O2Micro Reports Third Quarter 2016 Financial Results

GEORGE TOWN, Grand Cayman, Nov. 02, 2016 (GLOBE NEWSWIRE) --

Operational and Strategic Highlights:
  • O 2Micro reports non-GAAP net income per fully diluted ADS of 0.07 and GAAP net income per fully diluted ADS of $0.05 
  • Company experienced strong design activity in solutions for backlighting, general lighting, battery, smartphone and tablet markets; expecting products to continue to ramp in the fourth quarter of 2016.
  • Expects revenue to be up approximately 2-8 percent sequentially in the fourth quarter of fiscal year 2016.

O 2Micro ® 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 third quarter of 2016, ending September 30, 2016.

Financial Highlights for the Third Quarter ending September 30, 2016:

O 2Micro International Limited reported Q3 2016 revenue of $14.4 million with revenues up 9.2% from the prior quarter. The gross margin in the third quarter of 2016 was 52.6% and is up from 50.7% in the prior quarter. The gross margin exceeds our target range and varies primarily with revenue level and product mix. During the third quarter of 2016, the company recorded total GAAP operating expenses of $8.7 million, compared to $8.8 million in prior quarter. The respective GAAP operating margins for the third quarter of 2016 and the second quarter of 2016 were (7.6%) and (15.8%).

GAAP net income was $1.3 million in Q3 2016. This compares to a GAAP net loss of $2.0 million in the second quarter of 2016. GAAP net income per fully diluted ADS was $0.05 in Q3 2016. This compares to a GAAP net loss per fully diluted ADS of $0.08 in Q2 2016.

Supplementary Data:

The company ended the third quarter of 2016 with $53.1 million in unrestricted cash and short-term investments or $2.07 per outstanding ADS. The accounts receivable balance was $6.6 million and represented 42 days sales outstanding at the end of Q3 2016. Inventory was $8.5 million or 116 days and turned over 3.1 times during Q3 2016. As of September 30, 2016, the company had $61.5 million in working capital and the book value was $81.3 million, or $3.18 per outstanding ADS.

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