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MEMSIC Reports Another Quarter Of Record Revenues

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’s 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, December 31,
  2011     2010  
 
ASSETS
Current assets:
Cash and cash equivalents $ 51,914,128 $ 55,694,205
Restricted cash 3,791,189 2,928,933
Short-term investments 6,814,728 -

Accounts receivable, net of allowance for doubtful accounts of$6,441 as of December 31, 2011 and December 31, 2010

6,068,904 3,664,444

 

Inventories 11,459,153 8,923,127
Other assets   2,050,787     2,537,445  
Total current assets 82,098,889 73,748,154
 
Property and equipment, net 30,998,489 22,015,502
Long-term investments 2,600,000 5,020,000
Goodwill 606,976 4,919,513
Intangible assets, net 11,091,532 11,894,328
Other assets   136,633     67,599  
Total assets $ 127,532,519   $ 117,665,096  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 8,439,605 $ 4,563,420
Accrued expenses 2,630,966 2,969,839
Advance research funding 3,791,189 2,928,933
Current portion of long-term debt   500,000     -  
Total current liabilities 15,361,760 10,462,192
 
 
Note payable to bank, net of current portion 17,430,000 17,930,000
Building liability 8,161,288 -
Other liabilities   124,180     90,036  
Total other liabilities 25,715,468 18,020,036
 
Stockholders’ equity:
 

Common stock, $0.00001 par value; authorized, 45,000,000 shares;23,983,813 and 23,810,613 shares issued and outstanding at

December 31, 2011 and December 31, 2010, respectively

240 238
 
Additional paid-in capital 101,266,272 99,615,378
Accumulated other comprehensive income 4,363,930 3,029,372
Accumulated deficit   (19,908,135 )   (13,823,565 )
MEMSIC, Inc. stockholders' equity 85,722,307 88,821,423
 
Non-controlling interest related to joint ventures   732,984     361,445  
Total stockholders' equity   86,455,291     89,182,868  
 
Total liabilities and stockholders’ equity $ 127,532,519   $ 117,665,096  
MEMSIC, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
 
  Three Months Ended December 31,

 

Year Ended December 31,
  2011       2010     2011       2010  
 
Net sales $ 21,468,278 $ 11,439,239 $ 68,153,132 $ 38,651,577
Cost of goods sold   13,770,585     6,741,931     44,313,782     23,326,823  
Gross profit 7,697,693 4,697,308 23,839,350 15,324,754
 
Operating expenses:
Research and development 1,943,356 2,311,587 8,553,569 8,697,981
Sales and marketing 2,016,409 1,535,130 6,892,303 5,092,353
General and administrative 2,781,135 2,015,663 10,354,798 8,546,722
Amortization expense 415,690 408,109 1,627,692 1,549,377
Goodwill impairment charge   4,492,000     -     4,492,000     -  
Total operating expenses   11,648,590     6,270,489     31,920,361     23,886,433  
 
Operating loss (3,950,897 ) (1,573,181 ) (8,081,011 ) (8,561,679 )
 
Other income:
Interest and dividend income 102,572 122,365 437,655 442,167
Foreign exchange gain 305,708 322,480 1,153,822 682,290
Other, net   158,481     62,439     564,489     132,992  
Total other income   566,761     507,284     2,155,965     1,257,449  
 
Earnings (loss) before income taxes (3,384,136 ) (1,065,897 ) (5,925,046 ) (7,304,230 )
Provision for (benefit from) income taxes   (95,256 )   73,474     77,397     (5,628 )
Net income (loss) (3,288,880 ) (1,139,371 ) (6,002,443 ) (7,298,602 )
 

Less: net income attributable tononcontrolling interest

  (9,558 )   (1,982 )   82,127     64,111  

Net income (loss) attributable toMEMSIC, Inc.

$ (3,279,322 ) $ (1,137,389 ) $ (6,084,570 ) $ (7,362,713 )
 

Net income (loss) per common shareto MEMSIC, Inc.:

Basic $ (0.14 ) $ (0.05 ) $ (0.26 ) $ (0.31 )
Diluted $ (0.14 ) $ (0.05 ) $ (0.26 ) $ (0.31 )
 

Weighted average shares outstandingused in calculating net income (loss)

per common share:

Basic   23,825,134     23,806,564     23,827,937     23,803,414  
Diluted   23,825,134     23,806,564     23,827,937     23,803,414  
MEMSIC, Inc.

Reconciliation of Net Loss to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA)

(Unaudited)

 
  Three months ended December 31,   Year ended December 31,
  2011       2010     2011       2010  
 
Net loss $ (3,279,322 ) $ (1,137,389 ) $ (6,084,570 ) $ (7,362,713 )
Interest (income) expense, net (102,572 ) (122,365 ) (437,655 ) (442,167 )
Income tax expense (benefit) (95,256 ) 73,474 77,397 (5,628 )
Depreciation and amortization   1,208,787     1,039,749     4,742,190     3,862,416  
EBITDA $ (2,268,363 ) $ (146,531 ) $ (1,702,638 ) $ (3,948,092 )




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