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MEMSIC Announces First-Quarter Sales And Profits

Stocks in this article: MEMS

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.

  March 31,   December 31,
2012 2011
Current assets:
Cash and cash equivalents $ 36,266,765 $ 51,914,128
Restricted cash 3,370,034 3,791,189
Short-term investments 21,249,998 6,814,728

Accounts receivable, net of allowance for doubtful accounts of $6,441 as of March 31, 2012 and December 31, 2011

6,683,630 6,068,904
Inventories 10,122,620 11,459,153
Other assets   3,430,284     2,050,787  
Total current assets 81,123,331 82,098,889
Property and equipment, net 30,913,810 30,998,489
Long-term investments 2,600,000 2,600,000
Goodwill 604,764 606,976
Intangible assets, net 10,760,461 11,091,532
Other assets   138,641     136,633  
Total assets $ 126,141,007   $ 127,532,519  
Current liabilities:
Accounts payable $ 6,546,703 $ 8,439,605
Accrued expenses 2,143,401 2,630,966
Advance research funding 3,370,034 3,791,189
Current portion of long-term debt   500,000     500,000  
Total current liabilities 12,560,138 15,361,760
Note payable to bank, net of current portion 17,430,000 17,430,000
Building liability 8,147,246 8,161,288
Other liabilities   115,582     124,180  
Total other liabilities 25,692,828 25,715,468
Stockholders’ equity:

Common stock, $0.00001 par value; authorized, 45,000,000 shares; 23,992,968 and 23,983,813 shares issued and outstanding at March 31, 2012 and December 31, 2011, respectively






Additional paid-in capital 101,603,729 101,266,272
Accumulated other comprehensive income 4,287,744 4,363,930
Accumulated deficit   (18,707,631 )   (19,908,135 )
MEMSIC, Inc. stockholders' equity 87,184,082 85,722,307
Non-controlling interest related to joint ventures   703,959     732,984  
Total stockholders' equity   87,888,041     86,455,291  
Total liabilities and stockholders’ equity $ 126,141,007   $ 127,532,519  
    Three months ended March 31,
2012   2011
Net sales $ 20,017,053 $ 12,954,920
Cost of goods sold   12,599,954     8,013,199  
Gross profit 7,417,099 4,941,721
Operating expenses:
Research and development 1,703,159 2,297,836
Sales and marketing 1,432,299 1,464,746
General and administrative 2,236,071 1,879,892
Depreciation 438,941 374,368
Amortization   396,123     405,935  
Total operating expenses   6,206,593     6,422,777  
Operating income (loss) 1,210,506 (1,481,056 )
Other income:
Interest and dividend income 107,774 83,490
Foreign exchange gain (loss) (32,263 ) 190,676
Other, net   13,174     68,576  
Total other income 88,685 342,742
Profit (loss) before income taxes 1,299,191 (1,138,314 )
Provision for income taxes   68,583     117,394  
Net income (loss) 1,230,608 (1,255,708 )
Less: net income attributable to non-controlling interests   30,104     72,471  
Net income (loss) attributable to MEMSIC, Inc. $ 1,200,504   $ (1,328,179 )
Net income (loss) per common share to MEMSIC, Inc.:
Basic $ 0.05   $ (0.06 )
Diluted $ 0.05   $ (0.06 )

Weighted average shares outstanding used in calculating net income (loss) per common share:

Basic   23,846,864     23,811,058  
Diluted   24,344,799     23,811,058  
Reconciliation of Net Income (Loss) to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA) (Unaudited)
Three months ended March 31,
2012 2011
Net income (loss) $ 1,200,504 $ (1,328,179 )
Interest (income) expense, net (107,774 ) (83,490 )
Income tax expense 68,583 117,394
Depreciation and amortization   1,308,152     1,069,320  
EBITDA $ 2,469,465   $ (224,955 )

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