O2Micro International Ltd. (George Town, Grand Cayman), a supplier of power management and security ICs to mobile computer and communications manufacturers, reported its financial results for the first quarter ended March 31, 2003.
Net sales for the first quarter were $19.3 million. First-quarter revenue of $19.3 million was an increase of 5% over the preceding quarter, and 20% over the comparable quarter of the prior year. Earnings per share for the first quarter, fully diluted, were $0.04 per share, compared to $0.06 per share in the preceding quarter, and $0.08 in the comparable quarter of the prior year.
Net income of $1,687,000 for the first quarter was a decrease of 21% from the preceding quarter, and 44% less than the net income for the comparable quarter of the prior year. The decrease in net income was largely due to interim legal expenses related to O2Micro's intellectual property protection plan. First-quarter research and development expenditures were $4,912,000, a decrease of 2% over the preceding quarter, and an increase of 7% over the comparable quarter of the prior year.
