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MEMSIC Announces Fourth-Quarter 2010 Results

             
MEMSIC, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended December 31,   Year Ended December 31,
2010 2009 2010 2009
 
Net sales $ 11,439,239 $ 5,612,321 $ 38,651,577 $ 28,372,015
Cost of goods sold   6,741,931     2,930,854     23,326,823     15,436,281  
Gross profit 4,697,308 2,681,466 15,324,754 12,935,734
 
Operating expenses:
Research and development 2,311,587 1,141,062 8,697,981 5,229,986
Sales and marketing 1,535,130 705,135 5,092,353 2,328,025
General and administrative 2,015,663 2,032,334 8,546,722 6,147,683
Amortization expense   408,109     37,222     1,549,377     147,334  
Total operating expenses   6,270,489     3,915,754     23,886,433     13,853,028  
 
Operating loss (1,573,181 ) (1,234,287 ) (8,561,679 ) (917,294 )
 
Other income:
Interest and dividend income 122,365 153,919 442,167 819,091
Foreign exchange gain 322,480 (5,237 ) 682,290 (11,346 )
Other, net   62,439     112,681     132,992     226,077  
Total other income   507,284     261,364     1,257,449     1,033,822  
 
Earnings (loss) before income taxes (1,065,897 ) (972,923 ) (7,304,230 ) 116,528
Provision for (benefit from) income taxes   73,474     (196,388 )   (5,628 )   92,633  
Net income (loss) (1,139,371 ) (776,535 ) (7,298,602 ) 23,895
 
Less: net income attributable to noncontrolling interest   (1,982 )   -     64,111     -  
Net income (loss) attributable to MEMSIC, Inc. $ (1,137,389 ) $ (776,535 ) $ (7,362,713 ) $ 23,895  
 
Net income (loss) per common share to MEMSIC, Inc.:
Basic $ (0.05 ) $ (0.03 ) $ (0.31 ) $ 0.00  
Diluted $ (0.05 ) $ (0.03 ) $ (0.31 ) $ 0.00  
 
Weighted average shares outstanding used in calculating
net income (loss) per common share:
Basic   23,806,564     23,788,122     23,803,414     23,740,592  
Diluted   23,806,564     23,788,122     23,803,414     24,007,456  

             
MEMSIC, Inc.
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes
and Depreciation and Amortization (EBITDA)
(Unaudited)
 
Three months ended December 31, Year ended December 31,
2010 2009 2010 2009
 
Net income (loss) $ (1,137,389) $ (776,535) $ (7,362,713) $ 23,895
Interest (income) expense, net (122,365) (153,919) (442,167) (819,091)
Income tax expense (benefit) 73,474 (196,388) (5,628) 92,633
Depreciation and amortization 1,039,749 528,272 3,862,416 2,046,625
EBITDA $ (146,531) $ (598,570) $ (3,948,092) $ 1,344,062
 




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