MEMSIC Announces Fourth-Quarter 2010 Results
“Our strong R&D investment reflects our focus on building a continuous pipeline of new products that take advantage of our unique technology platform – combining MEMSIC’s core competency in ultra-low-cost sensor product design and manufacturing with the multi-sensor system integration capabilities we acquired from Crossbow. Our new multi-sensor and MCU integrated system products will be targeted at both the IC level for the consumer and mobile market and the module level for the high-end industrial, automotive, and general aviation markets. Our overall goal is to position MEMSIC as a world expert and leader in sensor solutions targeted to a wide range of markets and customer applications.”
The company’s fourth-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 fourth quarter results include $0.4 million and $0.3 million, respectively, in stock-based compensation.
Full-Year-2010 Financial Results
For the year ended December 31, 2010, MEMSIC reported revenue of $38.7 million, a 36% increase from 2009. Net loss for 2010 was $7.4 million on a GAAP basis, or $0.31 per diluted share, compared to net income of $24,000, or $0.00 per diluted share, for 2009.Outlook For the first quarter of 2011, MEMSIC anticipates revenue in the range of $11.5 to $12.0 million. Net loss, including stock-based compensation of $0.4 million, is expected to be in the range of $0.06 to $0.08 per share. Average diluted share count for the 2011 first quarter is estimated to be 24 million. Conference Call Management will hold a conference call and webcast at 5:00 p.m. EDT on March 14, 2011 to review and discuss the Company's results.
|What:||MEMSIC 4Q 2010 financial results conference call and webcast|
|When:||Monday, March 14, 2011|
|Time:||5:00 p.m. EDT|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(800) 642-1687, pass code 45389974, domestic|
|(706) 645-9291, pass code 45389974, international|
|Webcast:||http://investor.memsic.com (live and replay)|
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