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.
- 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.
- 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.
|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)|
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