MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the first quarter ended March 31, 2012.
- Revenues rose to $20.0 million from $13.0 million in the 2011 quarter. Total shipments of our sensor products grew to 32.1 million units from 12.6 million units in the prior-year period.
- Gross margin was 37.1% compared to 38.1% in the 2011 quarter.
- Operating expenses totaled $6.2 million compared to $6.4 million in the 2011 quarter.
- GAAP net income was $1.2 million, or $0.05 per diluted share, compared to a net loss of $1.3 million, or $0.06 per diluted share, in the 2011 quarter.
- EBITDA was $2.5 million, compared to ($0.2) million in the 2011 quarter.
Chairman, President and CEO Dr. Yang Zhao commented, “MEMSIC’s solid first-quarter results were driven by continued strong sales of our magnetic sensor in the smartphone market. In total, revenues rose 55% year over year. Our outstanding innovations in technology, design and our fast manufacturing responsiveness to surges in market demand, together with continued expense control, contributed to our bottom-line results, producing a profitable quarter despite the persistent price pressures in the industry.
“Due to a significant drop in expected volume in Q2 over Q1 in the smartphone models we were designed into with a large customer, we expect MEMSIC’s Q2 2012 revenues to be flat compared to last year’s period. Nonetheless, we remain optimistic about our prospects for longer-term design-win expansion into more smartphone models and for revenue diversification into additional customers and regions. As the market for magnetic sensors is continuously growing towards one billion units per year, we are confident that this short-term reduction in volume will not slow down our product market entry and revenue diversification and that MEMSIC, as a major market player in magnetic products, will resume growth in the coming quarters.”