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MEMSIC Announces Third-Quarter 2012 Results

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.

 
MEMSIC, Inc.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
  September 30,   December 31,
  2012     2011  
 
ASSETS
Current assets:
Cash and cash equivalents $ 25,347,187 $ 51,914,128
Restricted cash 2,706,830 3,791,189
Short-term investments 33,640,012 6,814,728
Accounts receivable, net of allowance for doubtful accounts of $41,815 and $6,441,
respectively, as of September 30, 2012 and December 31, 2011 6,833,143 6,068,904
Inventories 9,775,070 11,459,153
Other current assets   2,751,586     2,050,787  
Total current assets 81,053,828 82,098,889
 
Property and equipment, net 29,488,751 30,998,489
Long-term investments 2,600,000 2,600,000
Goodwill 612,578 606,976
Intangible assets, net 10,133,406 11,091,532
Other assets   141,610     136,633  
Total assets $ 124,030,173   $ 127,532,519  
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,332,101 $ 8,439,605
Accrued expenses 3,199,371 2,630,966
Advance research funding 2,706,830 3,791,189
Current portion of note payable to bank   1,000,000     500,000  
Total current liabilities 11,238,302 15,361,760
 
 
Note payable to bank, net of current portion 16,430,000 17,430,000
Building liability 8,064,310 8,161,288
Other liabilities   97,105     124,180  
Total other liabilities 24,591,415 25,715,468
 
Stockholders’ equity:
 
Common stock, $0.00001 par value; authorized, 45,000,000 shares; 24,199,585 and 23,983,813
shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively 242 240
 
Additional paid-in capital 102,556,701 101,266,272
Accumulated other comprehensive income 4,423,913 4,363,930
Accumulated deficit   (19,487,200 )   (19,908,135 )
MEMSIC, Inc. stockholders' equity 87,493,656 85,722,307
 
Non-controlling interest related to joint ventures   706,800     732,984  
Total stockholders' equity   88,200,456     86,455,291  
 
Total liabilities and stockholders’ equity $ 124,030,173   $ 127,532,519  
           
MEMSIC, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
 
Three months ended September 30, Nine months ended September 30,
  2012     2011     2012     2011  
 
Net sales $ 15,188,705 $ 18,357,300 $ 49,620,995 $ 46,684,854
Cost of goods sold   9,878,008     12,155,533     31,108,812     30,543,197  
Gross profit 5,310,697 6,201,767 18,512,183 16,141,657
 
Operating expenses:
Research and development 1,440,336 2,200,240 4,912,696 6,610,213
Sales and marketing 1,276,933 1,881,240 3,937,640 4,875,893
General and administrative 2,332,925 2,397,618 6,968,920 6,374,497
Depreciation 358,277 401,815 1,175,572 1,199,166
Amortization   338,879     403,835     1,148,887     1,212,001  
Total operating expenses   5,747,350     7,284,748     18,143,715     20,271,770  
 
Operating (loss) income (436,653 ) (1,082,981 ) 368,468 (4,130,113 )
 
Other income:
Interest and dividend income 4,378 153,227 237,412 335,082
Foreign exchange gain (loss) 209,628 328,639 (15,825 ) 848,114
Other, net   19,583     323,587     58,225     406,007  
Total other income 233,589 805,453 279,812 1,589,203
 
(Loss) profit before income taxes (203,064 ) (277,528 ) 648,280 (2,540,910 )
Provision for income taxes   96,462     58,343     194,400     172,653  
Net (loss) income (299,526 ) (335,871 ) 453,880 (2,713,563 )
 
Less: net income attributable to non-controlling interests   18,629     32,895     32,945     91,685  
Net (loss) income attributable to MEMSIC, Inc. $ (318,155 ) $ (368,766 ) $ 420,935   $ (2,805,248 )
 
Net (loss) income per common share attributable to MEMSIC, Inc.:
Basic $ (0.01 ) $ (0.02 ) $ 0.02   $ (0.12 )
Diluted $ (0.01 ) $ (0.02 ) $ 0.02   $ (0.12 )
 
Weighted average shares outstanding used in calculating
net (loss) income per common share:
Basic   24,024,725     23,825,134     23,985,453     23,822,587  
Diluted   24,024,725     23,825,134     24,414,565     23,822,587  
       
MEMSIC, Inc.

Reconciliation of Net (Loss) Income to Earnings Before Interest, Taxes and Depreciation and Amortization (EBITDA)

(Unaudited)

 
Three months ended September 30, Nine months ended September 30,
  2012     2011     2012     2011  
 

Net (loss) income

$ (318,155 ) $ (368,766 ) $ 420,935 $ (2,805,248 )
Interest (income) expense, net (4,378 ) (153,227 ) (237,412 ) (335,082 )
Income tax expense 96,462 58,343 194,400 172,653
Depreciation and amortization   1,177,613     1,378,401     3,791,360     3,533,403  
EBITDA $ 951,542   $ 914,751   $ 4,169,283   $ 565,726  




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