MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter ended June 30, 2010.
The company’s second-quarter 2010 results include revenue from the products MEMSIC acquired from Crossbow Technology, Inc. in January 2010 and costs related to the addition of Crossbow engineering and sales staff. The 2010 and the 2009 results include $0.3 million and $0.4 million, respectively, in stock-based compensation.
MEMSIC Chairman, President and CEO, Dr. Yang Zhao commented, “We slightly exceeded the top end of our revenue guidance for the quarter as new revenues from industrial markets attributable to our Crossbow acquisition and strong growth in the automotive market offset a substantial decline in the China mobile phone market .
“During the quarter, we made good progress in our business plan for 2010 to transform ourselves into a multiple-product company serving a diverse set of markets. First, we began production shipping of our electronic compass to a major electronics manufacturer for multiple GPS-enabled mobile phones. While we expect weakness in the China mobile phone market to continue in the near term, the adoption of GPS-enabled mobile phones is accelerating worldwide, and our market-leading eCompass product, which is ready for high-volume production, positions MEMSIC well for future account wins.