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MEMSIC Reports Another Quarter Of Record Revenues

Dr. Zhao added, “Our fourth-quarter 2011 results include a $4.5 million non-cash charge related to the impairment of a portion of the goodwill associated with our Crossbow Technology acquisition in January 2010. The impairment reflects the fact that sales forecasted for the system solution products, particularly the avionics products, are lower than projected at the time of acquisition. We believe this impairment does not negate the tremendous value of the know-how and IPs in sensor integration technology we acquired from Crossbow. Our original vision and strategy of realizing more higher-margin and stable business by combining MEMSIC’s strong sensor component technologies with the system integration technologies we acquired from Crossbow remain unchanged.”

Recent Developments

  • Electronic Products magazine honored MEMSIC’s MXC6226XC two-axis digital accelerometer with a Product of the Year award in January 2012. The MXC6226XC – the world’s smallest and the first wafer-level packaged CMOS monolithic accelerometer – was selected for its innovative design, significant advancement in technology, and achievement in price and performance.
  • In November 2011, a subsidiary of MEMSIC entered into a joint venture with Wuxi New District Science and Technology Financial Investment Group Co. Ltd., a state-owned Chinese venture capital fund, to focus on the sensor and sensing network solution market by leveraging MEMSIC’s proven mesh wireless sensor network technology .

Outlook

  • Revenue is expected to be between $18 million and $19 million for the first quarter of 2012, an increase of approximately 39% - 46% from the prior-year period.
  • GAAP net loss is expected to be in the range of $0.02 to $0.04 per share for the first quarter of 2012.
  • Average diluted share count for the 2012 first quarter is estimated to be approximately 24 million.

Conference Call

Management will hold a conference call and webcast at 5:00 p.m. EST on Wednesday, February 29, 2012 to review and discuss the Company's results.

What:

   

MEMSIC 4Q 2011 financial results conference call and webcast

 

When:

Wednesday, February 29, 2012

 

Time:

5:00 p.m. EST

 

Live Call:

(877) 291-1367, domestic

 

(914) 495-8534, international

 

Replay:

(855) 859-2056, pass code 46805814, domestic

 

(404) 537-3406, pass code 46805814, international

 

Webcast:

http://investor.memsic.com (live and replay)

About Non-GAAP Financial Information

EBITDA is a measure used by management to evaluate the Company’s ongoing operations and as a general indicator of its operating cash flow (in conjunction with a cash flow statement that also includes, among other items, changes in working capital and the effect of non-cash charges). The Company defines EBITDA as net income, plus interest expense, net of interest income, provision for income taxes, and depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the comparative evaluation of companies. Because not all companies use identical calculations, the company's presentation of EBITDA and EBITDA per share may not be comparable to similarly titled measures of other companies. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use as it does not reflect certain cash requirements such as interest payments, tax payments and debt service requirements.

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