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MEMSIC Announces Third-Quarter 2010 Results

“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
Webcast: (live and replay)

About Non-GAAP Financial Information

Earnings before interest, taxes, depreciation and amortization, or EBITDA, is a measure used by management to evaluate the company’s ongoing operations and as a general indicator of its operating cash flow (in conjunction with a cash flow statement which also includes, among other items, changes in working capital and the effect of non-cash charges). The Company defines EBITDA as net income, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the comparative evaluation of companies. Because not all companies use identical calculations, the company's presentation of EBITDA and EBITDA per share may not be comparable to similarly titled measures of other companies. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use as it does not reflect certain cash requirements such as interest payments, tax payments and debt service requirements.

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