MEMSIC Announces Second-Quarter 2012 Results

MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the second quarter ended June 30, 2012.

• Net sales totaled $14.4 million compared to $15.4 million in the 2011 quarter.
• Gross margin was 40.1% compared to 32.5% in the 2011 quarter.
• Operating expenses totaled $6.2 million compared to $6.6 million in the 2011 quarter.
• GAAP net loss was $0.5 million, or $0.02 per diluted share, compared to $1.1 million, or $0.05 per diluted share, in the 2011 quarter.
• EBITDA was $0.8 million, compared to ($0.1) million in the 2011 quarter.

For the six months ended June 30, 2012, net sales totaled $34.4 million compared to $28.3 million in the first six months of 2011. Net income totaled $0.7 million, or $0.03 per diluted share, compared to a net loss of $2.4 million, or $0.10 per diluted share in the prior-year period. EBITDA totaled $3.2 million compared to ($0.3) million in the 2011 period.

“Although we experienced a revenue drop from one large mobile customer, we achieved gross margin improvement in the quarter,” commented MEMSIC Chairman, President and CEO Dr. Yang Zhao. “We understand that focusing on the right customer base is important to MEMSIC’s long-term growth and prosperity.

“We are pursuing margin improvement by taking steps to further diversify our sensor business into selected market segments, particularly the market for high-precision industrial and automotive applications. We are bringing even more engineering and marketing resources to bear on these markets so we can take full advantage of the opportunities they offer and the technology platform we have established. Leveraging our high-performance and broad product line of sensors and integrated sensor system products, we are targeting the customers that offer long-term opportunity and bottom-line advantages for MEMSIC.”

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