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MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the third quarter ended September 30, 2012.
Net sales totaled $15.2 million compared to $18.4 million in the 2011 quarter.
Gross margin was 35.0% compared to 33.8% in the 2011 quarter.
Operating expenses totaled $5.7 million compared to $7.3 million in the 2011 quarter.
GAAP net loss was $0.3 million, or $0.01 per diluted share, compared to $0.4 million, or $0.02 per diluted share, in the 2011 quarter.
EBITDA was $952,000 compared to $915,000 in the 2011 quarter.
For the nine months ended September 30, 2012, net sales totaled $49.6 million compared to $46.7 million in the first nine months of 2011. Net income totaled $0.4 million, or $0.02 per diluted share, compared to a net loss of $2.8 million, or $0.12 per diluted share in the prior-year period. EBITDA totaled $4.2 million compared to $0.6 million in the 2011 period.
MEMSIC Chairman, President and CEO Dr. Yang Zhao commented, “We continued to grow sales in the consumer market from high-end digital camera applications and from new consumer applications such as tablet computers. We also benefited from design wins at multiple mobile customers in fast-growing smart phone applications in the China market. The increased sales in these areas helped ameliorate the impact of reduced shipments to a large mobile customer stemming from recent changes in MEMSIC’s strategy and business focus.
“In the coming months, building on our superior magnetic sensor product, our large presence in the China market and the strong, local technical support we offer, we expect to continue to leverage the growth in the China mobile market. We are also moving forward with our launch of the gas flow sensor module, aimed at the residential and industrial meter markets, that we introduced in June 2012. In addition, we are developing high-performance sensor products for the industrial and automotive markets, as well as high-performance but cost-effective IMU product for industrial applications. Although expanding into new automotive and industrial applications will take time, we are optimistic that our advanced technology will lead the market and, in the long term, enhance the stability and profitability of our Company.”