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MEMSIC Announces First-Quarter Sales And Profits

Dr. Zhao continued, “The new fully integrated 3D electronic compass product we are announcing today offers the highest heading accuracy in today’s market. Along with this new product, we will also release our sensor integration algorithm and software that leverages MEMSIC’S proven 11DOF ( Degree Of Freedom) inertial sensing system integration product line, which has been successfully sold into high-precision applications in industrial and avionics for a decade. This system-level solution outperforms any ‘sensor fusion’ product available in the market today.”

Dr. Zhao concluded, “Over the past years, MEMSIC has been leading technology trends by pioneering MEMS sensor system integration and solution products for a wide range of applications in the industrial and aviation markets. This quarter we are introducing a high-performance mass flow module that exemplifies our groundbreaking work. Targeting home natural gas metering and industrial gas flow control, the product is based on MEMSIC’s proprietary and proven monolithic CMOS MEMS IC thermal sensor technology. Our high-precision MEMS-based full electronic flow module will offer a superior replacement for the traditional bulky mechanical flow module, and can be easily integrated with MEMSIC’s proven Wireless Sensor Network (WSN) products for smart meter networks.”

Outlook
  • Revenue is expected to be between $14 million and $16 million for the second quarter of 2012.
  • GAAP net loss is expected to be in the range of $0.04 to $0.06 per share for the second quarter of 2012.
  • Average diluted share count for the 2012 second quarter is estimated to be approximately 24.5 million.

Conference Call

Management will hold a conference call and webcast at 5:00 p.m. EDT on Tuesday, May 8, 2012 to review and discuss the Company's results.

What:
 

MEMSIC 1Q 2012 financial results conference call and webcast

When:

Tuesday, May 8, 2012

Time:

5:00 p.m. EDT

Live Call:

(877) 291-1367, domestic

(914) 495-8534, international

Replay:

(855) 859-2056, pass code 73346507, domestic

(404) 537-3406, pass code 73346507, 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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