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MEMSIC Announces Fourth-Quarter 2012 Results

MEMSIC, Inc. (NasdaqGM: MEMS), a leading MEMS sensing solution provider, today announced financial results for the fourth quarter ended December 31, 2012.
  • Net sales totaled $14.2 million compared to $21.5 million in the 2011 quarter.
  • Gross margin was 36.6% compared to 35.9% in the 2011 quarter.
  • Operating expenses totaled $7.0 million compared to $11.6 million in the 2011 quarter.
  • GAAP net loss was $1.4 million, or $0.06 per diluted share, compared to $3.3 million, or $0.14 per diluted share, in the 2011 quarter.
  • Before giving effect to a goodwill impairment charge of $0.6 million in the 2012 quarter and $4.5 million in the 2011 quarter, MEMSIC realized a net loss of $0.8 million, or $0.03 for the 2012 quarter and net income of $1.2 million, or $0.05 per share, for the 2011 quarter.
  • EBITDA was ($0.5) million compared to ($2.3) million in the 2011 quarter. Before giving effect to the goodwill impairment charge in each quarter, EBITDA was $0.2 million and $2.2 million, respectively.

MEMSIC Chairman, President and CEO Dr. Yang Zhao commented, “Growth in our consumer sales continued in the fourth quarter, reflecting strong demand for our accelerometer product in high-end digital camera applications and the selection of our magnetic product in new consumer applications such as tablet computers. This demand helped mitigate the impact of reduced shipments to a large mobile customer.

“We continue to pursue opportunities to benefit from the large China mobile market by leveraging MEMSIC’s competitive product, significant presence in China and the strong, local technical support we provide. Our launch of the gas flow sensor module we introduced last year is proceeding, and we are in the testing phase with several potential customers. In addition, we are moving forward with our initiatives to use MEMSIC’s cutting-edge technology to develop high-performance products for the industrial and automotive markets. Diversifying into new applications takes time, but we believe that focusing on these stable, high-margin markets will enhance MEMSIC’s business.”

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