADS UNITS USED IN EARNINGS (LOSS) PER ADS CALCULATION: Basic (in thousands) 30,356 32,633 31,044 33,122 Diluted (in thousands) 30,356 33,182 31,044 33,886 (1) INCLUDES STOCK-BASED COMPENSATION CHARGE AS FOLLOWS: Research and development $ 196 $ 223 $ 930 $ 1,199 Selling, general and administrative $ 546 $ 555 $ 2,137 $ 2,473 O2MICRO INTERNATIONAL LIMITED AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET (In Thousand U.S. Dollars, Except Share Amounts) December 31, December 31, 2012 2011 ASSETS (Unaudited) (Audited) CURRENT ASSETS Cash and cash equivalents $ 27,898 $ 32,562 Restricted cash 177 169 Short-term investments 69,427 93,016 Accounts receivable - net 8,773 12,062 Inventories 7,917 7,926 Prepaid expenses and other current assets 1,957 2,228 Total Current Assets 116,149 147,963 LONG-TERM INVESTMENTS 15,530 15,939 PROPERTY AND EQUIPMENT - NET 26,142 28,330 OTHER ASSETS Restricted assets 10,000 -- Intangible assets 31 1,565 Other Assets 3,474 4,614 Total Other Assets 13,505 6,179 TOTAL ASSETS $171,326 $198,411 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Notes and accounts payable $ 3,756 $ 6,641 Income tax payable 362 606 Accrued expenses and other current liabilities 6,577 8,237 Total Current Liabilities 10,695 15,484 OTHER LONG-TERM LIABILITIES Accrued pension liabilities 708 628 Long-term income tax liabilities -- 66 Other liabilities 9,551 129 Total Other Long-Term Liabilities 10,259 823 Total Liabilities 20,954 16,307 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 - 1,660,786,600 and 1,653,265,600 shares as of December 31, 2012 and 2011, respectively 33 33 Additional paid-in capital 138,793 136,625 Retained earnings 16,865 42,658 Accumulated other comprehensive income 7,865 6,899 Treasury stock - 162,072,500 and 47,990,100 shares as of December 31, 2012 and 2011, respectively (13,184) (4,111) Total Shareholders' Equity 150,372 182,104 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $171,326 $198,411 CONTACT: Scott L. Anderson Director of Investor Relations, O2Micro Phone: 408.987.5920, x8888 Email: email@example.com
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