George Town, Grand Cayman-- O2Micro(R) International Limited (Nasdaq:OIIM), a global leader in the design, development and marketing of high-performance integrated circuits and solutions, today announced that it is refocusing the Company's Intelligent Power Management Business Unit to better align its resources to focus on its new tablet and smartphone Power Management products. The strategy is aimed to better utilize its proprietary battery management technologies for industrial applications, including its precision battery gas gauge products.
As a result of this measure, the Company is reducing its current worldwide employee base by approximately 80 employees. The majority of the employees affected by this announcement are based in the Company's European and U.S. locations. Additionally, the Company is expecting to lower its overall operating expenses by approximately $3.5 Million to $4.5 Million throughout the 2015 fiscal year.
"The workforce reduction of the Intelligent Power Management Group demonstrates our focus on smartphone and tablet markets, commitment to enhancing shareholder value, while simultaneously sharpening our strategic and financial focus," said Sterling Du, O2Micro's Chairman and CEO. "We believe this measure will allow O2Micro to better focus our developmental resources on faster growth drivers, better execute our business strategy, and more quickly return to profitability."
O2Micro will provide additional details related to the financial impact of this announcement when it reports fourth quarter and fiscal year ending December 31, 2014, financial results, which is tentatively scheduled for February 4, 2015.
Founded in April 1995, O2Micro develops and markets innovative power management components for the Computer, Consumer, Industrial, Automotive and Communications markets. Products include LED General Lighting, Backlighting, Battery Management and Power Management.
O2Micro International maintains an extensive portfolio of intellectual property with 27,716 patent claims granted, and over 28,000 more pending. The company maintains offices worldwide. Additional company and product information can be found on the company website at www.o2micro.com.