“The transition to China of manufacturing operations for the sensor system product lines we acquired is progressing as planned. Manufacturing for all of the wireless sensing products has been transferred, and we will finish transferring our inertial navigation system and solution products by Q1 next year except for our FAA-certified product line, which takes longer due to the nature of FAA regulations. We continue to expect cost savings through the transfer process and increased product performance and functionality through redesigning most of the product lines.”
The company’s third-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 $0.4 million and $0.3 million, respectively, in stock-based compensation.
For the fourth quarter of 2010, MEMSIC anticipates revenue in the range of $10.0 to $11.0 million. Net loss, including stock-based compensation of $0.4 million, is expected to be in the range of ($0.08) to ($0.11) per share. Average diluted share count for the fourth quarter is estimated to be 24 million.Conference Call Management will hold a conference call and webcast at 10:00 a.m. EST on November 8, 2010 to review and discuss the Company's results.
|What:||MEMSIC 3Q 2010 financial results conference call and webcast|
|When:||Monday, November 8, 2010|
|Time:||10:00 a.m. EST|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(800) 642-1687 pass code 16895977, domestic|
|(706) 645-9291, pass code 16895977, international|
http://investor.memsic.com (live and replay)