MEMSIC Reports Record Sales Of $18.4 Million; Reaches EBITDA Positive In 3Q 2011
MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the third quarter ended September 30, 2011.
- Revenues rose to $18.4 million from $10.8 million in the third quarter of 2010.
- Gross margin was 33.8% compared to 37.8% in the 2010 quarter.
- Operating expenses, including R&D expense of $2.2 million, totaled $7.3 million compared to $6.4 million in the 2010 period.
- GAAP net loss was $0.4 million, or $0.02 per diluted share, compared to net loss of $1.9 million, or $0.08 per diluted share, in the 2010 quarter. This includes stock-based compensation of $0.5 million in the 2011 period and $0.4 million in the 2010 period.
- EBITDA was $0.9 million, compared to ($1.0) million in the 2010 quarter.
“MEMSIC delivered the highest sales in our company’s history,” said Chairman, President and CEO Dr. Yang Zhao. “The 69% quarter-over-quarter increase reflects the continued success of our magnetic sensor in the smartphone market and strong sales in the automotive market, which increased by 29% over last year’s period.
“On a sequential basis, our gross margin improved from last quarter’s level of 32.5%, reflecting our focused effort on margin improvement through technology innovation and manufacturing cost reduction. We are especially pleased to have reached EBITDA positive this quarter.
"While we are continuing our drive to secure more design wins with global customers in the growing mobile phone market, we continue to focus on margin improvement and market diversification by leveraging MEMSIC's established MEMS component and integrated system technology infrastructure. I believe that MEMSIC will improve gross margin through continuous product development aimed at industrial and other markets.”Recent Highlights
- MEMSIC introduced our MXC6226XC two-axis digital accelerometer, the world’s smallest and the first wafer level packaged CMOS monolithic accelerometer. It is the most robust MEMS accelerometer that enables enhanced functionality for cost-sensitive motion sensing applications.
- MEMSIC transferred its system solution product manufacturing to its newly completed building in Wuxi in August 2011. With a total space of 14,500 square meters, the new building will facilitate the production and research and development of our wireless network and inertial products.
- Revenue is expected to be between $17 million and $19 million for the fourth quarter of 2011.
- GAAP net loss, including stock-based compensation of $0.5 million, is expected to be in the range of $0.02 to $0.04 per share for the fourth quarter of 2011.
- Average diluted share count for the 2011 fourth quarter is estimated to be approximately 24 million.
|What:||MEMSIC 3Q 2011 financial results conference call and webcast|
|When:||Tuesday, November 8, 2011|
|Time:||8:30 a.m. EST|
|Live Call:||(877) 291-1367, domestic|
|(914) 495-8534, international|
|Replay:||(855) 859-2056, pass code 19319526, domestic|
|(404) 537-3406, pass code 19319526, international|
|Webcast:||http://investor.memsic.com (live and replay)|
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