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MEMSIC Announces Second-Quarter 2010 Results

MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter ended June 30, 2010.
  • Revenues totaled $9.1 million compared to $9.1 million in the second quarter of 2009.
  • Gross margin was 40.6% compared to 46.1% in the 2009 quarter.
  • Operating expenses rose to $5.9 million from $3.7 million in the 2009 quarter, including an increase in R&D expense to $2.0 million from $1.7 million.
  • Net loss in the 2010 second quarter was ($2.0) million, or ($0.08) per diluted share, compared to net income of $0.7 million, or $0.03 per diluted share, in the prior-year period.

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.

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