O2Micro International Limited Reports Fourth Quarter and Fiscal 2013 Financial Results
GEORGE TOWN, Grand Cayman, Jan. 29, 2014 (GLOBE NEWSWIRE) -- O2Micro(R) International Limited (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 2013, ending December 31, 2013.
Financial Highlights for the Fourth Quarter ending December 31, 2013:
O2Micro International Limited reported Q4 2013 revenue of $19.1 million. Revenue was up 3% sequentially and up 14% from the comparable year-ago quarter. The gross margin in the fourth quarter of 2013 was 50.1%. The gross margin was down from 51.4% in the prior quarter and down from 51.6% in the fourth quarter of 2012. The gross margin remains in our target range and varies primarily with revenue level and product mix. During the fourth quarter of 2013, the company recorded total GAAP operating expenses of $15.0 million, compared to $14.2 million in the third quarter of 2013 and $20.0 million in the year-ago Q4 period. The respective GAAP operating margins for the fourth quarter of 2013, the third quarter of 2013, and fourth quarter of 2012 were (28.4%), (25.1%), and (67.3%).
GAAP net loss was $5.1 million in Q4 2013. This compares to a GAAP net loss of $4.5 million in the third quarter of 2013 and a GAAP net loss of $10.6 million in Q4 2012. GAAP net loss per fully diluted ADS was $0.18 in Q4 2013. This compares to a GAAP net loss per fully diluted ADS of $0.16 in Q3 2013 and a GAAP net loss per fully diluted ADS of $0.35 in Q4 2012.
Financial Highlights for the Twelve Months ending December 31, 2013:
O2Micro International Limited produced revenue of $73.8 million in 2013. Revenue was down by 24.5% from 2012 when the company reported revenue of $97.7 million. The gross margin in 2013 was 50.7%, compared to 54.9% in 2012. GAAP operating expenses totaled $57.9 million and $81.6 million in 2013 and 2012, respectively. The GAAP operating loss was $20.5 million in 2013 compared to a GAAP operating loss of $28.0 million in 2012. The corresponding GAAP operating margins were (27.8%) and (28.6%) in 2013 and 2012, respectively. Pretax loss from continuing operations was $18.1 million in 2013, compared to a pretax loss from continuing operations of $25.6 million in 2012. GAAP net loss in 2013 was $19.1 million, compared to a GAAP net loss of $25.8 in 2012. The corresponding GAAP net loss per fully diluted ADS was $0.67 in 2013, compared to a GAAP net loss per fully diluted ADS of $0.83 in 2012.
The company ended the fourth quarter of 2013 with $75.9 million in unrestricted cash and short-term investments or $2.73 per outstanding ADS. The accounts receivable balance was $10.0 million and represented 51 days sales outstanding at the end of Q4 2013. Inventory was $7.2 million or 72 days and turned over 5.0 times during Q4 2013. As of December 31, 2013, the company had $85.0 million in working capital and the book value was $126.6 million, or $4.55 per outstanding ADS.
As of December 31, 2013, O2Micro International Limited counted 492 employees, including 271 engineers.
"Our fourth quarter revenue results increased 14% year-over-year and were achieved as a direct result of ongoing design win momentum in our growth drivers of general lighting, backlighting, power management and battery management business units," said Sterling Du, O2Micro's Chairman and CEO. "Throughout 2013, we were focused on growth and reducing operational expenses to align O2Micro with current and anticipated revenue levels, with the 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 and backlighting markets, 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 29, 2014, at 6:00 a.m. PST, 9:00 a.m. EST. You may participate using the following dial-in information.
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.
A live webcast will also be available on the company website at www.o2micro.com, and an online replay will be available for one week.
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 25,682 patent claims granted, and over 26,000 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, 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.
Scott L. Anderson