02micro (OIIM) Announces Corp. Streamlining

02micro (Nasdaq: OIIM) announced an expense reduction plan as it continues to work on improving the operating performance of its businesses, with a near-term goal of reaching a cash breakeven level.

As a result of this plan, the Company has consolidated operations in several worldwide locations in an effort to streamline operations and reduce operating expenses. When fully implemented, the Company is expecting to lower its overall operating expenses by approximately $3.0 Million to $4.0 Million in fiscal year 2016.

"The expense reduction plan implemented today reinforces our commitment to enhancing shareholder value. Our organization will remain sharply focused on our growth drivers as we make further progress on operating our business as efficiently and effectively as possible," said Sterling Du, O2Micro's Chairman and CEO. "We believe this measure will accelerate the pace of O2Micro's efforts to reach a cash breakeven level and return to profitability."

O2Micro will provide additional details related to the financial impact of this announcement when it reports its financial results for the fourth quarter and fiscal year ending December 31, 2015, which is tentatively scheduled for January 27, 2016.

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