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MEMSIC Announces Fourth-Quarter 2012 Results

For the year ended December 31, 2012, net sales totaled $63.8 million compared to $68.2 million for 2011. Net loss totaled $1.0 million, or $0.04 per diluted share, compared to a net loss of $6.1 million, or $0.26 per diluted share in the prior year. MEMSIC’s 2012 and 2011 results included non-cash charges related to the impairment of the goodwill associated with the company’s Crossbow Technology acquisition in January 2010. Before giving effect to a goodwill impairment charge of $0.6 million in 2012 and $4.5 million in 2011, MEMSIC’s net loss was $0.3 million, or $0.01 per share, for 2012 compared to net loss of $1.6 million, or $0.07 per share, for 2011. EBITDA for the year ended December 31, 2012 totaled $3.7 million compared to ($1.7) million for 2011. Before giving effect to the impairment charges in 2012 and 2011, EBITDA was $4.4 million and $2.8 million, respectively.

Strategic Alternatives Review Process

The Special Committee appointed by MEMSIC’s Board of Directors is continuing to evaluate the company’s strategic alternatives in light of the November 20, 2012 proposal from IDG-Accel China Growth Fund II LP. No assurance can be given as to whether this process, which is ongoing, will result in a proposed transaction, whether any transaction that may be proposed as a result of such process would be acceptable to the Company, the Special Committee and the Board, or whether any such proposed transaction will be announced or consummated.

Recent Developments

  • In January 2013 MEMSIC won Electronic Products magazine’s prestigious “Product of the Year Award” for the second consecutive year. This year’s POY was awarded to MEMSIC’s three-axis magnetic sensor, the MMC3316xMT. Last year’s POY was awarded to MEMSIC’s MXC6226xC, an ultra-small, two-axis accelerometer.

Outlook

  • Revenue is expected to be between $11 million and $12 million for the first quarter of 2013.
  • GAAP net loss is expected to be in the range of $0.09 to $0.11 per share for the first quarter of 2013.
  • Average diluted share count for the 2013 first quarter is estimated to be approximately 24.5 million.

Conference Call

Management will hold a conference call and webcast at 9:00 a.m. EST on Friday, March 8, 2013 to review and discuss the Company's results.

     

What:

MEMSIC 4Q 2012 financial results conference call and webcast

When:

Friday, March 8, 2013

Time:

9:00 a.m. EST

Live Call:

(877) 291-1367, domestic

(914) 495-8534, international

Replay:

(855) 859-2056, pass code 15153653, domestic

(404) 537-3406, pass code 15153653, international

Webcast:

http://investor.memsic.com (live and replay)

 

About Non-GAAP Financial Information

EBITDA is a measure used by management to evaluate the Company’s ongoing operations and as a general indicator of its operating cash flow (in conjunction with a cash flow statement that also includes, among other items, changes in working capital and the effect of non-cash charges). The Company defines EBITDA as net income, plus interest expense net of interest income, provision for income taxes, and depreciation and amortization. Management believes EBITDA is useful to investors because it is frequently used by securities analysts, investors and other interested parties in the comparative evaluation of companies. Because not all companies use identical calculations, the Company's presentation of EBITDA and EBITDA per share may not be comparable to similarly titled measures of other companies. EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow for management's discretionary use as it does not reflect certain cash requirements such as interest payments, tax payments and debt service requirements.

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