Pursuant to the requirements of Regulation G, we have provided a reconciliation of EBITDA to GAAP net income as an exhibit to this release.
About MEMSIC, Inc.
MEMSIC Inc., headquartered in Andover, Massachusetts, provides advanced semiconductor sensors and multi-sensor system solutions based on micro-electromechanical systems (MEMS) technology and sophisticated integration technologies in both the IC level and module level. MEMSIC's unique and proprietary approach combines leading-edge sensor technologies, such as magnetic sensors and accelerometers, with mixed signal processing circuitry to produce reliable, high quality, cost-effective solutions for the mobile phone, automotive, consumer, industrial, and general aviation markets. The company shares are listed on the NASDAQ Stock Exchange (NASDAQ GM: MEMS).
Safe Harbor StatementStatements included in this press release that are not historical in nature are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of the company's management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements for reasons identified under the heading "Risk Factors" in the company's most recent annual report on Form 10-K and other periodic reports filed with the Securities and Exchange Commission. The forward-looking statements contained in this press release are made as of the date hereof, and the company does not undertake any obligation to update any forward-looking statements, whether as a result of future events, new information or otherwise.
|CONSOLIDATED BALANCE SHEETS|
|Cash and cash equivalents||55,694,205||$||66,970,736|
|Accounts receivable, net of allowance for doubtful accounts of $6,441||3,664,444||2,670,144|
|Total current assets||73,748,154||76,497,388|
|Property and equipment, net||22,015,502||14,591,828|
|Intangible assets, net||11,894,328||988,270|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Advance research funding||2,928,933||863,439|
|Total current liabilities||10,462,192||3,583,110|
|Note payable to bank||17,930,000||-|
|Total other liabilities||18,020,036||58,541|
|Common stock, $0.00001 par value; authorized, 45,000,000 shares; 23,810,613 and 23,793,113|
|shares issued and outstanding at December 31, 2010 and December 31, 2009, respectively||238||238|
|Additional paid-in capital||99,615,378||98,112,408|
|Accumulated other comprehensive income||3,029,372||2,218,496|
|MEMSIC, Inc. stockholders' equity||88,821,423||93,870,290|
|Noncontrolling interest related to joint venture in Japan||361,445||-|
|Total stockholders' equity||89,182,868||93,870,290|
|Total liabilities and stockholders’ equity||$||117,665,096||$||97,511,941|