MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter ended June 30, 2011.
- Revenues rose to $15.4 million from $9.1 million in the second quarter of 2010.
- Gross margin was 32.5% compared to 40.6% in the 2010 quarter.
- Operating expenses, including R&D expense of $2.1 million, totaled $6.6 million compared to $5.9 million in the 2010 quarter.
- GAAP net loss in the 2011 second quarter was $1.1 million, or $0.05 per diluted share, compared to net loss of $2.0 million, or $0.08 per diluted share, in the prior-year period. This includes stock-based compensation of $0.4 million in 2011 and $0.3 million in 2010.
- EBITDA in the 2011 second quarter was ($0.1) million, compared to ($1.1) million in the 2010 period.
“MEMSIC’s continued strong sales growth in the mobile phone and automotive markets demonstrates the success of our company’s ongoing focus on R&D,” commented Chairman, President and CEO Dr. Yang Zhao. “The high technical performance of our magnetic sensor has helped us win market share in the smartphone market. Although the pricing pressure that is typical in the mobile phone market has impacted our gross margin, we are striving for continuous cost improvement through continued innovation. We believe MEMSIC is well positioned to gain more customers and market share in this fast-growing market.”
- Revenue is expected to be between $15 million and $16 million for the third quarter of 2011.
- GAAP net loss, including stock-based compensation of $0.4 million, is expected to be in the range of $0.04 to $0.06 per share for the third quarter of 2011.
- Average diluted share count for the 2011 third quarter is estimated to be approximately 24 million.
Conference CallManagement will hold a conference call and webcast at 5:00 p.m. EDT on Thursday, August 4, 2011 to review and discuss the Company's results.
|What:||MEMSIC 2Q 2011 financial results conference call and webcast|
|When:||Thursday, August 4, 2011|
|Time:||5:00 p.m. EDT|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(800) 642-1687, pass code 85651862 domestic|
|(706) 645-9291, pass code 85651862, international|
|Webcast:||http://investor.memsic.com (live and replay)|
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