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MEMSIC Announces Fourth-Quarter 2010 Results

Stocks in this article: MEMS

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 Statement

Statements 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.



     
MEMSIC, Inc.
CONSOLIDATED BALANCE SHEETS
 
December 31,
2010 2009
 
ASSETS
Current assets:
Cash and cash equivalents 55,694,205 $ 66,970,736
Restricted cash 2,928,933 863,439
Accounts receivable, net of allowance for doubtful accounts of $6,441 3,664,444 2,670,144
Inventories 8,923,127 4,988,611
Other assets   2,537,445     1,004,458  
Total current assets 73,748,154 76,497,388
 
Property and equipment, net 22,015,502 14,591,828
Long-term investments 5,020,000 5,353,000
Goodwill 4,919,513 -
Intangible assets, net 11,894,328 988,270
Other assets   67,599     81,455  
Total assets $ 117,665,096   $ 97,511,941  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 4,563,420 $ 1,115,694
Accrued expenses 2,969,839 1,603,977
Advance research funding   2,928,933     863,439  
Total current liabilities 10,462,192 3,583,110
 
 
Note payable to bank 17,930,000 -
Deferred rent   90,036     58,541  
Total other liabilities 18,020,036 58,541
 
Stockholders’ equity:
 
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
Accumulated deficit   (13,823,565 )     (6,460,852 )
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  




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